As you are getting closer to age 60, you most likely are starting to think about what might happen to your family in the event of some kind of misfortune.
At age 58, you can still obtain very reasonable rates on life insurance, especially if you are still in good health.
It is never too late to obtain life insurance although there is certainly no better time than the present. You will most likely find that there are plenty of options available to you at this point in your life.
This day in age, you will find that your resources for information are endless. With the internet at your disposable, there is never a better time to shop and compare rates on life insurance.
The advancement of technology has brought about an even play field for many industries and life insurance is certainly one of these.
Two of the most prevalent types of life insurance that people explore are term life insurance and permanent life insurance. Term life insurance is known for having a term, or an amount of time that you opt to pay for at the beginning of your coverage. Compared to other types of insurance, term life insurance is extremely affordable.
The other type of insurance available to you as a 58 year old is whole life insurance, or universal insurance. This type of insurance is permanent and lasts until a claim is made on it, or until you stop paying the premium. It can be viewed as an asset as it does accumulate a cash value over time from which you can borrow against.
Rates for a 58 Year Old
Assuming you are a healthy adult and lead a positive lifestyle, here are a few sample rates that can give you a good idea of what you may pay for life insurance at age 58.
To obtain a $200,000, 20 year term life insurance, a 58 year old male will pay about $1619 per year. A female on the other hand will pay about $1069 per year. For a less hefty amount of coverage of $50,000, a man can expect to pay about $1417.
It is still very likely that a 58 year old is in great health. If this is not the case rates will vary from those above of course. A healthy adult is one who is known to not smoke or have any pre-existing or diagnosable diseases.
Seeking out the guidance of a licensed insurance agent is advisable in most cases where it may be the case that there are some other conditions that may affect your rates.
That’s right; no needles, no urine samples, no excuses to prevent you from getting the life insurance that you need. If you’re interested in getting term life insurance with no physical, here’s what you need to know.
In and Outs of Life Insurance Without a Physical
To get life insurance with no physical exam, you’ll end up purchasing what’s either called Simplified Issue or Guaranteed Issue policies. Essentially these are policies that require no physical, no medical exam, and you can get up to $350,000 of life insurance coverage depending on the carrier. While you don’t have to take a physical, you do have to answer certain medical questions. If you can pass the medical screening questions, then you’re one step close to getting life insurance with no physical. Keep in mind that most of these insurances will still require a medical background and prescription check!
National Brokerage has a new product that does not require a medical exam. The best part about this product is that you can do the application online and be approved within 10 minutes! This is the fastest approval for life insurance around. With1ClickCoverage they ask a series of questions about your medical history, as long as you can answer no to these questions, you can be approved for life insurance today. Click here to apply now! This product will check out your MIB and prescription history to make sure you qualify for their insurance. Here are some sample quotes:
10 Year Policy
20 Year Policy
30 Year Policy
Simplified Issue carriers such as Assurity, Fidelity Life, and Americo; although they don’t require a physical, will request your MIB, your MVR (motor vehicle record), and your doctor records. They’re just trying to verify that based on the medical questions they ask match up what’s actually on your medical history.
Keep in mind that if the insurance carrier has to request medical records from your doctor it can extend the time it takes for them to get you insured!
Pros of Simplified Issue Insurance
One of the bright sides of getting a Simplified Issue product over and above the fact you don’t have to take a physical is that they issue rather quickly.
To go into the traditional underwriting process can take at minimum four to six weeks, sometimes longer.
With some of the Simplified Issue products, they will be in force in sometimes as little as 48 hours, in other cases, five to seven business days.
At this point, you might be a skeptic; can you really get life insurance without a physical. You can, but there are some downsides.
Life insurance quotes in less than 1 minute!
