Comments on: Term Life Insurance No Exam

By: primericaisbad

primericaisbad — Sun, 03 Jan 2010 09:52:59 +0000

"My opinion is term is better unless you want to make your insurance agent or company rich."

ORRRRRRRRRRR….maybe if you want to have a policy when you need it?????
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By: jlf

jlf — Sun, 03 Jan 2010 09:13:59 +0000

You cannot get a policy on him without his concurrence. That said, any insurance that issues coverage without a medical exam will probably be high cost, low benefit and contain an initial exclusion period of two years or so.

Go to the Personal Finance section of Yahoo Finance for an explanation of types of life insurance.
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By: car253

car253 — Sun, 03 Jan 2010 08:29:59 +0000

You can only take out a policy on your father WITH his permission.

And more info is need to give you the best answer possible. You need to post your ages and what kind of health you both are in.
A lot depends on those 2 factors.

Life insurance pays the beneficiary if the person dies. Term is cheap. You get the most insurance for your dollar. My opinion is term is better unless you want to make your insurance agent or company rich.
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By: mbrcatz

mbrcatz — Sun, 03 Jan 2010 08:19:59 +0000

With his permission, yes you can buy it. You can’t buy it with his permission.

A no exam policy is called a "guaranteed issue" policy. Relatively speaking, they are VERY expensive, for very little coverage. The premium is based on his age. If he’s 65, you’re looking at maybe $50 a month. The maximum payout is $10,000.

AND, you have to pay into it at least two years before he dies, before you can file the claim and collect.

That means, effectively, that you’re betting he dies between 2 and 6 years from the day you take the policy out.

If you want more payout, or if you want term insurance, you’ll need to go to a local agent and apply for it. If you want a lot of money, you WILL need a health exam.

The insurance company doesn’t know that the person dies, until the claim is filed.
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By: Ontario Insurance Broker

Ontario Insurance Broker — Sun, 03 Jan 2010 07:38:59 +0000

Hi REM

It is possible to get life insurance on your father if he consents to it.

A no health exam policy should be available. But there will still be some basic medical questions (that could increase rates or lead to a decline in coverage). And if he is over 80 there will be less companies willing to offer coverage. I can’t comment on rates as there is too much I don’t know about the situation.

When you have a life insurance policy on someone and that person dies, the beneficiary has to send a death certificate along with a claim form to the insurance company. In most cases a cheque will be prepared within a couple of weeks. In some cases the insurer might investigate the situation to see if there was any fraud in the application (especially if the person dies weeks after buying the policy).

Permanent insurance generally covers his whole life. One version of permanent insurance is whole life insurance.

I would recommend that you call a local insurance broker who can sit down with you and explain it to you.
References :
you can read a bit about whole life insurance here: http://www.canada-insurance-source.com/Whole-Life-Insurance-Canada.html