cannot afford anything extra.. One without a bunch of medical questions? Is there any?
2007-02-17 14:26:03 · 8 answers · asked by Anonymous in Business & Finance ➔ Insurance
When an insurance company says that no medical exam is required, they always charge a high price to their clients. Why? The insurance company is taking on all the risk. Without medical questions, the insurance company really don't know anything about the client. The best case scenario for the life insurance company is where the clients pay for a long time and then decide to cancel the policy. That means no death claims are paid out. The worst case scenario is where bunch of their clients dies and the life insurance company is force to bankruptcy or stall the death claim as long as possible. Either way, its a bad situation for the client.
To answer your question, there are a few companies that doesn't do any medical tests. I wouldn't recommend them since a legit insurance company will ask questions before insuring someone. By asking medical questions, the insurance company can properly classify you in which rate you should get.
2007-02-17 18:04:40 · answer #1 · answered by Anonymous · 5⤊ 1⤋
Do not let anyone fool you. If a company asks no medical questions then it limits benefits for several years to a retrun of the premium paid. You actually know that no company could pay a large amount at death immediately after a policy issues without asking any health quesiton upon issuing the policy. I do not sell insurance so this is just the truth, not an attempt to sell a policy.
2007-02-18 11:49:46 · answer #2 · answered by Steven F 1 · 1⤊ 0⤋
Gerber Life offers a good guaranteed issue policy. Because it is guaranteed regardless of health, the death benefit is reduced during the first two policy years, but is still a viable benefit.
Be careful of the scams. For one thing, you are obviously wanting a payout upon his passing, so term coverage is not an option. An example of guaranteed issue term coverage is the Colonial Penn policies you see Alex Trebek touting. They offer coverage at $7.95 per unit per month. What they don't tell you is what a unit is. It varies by age. In Texas, for a male, age 70, a unit is $640 dollars. That's pretty expensive term coverage.
Addendum regarding "Do the Right Thing's" comment: Here are just a few of those "illigitimate" companies that offer guaranteed issue coverage: Gerber Life, Nationwide, Legacy, Prudential, Mutual of Omaha, USAA, AXA Life, John Hancock, New York Life. Well, perhaps he's TRYING to do the right thing.
2007-02-17 22:58:41 · answer #3 · answered by Rob D 5 · 0⤊ 2⤋
Hi everyone!
Your parents, if they are members of ASRP, can get a small, guaranteed issue policy through New York Life. New York Life is a very solid company. If they're not members, it is worth looking into getting their memberships for that.
2007-02-18 02:18:05 · answer #4 · answered by Bright Future Penguin 3 · 0⤊ 0⤋
The ones that claim to not base coverage on medical issues are VERY expensive and do not pay much.
2007-02-17 22:32:35 · answer #5 · answered by Ryan's mom 7 · 2⤊ 0⤋
Sure, you have to pay the face value (payout amount) plus 10%. So for a $10,000 policy, you pay $11,000, no medical, no age restrictions.
2007-02-17 23:52:47 · answer #6 · answered by Anonymous 7 · 0⤊ 0⤋
it will be a poor one. health insurance is very expensive, even if you answer a lot of questions. maybe a clinic with a sliding scale will work better for your father
2007-02-17 22:35:38 · answer #7 · answered by worldstiti 7 · 0⤊ 2⤋
www.rbclifedirect.com
2007-02-17 22:32:25 · answer #8 · answered by notyou311 7 · 0⤊ 0⤋