Cons of Simplified Issue Policies
One big noticeable downside is the amount of coverage you can obtain. Assurity is the only Simplified Issue carrier that will allow you to get up to $350,000 of coverage. Here are some quotes for Assurity’s non-med term product:
10 Year Policy
20 Year Policy
30 Year Policy
Select Plus: $11.44
Select Plus: $13.20
Select Plus: $17.60
Select Plus: $16.10
Select Plus: $22.26
Select Plus: $32.03
Select Plus: $29.30
Select Plus: $47.87
Select Plus: $71.72
Select Plus: $9.33
Select Plus: $11.44
Select Plus: $15.05
Select Plus: $13.64
Select Plus: $17.95
Select Plus: $24.11
Select Plus: $21.72
Select Plus: $33.09
Select Plus: $47.87
The other carriers; Fidelity and Americo will only go up to $250,000, so if you’re needing a sizeable amount of life insurance coverage; whether it be to protect your family, secure a business loan with life insurance or protect an estate from death taxes, Simplified Issue policies might not give you the amount of coverage you need.
Now, one option you do have is that you can take out a Simplified Issue policy with each of the carriers, so that would get you approximately $850,000, but you’d have to go through three different carriers to get it.
Another downside is the cost. I ran a quote for a 50 year old female that was wanting to get life insurance fast, and with a Simplified Issue product it would cost her roughly $120 a month. For the exact same amount of coverage, she could go through traditional underwriting and although it would take longer, it would save her approximately $40 a month or $480 a year.
With Simplified Issue no physical life insurance, you’re paying for convenience, and also paying to have the policy issued that much faster.
Don’t forget Guaranteed Issue Insurance
Another type of insurance policy that does not require a physical are Guaranteed Issue products. This types of product doe not ask any medical question and does not require a physical! This is the only type of policy that will cover anyone who has been diagnosed with HIV/AIDS. Keep in mind this is not a good product for someone who is terminally ill. These policies will have a waiting period before you can receive full benefits.
With Guaranteed Issue, the cost is not much more than the Simplified Issue, and they also have a very limited face amount. The two carriers that we carry, Americo and United Home Life offer their Guaranteed Issue life insurance with a max face amount of $10,000.
You must be at least 45 Years old to qualify for this insurance.
Life Insurance With No Physical is a Possibility
As you can see, there are ways to get life insurance without going through the medical exam process. If you’re interested in exploring these options, give us a call at (877) 201-8868.
Most of the time when you apply for a life insurance policy, you need to provide a urine sample as part of your medical examination. This is one way the insurance company reviews your health along with also giving you a short physical, check your medical records, and drawing a blood sample. There are a [...]
Regardless of where you are in life, chances are life insurance can provide some kind of benefit to your life. A person of age 57 most likely has different priorities than that of a person of another age. When it comes to insurance, there are multiple factors that must be brought into consideration before deciding [...]
Thrombocytopenia is when a person has a low blood platelet count. This can be a significant health problem because it increases the chance of severe bleeding and also could be the sign of other more serious issues. As a result, if you have thrombocytopenia, it’s going to be an issue when you apply for life [...]
When looking for life insurance at age 56 one of the greatest impacts on your premium is your health. Unfortunately at this age there are many medical conditions that can start to creep up if it hasn’t already started affecting you. Depending on what type of medical condition you have, your rates may or may [...]
When most people think of buying life insurance, they think of a long drawn out process that involves a lot of paperwork, medical exams and even more paperwork. What people don’t realize is that there are such policies that allow you to not only get a term life insurance quote without going through a medical [...]
Do you need life insurance at age 55? At this age, if you aren’t already thinking about life insurance, you should be. Term life insurance often comes up when speaking of life insurance for people of this age. This is because it not only offers a large number of benefits, but it comes at little [...]
Doctors often check the calcification levels in your arteries as this helps predict your risk of heart disease. They can use noninvasive tests like the Electron Beam CT (EBCT) and Multislice CT (MSCT) to determine your calcium scores. If you’ve ever had one of these tests, insurance companies will be able to see the results [...]
With all the competition in the market, insurance companies have to have a way to stand out more than ever now. Companies like Banner Life that bring exceptional service to clients, receiving an A+ from A.M. Best, stand out exactly as needed. More than a company that can set itself apart from the others, you [...]
Thank you for always being prompt with responses. I’ll look for paperwork in mail and contact you if I have additional questions.
With the outstanding service I certainly will recommend you to anyone looking.
That was super fast! I got my life insurance for my wife and I which felt like record time. Ryan M.
I was needing several million of life insurance fast to secure a business loan. Jeff and his team far exceeded my expectations.
Compare Rates from top Carriers
Click below to get your personalized quote in seconds.