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Whole Life Insurance With No Medical Exam

Last Updated December 26, 2024

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final expense life insurance with no medical exam
What is whole life insurance? Well, it’s an insurance policy that covers you for the rest of your life. The premiums paid help cover the costs of insuring you and can accrue cash value that you can use for loans or tax-deferred benefits for your loved ones. This type of policy can help pay for your funeral and burial costs and allow you to leave your family a financial legacy.
 
At the end of this article, we can even provide you with a free whole life insurance quote that you can apply for or save for a rainy day. 

What is No Exam Whole Life Insurance?

No exam life insurance is a type of life insurance that simply doesn’t require a medical exam. Although a medical exam for life insurance is free to you, it is time-consuming and stressful. Based on your medical exam and pre-existing conditions, the insurance company determines if you are approved or denied. 
 
If approved, your monthly premium is based on how much of a risk you pose. Usually, the healthier you are, the cheaper your monthly premium.
 
If I am a senior with health problems or pre-existing conditions, can I still get life insurance? Of course, you should consider a no medical exam whole life insurance. You can be approved in minutes and your coverage starts the next day.

Whole Life Insurance vs Term Life Insurance

When it comes to life insurance, there are two main types: whole life insurance and term life insurance. Both have their own advantages and disadvantages, so it’s important to understand the difference between the two before you make a decision.

Whole life insurance is a type of permanent life insurance that covers you for your entire life. The main advantage of whole life insurance is that it builds cash value over time, which you can borrow against if needed. The downside is that whole life insurance is more expensive than term life insurance and generally has lower face amounts. This type of life insurance is usually chosen by seniors. When you are older and have pre-existing conditions, it can be near impossible to qualify for term life insurance.

Term life insurance, on the other hand, is a type of temporary life insurance that only covers you for a set period of time – usually 10, 20, or 30 years. The advantage of term life insurance is that it’s much cheaper than whole life insurance and can be a good option if you are a younger, healthy individual. 

Term to whole life insurance has some key differences that will help you make your decision. Many seniors find that they get denied for term insurance. Thankfully, whole life insurance benefits directly help seniors and applicants with pre-existing conditions. You can get your free whole life insurance online quote in minutes. 

What Are The Pros and Cons of Whole Life Insurance?

When considering life insurance, you will likely have a lot of questions. As you are researching different types of life insurance policies, you should consider whole life insurance with no medical exam. Let’s take a look at the pros and cons of whole life insurance.

Whole Life Insurance Pros

1.) It will pay a benefit
As long as you stay current on your monthly premiums, your policy will pay a death benefit to your beneficiary. Unlike a term life insurance policy, which ends at a certain point, a whole life policy will pay regardless of when you die.
 
2.) No Waiting Periods
Many of the top life insurance companies start your coverage the very next day. There’s no need to wait and pay your premiums for two years.
 
3.) No Medical Exam
Regardless of your pre-existing conditions, you won’t have to schedule a medical exam. With just a few simple questions over the phone, you are approved the same day.
 
4.) Cash Value
The cash value of whole life insurance is guaranteed to grow at a certain rate. If the company you bought your policy from performs better than it anticipated, it may pay a dividend. You could use that money to pay your premiums or reinvest in your policy, or take it as cash!
 

Whole Life Insurance Cons

1.) It May Be More Expensive
Yes, compared to term life insurance, it might be slightly more expensive. Term life insurance is built for people that might be younger and a bit healthier.
 
For seniors, it can be difficult to qualify for term due to age and medical conditions, so term life insurance is usually out of the question. Thankfully, whole life insurance is designed for seniors and requires no medical exam, and usually has no waiting periods.
 
We purposely don’t contract with some insurance companies that don’t proved good products for seniors. A lot of folks might see advertisements from companies like Colonial Penn 995 that tell you you can get amazing coverage for just $9.95 but don’t tell you how much money your loved ones get or how long they have to wait for that money.

Whole Life Insurance Cost

This type of life insurance can vary in cost depending on the state you live in, age, pre-existing conditions, and other factors. Depending on your age, you can have a policy for as low as $1 per day. It’s just a few simple questions to determine exactly what you will be paying per month and you can get a free whole life insurance online quote. 
 
Below, you will see a chart based on a healthy, non-smoking female applicant for $10,000 of coverage. You will see that just age alone changes your premiums.
Age Monthly Rate
Age 50
$24.31
Age 55
$27.71
Age 60
$32.87
Age 65
$41.01
Age 70
$53.24
Age 75
$72.41
Age 80
$98.43
Age 85
$135.90

How Much Does 5 Million in Whole Life Insurance Cost?

This is a common question that a lot of folks ask. Typically, whole life insurance goes up to about $50,000 in coverage. The reason being, whole life insurance is mostly purchased by seniors. As we get older, we usually have less debt, and no mortgage or car payments.
 
The one thing seniors do need to worry about is their end-of-life costs. This can include your funeral, cremation, burial, service etc.. The average funeral costs around $10,000 depending on where you live. 5 million in whole life insurance usually isn’t necessary to cover your funeral and burial expenses.

How Whole Life Insurance is Taxed

Whole life insurance is a type of permanent life insurance that includes an investment component. The investment component grows tax-deferred, and you can access the cash value of the policy through loans or withdrawals.

Whole life insurance is taxed differently than other investments, such as stocks and bonds. When you sell a stock or bond, you may have to pay capital gains tax on the profit. With whole life insurance, you don’t have to pay capital gains tax on the growth of the policy’s cash value, as long as you keep the policy in force.

If you withdraw money from your whole life insurance policy, you may have to pay income tax on the withdrawal. The IRS considers withdrawals from a whole life insurance policy to be taxable income. However, there are some exceptions to this rule. If you withdraw money from the cash value account, you will owe taxes on the amount that you withdraw. However, you will not owe taxes on the growth of the account.

Who should get whole life insurance?

There is no one-size-fits-all answer to this question, as each person’s situation is unique. However, there are some general guidelines that can help you decide if whole life insurance is right for you.

First, you should consider your financial goals. If you want to ensure that your family is taken care of financially in the event of your death, then whole life insurance can be a good option. It can also be a good choice if you are looking for a way to build cash value that you can later access for other purposes, such as retirement.

Second, you should take a look at your overall financial picture. If you have other assets and savings that can cover your family’s needs in the event of your death, then you may not need as much life insurance coverage.

We provide you with a free whole life insurance online quote, in seconds. To the right of this article, you can compare quotes and apply, right here. 

Whole Life Insurance Online Quote

Whole Life Insurance Online Quote

Here at Final Expense Benefits, we work with seniors and folks of all ages to get a life insurance policy to cover your final expenses. 
 
The process is simple and only takes a few minutes to apply for coverage. One of our licensed agents will ask you just a few simple health questions to see how much coverage you need. Then, we will help you choose a plan for you and walk you through the easy application, right over the phone. We even offer free whole life insurance online quotes!
 
We do all the heavy lifting for you so you aren’t spending hours getting quotes and phone calls from sales agents. Our process is free to you! You will never pay us any type of consulting fee and your monthly premium is the same as if you called the carrier directly.
 
Call us today and we will happily walk you through the entire process and bring you and your family peace of mind! 1 (866) 311-4338

Also See: The Truth About The Colonial Penn $9.95 Life Insurance Plan