Best Life Insurance for Seniors Without Medical Exams in 2023
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- Simplified issue and guaranteed issue life insurance plans
- Term life plans without medical exams for seniors under 70
- Access to some of the best tools and resources for seniors
- Final expense insurance with no medical exam
- Plans available to seniors up to 80 years old
- Additional benefits like cash value accumulation and dividends
- Term and life insurance that only require health questionnaires
- Up to $250,000 in coverage
- Premiums do not increase with time
For many seniors, an extra trip to the doctor’s office can be a major hassle. Perhaps you have mobility issues or don’t have adequate transportation available to you. Moreover, you may get a medical exam for a life insurance policy only to be turned down based on preexisting health issues. Fortunately, if you are over the age of 50 and in the market for a life insurance plan without a medical exam, there are options available to you.
Best Life Insurance for Seniors Without Medical Exams
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1. AARP - Best variety of plans
What we like most
- Simplified issue and guaranteed issue life insurance plans
- Term life plans without medical exams for seniors under 70
- Access to some of the best tools and resources for seniors
AARPOverview
AARP offers both simplified issue and guaranteed issue life insurance plans. And, unlike most major providers, AARP offers term life insurance policies without medical exams for people under the age of 70. To qualify for any of AARP’s life insurance plans (with or without medical exams), you will need to pay an annual fee (roughly $1.33 per month) to become an AARP member. As an added bonus, fee-paying AARP members get access to some of the best financial and life planning resources for older adults.
Did You Know? If you want multiple options for no-medical-exam life insurance, AARP is one of the few providers to offer several term and whole life options.
The best part of getting life insurance through AARP is that age is usually not a barrier to entry. In fact, AARP only offers its services to people who are ages 50 or older. The simplified and guaranteed issue whole life insurance plans are available to seniors up to 80 years old.
Pros About AARP
- Term life insurance with no medical exams
- Simplified and guaranteed issue plans
- Relatively high age limit for whole life insurance
Cons About AARP
- Must be an AARP member to apply
- AARP membership fees can increase over time
- $50,000 whole life coverage maximum
Final Thoughts
AARP ranks among the best life insurance providers for seniors, as it offers a wide variety of plans, even if you don’t want to take a medical exam. For term life or simplified whole life plans, you will still be asked a few health-related questions, but most seniors can qualify without taking a trip to the doctor. Like most life insurance policies without a medical exam, AARP does set coverage limits. In fact, the highest coverage you can get with AARP’s no-medical exam whole life insurance is $50,000, or $100,000 with term life insurance.
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2. State Farm - Best final expense plan
What we like most
- Final expense insurance with no medical exam
- Plans available to seniors up to 80 years old
- Additional benefits like cash value accumulation and dividends
State FarmOverview
State Farm offers whole life insurance to older adults without a medical exam through final expense insurance. For this type of insurance, you are not required to see a doctor or answer any health questions. State Farm offers these plans to seniors up to the age of 80. Regardless of your health status, you will not be turned away, and your premiums will remain the same for the duration of your policy.
Did You Know? With State Farm, you can get final expense insurance without a medical exam in as little as 24 hours!
State Farm also helps protect the insured against unexpected life events. Features like cash value accumulation, guaranteed death benefits, and potential dividends provide even greater security to you and your loved ones. This is especially useful considering that final expense insurance is inherently limited in coverage, with maximums of just $10,000 through State Farm.
Pros About State Farm
- Premiums do not increase over time
- No medical exams or health questions
- Relatively high age limit
Cons About State Farm
- Guaranteed issue limited to final expense plans
- Maximum fixed coverage of $10,000
- Can only purchase plans over the phone through a State Farm agent
Final Thoughts
State Farm is a great option if you are only looking for smaller payouts that will cover your final expenses. For example, if you have ample savings and a 401(k) that you can pass on to your beneficiaries, you may only want a final expense policy to cover your funeral and similar expenses. In this case, State Farm makes it easy to get the policy you need with set premiums, a high age limit, and no medical exam or health questions.
