Insurance

Question: Life insurance question.?

(Posted by: Zeryk and Rosey on 2010-07-28 14:56:45)

My father was diagnosed for kidney cancer about 4 years ago. He was treated for it and it no longer remains in his system because the infected kidney was completely removed. Every company he has applied to for life insurance has turned him down because of this. Does anyone know of any life insurance companies out there that will accept him? I'm not sure if it matters but he will be 69 in November of this year. Thanks for the help.

Posted by: mbrcatz on 2010-07-28, 16:09:00

Globe Life and Mutual of Omaha are two insurance companies that offer a "guaranteed issue " low payout life insurance policy for people under 76 years old. You have to pay into it at least two full years before dying, before they'll pay a death benefit. It's the MOST EXPENSIVE way to buy the smallest amount of coverage, but he can buy some. Keep in mind, if he does the math, he'll find out that if he lives more than 6 more years or so, he'll end up paying in more for the insurance, than they'll pay out in death benefit. With that in mind, a prepaid funeral might meet the (unstated) goal better. If you're looking for a six figure payout, it's too late. BUT. That's YOUR reminder. You're probably, what, 40 or so. NOW is the time for YOU to buy your life insurance - while you're still insurable.

Posted by: Blake on 2010-07-30, 18:44:45

Wow.....not sure i'd recommend Globe. Geez! You can certainly get guaranteed issue products, which as stated would mean if your father dies in the next 2 or 3 years, you wouldn't get the death benefit. But....you would get your premiums returned to you plus interest. Some companies, after the 2-3 year period, will allow you to reapply at a lower rate without losing the already in place coverage.