Can I Get Life Insurance For My Dad?
My dad is 62, recently retired and lives in NYC. I want to get life insurance for him so that my mom will be taken care of when he passes away.
The problem is my dad has diabetes, high blood pressure, is obese, doesn’t exercise and drinks alcohol a few times a month. My boyfriend says there isn’t an insurance company out there that would touch him.
I don’t know the first thing about life insurance, but I need to make sure my mom will be ok because my dad has no interest in taking care of his health. If he were to die right now, my mom would have nothing. So I feel like I need to do something about this as soon as possible. Can I get life insurance for my dad even with his poor health? And if so will it be expensive? How can I know which insurance companies are good? Any tips or advice would be greatly appreciated.
contrary to all of the above questions, yes you can and may be able to get a standard issue policy.
It depends on the severity of his Blood Pressure and Diabetes and the type (Type 1 or 2? Insulin dependant or diet controlled?).
You’re best bet is to contact a lisensed insruance broker in your area and consult with them. They will have access multiple companies and can find one that will have the best chances of approval. My mother has Type 2 diabetes, high blood pressure and a family history of cancer, heart disease and strokes, is overweight and doesn’t excersize and she was approved standard issue from 2 different companies for $50,000 each (and that’s all she applied for….could have likely gotten more)
If that doesn’t work out, you would have to look at a gauranteed issue policy. These policies have no medical exams or questions. You just pay the premium and you’re covered more or less. Also contrary to the previous posts, GI policies can be issued for amounts higher than $10,000. A simple Google search produced several results in New York…ALL of which offered more than $10,000…most offered up to $25k or $50k (tpyically they range from $2,000 to $50,000). These are the benefits of dealing with a broker rather than a captive agent. Captive agents will know only thier own products and answer questions on what they can offer, not the best of what is available on the market.
One further thing, you can take the insurance out on your dad and you can even pay the premiums on it (you have insuranble interest in him), however he would have to agree to it at least and answer the questions and singing the application.
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