Affordable Life Insurance Protection for Your Family
Are You Looking to Buy Life Insurance on Someone Who Is Dying?
If so, you may find it difficult to get the life insurance you are looking to buy.
However, it may not be impossible.
Today, there are many people who may be considered uninsurable by some life insurance carriers due to a terminal illness, old age, health, smoking, DUI’s, use of marijuana, high risk job or high-risk occupation, etc.
But just because you have been denied life insurance from one or two insurers, that doesn’t mean every insurance carrier will turn you down for life insurance.
Things to Know:
What is Insurable Interest?
Insurable Interest is the expectation of a monetary loss that can be covered by insurance. For example, a wife can have life insurance on her husband because she relies on him for financial support - there exists an insurable interest in her husband.
What is an Insurable Interest as it Relates to a Life Insurance Policy?
When you buy a life insurance policy on someone else there must be an insurable interest between you and the person being insured on the life insurance policy.
Insurable interest must exist at the time the life insurance policy is purchased. However, for a life insurance policy, insurable interest is not required at the time of loss.
Guaranteed Acceptance life insurance plans offer coverage with no health exam needed and no medical questions asked. Your acceptance for a policy is guaranteed if you meet the age requirement for approval.
Guaranteed issue policies usually have a graded death benefit, which means they do not pay out the full death benefit amount should the insured person die within the first two years of being insured.
A graded death benefit life insurance policy is a whole (permanent) life policy with a waiting period of 2-3 years before the full (100%) death benefit is available.
Usually, this type of life insurance plan may be a good idea for anyone who cannot get approved for life insurance.
With graded life insurance there is no doctor’s examination required and there are no health questions asked.
And, if you have been turned down by other life insurers, you can still get coverage through a graded benefit plan that offers guaranteed acceptance.
What is a 2 Year Graded Death Benefit?
The definition of the graded death benefit is the waiting period imposed on all guaranteed issue life insurance policies that restrict the payout within the first 2-3 years of being insured by the policy.
What this means is if you (the insured person) pass away during the graded period (first 2 or 3 years of coverage) from natural causes, the insurance company will not pay the full death benefit to the beneficiary of your insurance policy.
If death of the insured occurs during the waiting period (2 or 3 years) the death benefit is either graded – or a percentage of the death benefit, or the beneficiary receives a full return of all premiums paid plus interest.
Top Pick – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.