Audit-free life insurance can be a safe and smart way to ensure your loved ones have guaranteed financial protection. Getty Images
Life insurance can provide vital financial security for adults of all ages, including seniors. Despite the popular belief that older adult life insurance is expensive and not valuable, there are actually many times when a policy is worthwhile. In order for seniors to get the most out of life insurance, they should first carefully consider their options to find the most cost-effective and valuable option.
This is where life insurance comes into play. For older adults who are concerned about what a medical evaluation of a life insurance policy might reveal, this type of insurance can be especially helpful. Because no exam is required as part of the application process, seniors and older adults of various medical conditions can generally expect to be eligible for a policy.
However, as with all financial products and services, there are a few factors that need to be understood in order to obtain the best possible policy. In this article, we’ll examine three things seniors should know about audit-free life insurance.
If you are in the life insurance market, you will first receive a free estimate so you know what to expect.
What Seniors Should Know About Exam-Free Life Insurance It’s flexible
Life insurance policies come in many shapes and sizes. Many people prefer term life insurance that comes with more manageable payments but is only valid for a specific period of time. Others prefer life insurance because of its duration (it lasts the policyholder’s entire life) and cash reserve (giving the insured access to funds to use during their lifetime). Whichever type you prefer, you can get an audit-free version of the policy. Policies with no review period and full review with no review are often offered, giving you more flexibility in creating a personalized policy. In short, whether you want a term policy or a whole one, you don’t have to take an exam to get it.
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It’s guaranteed
Many seniors may be reluctant to apply for life insurance simply because they don’t think they will be approved. Of course, as you age you become more risky for insurance companies, which translates into fewer coverage options and higher costs. It can also mean complete exclusion from insurance coverage. But audit-free life insurance is different. Since you are not taking an exam and therefore not risking any results that could lead to a change in coverage, you are guaranteed coverage.
Seniors who want life insurance but worry that it might not get approved should consider audit-free life insurance instead. It offers an expedited approval process (as there is no exam to complete) and the coverage is locked.
Prices vary
Because audit-free life insurance policies skip a crucial part of the traditional life insurance application process, insurers have less insight into the applicant’s health and well-being. This means they could end up insuring someone who is not in the best of health or possibly dying soon after the policy came into effect. Because of these inherent risks, life insurance prices vary without an exam and are generally higher than what policyholders would pay if they had taken the exam.
However, an examination-free life insurance does not have to be exorbitant. As with all life insurance, the price depends heavily on your personal factors and the amount of coverage you are applying for. The type of life insurance also plays a role in the cost (e.g. no-examination insurance is more expensive than all-examination-free insurance).
Research and compare store providers to find the best price and coverage. You can get started here now or use the table below to compare some of the top providers in the market.
The final result
Exam-free life insurance can be a welcome option for adults who are interested in life insurance but are concerned about what a medical exam will reveal. This type of life insurance can be particularly beneficial for seniors and older adults whose medical test results may be below average.
Fortunately, no-examination life insurance is flexible because it can be used with both term and whole policies. Due to the inherent nature of the policy, it also offers guaranteed coverage for those who so desire. However, prices tend to be higher than life insurance policies purchased through a medical exam, so it’s worth shopping around to find the most cost-effective plan.
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