by Guest » Tue May 17, 2011 01:49 am
I am sinking several million dollars into a business that I am buying. I will have one employee who is absolutely crucial. He won't agree to get examined for life insurance. Is it possible to get him insured for a substantial amount withhout him knowing?
Posted: Tue May 17, 2011 11:51 pm Post Subject:
Then you've got a bit of a problem....the insured has to consent to having a policy purchased on their life and would have to sign the application/take the exam.
Posted: Wed May 18, 2011 11:25 am Post Subject:
it is possible to buy coverage without the consent of the insured.
Posted: Wed May 18, 2011 12:27 pm Post Subject:
Not for $2M...
Posted: Wed May 18, 2011 02:56 pm Post Subject:
Petersen offered this. I don't know if it is still available.
Posted: Wed May 18, 2011 03:04 pm Post Subject:
I think the Petersen policy was only for small amounts and wouldn't cover any death, might have been accidental only. There's no way they'd give someone a $2M benefit without APS/paramed/etc
Posted: Wed May 18, 2011 08:01 pm Post Subject: purcha
SPetersen tends to just do big stuff. This isn't (wasn't) just for accidents. One did not need an aps because the policy is only a one year policy and the exclusions would stop the owner from purchasing the policy if he knew of a serious health risk.
Posted: Wed May 18, 2011 08:40 pm Post Subject:
There must be a lot of exclusions. Sounds ripe for abuse...I'd be surprised if they still have it. Seems like they've been reshaping some of their offerings lately.
Posted: Wed May 18, 2011 09:37 pm Post Subject:
Abuse? I do not know. Kep in mind that the policy would never be out of the contestible phase.
Posted: Wed May 18, 2011 09:41 pm Post Subject:
I'll put it this way....I'd never sell it. Also sounds ripe for a lawsuit.
Posted: Mon Aug 08, 2011 11:51 am Post Subject:
Is it possible to get him insured for a substantial amount without him knowing?
There is underwriting that has to be done including a physical exam. The employee will need to sign to have this completed as well as giving permission for medical records to underwrite the life insurance policy.
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