Are you looking to for life insurance over 50 with no-medical exam?
If you are fifty (50) or over it is now possible to purchase a term life insurance policy without a medical exam for up to $3 million or a permanent life insurance policy up to $2 million from some of the top life insurance companies in America.
Below we will show you everything you need to know from eligibility, sample rates and policy details.
Table of contents
- Requirements and eligibility
- What is the application process?
- How is it possible?
- How does term life insurance work?
- Term life insurance over 50 no medical exam – sample rates
- Health classes available
- Term lengths available
- Coverage amounts available
- Permanent life insurance over 50 no medical exam – sample rates
- Health classes available
- Permanent life insurance policy details
- Why life insurance over 50 years old?
- Why no medical exam?
- Are these companies reputable?
- Wrap up
- Additional information
Requirements and eligibility
To qualify for a no medical exam term life insurance policy up to $3 million or a permanent life insurance policy up to $2 million if you are over the age of 50 and under 70 you must have had a physical completed within the past 12 months, with labs (blood work).
The life insurance company is going to view your lab work and medical records from your annual checkups with your physician in lieu of the life insurance company sending out the phlebotomist to complete the 30-minute paramedcial exam.
Consumers have been asking for this for a long time and now it is finally available!
*Note in some instances, the underwriter can request the paramed exam if deemed necessary.
What is the application process?
The application process is straightforward as there is no medical exam. Below are the four steps:
- Complete the online application and eSign
- Answer the health history questions either by phone or online
- Wait for your physician to send back the medical records
- Receive a final offer and if accept eSign to activate the policy
How is it possible?
Advancements in technology, underwriting and competition in the marketplace have driven top life insurance companies to take on a greater risk by not requiring the medical exam. This means qualified applicants over 50 and younger than 70 years old are now able to potentially bypass the traditional life insurance medical exam and still obtain a large policy (up to $3 million in term coverage or $2 million in permanent coverage), and at the same price as those that take the life insurance medical exam.
How does term life insurance work?
Term life insurance works by locking in the premium and coverage amount for a specified period of time, either 10, 15, 20, 25 or 30 years depending on your age, needs and goals. The shorter the term, the lower the premium. If you passes away during the term the policy pays out the full death benefit from day one of the policy start date.
Term life insurance over 50 no medical exam – sample rates
Let’s take a look at the term life insurance over fifty no medical exam sample monthly rates for a male and female at the top health category.
- A $1 million no medical exam 10-year level term policy for a 50-year old male is priced at $813 in annual premiums, and a 20-year level term policy costs $1,528 a year.
Term Life Insurance
Rates for a 10 year level term, D.O.B. 10/1 at the Preferred Best health class.
Health classes available
All traditional health classes are available for a no medical exam term life insurance policy over 50 (up to age 70):
Health classes explained:
Term lengths available
The same term lengths available for a no medical exam life insurance policy over 50 are the same as if the medical exam was completed:
- 10 year term
- 15 year term
- 20 year term
- 25 year term
- 30 year term
Terms lengths explained:
“Level” term life insurance means the rates and premiums are fixed for the term selected and cannot increase regardless of changes in age or health. However, the policy can be canceled at anytime without a penalty.
Coverage amounts available
Life insurance over 50 with no medical exam policy limits: $3 million term and $2 million permanent.
Permanent life insurance over 50 no medical exam – sample rates
Let’s take a look at the permanent life insurance over fifty no medical exam sample monthly rates for a male and female at the top health category.
- A $50k permanent life insurance policy for a 65-year old female is priced at $1,343 in annual premiums, and a $100k policy costs $2,249 a year.
Permanent Life Insurance
Rates for a no-lapse guarantee universal life policy to age 121 at the best health class. D.O.B. used 10/1.
