He is 55, smokes, has had a heart attack, and has diabetes. Please don't tell me how he needs to quit smoking etc... I KNOW THAT. It's his choice NOT to, and I'm trying to figure out what to do before he dies to protect myself. We have health ins. but not life ins. I fear that if he dies, I will lose our home and be destitute. I have physical limitations myself on what I am able to do and can only work a couple of hours a day, which translate into a very limited earning potential.
I know nothing about life insurance. Up until a few months ago, I thought we had it through military retirement. I refuse to lie about his health to get a better rate.
2006-06-16 02:50:34 · 12 answers · asked by lnjn1119 1 in Business & Finance ➔ Insurance
Base on your description, it is impossible to get a good rate. Rates that are advertised online or on TV are for people with perfect health. No matter what type of policy you get, cash value or term, it will be very expensive for you and your husband to even get $100,000 coverage (premiums are at least $2000/year).
My only advice is to look around for companies and find which one offers the lowest premium. It is better that you find out by calling the insurance company directly instead of filling stuff out online.
2006-06-16 05:49:46 · answer #1 · answered by Anonymous · 4⤊ 0⤋
Your best option is to look at a graded policy. It will be more expensive due to the health issues, however, you can get some life insurance. Graded policies are available with term and whole life with benefit amount limitations. Guar. Trust Life is an example of a company that will look at this case. Feel free to ask for more information if you so desire.
2006-06-16 06:00:17 · answer #2 · answered by tigertiggerii 3 · 0⤊ 0⤋
It really depends on the amount of coverage you want. If you're looking for a burial policy, you may be able to get it. It depends on how long ago he had his heart attack (generally 3 yrs. removed from the event). If you need more, look into an annuity with a death benefit. You will pay more for the coverage, but it's better than nothing!
2006-06-16 09:22:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Is it too late to find a good rate? Yes, most likely.
Is it too late? No. You can still find coverage but it will be costly.
You best bet is to talk to one of more licensed independent agents. Tell them your situation and discuss your options. Your husband must cooperate. He will have to take a health exam. You should first take a look at your overall financial picture especially your debts to determine how much life insurance you need.
Sorry that you waited too long to look into this.
2006-06-16 07:56:12 · answer #4 · answered by insuranceguytx 5 · 0⤊ 0⤋
Check out AARP, they have good policies and rates, and from what I've seen on the website health conditions are not an issue in getting a policy, AARP is geared to the 50 and older generation.
2006-06-16 03:27:02 · answer #5 · answered by kristine r 1 · 0⤊ 0⤋
You can get small policies fairly easy and cheap on-line. Most have a 2 year limitation though. Meaning the person has to live at least 2 years to get the full amount of the policy.
2006-06-16 02:54:50 · answer #6 · answered by Stacy R 6 · 0⤊ 0⤋
Unfortunately, I doubt that any company would cover you know with all of his pre-existing conditions. If they do, the rate will be high. You might get better rates through the VA. You might also need to go on permanent Medical Disability. Do you have kids? If so, you might want to think about putting the house in their name. If, god forbid, something happens, they couldn't touch the house.
Best of Luck!
2006-06-16 02:58:55 · answer #7 · answered by toyman 4 · 0⤊ 0⤋
Sorry to tell you, but you have the two problem in combo that will either make you husband uninsurable or their highest rate, smoking and heart disease. And be very careful for those who say they can, they might be trying to scam you, knowing you are desperate.
You can try joint life insurance (a policy with you and your husband) with first to die. That might work.
Best of Luck
2006-06-16 10:59:14 · answer #8 · answered by man_about_the_net 3 · 0⤊ 0⤋
Um...he's is more than likely uninsurable. In fact, I'd almost bet on it. But let's say I'm wrong... Even if he were, with the diseases you named AND his smoking habit (he's likely a few pounds overweight, too...no offense), the rate would be so high it would take Donald Trump to write the premium check.
2006-06-19 13:16:15 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Check AARP. They have group term life (his health is not an issue) and your husband would qualify. Call 1-800-865-7927. Or you could go to http://www.aarp.org/aarp_benefits/ and check it out. You do have to be a member, but it's very cheap. The coverage they offer is not very high, but, at least it's something.
2006-06-16 03:13:44 · answer #10 · answered by spot 5 · 0⤊ 0⤋