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How do you get Life Insurance for someone who is already in the nursing home.Do you know any names of company?
Question : How do you get Life Insurance for someone who is already in the nursing home.Do you know any names of company?
My aunt is in the nursing home and i urgently need to get life insurance for her. But alot of companies will not cover her because she is already in the nursing home.Do anyone know of any companies that will cover someone in this situation. Please Help!!!!
nursing home insurance
Best answer:
Answer by John
SHE’S ABOUT TO DIE!!! SHE HAS NO FAMILY TO SUPPORT, WHY THE HELL WOULD SHE NEED LIFE INSURANCE!!!!!!!!!!!!!!!
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#4 written by mbrcatz 1 year ago
Globe Life and Mutual of Omaha will BOTH give her “guaranteed issue” policies, if she’s under 76 years old.
The catch is, you have to pay every month for two years. And, of course, coverage is limited to a maximum payout of $ 10,000.
If she dies before you’ve paid in for two full years, they don’t pay out. And if she lives four years, then you’ve paid in $ 10,000, and would have been better off putting the money in the bank.
So guaranteed issue policies, are pretty much a bet that she’ll die at least two years from now, but not more than five.
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Obviously you are looking for a free lunch, which you are not going to get. Suddenly with your aunt not doing well, you feel that there MUST be a blind insurance company out there flush with cash ready to cover this person, so when she passes away, you will become wealthy.
Very few if any companies will do this, because she is in a nursing home, because she is quite ill, and because you have no vested interest in her.
Any company willing to insure her will only do so, with a forfeiture of a few year period of non-payment is she dies, and also of only a small claim amount. In other words, someone will have to pay a bunch of money for a period of time, if she lives, hoping to collect it back when she dies. Nothing is for nothing.