Life insurance with terminal illness

Vilma65

Hi, I wonder if anyone got a life insurance after you stage IV diagnosis? I'm specially interested in Canadians. Is it possible and if it is possible what companies do that?

DivineMrsM

Vilma, I am not sure about Canadian life insurance companies. But I'm sharing this post of mine from a few years ago. Perhaps you can use this as a starting point. There are numerous places in the U.S. to get whole life insurance after stage iv, so I imagine its possible to get it in Canada altho maybe not from the same companies. I have a policy through Gerber for $15,000 and pay about $45 monthly.

If you don’t think any of the companies listed here are available to you, you can probably google “best Canadian whole life insurance policies” and look into the companies you find. If you can, let us know what you find.

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Here is a list of places you can check out, copied and pasted from another thread (and written by another member).The list is a few years old, but I am sure most of these are still active insurance companies where you can get coverage.

All of these listed below require NO MEDICAL QUESTIONS, NO MEDICAL EXAM, NO TURN DOWN, PREMIUMS WILL NEVER INCREASE. Pay 100% for accidental death. No pay-out for suicide. If die within first 2years from date issued, full refund of all premiums plus interest is made to the beneficiary on policy. They can all be applied for online and set up payment directly from your checking account. RATES are based on state you live in and age at which you take out the policy. Some of these are my quotes being in Arizona age 49 turning 50 next month. The reason why they can offer you a plan with guaranteed benefits is because there is limited pay out if you die within 2 years of taking out the policy. However, reputable life insurance policies will pay full after 2 years and won't decrease with age or illness. In order to protect yourself you should always ready your policies carefully and have a financial attorney or someone that is proficient in life insurance policies look it over before you sign it and start sending in your premiums.

Some of these do not ask for any address or phone number for the beneficiary, so I asked how the insurance would find the beneficiary without this information, or how could I provide it to the insurance company since there was no place for it on the forms/policy, and was told that the beneficiary is suppose to contact them when die...I wanted to make it a surprise to a some beneficiaries, so decided to keep copies of the policies in my When I Die Binder (discussed on previous pages of this thread) along with an additional copy inside envelope addressed to beneficiary with a note from me and these envelopes will ONLY be mailed out when I die by my husband, they are already sealed and have a forever stamp on them. ~Bonnie

AAA (Triple A) Guaranteed Issue Whole Life Insurance Policy for Ages 45-85 - Death Benefits $5k-$20k, Premiums for $20k age 45-49=$51.79 age 50-54= $59.79; and age 55-99=$69.99 and AAA membership required (memberships in AZ start at $55/year). To get this quote had to send in my name and birthdate and then a rep emailed me the quote and said if interested reply and he'd email the application - guaranteed approval no medical question. www.aaalife.com/our-products/l...

AARP Guaranteed Acceptance Life Insurance for Ages 50-80 (or as spouse 45-80) - Death Benefits $2.5k-$15k, Premiums $10.05-$55.30 per month. www.nylaarp.com/Life-Insurance....

Colonial Penn Guaranteed Acceptance Life Insurance Policy for Ages 50-85 - Death Benefits $2k-$16.7k, Premiums $9.95-$79.60 per month. www.colonialpenn.com/Guarantee...

Gerber Life Guaranteed Acceptance Life Insurance for Ages 50-80 (or as spouse 45-80) - Death Benefits $3k-$15k,Premiums $8.95-$40.75 per month.www.gerberlife.com/gl/view/gui...

Mutual of Omaha Guaranteed Term Life Insurance for Ages 45-85 - Death Benefits$3k-$25k, Premiums $8.80-$66 per month. www.mutualofomaha.com/life-ins...

Physicians Mutual Modified Whole Life Insurance for Ages 45-80 - Death Benefits$3K-$10K, Premiums $9.70-$30 per month.www.physiciansmutual.com/promo...

Vantis Life Guaranteed Golden Insurance for Ages 50-80 - Death Benefits $5k-$20k, Premiums $19-$70 per month. www.vantislife.com/Decide/Life...

Leydi

Guaranteed issue life insurance does not require medical underwriting and would be available to someone with a terminal illness. However, they generally will have high premiums for a low benefit amount. It may not be worth it but that would be up to you to judge.

See if any organization that you belong to offers life insurance to their members without a medical underwriting requirement. I know that I get flyers on this occasionally from my bank/credit union, professional membership organizations, etc.

Finally, I did add a life insurance policy after diagnosis through my employer. They didn't require medical underwriting for a benefit amount up to twice my annual income. I guess this will only pay out if I manage to still be employed right to the end.

For comparison, for a regular term life insurance policy that I've owned for decades, I pay about $600 per year in premiums for a $425,000 benefit payout. You won't find anything nearly that generous as guaranteed issue.

vlnrph

This is why it's a good idea to obtain a policy when young and healthy! Other things to think about are disability coverage and long term care insurance.

The programs DivineMrsM lists look like they are designed to cover funeral costs, which can be considerable.

Vilma65

thank you Divine, Leydi and vlnrph. It is good that there are some options, I will check them out and if I get some good info I will be back to report. Divine your list is so thorough! I hope I can find some in Canada. Luckily I do have life insurance through my work, but its not much. I was hoping I could leave something more for my kids. I do have long term disability insurance through my work as well. Leydi, are you in Canada or the US?

Vilma65

Again thank you for all your feedback. I went looking up insurances and their policies . Something that they all have is a clause about suicide, and that they won't pay in suicide cases, which make sense. My question is if medical assisted death is considered suicide? I Canada we have this option, and I wouldn't won't to deny myself that option when the time comes/ Any thoughts?