Life Insurance For Terminally Ill

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.

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

Share Your Thoughts

About Us

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

Recent Posts

How Long Does An Employer Have To Provide Health Insurance After Termination?

Life Insurance For Terminally Ill

Health Insurance Quotes in Louisiana

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

Insurance

Quick Links

Location

July 16, 2020August 17, 2020

Health Insurance Quotes in Louisiana

Call: (985) 607-4949

Health Insurance Quotes in Louisiana

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.

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.