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| *Ostroff, Fair and Company>>>Insurance |
My father is not in the best health and needs health insurance and life insurance, how can I help with this? |
He is in his late 50s and has not been taking good care of himslef. He has high blood pressure, but does not keep up with his doctor appointments. He lives with my sister and her husband, but they cant make him go. He works for a company that does not have medical benefits, or life insurance coverage for their employees. He will not leave this employer. What can I do to get him cheap (but good) health insurance, and also life insurance? He wont pay for his life insurance, and if I want to get it on him, I will have to pay it myself -I can't afford anything much - but I need to have something on him to cover basic costs if something should happen to him. It won't be hard to get health insurance, but it won't cover any pre-existing conditions. For a man in his late 50's, it will probably run $400 a month - that's cheap, for health insurance, for his age. Life insurance is easier. If you're willing to pay enough for life insurance, you can insure someone on their death bed. You only have to pay face value plus 10%, and ANY company will write it. If you don't want to pay face value, then you're looking at "going rates", and it's going to be very, very expensive - possibly 10% of face value per year. It would probably be cheaper to just bank the money. In either case, you'll have to shop around to a local insurance agent, for quotes on both. Source(s): agent, 20+ years Many life insurance companies won't cover existing conditions (i.e. if his high blood pressure results in his death). However, because of his age, he can get guaranteed life coverage through the various agencies that market to the elderly. Unfortunately, you're probably going to run into the dread "pre-existing condition" (PEC) bug. This is a fail-safe for insurance companies so that they don't take on a client that has massive health problems. It sounds like your father might fall into the category. There are some information that is missing from your question that could help a more direct answer. Like you say he has high blood pressure, but has he been seen by a doctor for this condition? If not, it won't be able to be used as a PEC. If he has, it'll probably not be covered for anywhere from 12 to 18 months, depending on the insurance carrier. This means that *anything* he has done that includes the diagnosis of hypertension will be denied. I'd try and find an insurance agent from a reputable company. Oddly, the bigger the insurance company the better the chance you'll get a deal. Prices will probably be steeper than you think or like, though. Employers defray the cost of most people's insurance by quite a bit. I wish you luck! if your father cant get insurance try the state, go to the commissioner of insurance for your state, wisconsin has an insurance fund that lets people get up to 10k of life insurance, not alot but i personally cant get it elsewhere i dont think, under 45 does not require a dr. exam , over does but i heard that mostly they just issue it,because it isnt a huge policy http://oci.wi.gov/slif.htm Unfortunately, you are probably not in a good position to help him out. The cost for both health and life insurance would be very high, that is if he would qualify at all. There are some companies that offer express issue life policies. There are only about 4 medical questions and as long as there are no yes answers, it will be issued. It does carry a higher price too. |
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