Life Insurance For Terminally Ill

life insurance for terminally ill

Life Insurance For Terminally Ill

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It is a devastating blow to be diagnosed with an illness that could potentially end your life in a few months or years. When you finally come to terms with reality, it’s only natural to wonder how you can financially protect those you love after you’re gone.

If you don’t have an active life insurance plan, you may think it’s too late to prepare. Fortunately, you can get a policy to ease your family’s financial burdens, such as burial expenses, medical bills, and minor debts.

However, we have to be honest with you that there are limited options because the chances of a policy paying out are high.

Currently, insurance carriers don’t provide life insurance for terminally ill patients. Instead, they offer guaranteed issue life insurance.

life insurance for terminally ill

Guaranteed issue life insurance eligibility

Applying for this type of insurance coverage is easy and straightforward. You can even buy while you are seated on your couch, as no medical examination is required. The insurers might not ask any health questions.

Keep in mind there’s no exact list of end-stage diseases. Some of the common terminal illnesses include:

Many insurers usually ask why cancer is listed as a terminal illness even though it can be treated. Early-stage cancer is curable, but if it is not diagnosed earlier and spreads to the lymph nodes or other body parts, treating it becomes hard.

You will find a good number of insurers in New Orleans offering life insurance for terminally ill cancer patients.

Coverage Caps

With guaranteed issue life insurance, beneficiaries can receive coverage amounts ranging from $10, 000 to $25,000. What’s great, these policy payout amounts are tax-free.

Waiting period and payout limitations

Insurers selling guaranteed issue insurance have graded death benefit policies, which protect their companies from paying large amounts to people who recently purchased life insurance policies.

If a policyholder dies within 24 months after being issued with the policy and death is due to natural causes, the insurer will refund the full cost of premiums and interest. While the interest rates vary by the insurance provider, they often range between 10% and 30%.

If death is a result of an accident, then the insurance company will need to pay beneficiaries the full coverage amount. It doesn’t matter if the insured bought the policy just recently.

A patient may go through a lot of pain and depression that they choose to end their life. If they commit suicide before the two-year lapse, the insurer will return the premiums paid with interest unless there’s a suicide clause that states otherwise.

What happens if you outlive your graded death benefit?

The beneficiaries will receive the full face amount of the guaranteed issue life policy once you are gone.

Purchasing the terminally ill insurance policy

Premiums charged by insurers differ significantly, so you should take your time to compare rates from different insurers before making a decision. For a positive experience, you should work with a licensed and experienced life insurance agent who will shop the market for you.

Request professional advice today

If you need an trusted insurance company in New Orleans, get in touch with Michael Dunbar today at (985) 607-4949. Boasting over two decades of experience, Mike will shop among multiple companies to find insurers that offer you the best rates when it comes to insurance for terminally ill patients.

Michael Dunbar

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Health Insurance Quotes in Louisiana

Health insurance quotes Louisiana

Health Insurance Quotes in Louisiana

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Whether you’re living alone or have a family, you most probably have a budget plan. Purchasing health insurance comes with obligations that may take several forms, including paying premiums.

Since you’ll be introducing a regular cost to your budget, it is best to research and find affordable health insurance quotes in Louisiana.

You will need to compare different insurance providers. It is a tedious process, but you can save yourself the trouble by requesting personalized quotes from an insurance agent.
But before contacting any insurance professional, make sure you go through this post to familiarize yourself with the cost aspect of health insurance.

Health insurance quotes Louisiana

What’s the cost of health insurance in Louisiana?

Insurers take several factors into account when determining health insurance quotes in Louisiana. The factors include, but not limited to:

· Age: Premiums increase with age, as older people are prone to more health issues. Those over 50 years often incur the highest costs.

· Body Mass Index: People with a high BMI face a high risk of suffering chronic conditions like diabetes and heart disease. So, they will pay more.

· Tobacco usage: Tobacco can affect the cost of your health insurance significantly. If you’re a smoker, your premiums could be 50 percent more than those of non-tobacco users.

· Plan category: Policy providers have different plans that are broken down by metal tiers: Bronze, Silver, Gold, and Platinum. The benefits offered under each cover plan will be different, and they will attract different premiums. For example, Bronze plans offer the lowest level of coverage, while Platinum plans have the highest.

· Individual or family plan: Expect to pay more for a plan that covers several members (spouse and dependents).

Average cost estimates

On average, you may pay around $240 monthly for every individual under the Bronze plan. People enrolled in Platinum plans pay nearly double the cost of Bronze plans.

The cheapest major medical plan under Bronze and Platinum costs at least $208 and $430. However, expect to be charged more or less depending on your unique needs.

While metal tier plans like Gold and Platinum require higher monthly premiums, they have low out-pocket expenses. Well, we mean the deductibles, copays, and coinsurance expenses.

