Medical check-up for life insurance policies would not be a big deal but for elderly people, it causes a huge inconvenience. Their age and health may not allow them to stand in long queues for a medical check-up in hospitals and health centers. Considering this aspect, various insurance companies have offered no medical exam life insurance for seniors. Although every new aspect or lease provided to the customers comes with a cost levied to it, but there are advantages and disadvantages to every type of insurance policy. Here let us discuss the pros and cons of no medical exam life insurance for seniors.
Why Opt for No Medical Exam Life Insurance for Seniors?
Easy to Avail
As such there are a limited policy options for seniors beyond the age of 70. It is quite obvious that human body starts depleting its natural strength beyond a certain age. Therefore, one can easily avail these policies in any age beyond 65-70 years without getting their medical check up done. They do not have to be worried about their health conditions such as being sick or having any other cardiovascular disease, heart disease, arthritis etc.
Such policies that do not require any medical check up or health diagnosis are offered without much paperwork. Senior people appreciate this idea of a simplified procedure for buying the life insurance for elderly parents as they do not have to run around the company office and medical centers for documents and other formalities. With the advancement of technology, they can get things done easily by purchasing the policies online easily from their home internet. The simplicity of the process even helps them to keep a track of their premiums with great ease and comfort.
Seniors Love the Idea of Giving
Life insurance for elderly parents is much more valuable to them as they know that the money they are saving now will be used by their children or dependents once they will leave the world forever. They want to ensure in the last years of their life that their loved ones stay financially sound even after they bid adieu. In this context, to attain no medical exam life insurance for seniors gives them a sense of achievement. They forever would want to contribute to the welfare of their children if possible but whatever more or less they can do with the help of these policies is no less a joy!
Expensive but Still Affordable
Although it is obvious that these policies that include no medical check up come with a higher cost as compared to other insurance policies but they are not rocket prices. The cost of these policies are easily affordable for seniors especially considering the reason for buying, they do not mind this hike in price.
Easy to Research
Guaranteed acceptance life insurance for seniors is much in fashion these days. It is easy for seniors especially those who are not much tech-savvy to find the most suitable policies for them online. They can easily take the quotes from a few companies, compare their prices and make a purchase with all convenience.
Reasons that are Not in Favor of No Medical Exam Life Insurance
One of the most significant disadvantages of no medical exam plan is its cost. As the insurance companies have raised the bar of their own risk level, they compensate it by demanding a higher premium from their customers. In a case of seniors, the high price may not be favorable in some cases. As they get retired after the age of 60 from their regular income sources, it may or may not be possible for them to pay the policy premium with ease. This is one reason that some seniors tend to hold themselves back from investing in these policies and would rather invest in a normal life cover with lower premiums.
Fear of Fake
At the age of 50 or beyond, our elderly parents easily levy their faith in people who show them a rosy picture of the face value of policies. This factor can be misused by the fraudulent companies and people to misguide the seniors and make them invest in fake or unfulfilling policies. Therefore, they need to be completely vigilant while purchasing these policies and should not trust anyone who assures them no medical exam life insurance at a lower price. They should invest only in branded companies after careful research even if it costs a little higher. After all this policy is their dream investment and a gift to their children.
Having seen all the benefits of these policies, the disadvantages appear minimal. That is why people tend to ignore these unfavorable aspects and invest faithfully in no medical exam life insurance for seniors. We are offering low-cost no exam life insurance plans, get it now.