Getting life insurance without a medical exam is possible, even for seniors, but there are some important things to understand and consider before you choose to forgo an exam.

Some of the top reasons for a claim to be denied include fraud, high-risk activities, suicide clauses, policy expiration and the possibility of beneficiaries' involvement in the insured's death.

People are typically denied life insurance because they fall into a high-risk category. This is often due to health challenges like diabetes, obesity or a previous diagnosis of serious disease. There are also nonhealth reasons for being denied life insurance.

There are three primary types of instant life insurance: term life insurance, universal life insurance and whole life insurance. Term life insurance: Covers you for a specific period — usually 10 to 30 years — and delivers a death benefit if you die when the policy is active.