gauranteed 50+ life insurance??

[Thaco]

Anybody know of any "good"companies to go with for this? my parents just hit 50 and everybody around them is dying of cancer or some other form of disease so they're all paranoid now and finally decided to do something about it and get some insurance...


The problem is my Dad has had cancer when he was young, also his family has a history of cancer, i cant think of anybody in his family since I've been around that's died of natural causes... so they need some life insurance, but he'll probably be difficult to get insured if they need a physical and/or if they need to know about the family history and stuff... is there any "no qualifying" or "guaranteed" places that wont charge a ton of money because he may be at an elevated risk?

[yohan4ws]

Getting life insurance if he's already had Cancer is pretty unlikely, and even it was possible at his age and with a health rating (rating is what insurance industry calls it when someobdy is increased risk) the price will be very high.

It's possible he/she can get Long Term Care insurance, where if some health issue came up rendering your parents unable to care for themself will afford either in home or care center. It pays in cash so your parents would have free reign to get treatment of their choice.

Critical Illness is the other option, in the event of cancer heart attack or stroke it pays out a one time tax free lump sum in cash.

Most insurance situations are different, I'd suggest to find a good reputable insurance person (not primerica or wfg). What the agent can do is #1 provide quotes free even over the phone, and #2 if getting approved is a concern (which it is for your Dad) the insurance agent can submit whats called a Trial App, where it would go to the insurance company and see if it could get insured before declining him if that was the outcome. Having a declined for insurance on your record is the equivelant of a DUI for insurance.

In this instance, I'd recommend Canada Life, they have ASTRA for ratings where I've submit an app recently where the wife was rated, but because it was a joint policy they didn't increase the premium. GREAT program for people in your scenario.

You can always PM me for more specific questions.

[codetrap]

We just purchased insurance and did a little reading on these guaranteed life deals.. what can happen, is that when it comes time to pay the claim, they evaluate it, state "I would have never insured this person in the first place!" and refund the premiums.

It's something to watch for in the clauses...

[yohan4ws]

ya, Post Claim Underwriting.

The deals on TV and mortgage insurance etc. a lot of travel insurance things of that nature will all pre-approve you, and then if you need to claim on it they'll do a medical history check on your past. If they do find that you were not insurable, or would be rated they'll just pay back premiums.

Proper insurance, the kind sold by a real insurance dealer/broker will not be issued until after a medical exam, blood/urine test and a medical background check where they see the history of the person being insured.

http://www.canadianbusiness.com/lifestyle/article.jsp?content=20050718_69528_69528