Paul Sanchez
Life insurance is important for people over 50 who have financial dependents and want to ensure their loved ones are protected in the event of their passing. While premiums are typically higher for those over 50, there are still affordable options available. Some companies require medical exams or health questionnaires, but others don't, offering guaranteed acceptance with no medical questions asked. These policies tend to have lower coverage amounts and are designed to cover funeral and final medical expenses.
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What You'll Learn
Simplified issue policies
Simplified issue life insurance is a type of permanent coverage that has fewer health requirements to apply. It is ideal for those who want to cover end-of-life expenses or those who don't qualify for other types of life insurance. Simplified issue policies are usually more affordable than some other types of final expense insurance.
The application process for simplified issue life insurance is shorter than a fully underwritten policy. It asks for a basic medical history, including height/weight, medications taken, and health conditions. There is no full medical exam, and no blood or fluid testing is required. The applicant may need to provide a recent blood pressure reading or other vital signs, and their prescription history may be checked. The insurer will review the application and prescription drug history to assess overall health. The accelerated underwriting process takes days to weeks rather than months, enabling fast coverage.
Many simplified issue life insurance policies offer fixed premiums that won't increase over time, providing financial predictability. Simplified issue policies often come in both term and permanent life insurance options, allowing you to choose the coverage that best suits your needs. Simplified issue whole life insurance typically costs women $50-$200 monthly for a $25,000 policy, whereas men will pay about $75-$250 per month. The cost of any kind of life insurance is based on your precise age, gender, health, state of residence, and how much coverage you buy.
Simplified issue life insurance is attractive for some people because of its many benefits. One of the most significant advantages is the application and approval process speed. Traditional life insurance policies can take weeks or months to get approved, but with simplified issue life insurance, you can get coverage in days or hours. Simplified issue life insurance may be a good option for those over 50 who want to avoid a medical exam, as this is typically the age when medical issues begin to arise.
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Guaranteed issue policies
Guaranteed issue life insurance policies are designed for those aged between 50 and 80. They are a good option for people with high-risk health issues and those who want to cover end-of-life expenses. These policies do not require health questions or a medical exam, making them suitable for people with pre-existing health conditions.
Guaranteed issue life insurance policies are often more expensive than typical term and whole life policies because they are considered riskier. The application process is simple, and approval can be instant. However, there is usually an initial waiting period before the full death benefit is available. If the policyholder passes away during this waiting period, the beneficiary will not receive the full death benefit unless the death was accidental.
The coverage amount for guaranteed issue policies typically ranges from $5,000 to $25,000, which is generally enough to cover funeral expenses but may not be sufficient to support loved ones financially. Some companies offer higher coverage amounts, such as Globe Life, which provides death benefits of up to $50,000. It is important to review the pros and cons of guaranteed issue policies before deciding if this type of coverage is right for you.
When considering a guaranteed issue policy, it is recommended to research the customer service and satisfaction of the insurance company. Factors such as online tools, digital portals, and financial strength ratings can help determine the quality of service provided by the insurer. Additionally, understanding the specific qualifications and requirements based on age and location is essential before selecting a guaranteed issue life insurance policy.
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Medical exams
Simplified issue policies are available from several providers, including Guardian, which offers a simplified issue whole life policy called "SimpliNow Legacy." This policy is designed for individuals who want to cover final expenses without extensive underwriting. Coverage ranges from $5,000 to $35,000 and includes a nursing home confinement rider and a terminal illness rider.
Guaranteed issue policies are also available from several providers, including Aviva and SunLife. Aviva offers a guaranteed acceptance whole life insurance policy for UK residents aged 50-80, with premiums ranging from £5-£100 per month. SunLife's Guaranteed Over 50 Plan is available to individuals aged 49-85 and also does not require a medical exam.
It is important to note that these policies that do not require medical exams typically come with higher premiums than "medically underwritten" coverage. Additionally, they may offer lower coverage amounts, with guaranteed issue policies from Aviva and SunLife offering coverage ranging from £5,000 to £25,000.
While it is possible to obtain life insurance without a medical exam, it is generally recommended to shop for coverage while in good health. This is because premiums are typically based on age and health at the time of purchase, and locking in an affordable rate while in good health can save money in the long run.
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Health questionnaires
Medical History:
The questionnaire may ask about any pre-existing medical conditions, such as heart disease, stroke, or cancer, or other chronic illnesses. It is important to disclose any known health issues honestly as they can impact the terms of the policy.
