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What is a good life insurance company that accepts people over 50 no matter what state their health is in? |
My mother is 55 and in a nursing home. She doesn't have any life insurance right now and is not in the best of health. Is there a company that will insure her? You should talk to your local funeral home about a funeral insurance plan for her. She will definitely qualify AND it will be exempt from disqualifying her from Medicaid if that is an issue. Many nursing home residents end up on Medicaid. Most cash value life insurance can cause problems when qualifying for Medicaid in most states. Source(s): Life insurance agent and funeral pre-planner. If she is Canadian try Greypower. Not sure of their web site but it should come up on a search. You should check with the AARP. They offer guarantee issue life insurance for people over 50. I don't normally recommend it unless, as you state, the person is in poor health already. I don't normally recommend it because, even though they can't be turned down and they can't be singled out for rate increased, they will be subject to regular rate increases so long as the rates are increased for everyone in a particular rating class. So, if you're in good health, you can almost always do better on rates elsewhere (because you lock in a rate for your lifetime.) Still, given your description, I suspect it may be your best option. http://www.aarp.org You can not get life insurance when you are very ill and in a nursing home. This is why it is important to plan ahead when you are younger and healthy (Age 28 to 40). She may have coverage from an employer if she was working prior to her illness. Check on that. If she should improve from this condition and return home and I pray that she does. After a few years she may be able to obtain life insurance. Depending of what this condition was she may get standard to a high rating, meaning that she will have to pay more in premiums. Sure, but you're going to have to pay pretty darned close to face value if she's in bad shape - or OVER face value, even. You're not going to get a $500 policy to pay out $10,000. More like, a $9,000 policy to pay out $10,000, or maybe even $11,000. Which is ok, if you're looking to do this for estate planning purposes. But if you're looking for burial coverage so you don't have to pay out of pocket, it's going to be cheaper to just pay the cost out of pocket than buy the policy. In any case, your local, independent agent can find a policy, but you'll have to be up front with them, and tell them you're willing to shell out big bucks for it. |
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