I know it is very late to be finding a insurance policy for someone that old. But my family really wants to know where we can get some good insurance. My grandmother wad dignosed with cancer. Please help.
2007-03-22 16:45:39 · 12 answers · asked by LILY 1 in Business & Finance ➔ Insurance
There are a number of companies that offer guaranteed issue life insurance. Gerber Life and Colonial Penn (the Alex Trebek commercials) are popular examples. The applicant is guaranteed to be accepted no matter what health issues are present. The catch is that there is a period during which there is a reduced death benefit, usually two years; but the benefit is still favorable.
2007-03-22 17:31:03 · answer #1 · answered by Rob D 5 · 1⤊ 0⤋
Do you even understand the concept of insurance? If you did, you wouldn't ask this question.
Insurance companies pool risk. In other words, the collect premiums from 1000 healthy people, knowing that at least a few of them are going to die. However, they also know at least some of them are going to live 30 or 40 more years so their premiums are collected and invested to earn more income to pay the policy when that person dies. That's pretty simplistic but basically how it works.
There are other risk factors taken into account. Like, does the person smoke? Their age when the insurance is taken out. Their health. Etc.
You can't buy a life insurance policy for an 80 year old person with a fatal disease.
Say you wanted to buy $50,000 worth of life insurance. You come to me to buy it and I figure out how much premium I need to charge you in order to have $50,000 when Grandma dies.
So, I figure out her life expectancy. Right now, it's maybe 2 months. So, my premium charge to you is $50,000 because I know I'm going to pay the whole thing back to you in two months anyway so I only have two months to invest this in order to not lose money on it.
2007-03-23 05:52:50 · answer #2 · answered by Faye H 6 · 3⤊ 1⤋
Well, most companies will sell it to you for face value, plus 10%. That would be, $11,000 for a $10,000 policy. But I have a feeling you don't want to pay that much.
For someone who's 80 with cancer, placing a bet on whether or not they are going to die, you have to calculate the odds in any given year, and add in administration costs. So, the likelihood she's not going to live out one year is really high - so will the premium be really high. But if it's ESTATE planning, ie, avoiding inheritance taxes, that's the goal, then this makes sense.
2007-03-23 07:38:15 · answer #3 · answered by Anonymous 7 · 2⤊ 0⤋
Sorry to hear about your grandmother. The sad news is you will not be able to get insurance on an existing condition. If at all. Insurance companies do not sell insurance on some one that has a condition that can cause death.
2007-03-22 23:49:24 · answer #4 · answered by Jerry G 4 · 1⤊ 1⤋
It is very hard to find an insurance company that will insure someone that is close to passing away. It is a risk for the insurance companies. You should try to look up "life insurance" on the web and see what you find.
2007-03-22 23:49:18 · answer #5 · answered by Anonymous · 1⤊ 1⤋
No insurance company would make a policy on someone at that age with an exsisting condition such as cancer. They won't do it because if they do it for one they would have to do it for all, and they would go broke very quickly. I'm very sorry to hear about your grandma.
2007-03-22 23:57:52 · answer #6 · answered by Anonymous · 0⤊ 1⤋
I really really doubt that can be. Insurance companies would go Broke in no time. Sorry about your grandmother though.
2007-03-22 23:50:24 · answer #7 · answered by 4263 4 · 2⤊ 0⤋
My best to you and your family. Try Bankers Life and Casualty (www.bankers.com) They specialize in insurance for seniors.
2007-03-23 00:12:17 · answer #8 · answered by timmtaw 1 · 0⤊ 0⤋
I am sorry to say that ...As per IRDA act u cant get policy for ur grandma.coz any person who is above 65yrs of age cant take policy in his/her name.
Also even if u get(which is next to impposible) again it will be rejected coz she is having cancer.& Insurance is given to healthy people to secure their future financially frm such kind of incidences.
2007-03-22 23:51:46 · answer #9 · answered by shweta - 3 · 0⤊ 1⤋
If you're honest, no one will insure her life. If you lie, that's insurance fraud - a felony.
2007-03-22 23:48:59 · answer #10 · answered by Just Mee 2 · 1⤊ 1⤋