Health classes available
All traditional health classes are available for a no medical exam permanent life insurance policy over 50 (up to age 70):
- Preferred Best
- Substandard (table rates)
Permanent life insurance policy details
Permanent life insurance with no medical exam offers the insured to lock in the premium and coverage amount until the age you choose:
Pro Tip: the rate differential is typically not much more to lock in the rate to maximum age 121.
Why life insurance over 50 years old?
The most common reasons for life insurance over 50 are typically include:
- Income protection
- Mortgage protection
- Children’s education expenses
- Estate planning
- Final expenses
- SBA loan
- Key person coverage
- Buy-sell agreement
- Divorce agreement
- Charitable donation
- Pension maximization
Why no medical exam?
Let’s be honest, most people don’t want to do a physical exam unless they have to. Whether it’s due to time, don’t like needles, have white coat syndrome or simply don’t want to deal with the inconvenience of a life insurance paramedical exam, acquiring a life insurance policy without an exam is preferable, especially if there is not a price difference in taking the exam or not.
The underwriting process for life insurance over 50 without a medical exam for up to three million dollars is similar an application with the traditional exam. Underwriting will include:
- Online application
- Choice of online or telephone health history
- Prescription database check
- Medical information bureau (MIB) check
- Motor vehicle report (MVR) check
- Medical records review
Additional underwriting could be requested by the underwriter.
Are these companies reputable?
Yes, in fact the life insurance policies are from some of the oldest, largest and best life insurance companies in America. They are A+ Superior rated and have been in business for more than 150+ years and never failed to pay a valid claim. You likely have seen their commercials on TV.
- A+ Superior rated
- Been in business over 100 years
- Never failed to pay a valid claim
- Nationally renowned
Due to advancements in underwriting, it is now possible to secure life insurance over 50 with no medical exam for up to $3 million in term life insurance or up to $2 million in permanent life insurance if you had a physical with your doctor, including lab work in the past 12 months.
To substitute the traditional life insurance medical exam if you are over 50, life insurance companies will conduct a health history interview, view your medical records and check several databases such as: prescription database, Medical Information Bureau (MIB), motor vehicle database check (MVR) to present the final offer.
This is revolutionary and a major step forward in life insurance underwriting. Not only are you able to bypass the life insurance exam if you are over 50, the rates are the exact same as if you did the life insurance medical exam.
Life insurance applicants over 50 have been asking for years to skip the medical exam if they recently saw their doctor and had lab work completed. Many stated that is was repetitive and a waste of money for the insurance company to conduct another health exam if they just had one from their physician (PCP).
Fortunately, some of the top life insurance have listened. Now with increased available data and other technological advancements in underwriting, it is now possible for those over 50 years old and under 70 to potentially bypass the life insurance exam and secure up to $3 million in coverage for up to 30 year level term and at the same price if the exam was completed.
Is it possible to purchase life insurance over 50 with no medical exam?
Yes. If you are over 50 and completed a physical with lab work in the past year you are now eligible to skip the life insurance health exam.
Is there a waiting period?
No. Full coverage starts once the policy is activated for any type of death (excluding suicide and misrepresentation in the first two years).
Are there any exclusions?
The exclusions are the same as a fully underwritten policy with the medical exam; a two-year suicide clause and a two-year incontestability clause. This means if you commit suicide in the first two years of the policy or were not honest on the application and pass away in the first two years the insurance company has the right to contest the claim and decline the pay out.
Are these reputable insurance companies?
Yes. The life insurance companies that offer life insurance with no medical over 50 for up to three million dollars have been in business for since the 19th century (over 150+ years), are A+ rated Superior by A.M. Best and never failed to pay a valid claim.
Are there health questions?
Yes. The life insurance company is going to potentially insure those over 50 for up to $3 million for the next 10 to 30 years without a medical exam. They are on the hook for that money and will have to pay out if anything were to happen. Therefore, the insurance companies are going to ask health questions to assess their risk as part of the underwriting process as well as price the policy accordingly.
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*Life insurance over 50 no exam for up to $3 million not available in all states