If you are above fifty and want to buy fresh coverage at a reasonable rate, try term life insurance for seniors. There is a big chance that you will get the coverage and that too at an affordable rate too. Even few years back it was not so easy. In general, every factor that decides the insurability of an applicant or the policy prices goes against them. What is more, earlier such people hardly ever thought of getting coverage and so there was no demand for such policies either. However, that was yesteryears.

First, let me make it clear, such policies are available for those who are above fifty. Secondly, you must understand that the term life insurance for seniors is same as the term life you already know of. It is only that, these policies are rather more expensive and the coverage amount as well as the term is rather limited. That is because such policies are rather risky for the insurers and so it is natural that they will try to minimize their loss by placing such limitations and increasing the cost.

Of course, whole life policies meant for the seniors are also available. However, if you compare life insurance quote, you will find that the whole life policies meant for seniors are even more expensive than term life policies meant for the same age group. There are two reasons for that. Firstly, because they are valid for the life insured, the whole life policies are more risky for the insurers. Secondly, because they have saving components incorporated in them, you have to pay more for the same amount of coverage.

Hence, many adults leave it for when they are over 50 to opt for life insurance, at which point of time it may be difficult to get cheap life insurance. This is because most insurance companies view seniors as being too risky to insure and will charge them high premium rates.  Yet as already mentioned there are insurance policies for seniors too, which can serve many benefits.  The deferred life insurance is a short term policy where a policyholder can get insurance payouts only after the policy has been in effect for the first two years.  After this, the beneficiaries can get a full payout.

Let us now have a look at all the policies that may be suitable for the aged:

• Simplified issue policies are term life policies, which exempts the applicant from taking medical test. The coverage is based on answers to some basic health questions and is not guaranteed.

• Guaranteed issue policy is also a term life policy, but it exempts the applicant from both medical test and answering questions. The coverage is guaranteed so long you do not live in a hospital or in any other health care centre.

• Graded life insurance policy is a whole life policy, which also guarantees coverage and does not require you to appear for medical test. However, benefit cannot be claimed if the insured dies within first two years. Only the paid premium and interest on it is returned.

The other two policies such as guaranteed issue and simplified issue policies fall under the term life policies. Both of them are actually life insurance no exam policy, but we generally refer to the later as that. Under such a policy, the coverage is based on the answers to a few health questions and so it is not guaranteed; you still need to qualify. Coverage will be refused if you have earlier been refused coverage or the search reveals pre existing medical condition. You see, they do run you through medical information bank for such purposes.

However, the guaranteed policies do not even require you to do answer any query and so whatever be your health condition you can qualify for it. Yes, in case where the applicant is actually living in a hospital or in other healthcare facilities, the coverage can be refused; otherwise there is no refusal. However, this point blank acceptance makes these policies a little too expensive; the maximum coverage amount too is kept within a limit. However, such limitations do not generally have much adverse impact, because such policies are generally bought to cover final expenses.

Today many young people with busy schedule buy these simplified issue life insurance no exam policies. You see, the greatest advantage of such policies is that their purchase procedure is simple and if you wish, you can complete the whole transaction online without any direct interaction. The underwriting process too has been shortened to speed up the process. In fact, if you qualify, you can receive the coverage within twenty-four hours, or at the most three days.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on term life insurance rates and term life insurance no medical exam, visit his site today.