No Medical Exam Life Insurance Or Term Life Insurance? What Should You Choose?

When it comes to financial matters, especially life insurance, you must tread cautiously, otherwise all your estate planning will have to suffer. It is not easy to decide what policy is better, because we cannot simply predict the future and realize if we need protection for the whole life or just for a couple of years.

Should-senior-people-buy-a-final-expense-life-insuranceAlso, if you are a senior, getting life insurance for over 50 years old persons is more difficult. And there is always the dilemma: no medical exam life insurance or term life insurance? What should you choose? We would try to explain you the pros and cons of each one of these policies.

Term life is the simplest and cheapest policy on the market. We can agree that we all heard this catch phrase. Well, at some points, those selling it are telling the truth.  Term life premiums depend greatly on the age of the policyholder and the health of the policyholder. So, it is better to buy term life when you are in mid 20s or 30s. Otherwise, not only it will not be cheap, but term life will be expensive right from the start.

And premiums will increase in price with each year passing by, to compensate with the fact that you get older.  But term life has some advantages regarding payment methods and flexibility. You can pay the premiums monthly, quarterly and years.  Contract renewal is another strongpoint for term life and will help you get protection only for as long as you think it is necessary.

No exam policies were designed to provide coverage for those that usually get rejected by the companies selling other policies. This was the original purpose, but nowadays many companies sell competitive no exam policies that are more attractive than their regular counterparts.

No exam policies can be also divided in 2 categories: no exam term life policies and permanent no exam life insurance policies. And you will get all the features of the same regular policy. These policies represent the natural alternative for any senior. Plus, the client will not have to waste important time with all the required exams.

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