Do You Know Of Any Resources For Life Insurance For People With Disabilities?
Posted July 2, 2009 – 5:10 am in: structured settlements FAQI am looking for life insurance for a disabled adult. Not able to work, non verbal, non mobile. Any Ideas would be helpful, thanks.
Tags: Disabilities, Insurance, Know, Life, People, Resources, With
3 Comments
lifeinsurance.awardspace.info – try this one. I have their insurance and, as remember, they can provide such a service.
What kind of health problem does the person have?
I used to be a life insurance agent with a license, perhaps there is something I can help you with?
As long as their no health problems like high blood pressure, smoking, drug, heart, and other medical condition that is spelled in the life insurance’s health check list. If without health problems as listed, there is a huge chance of getting a cheaper life insurance premium.
A person who can’t work and non-verbal doesn’t effect the life insurance premium. For a non-mobile, I am 50% sure that doesn’t have effect either but I can check.
If you are on a low budget, I suggest that you get a 10 years standard term life insurance. The life insurance has to be renew every 10 years. The 10 years term life insurance are alway cheaper than 20, 25, 30, etc years term insurance dues to the less cost effective for life insurance to insure the client.
Send me a private message if you have more question. I could check to see if the disabled adult can be qualified for a preferred rate which is cheaper than a regular premium rate in life insurance.
Kim Y, I would advised against getting whole life insurance.
1. It is 100% cash based regardless of what the face amount is insured.
2. Client aren’t insured after 2 years.
3. Client get an average 2-4% annual rate of return according to most whole life insurance policies statistic.
4. Client can’t get both the face amount and the cash account
5. It is too expensive.
6. There is a good chance that you won’t get the money if you died because of the contract clauses that declaring the policy as a “interest or loan”.
Dave Ramsey and Suze recommend term insurance and would advised against Whole Life insurance policy.
Listen to me and them, it is very important that you don’t waste your money.
Life insurance is not a investment vehicle but an insurance.
Well, I found a lady in California who offered insurance for my hubby, who has had a major stroke and in a wheelchair. It’s thru Fidelity Life, and did NOT require a medical exam. She offered both Term and Whole Life. The amount of insurance was low, and the premiums were high, BUT, they at least had SOMETHING!
I copied & pasted a part of her email to me:
“Hi, Kim, this is Cathy. I am sending updated quotes for the graded benefit policy for your husband.. Whole life: this is a graded benefit whole life. If he dies of natural casues in the first year, you receive 5% of the face value. (i.e., a $50,000 policy pays $2,500.) If he dies of natural causes in the second year, you receive 10.5%. If he dies by accident at any time, you receive the full face value. He is fully covered at full face value for all causes of death after the second full year. The policy continues to the age of 100 as long as you continue paying premiums. Premiums do not increase.
“A $50,000 whole life policy is $144.42/month$40,000 is $116.41 per month$35,000 is $102.40 per month. You can get any amount from $15,000 to $250,000 for the whole life policy. Let me know how much you can spend and I will let you know how much insurance that will buy.Cash values are as follows: 3.2% of face value after 5 years, 9.1% after 10 years, 23.9% after 20 years, and 41.9% after 30 years.I have attached the application for Fidelity Life. If you can’t print it, reply with your address and I’ll mail it. Otherwise, please fill it out and have him sign it and return it by email, fax or US Mail. Don’t forget to sign the last page, the HIPAA authorization. I will need a voided check or a credit card on page 2 for the first premium. The insurance company charges your account as soon as he is approved, and that is usually within a week or two of receiving the application.
Cathy Weibel
209-729-4599 fax
209-825-6837 phone
PO Box 713
Manteca, CA 95336 ”
I don’t know the stability of insurance companies these days, so do give her a call and find out if this type policy is still available.
Good luck!!!
021709 3:50