Taking a medical exam can potentially lead to better term life insurance quotes. Traditional life insurance policies with medical exams are considered lower risk for the insurer and may result in better rates if you are in good health, especially when compared to more expensive options like guaranteed issue life insurance. But there are an increasing number of options for no-exam life insurance that have pricing that’s competitive with, or even lower than, policies that require a medical exam.
The maximum issue age for term life insurance averages age 74, for a 10-year term life policy, according to a Forbes Advisor analysis of term life insurance companies. We found maximum issue ages ranging from 60 to 80.
If you outlive a term life insurance policy, you will “lose” all premiums paid during the term of the policy unless you purchased return of premium term life insurance. If you outlive a term policy, there is no death benefit payout. However, your money did pay for coverage during the policy term.
If you outlive your life insurance term period, you can often renew the policy at a much higher premium (if that option is available). Or you can shop for a new life insurance policy. If you don’t renew a term life insurance policy, your beneficiaries will not receive a death benefit payout if you die after the term expires.
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Deputy Editor, InsuranceAshlee is an insurance editor, journalist and business professional with an MBA and more than 17 years of hands-on experience in both business and personal finance. She is passionate about empowering others to protect life's most important assets. When Ashlee isn't spreading insurance knowledge or solving television murder mysteries, she enjoys spending time with her family (including the furry and feathery ones) on their farm in Kentucky.
Life Insurance ExpertDaniel Adams is the Founder and President of CEG Life Insurance Services. He has been an insurance agent for over 15 years. He works with more than 30 top life insurance companies to help people all over the country with comprehensive financial security solutions using insurance products. He also supports and assists other financial professionals with insurance advice and products for their clients.
He has been an expert contributor at Forbes, CBS News, CNBC, USA Today and other media organizations.
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