A life insurance policy is an important investment every person should make in order to give financial security to the individuals depending on him. If you have somebody that will suffer financially upon your death, then you must realize that you need to have a life insurance policy to protect this somebody in the future. A life insurance policy acts as a legal contract which binds an insurance company to indemnify the loss of the life of its policy holder in exchange for agreed upon premiums. 

Although a life insurance policy is an essential contract to have for a family, not everybody may be qualified for it. Some life insurance companies require prospective clients to undergo a pre-screening medical exam before they offer them a life insurance policy. The pre-screening medical exam will help insurance underwriters to determine the risk profile and life expectancy of the policy holder and thus will adjust the premium rates that these policy holders will have to pay on a regular basis. 

According to World Bank, the average life expectancy of a human being is 68.2 years. Because of this, people who are already beyond their golden years (above 50 years old) will mostly be either denied of a life insurance policy or are given a policy but they will have to pay higher premiums. This is because one of the bases for computing a life insurance quote is by factoring in a persons age. 

However, this does not mean that all individuals above the age of 50 to 60 years old will automatically be denied a life insurance policy. There are different steps to still get a suitable term life insurance for seniors. Here are some of them.

 1. An elderly individual who has a healthy lifestyle will probably be healthier than most individuals his or her age. If this is the case, then it is better for this healthy individual to undergo a pre-screening medical exam set by the insurance company. The reason for this is that the medical exam will show the good health of the individual and this wil help him/her in getting lower premium rates as compared to other individuals of his/her age. If the company appointed physician asses the individual to be healthy and have a longer life expectancy; then this individual may avail of a longer term life insurnace. This will enable this individual to have a longer coverage period while paying only lower premium rates.

 2. Another way elders can avail a life insurance is by choosing a no medical exam life insurance policy. This type of policy will not ask the elderly to undergo a medical exam. The elderly will be accepted for insurance coverage no matter what their exsisting illnesses are since there is no medical exam to verify it. This is certainly a great advantage the elders can have. However, there are different life insurance companies that list down illnesses that will not be covered by their policies. 

You can obtain a life insurance no medical exam policy by purchasing them online or through insurance company websites. When you go to purchase life insurance through the insurance companys website, you will have to fill up an online form. This form will contain questions related to your personal data and statistics. You have to answer all of them clearly. This form will also require you to fill in any medical information that you can offer such as medical history of your family. After accomplishing and submitting this form online, the website will calculate your premium rates.

The only disadvantage of getting an instant life insurance or no exam life insurance policy is that the premium rates will be based more on a persons age and not on his or her physical health. This means that if you are already 60 years old, your premium rates will be significantly higher than those of persons who are 30, 40, or 50 years even if you are far more healthier and are expected to live longer than they will. 

 Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on life ins quotes and universal life insurance, visit his site today.