Where do you purchase health insurance in Louisiana?

Louisiana residents can buy individual and family health insurance plans through the Marketplace, which was created as part of the Affordable Care Act (ACA) of 2010. You will find health plans like Exclusive Provider Organization (EPO), Health Maintenance Organization (HMO), Point of Service (POS), and Preferred Provider Organization (PPO).

Unfortunately, Open Enrollment for the year 2020 is over. However, you can sign up for a Marketplace plan if you meet the Special Enrollment Period provisions. For example, you may be eligible if you’re having a baby, adopting a child, getting married or divorced, and losing health coverage.

Your other option is to purchase a plan from a private health insurance company. There are several coverage options to choose from, including short-term plans. If you are running a business, you can also get affordable business insurance coverage.

Navigating hundreds of options and requesting health insurance Louisiana quotes from the insurers to find a budget-friendly plan can be overwhelming and time-consuming. The quickest way to go about this is to consult a licensed and experienced insurance agent like Michael Dunbar.

Connect with Michael Dunbar today

Call (985) 607-4949 to speak with a knowledgeable and trusted insurance company in New Orleans who will answer your questions and guide you every step of the way. Mike will ensure you get detailed and accurate health insurance quotes in Louisiana based on your individual, family, or business needs.

Michael Dunbar

Michael Dunbar

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Michael Dunbar Insurance is a trusted insurance company in New Orleans that works with the insurance products that directly affect people.

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Life Insurance Grace Period

Life Insurance Grace Period

Life Insurance Grace Period

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Unexpected expenses and some life changes can make you fall behind on your premiums. Depending on your insurance company, payments can be on a monthly, quarterly, semiannual, or annual basis. Failure to make the required regular payments in full could end your coverage.

However, as a policyholder, you have a life insurance grace period to pay your outstanding premiums and prevent termination of your coverage. With this provision, you typically pay without any penalty fees.

Life Insurance Grace Period

How long is the grace period for an individual life insurance policy?

The length of a grace period often varies depending on the insurer and method of premium payment. Generally, most insurers give policyholders up to 30 days to act accordingly. There are insurance providers with extended life insurance grace periods.

If you’re not sure of your grace period, review the life insurance policy document for the specific rules and guidelines. Alternatively, you can contact your insurer for the answers.

After the grace period

If you fail to fulfill your obligations by the end of a grace period, your policy will get canceled. This means your beneficiaries will be left without financial protection when you pass on. That would be a frustrating loss, especially if you’ve been making timely payments all along.

However, all is not lost because many insurance companies also give policyholders one last chance by allowing them to apply for policy reinstatement.

Reinstatement

Be sure to consult your insurer or check out the insurance contract for revival guidelines and duration limits. While you might be given up to 5 years to revive your policy, it is imperative to act as soon as possible, typically within 30 days after the lapsing of your policy. A quick response might save you the trouble of starting the process from scratch.

When applying for reinstatement, please note that your insurance company may require you to undergo medical examinations. If the insurer approves your application, you’ll need to meet the full cost of your unpaid premiums, interest charges, and penalty fees.

What if you cannot afford the premiums of your life insurance anymore?

Perhaps, you have been hit by a financial crisis, and you’re sure you cannot keep up with the regular payments comfortably for several months or years. If you find yourself in such a scenario, you might want to explore the following options.

· Surrender your life insurance policy: This option is for people with permanent life insurance, accumulating cash value over time. If the built-up cash value is not enough to keep your policy active until you’re able to continue paying regular premiums, consider surrendering it to recover the cash value.

· Sell your policy: Instead of losing your policy, you can sell it for a percentage of its face value.

· Find an affordable new insurance policy: Shop around for a plan with features and premiums within your budget. In this case, it’s worth getting in touch with a licensed and experienced agent to answer your questions and steer you in the right direction.

Consult a professional insurance agent in New Orleans today

If you need a trusted New Orleans insurance agent to help you find a budget-friendly policy that suits your needs, contact Michael Dunbar today for a free consultation. Mike can help you make the best choices, from life insurance and health insurance to business insurance and dental insurance. Call (985) 607-4949 or request a quote online.

Michael Dunbar

Michael Dunbar

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Michael Dunbar Insurance is a trusted insurance company in New Orleans that works with the insurance products that directly affect people.

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Does Life Insurance Cover Drug Overdose?

Does Life Insurance Cover Drug Overdose Michael Dunbar Insurance

Does Life Insurance Cover Drug Overdose?

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If you’re looking for a life insurance policy, you might be wondering if it will payout in case of a drug overdose. Well, it depends. Most insurance companies will not pay the benefits if the policyholder dies due to an illegal drug overdose. But there are some exceptions.

