Lee G asked:
My dad over the past several years has seen his health go down hill, and until recenly, i have not been able to afford a life insurance policy for him. He has had strokes and heart attacks, so there are some pre existing conditions. Are there any life insurance policies that are affordable, that would cover him? Im just looking for something that would cover funeral cost.
Tags: Health, Heart Attacks, Insurance, Life Insurance Policy, Strokes
December 26th, 2009 |
Tags: Health, Heart Attacks, Insurance, Life Insurance Policy, Strokes
December 26th, 2009 at 7:24 pm
Doubtful. He would have to undergo an insurance physical and medical records disclosure. If insurance is available, it will be very expensive. You can’t wait until ill health strikes to purchase life insurance.
You would be better off buying prepaid funeral services.
December 27th, 2009 at 11:00 am
The only option you would likely be able to get is gauranteed issue insurance. There are no medical questions or medical underwriting, however it is expensive and most have some sort of pre-exisiting clause for a certain period of time.
Your best bet is to contact a lisensed insurance broker in your area and they will be able to go over whatever gauranteed issue products they have access to.
Aside from that all you can do is start saving really. Insurance is something that you never use until you need it and when you need it it’s almost impossible to buy if you don’t already have it. If people were able to buy it only when they need it, insurance companies would go out of business.
December 27th, 2009 at 8:32 pm
If by affordable, you mean, they’ll pay out more than they cost, the answer is pretty much no.
You can always look into one of those Guaranteed Issue policies, they’ll take him for up to $10,000 of coverage, BUT, he’s got to live long enough to pay in pretty darned close to that in premiums, before they’ll pay out. You have to OUTLIVE the waiting period.
You’re probably best off just putting that money aside in a bank account.
December 29th, 2009 at 3:31 pm
It depends on how long ago the strokes were, and if he has other heart diagnosis besides heart attacks. We have a burial type policy which can go up to $25,000 with no medical records needed. We just ask several questions and if he can answer no to all the questions. If he cannot, then we have another policy with less questions that is limited. Meaning if your dad can answer those questions all no, as long as he lives 2 more years it will pay out. If he passes in that 2 year window, you will get the premiums back plus interest. It really is a win, win. These policies are not that expensive. What is your dad’s age?
January 1st, 2010 at 1:23 pm
I don’t think there are any affordable plans. Those available for your father may cost quite a bit.
He may only qualify for Guaranteed Acceptance Life Insurance from a carrier like Colonial Penn or Stonebridge Life Insurance Company.
Guaranteed Acceptance plans provide graded benefits that are limited for the first 1-2 years. So, you don’t have full coverage until after you have had the policy for a year or two. Also, the rates are very high.
Bets of luck to you and your father.