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SLAUGHTER1555

Distinguished member
Joined
Jul 12, 2015
Messages
107
Reason
CALS
Diagnosis
05/2015
Country
US
State
Oh
City
cincinnati
Hi Cals and pals what information do you have regarding life insurance on pals. My PALS has a small amount that loses money up until a certain amount and he had this set up from a previous marriage so she wouldn't get any money off his death. Well fast forward here we are with hardly any insurance. Is it possible to still get insurance now? Do you know anyone who would take and pals? I've asked this question before but don't remember what thread I asked it on smh. Just trying to get a little more information. I do know a person with a terminal disease has to wait 2yrs before itshe even useful but I just wanted your thoughts on the matter. Thanks:)
 
"I do know a person with a terminal disease has to wait 2yrs before its even useful"
Really? Never heard that.

I'll try to find the insurance primer I posted a while back. In short, yes, you can get insurance without any questions asked, without a physical exam, and without filling out a medical questionnaire, but it's more expensive.
Veterans have life insurance available through the VA: See your rep.
 
Life Insurance for People with ALS (Part One of Two) Many insurance companies, including well-known reputable firms, offer “Guaranteed Issue” Term Life Insurance. These policies are expedited, and are not scrutinized by the underwriter so much. They don’t require a medical exam, some don’t require a health questionnaire, and some don’t even ask general health questions over the phone.

Research companies to see which ones offer these conditions. The agent shouldn’t be so rude as to ask an unauthorized question. But if you are accidentally asked a general question about your health over the phone that you don’t want to answer, you can always say your dinner is burning and suddenly hang up the phone.

Research the companies and their policies by googling “Guaranteed Issue Term Life Insurance with No Medical Questions”. Some policies increase the premiums as you get older. Of course, always tell the truth. After death, the company has the right to ask to see your medical record if they suspect fraud. Since the company gets to know so little about you, they charge a higher premium for the risk they take.

Some people get Guaranteed Issue insurance because they discovered their old insurance is suddenly expired, and they need to be insured immediately without all the paperwork for a normal underwriting. In every case, however, expect the company to look for whatever info they can find on you from national pharmacy databases and the Medical Information Bureau. MIB is like a credit bureau; they sell information that other companies have gathered about you. And like a credit bureau, you may get a free copy of your file once a year.
 
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Life Insurance for People with ALS (Part Two of Two) Remember that the agent is not a company representative. He has no authority to approve your insurance application. He’s just a highly motivated salesman.

Also know that some life insurance policies are crappy and might only cover death by accident and don’t cover serious illness. Inquire about this. I recommend a long term, say 20 or 30 years. Do the math on the payout. I found that even the high premium was worth it. If, sometime in the future, say next year, you decide to cancel, be sure to read the policy to ensure you can cancel at will.

When you call or apply online, they can give you a quote in a few minutes, then they will send you a “binder” document which is proof of insurance from that moment. Be sure to send payment along with your application. Do not delay. However, be aware that they can still reject you until you are approved and they send you the complete policy. You need the actual policy in your hand to be assured you have a contract.

For Guaranteed Issue Term Life Insurance with no medical exam, questionnaire, or questions, there is no work for the underwriter, so a good company should be able to get the policy to you within a few days or a week or so. Other types of insurance can take weeks or months to get underwritten.
 
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"I do know a person with a terminal disease has to wait 2yrs before its even useful"
Really? Never heard that.

I'll try to find the insurance primer I posted a while back. In short, yes, you can get insurance without any questions asked, without a physical exam, and without filling out a medical questionnaire, but it's more expensive.
Veterans have life insurance available through the VA: See your rep.
Hi Mike I forgot the word it's called but say I get life insurance for my PALS and within the first year he dies of was told they won't pay the amount because it has a underwriter or something like that. And I looked at some insurance and they ask you a question like do you have any of this and one was some kind of autoimmune issues. This was AARP I think. And my PALS is not a veteran he's retired from the IRS that where the life insurance he has come from. But like I said he rigged it so it decreases once he gets 65.
 
Right now the editor is being a little wonky. So I'll make the unreadable insurance posts better soon.
 
My darling is constantly looking for more insurance. As Mike explained, you can get insurance without any medical questions but you pay more. He got a relatively small policy recently and it has a clause that if he dies of an illness or disease within two years it pays 120% of premiums paid instead of the face value. This is an expensive policy and even states that if you pay for many years you can end up paying more than you get when it pays out. The gamble is that he will last two years but not 20. Check out Mutual of Omaha or search on guaranteed acceptance life insurance.
 
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