Although the best scenario would be to purchase life insurance when you are young, there are many that never do or have let their life insurance lapse. Purchasing a whole life, universal life or no lapse guarantee life policy when your young helps keep costs down and helps those loved ones that are left behind when you are gone. As you age you may develop health issues which makes getting a standard policy almost impossible.
If you or someone you know feels they cannot get life insurance because of health issues, there may be hope. There are Final expense policies out there that provide whole life insurance to mature clients age 50-85 that wan a permanent policy. They provide anywhere from $3000-25,000 in coverage, they have a guaranteed premium and guaranteed cash values. Even if you cannot qualify for the Final Expense Whole Life policy there is a Graded Death Benefit Whole Life policy. If the insured should pass in the first two years the beneficiary will receive the premium paid plus interest back. After the first two years they will receive the face amount of the policy.
What do you have to do to get one of these policies? You must be able to answer “No” to several questions. Here is a sample of the questions that must be answered “No”.
1. Has proposed insured been diagnosed by a member of the medical profession as having a terminal
illness? (Terminal illness is defined as any illness diagnosed that would reasonably be expected to cause
death within twenty-four (24) months.) ………………………………………………………………………………………………………………………………
2. Is proposed insured currently confined to a hospital, nursing home or medical facility, or receiving
home health care? ………………………………………………………………………………………………………………………………………………………………….
3. Has a member of the medical profession ever diagnosed the proposed insured with, or treated or
prescribed medication to the proposed insured for: Alzheimer’s / Dementia, Cystic Fibrosis or Sickle Cell
Anemia? …………………………………………………………………………………………………………………………………………………………………………………….
4. Has the proposed insured ever been diagnosed as having or been treated for AIDS (Acquired Immune
Deficiency Syndrome) or ARC (Aids Related Complex) by a member of the medical profession, or tested
positive for HIV antibodies as part of a test conducted for the purpose of obtaining insurance? ………………..
The questions above must be answered “No” in order to qualify for the Graded Death Benefit Whole Life.
5. Is proposed insured currently bedridden due to disease OR required to receive personal assistance with
activities of daily living such as bathing, dressing, eating, toileting or moving about? …………………………………………..
6. In the past 5 years, has a member of the medical profession diagnosed the proposed insured with, or
treated or prescribed medication to the proposed insured for: Alcohol or Drug abuse, Aneurysm, Angina,
Cancer other than basal cell, Cardiomyopathy, Chronic Bronchitis, Chronic Kidney Disease, Chronic
Obstructive Pulmonary Disease (COPD), Congestive Heart Failure, Coronary Artery Disease, Diabetes with
Vascular Disease / Heart Condition / Kidney Disease, Emphysema, Heart Attack, Liver Disease, Multiple
Sclerosis, Parkinson’s Disease, Pulmonary Fibrosis, Stroke or Systemic Lupus? ………………………………………………………..
7. In the past 5 years, has proposed insured been diagnosed as requiring OR undergone surgery for: Heart
Disease (including heart valve replacement, pacemaker, bypass, angioplasty or stents) or amputation due
to disease? ………………………………………………………………………………………………………………………………………………………………………………………
If you can answer “No” to these additional questions you may qualify for the Final Expense Whole Life.
If someone you know has been putting off getting life insurance, or thought they couldn’t get any. Call me today, I would be happy to help out. Some life insurance is better than no life insurance! Here is a great source for additional information about life insurance: Life Insurance
Your Insurance Adviser,
Kim Gilles
kim.gilles@gillesinsurance.com
740-990-7107
