Most insurers require a medical exam for any type of life insurance and may even require it when renewing an expiring policy. If you are 70 or over your chances for being allowed to extend a new term life insurance policy are very slim. You might be lucky and find a term life insurance no medical exam required option but they are few and far between. A whole life policy, on the other hand, is considered a permanent policy with no time limit, as long as you pay your premiums. Most whole plans will pay out the full benefit if you reach the age of 100 years. The most important thing to consider in choosing the right whole or term life insurance policy is to compare rates. They can vary by as much as 50% from insurance carrier to insurance carrier.
What if you don't have good health? Can you find a term life insurance plan that requires no medical exam? Many times if your employer offers a life insurance policy that is available to all of the employees you might not have to have a medical exam to qualify. If you have a term life insurance policy that has a clause that no medical exams are required to renew your policy when it expires it is wise to use that option, especially if you have health problems that might prevent you from finding other life insurance.
Here are some sites that we found that advertise no medical exam term life insurance. As with any insurance purchase you should be sure to check out the insurer's ratings. If you find that a particular insurance company has shown some signs of financial weakness you might want to consider a different company altogether.
These and many other term life insurance companies offer insurance without a medical exam. You can enroll and pay your premium online within a matter of minutes. The coverage ranges up to $250,000 or more depending on the term life policy and insurance company.
You must answer some questions honestly to qualify and still must be in good health to get them. Every life insurance policy, including term life insurance, stipulates a contestable period (usually two years) during which the insurance company can dispute any information provided. If a company learns you have given false information within this period the company may void the policy. Typically, they will only do this if the information you lied about would have caused them not to issue the policy at all, or would have had them issue it at a different rating. Don't take the chance. Just tell the truth.