Finding life insurance when you’re young and in good health is easy, but it becomes a lot more difficult once you get older or if you have significant health problems. Some companies don’t offer coverage to individuals who are in poor health, and others charge astronomical rates for older people or those who have medical issues.
This doesn’t mean that you should skimp on essential coverage, however. Life insurance is a necessity for pretty much everyone. Funerals can be very costly, and it’s possible that you’ll leave this world with a ton of medical expenses and other final debts. You surely don’t want to leave this stress to your family members, so looking for life insurance is important.
You might even be shopping for life insurance for your parents. Doing so can be stressful and bring forth a lot of emotions, but it is critical. Regardless, if you are shopping for life insurance for a senior who has some health-related issues, you will want to look for life insurance for seniors with no health questions. Luckily, doing so is easier than you probably think if you know which steps to take.
Life Insurance for Seniors with No Health Questions: What Are Your Options?
Unfortunately, most term life and whole life insurance companies require either a health exam or an interview that asks health-related questions. This means that these policies might not be a good fit for you and your parents. A good alternative, however, is burial insurance.
Here are a few things that you should know about burial insurance:
- The face value for a burial insurance policy is significantly lower than the coverage that you can get through a whole life or term life insurance policy. This face value can be even lower for individuals who do not want to answer health-related questions. However, the funds should be enough to cover funeral costs and a few other final expenses.
- Many companies do require a 24-month rating period. This means that if death occurs within two years after the policy is established, the individual will not have coverage. Fortunately, the company will refund all premiums in this situation.
- Since most burial insurance companies do require a brief telephone interview that involves some health-related questions, your options will be limited if you’re shopping for an option that doesn’t ask any health-related questions. Luckily, we work with all of the best life insurance companies, so we should be able to find the coverage that you’re looking for.
Tips for Securing a Policy
Here at United Life Group, we work with all of the top-rated life insurance companies. Since we’re licensed to sell burial insurance, whole life insurance and term life insurance across multiple states, we can surely help you with your needs. Not only can we help you find the burial insurance policy that is right for you, but we can also show you whole life and term life insurance policies that you might qualify for. If you or your parents are in somewhat good health, you might find that one of these policies are a better fit. Otherwise, we can help you find a good burial insurance policy that won’t ask you a lot of questions about your medical conditions.
When shopping, follow these tips:
- Enter your ZIP code into the field at the top of the page. This will show you relevant results for your area.
- Don’t settle for the first option that you come across; instead, take a look at all of your options to score the best coverage and the lowest price.
- Don’t put off looking for coverage. You never know when something could happen, and you could be subject to a two-year waiting period after you apply. This means that now is the time to shop for and sign up for a policy if you want to help ensure coverage when you pass.