Life Insurance for Terminally Ill

Life Insurance for Terminally IllBeing diagnosed with a terminal illness can really make you look at your life and especially your loved ones. You have probably started thinking more clearly about what is going to happen when you’re gone. You realized that when you leave, you will be leaving some unresolved financial problems that will be passed down to your loved ones. But now that you have a terminal illness you wonder if you can even get life insurance, don’t worry that’s exactly what we are writing about today because you still have options! The following are some key points from this article;

  1. If you just got diagnosed with a terminal illness and are wondering if you could still buy life insurance to protect your family’s financials then the answer is yes. However, you should be aware that your options are very limited.
  2. The best part about a guaranteed issue life insurance policy is that there is no medical examination, medical history, or tests that have to be performed. Once you apply you will be approved within minutes. We always recommend this policy for our clients who are considered “high risk”. Of course, premiums are expensive but the rated will vary from company to company.
  3. The biggest advantage that this policy has is that anyone can buy one of these plans and unlike a traditional insurance plan that would require you to go through a medical examination and underwriting process, this plan doesn’t require you to do that. Another advantage is that it features a guaranteed acceptance so anyone regardless of age, health or lifestyle will get accepted.
  4. You can purchase burial insurance also known as funeral insurance which is strictly for the cost of paying for a funeral and nothing more. Final expense insurance includes final expenses as well as the cost of a burial. Small cash value whole life final expense insurance policies range from $3,000 to $50,000. Applications for final expense policies typically go into force within 24 to 48 hours after the application has been received.
  5. You can choose a level or graded death benefit for your final expense insurance policy. A graded death benefit is offered on burial insurance with no health questions. Graded death benefit describes how a life insurance policy will pay out if the applicant’s death occurred during the first two or three years from when the policy was initially placed in force. A level death benefit means the face amount of the policy is in force from day one.

Life Insurance for the Terminally Ill

If you just got diagnosed with a terminal illness and are wondering if you could still buy life insurance to protect your family’s financials then the answer is yes. However, you should be aware that your options are very limited. Since most life insurance companies have policies that require a medical exam and have access to your medical history, being terminally ill will disqualify you from a fully underwritten whole life and term life insurance policy. Don’t worry you still have other options.

What life insurance policy can I buy being terminally ill?

Since you can’t buy a term life or whole life insurance policy you are probably sitting there like “what now?” There isn’t a life insurance policy just for those who are terminally ill but there is a life insurance policy that you can qualify for and that’s called a guaranteed issue life insurance policy.

Guaranteed issue life insurance explained

The best part about a guaranteed issue life insurance policy is that there is no medical examination, medical history, or tests that have to be performed. Once you apply you will be approved within minutes. We always recommend this policy for our clients who are considered “high risk“. Of course, premiums are expensive but the rated will vary from company to company. This policy would be perfect for those who are terminally ill.

Most life insurance companies put a cap on the death benefit of guaranteed issue life insurance policies. That cap is often $25,000 or less and if you need more coverage but don’t qualify for over coverage, you can take out a couple guaranteed issue life insurance policies and stack up the death benefits.

Benefits of Guaranteed issue life insurance

There are some advantages when it comes to guaranteed issue life insurance plans and the biggest one is that anyone can buy one of these plans. The biggest advantage that this policy has is that anyone can buy one of these plans and unlike a traditional insurance plan that would require you to go through a medical examination and underwriting process, this plan doesn’t require you to do that. Another advantage is that it features a guaranteed acceptance so anyone regardless of age, health or lifestyle will get accepted.

One of their biggest advantages, yes there are that many, are how quickly one can be accepted for this insurance policy like we mentioned a little while ago they don’t require you to go through a medical examination and underwriting process which means you will be covered in no time when a traditional policy can take weeks or even up to a month.

Burial insurance and Final expense insurance

You still have other options if you don’t want to buy a guaranteed issue policy. You can purchase burial insurance also known as funeral insurance which is strictly for the cost of paying for a funeral and nothing more. Final expense insurance includes final expenses as well as the cost of a burial. Small cash value whole life final expense insurance policies range from $3,000 to $50,000. Applications for final expense policies typically go into force within 24 to 48 hours after the application has been received. You can choose a level or graded death benefit for your final expense insurance policy. A graded death benefit is offered on burial insurance with no health questions. Graded death benefit describes how a life insurance policy will pay out if the applicant’s death occurred during the first two or three years from when the policy was initially placed in force. A level death benefit means the face amount of the policy is in force from day one. Level death benefit asks health questions so we recommend since you just got diagnosed with a terminal illness that you go with a graded death benefit for your final expense policy if you choose to go that route.

Graded death benefit describes how a life insurance policy will pay out if the applicant’s death occurred during the first two or three years from when the policy was initially placed in force. A level death benefit means the face amount of the policy is in force from day one. Level death benefit asks health questions so we recommend since you just got diagnosed with a terminal illness that you go with a graded death benefit for your final expense policy if you choose to go that route.

Work with us!

In conclusion, you still have life insurance options being terminally ill. Like we mentioned before, you can buy a guaranteed issue policy, burial insurance, or a final expense policy. Don’t let your doubt get in the way of you buying life insurance because it isn’t impossible even though you are terminally ill. We recommend you to work with us because we specialize in high-risk clients such as yourself. We are an independent life insurance agency who work with over 60 top rated companies and we have zero ties with any of them because our loyalty is reserved for our clients and our clients only. It’s important for you to find the best life insurance company to buy coverage from because every life insurance have their own set of niches and you should focus on finding a life insurance company who specializes in terminal illness. This way you don’t get rated up like crazy going with a company who doesn’t specialize in terminal illnesses. As an independent life insurance agency we know which companies specialize in what condition. Did we mention that our services are FREE? We will shop around for the best quotes possible and won’t stop until we find you the best life insurance company. Not only will we find you a policy that will best fit your situation but we will also fill out the application necessary for you to get coverage. Give us a call today and take advantage of our FREE services today, don’t wait until tomorrow when you can get coverage today to protect your family’s financials.

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About Mack Dudayev

Mack is owner and life insurance expert at InsureChance. On a mission to create a way everyone can understand, afford and attain the right life insurance coverage to protect their financial responsibilities.

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