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Where can I get life insurance for my father, he is in bad health, My parents? |
cannot afford anything extra.. One without a bunch of medical questions? Is there any? When an insurance company says that no medical exam is required, they always charge a high price to their clients. Why? The insurance company is taking on all the risk. Without medical questions, the insurance company really don't know anything about the client. The best case scenario for the life insurance company is where the clients pay for a long time and then decide to cancel the policy. That means no death claims are paid out. The worst case scenario is where bunch of their clients dies and the life insurance company is force to bankruptcy or stall the death claim as long as possible. Either way, its a bad situation for the client. To answer your question, there are a few companies that doesn't do any medical tests. I wouldn't recommend them since a legit insurance company will ask questions before insuring someone. By asking medical questions, the insurance company can properly classify you in which rate you should get. Source(s): + www.rbclifedirect.com The ones that claim to not base coverage on medical issues are VERY expensive and do not pay much. it will be a poor one. health insurance is very expensive, even if you answer a lot of questions. maybe a clinic with a sliding scale will work better for your father Gerber Life offers a good guaranteed issue policy. Because it is guaranteed regardless of health, the death benefit is reduced during the first two policy years, but is still a viable benefit. Be careful of the scams. For one thing, you are obviously wanting a payout upon his passing, so term coverage is not an option. An example of guaranteed issue term coverage is the Colonial Penn policies you see Alex Trebek touting. They offer coverage at $7.95 per unit per month. What they don't tell you is what a unit is. It varies by age. In Texas, for a male, age 70, a unit is $640 dollars. That's pretty expensive term coverage. Addendum regarding "Do the Right Thing's" comment: Here are just a few of those "illigitimate" companies that offer guaranteed issue coverage: Gerber Life, Nationwide, Legacy, Prudential, Mutual of Omaha, USAA, AXA Life, John Hancock, New York Life. Well, perhaps he's TRYING to do the right thing. Financial planner, life insurance agent |
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