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3. Liberty Mutual - Best maximum coverage
What we like most
- Term and life insurance that only require health questionnaires
- Up to $250,000 in coverage
- Premiums do not increase with time
Liberty MutualOverview
Liberty Mutual does not offer guaranteed issue plans, which means that you can apply for a plan without a medical exam and still be denied coverage. However, it does offer both term and whole life policy options that only require you to answer health questionnaires. Whether you opt for a term or whole life plan without a medical exam, you can get up to $250,000 in coverage. These death benefits far exceed most other plans without medical exams from other providers.
Did You Know? Liberty Mutual offers comprehensive term and whole life plans that only require a simple health questionnaire during the application process.
Though the options available through Liberty Mutual may seem too good to be true, there are a few caveats. Liberty Mutual sets a strict age limit of 65 on its life insurance policies. This means that you will need to get a headstart on your retirement and estate planning if you want to qualify for a Liberty Mutual life insurance plan without a medical exam.
Pros About Liberty Mutual
- Both term and whole life plans are available with health questions
- Up to $250,000 in coverage
- Premiums do not change over time
Cons About Liberty Mutual
- Low age limit for seniors
- No guaranteed issue policies
- No option to apply online
Final Thoughts
Thanks to its high coverage limits and varied simplified issue plans, Liberty Mutual is a great option for seniors who want to get more than a basic final expense plan. Liberty Mutual provides ample death benefits to beneficiaries with premiums that are set from the beginning of your plan. It’s important to remember that the age cutoff is just 65, so you will need to apply for your policy in advance. Additionally, if you have preexisting health issues, the lack of guaranteed issue policies means that your application could still get rejected.
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4. USAA - Best age requirements
USAAOverview
USAA provides life insurance policies to members of the military, veterans, and their families. Older adults have a variety of options through USAA, as its simplified and guaranteed plans are underwritten by USAA, as well as reputable partners like John Hancock and Mutual of Omaha. Even if you choose a simplified plan, you could be eligible to apply for a new policy up to the age of 90, though most of USAA’s plans have an application cutoff at 85.
Did You Know? USAA is one of the best organizations to offer resources, assistance programs, and discounts to those who have served in the U.S. military.
With a guaranteed issue plan from USAA, anyone between the ages of 45 and 85 cannot be denied a policy for health reasons. This means no health exams, no health questions, and a fast application process. However, if you opt for a guaranteed issue plan, the coverage maximum is just $25,000, while the coverage maximum for a simplified plan can go as high as $10 million.
Pros About USAA
- Simplified and guaranteed issue plans
- Tax-deferred cash value
- High age limit
Cons About USAA
- Low coverage on guaranteed issue plans
- Only available to service members, veterans, and their families
- Some policies aren’t available in all states
Final Thoughts
USAA is not the best option for everyone, as it is only available to military service members, veterans, and their families. That said, the combination of final expense guaranteed issue plans and comprehensive simplified plans with high age limits makes USAA one of the best providers of life insurance without medical exams for seniors. On top of these benefits, you can expect excellent customer service and strong financial credentials.
How We Chose the Best Life Insurance for Seniors Without Medical Exams
When looking for life insurance that doesn’t require a health exam, there are several key factors to consider. First, if a provider does not require a medical exam, it doesn’t mean that they cannot reject you based on your health status. Many life insurance providers will still ask you health-related questions and your answers could affect your ability to qualify for a policy.
We researched each provider to see whether they offer life insurance to seniors without any health requirements or if they simply offer policies without health exams. In most cases, if there are no health requirements involved, the premiums tend to be much higher. We have narrowed down our list of insurance providers based on whether or not your health status is a factor, the overall cost of plans, the variety of plans with no medical exams, and the preset age limits.
