No Medical Exam Life Insurance – 3 Benefits for Seniors!

Having a no medical exam life insurance plan can be very advantageous during retirement. Life insurance plans can help seniors cover funeral expenses and provide financial relief for their loved ones.

COLOURBOX1248574Some may say that life insurance is not a wise investment during retirement as the senior will not have anyone to support anymore. But this is not always the case as many elders are responsible for the well-being of financially dependable family members. Even if they are not, life insurance is still a good way of covering funeral expenses.

Here are three benefits life insurance can provide for seniors:

  1. Accessible

Life insurance plans that do not require medical examinations are more accessible for seniors. Since the underwriting process is simplified, the agency will not take many details into account when calculating insurance rates.

Final expense insurance plans for example, are specially designed for senior who need coverage after 65 years. They can qualify for a plan as long as they do not have cancer, AIDS or other terminal diseases.

  1. Simple application process

Since you do not have to wait in line to visit doctors and take medical tests, the application process is a lot simpler and faster. In order to qualify for no medical exam life insurance, you have to complete a simple application form.

Just because you do not have to take medical examinations, it doesn’t mean that anyone can qualify for a plan. People who are currently suffering of a terminal disease may not be always accepted.

  1. Cover funeral expenses

Since the average cost of a funeral is well over 9,000, many seniors are looking for efficient and affordable ways of helping their families deal with such expenses. Life insurance remains one of the easiest and fastest ways of covering burial costs.

The funeral home can be named as a direct beneficiary, but this is not advisable. It is recommended to name a relative as a beneficiary and entrust funeral preparations to him/her.

If you are looking for the best life insurance rates, visit our website and compare quotes from top agencies!