Question : Is it possible to get life insurance on a 70 year old male in poor health?
I would like to get life insurance on a male family member in poor healt. He has diabetes & heart trouble. Is it possible to get someone at that age insured for life insurance? I would like to get some true answers before asking an agent.
- asked by Miss
All Answers:
Answer #1
Yes, but you're going to pay face value, or evenmore. In other words, if you want $10,000 ofcoverage, it's going to cost you $11,000. Greatfor transferring money to avoid estate taxes. Pointless for just about anything else.The oddswill ALWAYS be in favor of the insurance company. You're not going to be able to buy a $10,000 for$100 a year or anything like that.You'll need aHIGH RISK insurance agent.
- answered by mbrcatz17
Answer #2
Yes, it is available to age 80 with some companieswith some conditions. As long as he is not in anursing home or been diagnosed with a terminalillness, then you can purchase a modified lifepolicy which has a 2 or 3 year waiting period,depending on the company you go with beforeproceeds will pay out. I think it is a good ideaif you don't have any savings or any other sourceof money because if the policyholder dies in thefirst 2 or 3 years, the beneficiary will get allpremiums that have been paid to the company plusat least 10% interest. You can't get that muchinterest if you put the same amount in the bankeach month, plus if it is an accidental death,then the policy pays before the waiting period.Good Luck.
- answered by magoo&me
Answer #3
Of course, the only way to get a "true answer" isto ask the RIGHT underwriter. The short answer isyes, depending on his actual health history. Icould see this being slightly rated or declined,depending on his history AND the company heapplies with.When I worked with other agents, Iturned some of their declined offers into astandard offer just by placing the person's riskwith the right company.
- answered by aaron p
Answer #4
you could try Globe Life. i'm not sure what agethey issue up to, but they state that there is nomedical underwriting.
http://www.globeontheweb.com/
- answered by Carrie
Answer #5
There are a number of companies available thatoffer coverage to individuals with health issuessuch as diabetes and heart troubles.Dont listen toothers who say it will cost as much as the deathbenefit as they have no idea of how underwritingworks.Diabetes - Need to have control of it,regular checkups, and history of compliance withmedications, nutrition, etc..Heart - the exacttype of heart issue will be overriding factor indeterming the rate you pay.
- answered by LifeInsuranceAgent
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