If you have difficulty getting life insurance due to health concerns, there are a few options that might still be helpful. You may not be able to get that cheap million dollar policy that you see advertised on TV, but it may still be possible to get some coverage with the following options:
This policy is ideal for individuals who have health problems that may make them ineligible for most other policies. Clients with cancer, heart attack, stroke, and many other serious health problems are eligible. If the insured dies within the first two years of the policy, the beneficiary receives only the premium paid, plus a little bit of interest. After two years,. The full death benefit is available. This policy is available for clients age 50 to 80, and offers coverage amounts up to $25,000. Not available to clients who have received, or are on a waiting list for organ transplant, or who have been told by a doctor that they have less than two years to live. Available in GA, IL, IN, MI, OH, PA, SC, TN, and VA.
If you or your spouse own a business and have at least one other employee, you may be able to start a group life insurance plan. Group plans usually offer some amount of coverage on a guaranteed issue basis with no medical questions asked. They start at $25,000, and the amount gets bigger with larger groups. If you don't own the business where you work, ask your employer if they would be willing to start such a plan and call us for a quote.
Some banks or credit unions offer guaranteed issue life insurance for limited amounts (typically up to $25,000) for members. Ask your bank if they do. If not, look at opening an account at another bank. Credit unions are particularly likely to offer this coverage.
We can offer annuities which add an immediate 10% bonus for amounts contributed in the first year. So, if you know that you have a limited amount of time left, and have cash that you wish to leave to your heirs, you can put the cash into one of these annuities. A deposit of $100,000 immediately becomes worth $110,000 and then begins earning interest.
Contact an insurance agent at Brown's Insurance Agency, Inc. today to answer any questions about Life Insurance for the Uninsurable or for a free review and insurance quote for Life Insurance for the Uninsurable. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to help you find coverage at competitive premiums for business, home, auto, and more.
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