Finding out that you have 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;
- If you just found out that you have 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.
- 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 rates will depend on the companies offering plans.
- 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.
- 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 provides death benefit through out the certain time.
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. When it comes to traditional life insurance plans you’ll need to go through an exam and rigorous underwriting requirements which will not work out in your favor. 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?” The best option for people who are terminally ill is a guaranteed issue life insurance plan which you can get with no questions or exam.
Guaranteed issue life insurance explained
The best part about these type of plans is that they are guaranteed acceptance which means regardless of your health or situation you can be accepted for coverage. Once you apply you will be approved right away. We always recommend this policy for our clients who are considered “high risk“. Of course, premiums are expensive but the rates are determined by what companies have. This policy would be perfect for those who are terminally ill.
This plan is limited at $25,000 or in some cases $10,000 of coverage depending on the company that you work with. What we do is stack few policies together to get our clients a desired amount of coverage.
Benefits of Guaranteed issue life insurance
The biggest advantage is of course that you can secure a policy without any questions or requirements. All you need to do is fill out a 10 minute application and you’re done! 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. You can secure a final expense policy up to $50k if you’re in good health otherwise expect a cap of $25k. Applications for final expense policies typically get approved rapidly so you can secure a plan within a few days. 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. A level death plan provides coverage from day one for the full death benefit 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.