When looking for life insurance that doesn’t require a health exam, there are several key factors to consider. First, if a provider does not require a medical exam, it doesn’t mean that they cannot reject you based on your health status. Many life insurance providers will still ask you health-related questions and your answers could affect your ability to qualify for a policy.
We researched each provider to see whether they offer life insurance to seniors without any health requirements or if they simply offer policies without health exams. In most cases, if there are no health requirements involved, the premiums tend to be much higher. We have narrowed down our list of insurance providers based on whether or not your health status is a factor, the overall cost of plans, the variety of plans with no medical exams, and the preset age limits.
Comparing the Best Life Insurance for Seniors Without Medical Exams
Starting premiums* Age limit to apply Guaranteed issue maximum coverage Simplified issue maximum coverage AARP $18 per month 80 $25,000 $50,000 State Farm $22 per month 80 $10,000 N/A Liberty Mutual $36 per month 65 N/A $250,000 USAA $20 per month 90 $25,000 $10 million
*Premiums for life insurance plans vary based on your age, location, health status, and the type of plan. These are the average starting premiums as of 2022.
How Much Does Life Insurance Without a Medical Exam Cost?
Typically, any type of life insurance that waives the requirement for a health exam or even a health questionnaire will cost you more. The premiums for no-med exam life insurance can be as much as double the cost of policies with a medical exam. This is due to the fact that the insurance provider is taking a greater risk by accepting your application without any knowledge of your current health.
In any case, the average cost of guaranteed issue life insurance or a comparable simplified issue plan for a 50-year-old is roughly $142 per month. This number increases substantially with age. Once you reach your retirement years, you will likely need to pay anywhere between $250 and $500 per month (or more) for a no-medical-exam policy. Fortunately, many providers have guaranteed premiums that do not increase over time; even if your premium seems high from the start, you can trust that the number will not change from one month (or year) to the next.
Simplified vs. Guaranteed Issue Life Insurance
While the majority of popular term life insurance plans require a health exam, there are generally two types of whole life insurance that offer the possibility to avoid medical exams: simplified and guaranteed. Simplified issue plans are often reserved for younger, healthy individuals. That said, many providers extend simplified issue plans to seniors as well. Rather than taking a medical exam, you may need to answer a few simple health questions to meet the requirements and qualify.
Alternatively, a guaranteed issue plan is best for those who have either been rejected for simplified issue plans or have preexisting health issues that may exclude them from other types of life insurance. Guaranteed issue plans still have age requirements, but they have absolutely no health exams or health requirements to qualify. Guaranteed issue plans tend to be more expensive and put greater limitations on death benefits.
For this reason, final expense insurance often falls under the umbrella of guaranteed issue plans. These policies have relatively small death benefits ($5,000 to $35,000) to pay for funeral and burial costs. Additionally, many providers do not require any health exams as long as you are currently within the required age bracket to apply.
