Can Seniors Get Life Insurance if They Have a Terminal Disease?
A person is declared terminally ill if it only has less than a year to live. Some types of cancer, AIDS and several highly contagious diseases are terminal conditions. Hearing that you have been diagnosed with a fatal disease is certainly one of the worst things can happen to a person.
In those moments, money count little, but still, economic consequences must not be neglected. Old persons that found themselves in this unpleasant situation must look carefully for senior life insurance quotes. But, unfortunately, seniors in most cases cannot get life insurance if they have a terminal disease.
You can get terminal disease life insurance benefits only if you have a pre-owned policy. Even companies that sell no exam life insurance policies are constantly refusing potential clients that are so ill.
But, if you own a policy, then you can add an accelerated death benefit. Having a terminal condition will also allow you to receive a portion of the saved premiums. This will help you pay the hospitalization and future treatments. But the amount of paid benefits will be subtracted and the beneficiaries will collect less after the death of the insured.
As we mentioned before, senior cannot get terminal disease life insurance in most cases. Many cancer patients can get lie insurance if they work with a knowledgeable broker.
Traditional life insurance is not available for people with a terminal condition. In most cases, this type of person can apply only for Graded Life insurance. The maximum amount of coverage is around the value of $50.000.
If you die within the first 2 years of the policy, the company will only refund the paid premiums plus the interest. Death benefits will be paid gradually to the nominated beneficiaries.
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