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apple | Can I Get Life Insurance For My Dad? |
My dad is 62, recently retired and lives in NYC. I want to get life insurance for him so that my mom will be taken care of when he passes away.
The problem is my dad has diabetes, high blood pressure, is obese, doesn't exercise and drinks alcohol a few times a month. My boyfriend says there isn't an insurance company out there that would touch him.
I don't know the first thing about life insurance, but I need to make sure my mom will be ok because my dad has no interest in taking care of his health. If he were to die right now, my mom would have nothing. So I feel like I need to do something about this as soon as possible. Can I get life insurance for my dad even with his poor health? And if so will it be expensive? How can I know which insurance companies are good? Any tips or advice would be greatly appreciated. |
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Chris C
 |
contrary to all of the above questions, yes you can and may be able to get a standard issue policy.
It depends on the severity of his Blood Pressure and Diabetes and the type (Type 1 or 2? Insulin dependant or diet controlled?).
You're best bet is to contact a lisensed insruance broker in your area and consult with them. They will have access multiple companies and can find one that will have the best chances of approval. My mother has Type 2 diabetes, high blood pressure and a family history of cancer, heart disease and strokes, is overweight and doesn't excersize and she was approved standard issue from 2 different companies for $50,000 each (and that's all she applied for....could have likely gotten more)
If that doesn't work out, you would have to look at a gauranteed issue policy. These policies have no medical exams or questions. You just pay the premium and you're covered more or less. Also contrary to the previous posts, GI policies can be issued for amounts higher than $10,000. A simple Google search produced several results in New York...ALL of which offered more than $10,000...most offered up to $25k or $50k (tpyically they range from $2,000 to $50,000). These are the benefits of dealing with a broker rather than a captive agent. Captive agents will know only thier own products and answer questions on what they can offer, not the best of what is available on the market.
One further thing, you can take the insurance out on your dad and you can even pay the premiums on it (you have insuranble interest in him), however he would have to agree to it at least and answer the questions and singing the application. |
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mom_of_1
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You need to get a policy that doesn't do health exams. The rate will be much higher but that is the only way you will be able to get life insurance on him. I think one of the companies is colonial, they just charge you so much per $1000 of insurance. |
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65% water
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Check around, but your goal is to make sure your mother is taken care of, you might do a lot better to open a savings account and put the amount of money you would pay on your father into that account. He is a very bad insurance risk, and the premiums would be sky high. |
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mbrcatz
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If money is no object, yes, you can buy life insurance. You can insure ANYONE, if you're willing to throw enough money at them.
But you're looking at providing for mom, which means maybe $500,000 of coverage? You're most likely going to be paying tens of thosands a month for that policy. If you're hoping to pay $200 a month for a life policy for a 62 year old obese man with diabetes, BF was right, it ain't going to happen.
Life insurance is gambling - the life insurance company is betting that he's going to live long enough that you'll pay in more than they'll pay out. You're betting that he'll die before you've paid in what they have to pay out. So the premium, how much you have to pay, vs the payout, are the ODDS.
And the odds are ALWAYS going to favor the house.
**those "no medical exam" guaranteed issue policies, have two problems - 1. you have to live at LEAST two years after they're taken out, for them to pay and 2. the MOST coverage you can get, is $10,000 - which likely won't even cover the funeral costs for your dad, let alone provide for your mom. Insurance is NOT going to be the answer here - it's going to be savings.** |
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Kim B
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It's not up to you, it's up to your mom and dad. Talk to them and have them to check into it. |
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