Life Insurance for Parents with Health Issues

How to Get Life Insurance on Parents with Health Problems

 

Are Your Parents in Poor Health and Need Life Insurance?  

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.

 

• Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee

If you parent or parents have an illness or chronic medical condition they may be in need of life insurance to help provide for the family, or maybe to plan for your future final expenses.

It can be difficult finding the insurance your parents need if they are ill. Many insurers may not want to insure someone with health issues, or the cost may be very expensive, well beyond their budget. 

Guaranteed issue life insurance plans are able to accept anyone for life insurance that meets the age requirements because they provide limited death benefits (graded benefits) the first two years your parents are insured. After that, they have 100% full coverage.

 

Why Should I Buy Life Insurance for My Parents?

Many adult children buy life insurance coverage on their parents to help with the cost of their parent's final expenses, including funeral and burial costs.

If you buy life insurance on your parents you can name yourself as beneficiary of their life insurance policies. 

And, you can use money from the life insurance policies to help pay for your parent’s burial, funeral, casket, memorial service and other final expenses.

In order to buy life insurance on another person you are required to have an "Insurable Interest" in the person you want to insure.

Insurable Interest exists between parents and their children, spouses, family members, and business partners, among others. 

Basically, insurable interest means you stand to lose financially if the person you wish to insure dies, or you rely on that person for some means of financial support.

Since insurable interest does exist between parents and their children - YES, you can buy life insurance on your parents.

 

In order to purchase life insurance coverage on your parent or parents, you may or may not need the following:

1. Your parent’s permission.
2. Your parent’s signature on the application for life insurance.
3. Your parent may need to answer some health questions.

 

However, there are some life insurance companies that may allow you to buy life insurance on your parent without your parent's knowledge.

 

No Doctor Exam Life Insurance for Your Parents

There are several benefits to purchasing life insurance without exams for your parents, including the following:

1. No Physical Exam Required
2. No Health Questions Asked
3. Guaranteed Acceptance for Ages 45-85 (50-75 in NY)

 

Benefits of No Health Exam Life Insurance for Seniors

With no exam life insurance, your parents won’t have to deal with the hassle of a doctor’s visit, blood and/or urine testing, or the stress of waiting to find out if they are accepted for coverage.

Guaranteed Issue no exam plans make it quick and easy for you to get the life insurance protection your parents need without any delays or hassles.

You can start by requesting a free quote for each of your parents through Mutual of Omaha, which is rated A+ Superior for financial strength by AM Best Company.

Your parents’ life insurance through United of Omaha comes with a 30-day risk-free, money-back guarantee.

 

Factors to Consider When Buying Life Insurance with Health Issues

 

• Age – People age 45 to 85 may qualify for a guaranteed issue plan.
• Amount of Coverage – Purchase from $2,000 up to $25,000 of life insurance.
• Carriers – Some of the leading guaranteed issue insurance companies include Mutual of Omaha, Metlife, AARP/NewYork Life and Colonial Penn.
• Graded Benefits – There is limited coverage the first 2 years you are insured, then you have full coverage.
• Level Premiums – Premiums are guaranteed never to increase. 
• Level Benefits – Life insurance death benefit is guaranteed never to decrease. 
• Permanent Life Insurance – Guaranteed Lifetime protection.
• Cash Value – Builds cash value inside the policy, from which you may take a loan. 

No matter what type of illness you have, if you meet the age requirements, you may purchase guaranteed acceptance life insurance.