Lifestyle Choices:
Insurance providers are often interested in lifestyle choices that can impact health and longevity. Questions about smoking habits, alcohol consumption, diet, and exercise routines are common. For example, smokers may face higher premiums due to the associated health risks.
Family Medical History:
Some questionnaires may inquire about the medical history of your immediate family, including parents and siblings. This is because certain genetic factors can increase the risk of specific health conditions.
Current Medications:
You may be asked to disclose any medications you are currently taking, including prescriptions and over-the-counter drugs. This information can help insurers understand any existing health concerns and their potential impact on your longevity.
Health Screening Results:
In some cases, insurers may request results from recent health screenings, such as blood tests, cholesterol levels, or blood pressure readings. These results can provide a more comprehensive picture of your current health status.
Existing Coverage and Policies:
The questionnaire may also ask about any existing life insurance coverage or other relevant policies, such as health or critical illness insurance. This information helps insurers understand your overall financial protection and any potential gaps that need to be addressed.
It is important to note that not all insurance companies require medical exams or health questionnaires for over-50 life insurance. Some companies offer “simplified issue” or “guaranteed issue” policies that do not require health information but may have higher costs for the same coverage amount. Additionally, certain organizations, like AARP, provide life insurance options without medical exams or health questions for their members aged 50 and above.
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Customer service reviews
When considering over-50s life insurance, it is important to research a company's customer service reviews. You may need to ask questions or make changes to your policy, so it is beneficial to choose a company with good customer service. Customer satisfaction reviews can usually be found directly on a company's website, or through third-party rankings such as J.D. Power. It is also worth considering a company's online and digital tools, such as online customer portals or mobile apps, if this is something that is important to you.
Some companies offering over-50s life insurance include Aviva, Corebridge Financial (formerly AIG Life and Retirement), Pacific Life, and Penn Mutual. Here is an overview of their customer service reviews:
Aviva
Aviva offers over-50s life insurance with no medical exam required. They guarantee acceptance for UK residents aged 50-80. Aviva has been around for 325 years and is one of the UK's most trusted sources of financial product and market intelligence, according to Defaqto. Their Aviva DigiCare+ app provides health and wellbeing services, including an annual health check, mental health support, and personal nutritionists at no additional cost.
Corebridge Financial
Corebridge Financial, formerly known as AIG Life and Retirement, provides a range of life insurance options for individuals aged 50 and over. Their Guaranteed Issue Whole Life Insurance is available for ages 50 to 80 and guarantees coverage regardless of health status. Corebridge Financial earned a spot on Bankrate's list due to its range of life insurance options tailored to various needs.
Pacific Life
Pacific Life is one of the best life insurance companies for buyers over 50, according to Forbes Advisor. They earned the best overall rating in the analysis due to their highly reliable policy illustrations, cost competitiveness, and ability to quickly build cash value. Pacific Life's PL Promise Term offers some of the lowest rates for term life buyers over 50 with 10- and 20-year terms.
Penn Mutual
Penn Mutual is another top-rated life insurance company for individuals over 50, especially for those interested in a universal life policy. Their UL policies offer low internal costs, reliable policy illustrations, and a history of excellent investment performance. Penn Mutual also has excellent financial strength, which means they are in a good position to pay future claims.
In addition to these companies, it is worth considering New York Life if you are a member of AARP, as they have a partnership that offers exclusive pricing and policy features to members. When choosing an over-50s life insurance company, it is important to consider your unique needs and budget, and to review the companies' customer service reviews and financial strength ratings.
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Frequently asked questions
The best life insurance for people over 50 will depend on your unique needs and circumstances. However, some options to consider include "simplified issue" policies, which may ask health questions but do not require a medical exam, and "guaranteed issue" policies, which do not require a medical exam or health information.
This depends on the company and policy you choose. Some plans require a medical exam, while others simply ask you to answer a few health-related questions or do not require any medical information at all.
Term life insurance offers temporary coverage for a set period, typically 10, 20, or 30 years. If you pass away before the term expires, your beneficiaries will receive a death benefit. Term life insurance generally has lower premiums than other policies.
Whole life insurance, also known as "burial insurance" or "funeral insurance", is a permanent policy that lasts your entire life. It includes a death benefit and a cash value component, which can build value over time. Whole life insurance is typically more expensive than term life insurance but provides lifelong coverage.
The cost of over-50s life insurance varies depending on the provider and the level of coverage you choose. Some policies start from as little as £4 or $15 a month, while others can range from £5 to £100 a month. It's important to choose a policy that fits your budget today and in the foreseeable future.