Comparing the Best Life Insurance for Seniors Without Medical Exams
| Starting premiums* | Age limit to apply | Guaranteed issue maximum coverage | Simplified issue maximum coverage | |
|---|---|---|---|---|
| AARP | $18 per month | 80 | $25,000 | $50,000 |
| State Farm | $22 per month | 80 | $10,000 | N/A |
| Liberty Mutual | $36 per month | 65 | N/A | $250,000 |
| USAA | $20 per month | 90 | $25,000 | $10 million |
*Premiums for life insurance plans vary based on your age, location, health status, and the type of plan. These are the average starting premiums as of 2022.
How Much Does Life Insurance Without a Medical Exam Cost?
Typically, any type of life insurance that waives the requirement for a health exam or even a health questionnaire will cost you more. The premiums for no-med exam life insurance can be as much as double the cost of policies with a medical exam. This is due to the fact that the insurance provider is taking a greater risk by accepting your application without any knowledge of your current health.
In any case, the average cost of guaranteed issue life insurance or a comparable simplified issue plan for a 50-year-old is roughly $142 per month. This number increases substantially with age. Once you reach your retirement years, you will likely need to pay anywhere between $250 and $500 per month (or more) for a no-medical-exam policy. Fortunately, many providers have guaranteed premiums that do not increase over time; even if your premium seems high from the start, you can trust that the number will not change from one month (or year) to the next.
Simplified vs. Guaranteed Issue Life Insurance
While the majority of popular term life insurance plans require a health exam, there are generally two types of whole life insurance that offer the possibility to avoid medical exams: simplified and guaranteed. Simplified issue plans are often reserved for younger, healthy individuals. That said, many providers extend simplified issue plans to seniors as well. Rather than taking a medical exam, you may need to answer a few simple health questions to meet the requirements and qualify.
Alternatively, a guaranteed issue plan is best for those who have either been rejected for simplified issue plans or have preexisting health issues that may exclude them from other types of life insurance. Guaranteed issue plans still have age requirements, but they have absolutely no health exams or health requirements in order to qualify. Guaranteed issue plans tend to be more expensive and put greater limitations on death benefits.
For this reason, final expense insurance often falls under the umbrella of guaranteed issue plans. These policies have relatively small death benefits ($5,000 to $35,000) to pay for funeral and burial costs. Additionally, many providers do not require any health exams as long as you are currently within the required age bracket to apply.
Tips for Choosing the Best Life Insurance for Seniors Without a Medical Exam
Here are a few tips to help you choose the best life insurance without a medical exam:
- Make sure you know the age restrictions for applying; though many providers allow older seniors to acquire a policy, others do not.
- Determine whether you just need a final expense plan or you need a full, comprehensive whole life insurance plan to provide ample death benefits to your beneficiaries.
- Set a budget for your life insurance, as both simplified and guaranteed issue life insurance plans without medical exams tend to be far more expensive than alternative options.
- Consider how a life insurance policy will play into your overall estate-planning goals.
Frequently Asked Questions About Life Insurance for Seniors Without Medical Exams
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What kind of life insurance can I get without a medical exam?
The most common types of life insurance available without a medical exam are whole life final expense plans. However, certain providers also offer term life and comprehensive whole life insurance plans without medical exams.
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Is no-medical exam life insurance worth it?
It depends on your circumstances. Some people with terminal illnesses have no choice but to get a guaranteed issue plan with no medical exam. However, if you have the option to get a cheaper plan with a medical exam, it may be worth it to save on your monthly premium.
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Can you get life insurance with no questions asked?
While you can get a life insurance plan without answering any medical questions (like with guaranteed issue plans), you will need to provide some basic information about yourself and your beneficiaries when you apply.
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Can you get life insurance if you’re sick?
Yes, you can get life insurance if you are sick. It is more difficult to get simplified life insurance or insurance that requires a medical exam when you are sick. For this reason, many people with chronic illnesses opt for plans without medical exams.
