I can't get any life insurance for various reasons, but I want to provide for my family in the event of serious illness or death. Are there any other options?
2006-10-11 00:35:21 · 12 answers · asked by Lilac Lady 3 in Business & Finance ➔ Insurance
I don't have the money now, hense the saving plan question. I want to provide for children if I were to die or become ill at a young age, so retirement fund is no good.
2006-10-11 01:25:27 · update #1
and I cannot get any kind of insurance, minimum amount or otherwise.
2006-10-11 01:26:28 · update #2
A Registered Retirement Savings Plan. With your family named as beneficiaries in the event of your death.
And you should be able to get a minimal Life Insurance policy for $25,000 irrespective of your age or medical condition. A lot of companies carry the "no questions asked" policies.
2006-10-11 00:46:11 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Lilac,
There are life insurance policies that are "Guaranteed Issue." The insurance company does not ask any questions about your health. These policies are expensive but they do provide a benefit if you were to die thus enabling you to provide for your children.
Take a hard look at your budget and your spending. Save Save Save then Save some more and thus you will accumulate a nice nest egg.
You NEED to go talk to several professional - insurance agent and lawyer about your situation. The insurance agent can work with you to provide the protection and the lawyer can provide the NECESSARY documents that will protect you, your children and your assets in the event that a disability or death occurs.
Talk to as many professionals as you need to until you find one with whom you feel comfortable then tell him/her everything.
Good Luck
2006-10-11 02:39:15 · answer #2 · answered by insuranceguytx 5 · 1⤊ 0⤋
You're obviously very caring - you want to see that your family are OK if you are seriously ill or die.
Hard as it is , my advice is not to worry about it. Why don't you use any money you have to enjoy the rest of YOUR LIFE. This is not being selfish, why not even include your family in this, take them on holiday for instance.
I'm sure they would be happier enjoying the time they have left with you than, spending cash when you have gone - If they are not then why bother leaving them anything anyway.
Remember, money does not always equal happiness.
Don't worry about what is going to happen after you die, enjoy every moment of every day until it happens.
2006-10-12 03:47:42 · answer #3 · answered by canarian.frank 2 · 0⤊ 0⤋
In the UK, some companies offer "non-advice term assurance" where you can get a maximum sum assured of £50,000, payable in the event of death.
There are also IPP's which are Income Protection Plans, which would pay your family a monthly sum if you were out of work due to accident/sickness, however, they would cease upon death.
To be honest, the best option, when you are in a position to do so, would be to take out a regular savings plan - preferably a tax free one - and have it written in trust for whoever you wish to benefit.
Hope this helps.
2006-10-11 01:42:23 · answer #4 · answered by mpr7274 2 · 1⤊ 0⤋
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2016-04-13 18:37:25 · answer #5 · answered by ? 3 · 0⤊ 0⤋
you're no longer on my own, and there are allot of folk worst than ur difficulty. first concern pass locate u an entire time activity which will sustian to get a place with a roomate and finally shop up for college, ur in easy terms 20 u have the time earlier than u. Or u and your boyfriend can circulate in jointly then u have help with the charges and the hire, as long as u have a job u would be fantastic.
2016-10-02 04:38:58 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Buy some annuities. Any good broker will be able to help you!
You will make monthly payments, just like life insurance premiums, except that you will be able to determine how much you wish to buy, and how much to pay! Good luck!
2006-10-11 00:46:26 · answer #7 · answered by CJ 2 · 0⤊ 0⤋
For sure you could find the right life insurance
2006-10-14 05:43:45 · answer #8 · answered by Anonymous · 0⤊ 0⤋
save in a isa £3000 ayear tax free best rate of interest
2006-10-13 13:44:06 · answer #9 · answered by Anonymous · 0⤊ 0⤋
some companies (like mine) offer a policy for people with health (or other risk related) problems. feel free to contact more for information.
2006-10-11 19:11:48 · answer #10 · answered by Anonymous · 1⤊ 0⤋