I Need A Life Insurance Policy That Is Affordable For My Mom Who Has Cancer?
I do not have alot of money and I am trying to find a life insurance policy that I can afford for my mom. Sha has cancer in her throat and I can not find an insurance company that will give her insurance under $100 a month. Ant ideas?
There are no life insurance policies that you can get. Sorry to hear about your mom and I wish there were options for you.
Life insurance is something you will never use until you actually need it. And when you need it you can not buy it for any amount of money. It’s just like a toilet plunger or a spare tire. You never buy it with the intentions of using it that day, you buy it just in case. And when you do actually need it, it’s priceless.
If insurance companies offered it to people with terminal illnesses no one would buy it when they are healthy and the insurance companies would go broke over night.
Carmine, there are gauranteed issue products out there, but they all have qualifying periods or pre-existing clauses where if a person dies within a certain period of time from one of a number of conditions (almost ALWAYS including cancer) the claim will be denied.
If she recovers from the cancer, typcially the waiting period to apply for insurance is 5 years (depending on the seriousness of the cancer and the treatments and follow ups required).
Most insurance companies require a 6mo -10yrs waiting period after completion of all cancer treatments depending on the type of cancer and weather it metastasized or not.
Check any current policies your mom may have to see if they have a GIO or guaranteed insurability rider… which would allow her to increase a current policy regardless of her health.
If she has none, I have heard of a company called Globe life which does everything through the mail. It only does accident and term policies. Make absolutely sure you are not buying accident only insurance through them. They make it very hard to decipher the difference. Get the term policy and she will not require a physical.
Because of your mom’s condition, insurance companies will not insure her. If she goes into remission, and is cancer-free for a certain amount of time (maybe 2 years), then MAYBE they will write a policy. Take the money you were going to spend on life insurance and just stick it in the bank in a high-yield account (as high as you can get these days). This way you can also access the money if it is needed.
Any life insurance you get now will be a very small policy. It will cover burial and very few medical bills.
They would all be under a guaranteed acceptance plan of up to roughly $25k. Most also have a 2 yr exclusion on them for anything.
Your best bet right now is to put that $100/mo into a money market or similar account and let it accrue interest.
I wish your mother the best. Now, if she beats the cancer, it will be about 5 yrs on average before she can get life insurance without a penalty (or at all).
there aren’t any.
and any policy will come with a rider absolving the company from paying for any known in advance condition, such as cancer.
Usually the state will provide catastrophic insurance for people with terminal diseases. Check it out with social services.
read your answers so far all I can say is wrong wrong wrong there are simple issue policies that will cover her depending on age will be less than 100 dollars please,if you want help respond back my address is included