The insurer looks at several factors when deciding whether they’ll pay or void the contract. These include:

Does Life Insurance Cover Drug Overdose Michael Dunbar Insurance

When Can Life Insurance Deny an Overdose?

It used to be that life insurers wouldn’t cover people who engaged in dangerous and risky behaviors such as drug use. But that has since changed. If an individual is forthright about their drug use during the application, there is a chance that the life insurance policy will cover the drug overdose. However, if the policyholder didn’t disclose this information, the insurer can deny the claim.

Other instances when an insurer might deny payout of life insurance in an overdose include:

During an overdose, the insurer will often investigate if the drug overdose was accidental or intentional. If the overdose results from an unintentional double dose of narcotic painkiller or an improperly prescribed medication, the policy is highly likely to payout.

To prove that the death was accidental, the National Institute on Drug Abuse highlights that a coroner can record an unintentional drug death if:


So, in most cases, the policy will pay out if the policyholder dies from an overdose on a prescription drug or any other accidental overdose situation.

Can You Still Buy Life Insurance If You've Used Drugs?

Yes, it is possible to get life insurance if you’ve abused drugs in the past but have since stopped. When signing up for a life insurance cover, it is important that you are honest about your drug use history. Insurance companies have different guidelines that they follow to underwrite your application.

In some instances, a policyholder may get a prescription for highly addictive medications such as Oxycontin, Subutex, Naloxone, Suboxone, Buprenorphine, and Naltrexone years after taking a life insurance cover. An overdose from such prescription drugs will be considered as accidental death and probably have the benefits paid out.

Speak With an Insurance Professional Today

Does life insurance cover drug overdose? Well, the truth is, there is no silver bullet answer. It all depends on the circumstances that caused the death, and the company underwriting the cover.

If you’re considering taking a life insurance policy to protect your loved ones when you’re gone, you’ll want to take out a policy with a life insurance company that will be around for the foreseeable future. Michael Dunbar Insurance is a trusted life insurance provider with an outstanding record of protecting and providing for your loved ones when they need it most.

With over 20 years of experience, Michael Dunbar Insurance has qualified experts to guide you in the right direction to save you money and give you much-needed peace of mind. Call a trusted insurance company in New Orleans today for professional guidance and advice on an insurance product that is best suited for you.

Michael Dunbar

Michael Dunbar

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Michael Dunbar Insurance is a trusted insurance company in New Orleans that works with the insurance products that directly affect people.

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Finding Affordable Life Insurance for Cancer Patients

Life Insurance for Cancer Patients Michael Dunbar Insurance

Finding Affordable Life Insurance for Cancer Patients

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According to the Surveillance, Epidemiology, and End Results (SEER) Program, an estimated 1.8 million Americans will be diagnosed with cancer this year.

The majority of them will question whether their families would suffer financially if they succumb to this terrible disease.

Although a life insurance policy can provide peace of mind, for many cancer patients, especially those who have received a terminal diagnosis, finding affordable life insurance can often seem like an impossible feat.

Unfortunately, most Americans do not consider how important having insurance- whether it is life insurance, health, dental, or vision- can be until they need it the most.Many insurance companies will deny coverage to these individuals, while others charge outrageous premiums.

Life Insurance for Cancer Patients Michael Dunbar Insurance

Finding a trustworthy insurance company that offers affordable plans, professional guidance, and genuinely caring for clients can be difficult.

Luckily, whether you are a young and healthy, or are suffering from a terminal disease, Michael Dunbar Insurance is here to help you find an affordable plan that will put your mind at ease.

Michael Dunbar Offers Affordable Life Insurance for Terminal Cancer Patients

In New Orleans, Louisiana, Michael Dunbar Insurance is a highly trusted insurance company that offers everyone, regardless of their age or health, affordable insurance plans. 

We are committed to proactively helping our clients will all of their insurance needs. We believe that good insurance should work when you need it, and not be at the forefront of your mind when you don’t. 

Our insurance policies are sure to ease any worries you have about the future without putting a strain on your life.

Michael Dunbar Insurance, we are proven specialists in a wide range of coverage options including:

If you or a loved one has recently been diagnosed with a terminal or potentially terminally illness such as cancer, or if you need affordable insurance, get in touch with the professional team at Michael Dunbar Insurance today. 

Our knowledgeable professionals are here to guide you through your coverage options and help you every step of the way. We believe every insurance company should be tirelessly dedicated to their client’s well-being and individual needs; Unfortunately, that is rarely the case. 

It is what makes Michael Dunbar Insurance the go-to insurance company in New Orleans.

Michael Dunbar

Michael Dunbar

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Michael Dunbar Insurance is a trusted insurance company in New Orleans that works with the insurance products that directly affect people.

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Michael Dunbar Insurance is a trusted insurance company in New Orleans that works with the insurance products that directly affect people.

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