If you are closer to the end of your life than the beginning and feel you don\'t have enough life insurance coverage you can now get affordable insurance without having to take a medical exam. Let\'s look at some of your options.

The Challenge You Face With Term Life Insurance Policies

It\'s quite possible that you have bought term life insurance in the past because it was so affordable.

Many people bought term life insurance policies because, after comparing costs, they decided to invest the difference between their term policy\'s monthly premiums and what a whole life insurance policy with identical coverage would have cost.

If they did what they set out to do - and if they invested wisely - this strategy did work quite well for a long time. And then the stock market melted down and we are now in what many people are anticipating will be a multi-year recession, so it certainly isn-t working as well now.

This problem is compounded because many people are approaching retirement age or have already retired. Therefore, the opportunity for them to earn additional income in the workplace is not as likely as it was when they were younger.

So they\'re now faced with the unanticipated challenge of outliving their term life insurance and not having enough money to take care of their family should they die.

Even though the payments have been affordable, most policies expire after ten, twenty, or thirty years. And the policy\'s expiration coincides with a time in their life in which they will find it more difficult to acquire the additional insurance they find themselves needing.

A whole life insurance policy is probably out of the question. Advanced age and the inherent health problems that many older people face may preclude it as an option.

So what can they do?

Simple Issue Life Insurance Policies and Senior Life Guaranteed Life Insurance Programs

Some insurance companies now offer final expense life insurance programs that are essentially whole life insurance policies that, unlike other forms of whole life insurance, do not require a medical exam.
However, there are financial limitations.

These simple issue life insurance programs will continue as long as the premiums are paid. Their purpose is to help seniors cover settling their debts, funeral expenses, and perhaps have a bit of an estate. Because the face value of many of these policies is between $2,500 and $25,000, a relatively small amount of money, many of the senior life insurance companies don\"t require any physical examination.

Although a simple issue life insurance policy doesn\'t require a physical, you will have to answer some health questions on the application. Don\'t fear them because most seniors can qualify. For the most part, the only applicants that are declined either are in a nursing home or have a terminal illness. Smaller health problems won\'t prevent you from getting this coverage.

If you would prefer not to answer any health questions then a guaranteed issue life insurance policy would be preferable because there are no health questions to answer. Instead, your coverage is delayed for a period of time - usually in the range of two to three years.

If you do pass away during this time frame, the insurance company will refund all of your premiums and add a specified rate of interest. If you have health problems and you feel you need additional insurance coverage this is a winning situation.