Can my dad apply for life insurance this late?
Can my dad apply for life insurance this late?
My dad received a letter and application for life insurance for $25,000 coverage. He got that about a month ago but didn't apply for it. He has no life insurance at all The letter said there is no medical examination required. The application deadline is 2 weeks from now. My dad though, is in the hospital right now and likely to die from liver failure. Is it possible to still fill out that application and have him sign it and get the $25,000 if he dies?
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7 Responses
2.1.2010
Best Answer – Chosen by Voters No, those policies normally have a two year wait before full benefits are paid out. If he dies before the two years all you will get is a return of premium. Source(s): Independent Agent
2.1.2010
Sorry to hear that. Hope your dad can recover. The Answer is NO, bcoz insurance company will ask your dad to declare his current state of health and sign on the application form.Under the insurance act, any misinformation or non disclosure can result in no claim. If you declare everthing, the underwriter will obviously reject the application.But there are some policy that I know, as long as the life assured survive for at least 2 years, the insurance company will still pay.read the terms and conditions and ask them specific question on this application. The answer from the insurer is still the best to your question.call them now Source(s): http://www.einsuran.comMalaysia Insurance – Senior Care
2.1.2010
I have seen policies like you described that were sold to unsuspecting people. For two years the only pay out was a return of premium. After that, the premiums paid was more than the face value. Which means you would be better off putting the premium in a savings account. The specifics may change, but the fact that it is a waste of money won't. If policies like that didn't have a catch they would be to big a a big risk for the insurance company. They like to make money, not risk it by insuring older people with unknown health issues.Sorry about your dad, but this type of policy won't help.
2.1.2010
He can fill out the application and sign it, and he'll have to mail a check in, but he'll have to answer honestly the questions on the application – and they'll turn him down when he discloses his current health issues. So he won't be able to collect. But it's worth a shot, if you want to try. Just don't expect to see any money in the end. Source(s): agent, 21+ years
2.1.2010
Its way too late. n after your dad being hospitalized they will probably refuse it. but try to talk to them.
2.1.2010
Read over all the fine print on the policy and ask the agent whether or not the benefit is paid in full the moment it goes into effect or if it is a graduated benefit, which pays nothing or a small % for the first year or two then goes up until it pays out the entire amount at the end. The most you usually will get is just a return of the premium. You could try and look around for someone but it could be hard. I included a site that might help you out as it has quick term insurance and you just need to answer a couple of questions and nothing personal. I put it in the source section. Good luck with your dad and I am sorry to hear that he is in a bad state. I am an agent, so make sure to check all paperwork before you buy and ask a million questions so you don't get burned. Source(s): http://tinyurl.com/356363Term Insurance
2.1.2010
It's probably too late..they will ask medical questions to determine if you qualify.I had a heart attack last year and I can't get any life insurance anywhere..all I can get is accidental death insurance…but since my job involves driving most of the day..it was better than nothing.