 

Leading Illnesses for Seniors in America 

 

Top 10 Diseases of the Elderly Americans

1. Parkinson’s Disease
2. Alzheimer’s Disease
3. Depression
4. COPD
5. Osteoporosis
6. Heart Disease
7. Diabetes
8. Hypertension
9. Arthritis 
10. Hearing Impairments

 

Additional Senior Health Conditions

 

• Cancer – Lung, Prostate, Breast, Liver, Kidney, Bladder, Bone, Brain, Cervical, Colon
• Stroke
• Glaucoma
• Osteoarthritis
• Pneumonia
• Respiratory Diseases
• Cirrhosis
• Obesity
• Epilepsy
• Kidney Disease
• Hepatitis A and Hepatitis B
• High Blood Pressure
• High Cholesterol
• AIDS/HIV
• Asthma
• Crohn’s Disease
• Bipolar Disorder
• Gallbladder Disease
• Sexually Transmitted Diseases
• Hyperglycemia

If you have any of the illnesses listed above, or have any other health issues, you can Get a FREE Life Insurance Quote from a life insurance company offering guaranteed issue life insurance.

  

Common Reasons People are Turned Down for Life Insurance

 

If you are in poor health you may have already applied for life insurance and been turned down due to your health.

There are many common health reasons people are denied coverage, including:

• Obesity
• Cancer
• COPD
• Alzheimer’s
• Emphysema

 

Common Reasons To Purchase Life Insurance on Your Parents If They Are In Poor Health

 

• To cover cost of your final expenses
• To replace your parent’s income for the family
• To provide for your surviving parent’s retirement
• To pay off debt
• To pay off mortgage loan
• To provide for your child or grandchild’s education

  

Common Health Problems In The US

 

For people in their Golden Years, some of the most common health issues include the following:

• Osteoporosis
• Alzheimer’s – Alzheimer’s disease accounted for 92,604 deaths of people over age 65 in 2014, according to the CDC. The Alzheimer’s Associationreports that one in nine people age 65 and older, which is about 11 percent, have Alzheimer’s disease,
• Macular Degeneration
• Hearing Loss
• Cognitive Impairment – Age-Related Memory Loss – Alzheimer’s Disease
• Dizziness – 24 percent of people over 72 suffer from dizziness.
• Heart Disease – Heart Attack and Stroke – According to the CDC, heart disease remains the leading killer of adults over age 65, accounting for 489,722 deaths in 2014. As a chronic condition, heart disease affects 37 percent of men and 26 percent of women 65 and older,
• High Blood Pressure
• High Cholesterol
• Cancer – Cancer is the second leading cause of death among people over age 65, with 413,885 deaths in 2014, according to the CDC. The CDC also reports that 28 percent of men and 21 percent of women over age 65 are living with cancer.
• Respiratory Diseases – COPD, Emphysema, Chronic Bronchitis, Asthma – Chronic lower respiratory diseases, such as chronic obstructive pulmonary disease (COPD), are the third most common cause of death among people 65 and older, with 124,693 deaths in 2014, according to the CDC.
• Diabetes – More than 25 percent of people over age 60 have diabetes
• Flu/Pneumonia – Although the flu and pneumonia aren’t chronic conditions, these infections are among the top eight causes of death in people over age 65, according to the CDC.
• Obesity – Of the adults between 65 and 74, 36.2 percent of men and 40.7 percent of women are obese — meaning that their body mass index is greater than or equal to 30 — according to the CDC. It can also be a signal that an older adult isn’t as active or mobile as he or she once was.
• Depression – According to the American Psychological Association, 15 to 20 percent of Americans over 65 have experience depression. A threat to senior health, depression can lower immunity and can compromise a person’s ability to fight infections.

 

Whole Life Guaranteed Insurance Provides the Following:

• From $2,000 up to $25,000 of Life Insurance Protection
• Guaranteed Approval for People Age 45 to 85 (50-75 in NY)
• No Medical Exam and No Health Questions Asked
• No Decrease in Life Insurance Benefits
• No Increase in Premiums
• Builds Cash Value You Can Borrow Against

 

Life Insurance Quotes

 

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.

• Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee

Highly Recommended – Met Life

Met Life offers guaranteed acceptance life insurance for people age 45 to 75. Choose $2,500 up to $20,000 of coverage. Rates starts as low as $10 per month. There's no medical exam and no health questions. You cannot be turned down.

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