Life Insurance With No Medical Exam
Getting a term life insurance plan is becoming popular these days. 
The reason for this is very clear; we want to have valuable protection at a very affordable cost. The main problem with term life insurance is that it expires after 10, 20 or 30 years.
On the other hand, with senior citizens who were not fortunate enough to become free of financial obligations and do not have savings to cover any debts, this could be a problem. When we become older, we develop more health problems and our insurance becomes more expensive.
Senior Life Insurance Without Medical Exam
The good news is that life insurance providers have came up with senior life, guaranteed life insurance or final expense insurance made especially for senior citizens. This is actually whole life insurance wherein the policy will stay in effect as long as it is active. So that means, the payment for the premium should be kept in force.
This type of senior life insurance comes in two types and the good news is that it does not require a senior to take medical exam. The face value of this type of life insurance ranges from $2,500 – $25,000. Since the amount is lower, the risk for life insurance providers are lower as well. Another good feature is that seniors can have beneficiary, either with the children or spouse, to cover expenses such as burial, debts or inheritance for the beneficiary.
Simple issue life insurance
Simple issue life insurance policies offer instant death benefits for senior citizens. Seniors may be questioned regarding health conditions but most seniors may be qualified for this. Those who are declined with these types of policies are those who are in nursing homes or those who have terminal illnesses. So this means that if you have small health issues, this will not prevent you from getting a simple issue life insurance policy. This can take effect immediately as well. Once you have been notified that your policy has been issued, you are already covered.
Guaranteed Issue Life Insurance Policy
Another policy that does not delve into health issues is the guaranteed issue life insurance policy. The underwriting is delayed for 2 to 3 years. If the insured passes away during the qualification period, there will be a refund for the premium.
Burial Expenses
If you are an younger person, you can choose a senior life insurance policy to pay for the burial expenses of your parents. Truly, it is much easier to pay monthly premiums than paying one time payment for the burial if the senior passes away.
