Life Insurance for My Parents with No Medical Exam

Is there life insurance I can buy for my parents without them having to take any physical examinations?

Yes, there are no medical exam life insurance policies available for seniors.

In fact, some insurers offer guaranteed issue no exam life insurance plans for people ages 45 to 85 years old. Get a free quote.

That means, your parents cannot be turned down for coverage if they meet the age requirement for approval.

So, even if they have serious health issues, they can get insured for life insurance.

Here's how to get life insurance for your parents with no medical exam required.

Term Insurance Yearly Premium

What is term life insurance yearly premium?

It's the amount of money you pay each year in return for your term life insurance coverage from the insurance company.

Yearly premium is determined by multiplying the rate of your life insurance policy per one thousand dollars of life insurance coverage.

So, if your rate is $3, and you buy $100,000 of life insurance, the annual premium would be $3 X $100 = $300.

Your rate per $1,000 of life insurance is based on several risk factors which are taken into consideration to determine your life expectancy - how long you are expected to live. This risk factors may include your gender, age, health, lifestyle, occupation, hobbies, driving record, tobacco use, etc.

In addition, the type and duration of your life insurance policy is a factor in developing your rate for life insurance coverage.

Learn more about term insurance yearly premiums and how you can compare free life insurance quotes online.

Do Seniors Need Life Insurance?

Whether or not senior citizens need life insurance protection will depend on their situation.

However, many seniors choose to purchase a life insurance policy to pay for their final expenses - burial and funeral costs; as well as, other end of life expenses.

But, if you are a senior, you may want to consider buying life insurance for one of the more common reasons seniors get life insurance protection:

1. To leave a legacy to their heirs - family members.

2. To provide funds for their spouse's retirement.

3. To pay off outstanding debts - Home loan, auto loan, or personal loans.

4. To pay for their funeral and burial costs.

The fact is, many seniors may not have planned for their end of life expenses, and do not want to leave their loved ones with the financial stress of finding a way to pay for their funeral and burial. Get a free quote.

If a senior has not saved enough money for these end of life costs, they may want to buy life insurance to make sure their loved ones do not experience any financial difficulties as a result of their death.

Learn more about Do seniors need life insurance?

Term Policy with a Renewability Option

What is a term policy with a renewability option?

Term Insurance with a Renewability Clause in a term life insurance policy that allows you to extend your life insurance coverage beyond the original policy duration (term), even if your health has declined, usually on an annual basis and without a health examination required to qualify for the renewal life insurance policy.

You won’t have to re-qualify for a new policy, but your extended renewable term life coverage may increase your current policy premium. That means, if you want to renew your life insurance coverage, it will cost you more – you’ll be charged a higher premium based on your age at the time of policy renewal.

Learn more about a term policy with a renewability option and how it works.

What Does it Mean to Convert a Term Life Insurance Policy?

As you near the end of your Policy Term (Duration), you may realize that you want your life insurance protection to continue beyond the original duration (term) of your term life insurance policy.

The good news is, you may not have to start over and purchase a brand-new life insurance policy.

Instead, you may be able to Convert your term life insurance policy into a whole life insurance policy without having to provide new evidence of insurability – meaning you won’t have to take a physical examination to prove you are in good health so you can get insured.

Learn more about what is means to convert a term life insurance policy. 

Will Term Insurance Premium Increase?

It depends on the type of term life insurance policy you own.

If you own a level term life insurance policy your premium will remain the same for the entire duration of your policy term.

Usually, level term plans offer level premiums for 10, 15, 20 or 30 years of protection.

However, some term life policies have modified premiums which increase incrementally every 5 years, for example.

There are annual renewable term life policies that increase the premium each year when you renew your coverage for an addition al year.

Also, term to 70 policies usually have level premiums the first 20 years of your policy, and then premiums increase each year thereafter until you reach age 70.

Learn more about Will term insurance premiums increase?

Why is Term Insurance Good?

Term life which is temporary life insurance offers several good benefits, including:

1. Easy-to-Understand

2. Affordable

3. Flexible

Term life offers you the flexibility of choosing coverage that will last for a period of 10, 15, 20, 25, 30, 35 or 40 years to meet your family's needs.

Term life is temporary coverage. If you die during the policy term, the death benefit is paid out to the beneficiary of your policy.

If you are alive when the policy expires, the coverage ends with no payout of any benefits.

Permanent life insurance usually costs 5-10 times more than there same amount of term life insurance coverage, which means with term life you can afford to buy a lot more life insurance protection.

Learn more about Why Term Insurance is Good.

Term Life Insurance If You Don’t Die

What happens to your term life insurance coverage if you don't die?

If the insured person is alive when the term policy ends, the coverage expires and there is no pay out of any benefits.

However, if you still need coverage, you may contact your insurer before the end of the policy term to renew your coverage for an additional term of up to 10 years without proving insurability - that means, you won't have to take a medical exam to qualify for the renewal term life insurance policy.

Learn mo0re about Term life insurance - If You Don't Die.