How to Get Life Insurance at Age 40 With No Health Questions
Answering health-related questions is usually a standard and required part of applying for life insurance. However, for various reasons, many people would prefer to apply without having to disclose information about their personal medical history. The outlets for this type of insurance application are extremely limited when compared to those using traditional underwriting methods but are easy enough to work with once you know where to find them.
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Instructions
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Search online for insurance companies that offer products called "Guaranteed Issue" or "Guaranteed Acceptance" life insurance policies. These are insurance products that do not require a physical medical exam, and usually have only one or two generic medical questions. Policies of this type are extremely easy to get, though often cost more than a traditionally-underwritten policy.
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Examine your mortgage statement. Most mortgage lenders offer what is called "Mortgage Protection Insurance." These are small insurance policies with death benefits equal to your outstanding mortgage balance. Applying for a mortgage protection policy is nearly identical to applying for a Guaranteed Issue life insurance policy. In some cases, mortgage lenders actually do nothing more than connect you to a life insurance carrier who customizes a Guaranteed Issue policy to match your mortgage balance.
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Examine your credit card statement. Most major credit card companies have insurance policies that you can purchase with little or no paperwork at all. These policies are typically small, but require no underwriting, and the premium for these policies is simply added to your credit card balance each month.
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Apply for insurance policies. Once you have thoroughly investigated the various sources for obtaining life insurance without the need to answer health questions, fill out the company's required paperwork and return it with a personal check for the first month's premium. The insurance company will process your application and mail your official policy to your home address.
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Examine the life insurance policy documents carefully. Each state has a "free look" period during which you may return the life insurance contract to the carrier in exchange for a full refund of your premium payment if you are unsatisfied for any reason.
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Tips & Warnings
Use multiple sources. If you cannot find a high enough death benefit from only one insurance company, consider purchasing multiple policies from multiple sources. Several smaller insurance policies may be combined to give you an aggregate total death benefit that more appropriately suits your family's needs.
Read all life insurance contracts carefully. Many Guaranteed Issue policies have benefits that are graded or limited. In the event of a policy owner's death within the first few years, the beneficiaries receive a reduced death benefit amount. It is not until this time period has passed that the insured's family will receive the full payout.
