- Many terminally ill people can, indeed, find affordable life insurance coverage. You’ll need a knowledgeable life insurance agent with experience in insuring terminally ill people.
- You can get what’s called a “graded life” policy. This type of policy only returns the premiums paid if the insured dies before 2 years, but if they live beyond that, the full insurance benefit is paid.
Many insurance companies will allow adults to purchase life insurance on a parent, although they will often require you to demonstrate that you stand to lose financially from a parents death.
For example, you can claim that you will be responsible for burial expenses which may cost $25,000 or more, so you can insure for that amount. If they have a large amount of debt that you will be forced to pay when they die, you may need a larger policy. If they are living with you and providing daily care for your children, then you may want to insure for the cost of alternative day care.
Your parents may be eligible for a new life insurance policy if they are under the age of 85 in some states, and under age 80 in others. You will have to have their permission, and signatures on the applications.These policies as just as legitimate as any other life insurance policy.
Your parents will have to participate by signing the application and take part in any medical exams and interviews that are required.
You will pay the life insurance premiums and be the owner of the policy which means that you control the policy options and decide who will be the beneficiaries. Your parents will have to participate by signing the application and take part in any medical exams and interviews that are required.
If your parents don’t qualify for a life insurance policy due to health reasons, you can also purchase a graded benefit policy, or guaranteed acceptance policy. These policies have limited benefits for the first two policy years, but after that, they pay full benefits.
Of course, insurance for a terminally ill parent will cost significantly more than insurance for a healthy parent. That’s why I always encourage people to purchase their life insurance as soon as they need it instead of waiting until they get a diagnosis of a disease.
Call Jeff Pennington today at 1-877-221-6198 to discuss your needs and get a selection of life insurance quotes for your situation. Jeff can answer all of your insurance questions and will provide friendly personal advice.