by Guest » Thu Oct 28, 2010 06:22 am
My friend wants apply for life insurance so that his family won't need to worry about the expenses once he dies.
He's been a performer all his life, but he never had any insurance through work. Now that he's terminally ill, he needs life insurance to help his loved ones. Can he really have coverage at an advanced stage?
He's been a performer all his life, but he never had any insurance through work. Now that he's terminally ill, he needs life insurance to help his loved ones. Can he really have coverage at an advanced stage?
Posted: Fri Oct 29, 2010 12:04 pm Post Subject:
Ask him to take the help of a graded premium life insurance. The face value for such policies may vary between $10,000 and $50,000. Age would be one of the key factors to decide the premium. One more improtant thing is to consider which stage of such illness you're going through.
Posted: Fri Oct 29, 2010 12:20 pm Post Subject:
One good thing is to consult with some the local insurance brokers in your area. It's something that's quite case specific, and it also depends on the guidelines set by the respective carriers. Each carrier differs on their capacity to absorb risks associated with their prospects.
Posted: Fri Oct 29, 2010 12:27 pm Post Subject:
If a person is terminally-ill, even the final expense policies may not accept the risk.
The absolute fact of insurance is this: If you wait until you need it, you've waited one day too long.
Posted: Mon Nov 01, 2010 11:26 am Post Subject:
A guaranteed issue policy will accept the risk because there are no questions that ask about the risk. They usually cover themselves by using a graded death benefit.
Posted: Wed Nov 03, 2010 04:53 pm Post Subject:
How about having an accelerated death benefit?
Posted: Thu Nov 04, 2010 01:00 am Post Subject:
That's sort of a cart hourse issue goody, if the person is terminally ill, they aren't going to be issued a policy that offers an accerated benefit rider. Otherwise the insured could have the policy issued and immediately trigger the accelerated benefit.
Posted: Thu Nov 04, 2010 01:28 am Post Subject:
How about having an accelerated death benefit?
Accelerated death benefits are only available if you currently are insured, and not all carriers offer this benefit. Some companies offer it as a rider and some include it as a provision within the life insurance contract. The OP suggested that there was no life insurance in place, therefore the accelerated death benefit idea is moot.
InsTeacher 8)
Posted: Thu Nov 04, 2010 06:46 am Post Subject:
It allows terminally ill patients to access a portion of their life insurance proceeds before death.
no deposit car insurance
Posted: Thu Nov 04, 2010 12:12 pm Post Subject:
Ok then this option is out of question in this case. so there is no way that this guy can leave some security in the form of an insurance for this family?
Posted: Fri Nov 05, 2010 03:02 am Post Subject:
If he's already terminally ill, no not much that he can do now. Issuing coverage like that is essentially buying a claim for the insurance company. He'd literally be able to trigger the claim upon issue of the policy. It's kind of like waiting to buy car insurance until after to get into an accident.
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