Is it possible to get life insurance on a 70 year old male in poor health?

Question

I would like to get life insurance on a male family member in poor healt. He has diabetes & heart trouble. Is it possible to get someone at that age insured for life insurance? I would like to get some true answers before asking an agent.

Answer 1

you could try Globe Life.  i'm not sure what age they issue up to, but they state that there is no medical underwriting.

http://www.globeontheweb.com/

Answer 2

Yes, but you're going to pay face value, or even more.  

In other words, if you want $10,000 of coverage, it's going to cost you $11,000.  Great for transferring money to avoid estate taxes.  Pointless for just about anything else.

The odds will ALWAYS be in favor of the insurance company.  You're not going to be able to buy a $10,000 for $100 a year or anything like that.

You'll need a HIGH RISK insurance agent.

Answer 3

There are a number of companies available that offer coverage to individuals with health issues such as diabetes and heart troubles.

Dont listen to others who say it will cost as much as the death benefit as they have no idea of how underwriting works.

Diabetes - Need to have control of it, regular checkups, and history of compliance with medications, nutrition, etc..

Heart - the exact type of heart issue will be overriding factor in determing the rate you pay.

Answer 4

Yes, it is available to age 80 with some companies with some conditions. As long as he is not in a nursing home or been diagnosed with a terminal illness, then you can purchase a modified life policy which has a 2 or 3 year waiting period, depending on the company you go with before proceeds will pay out.

I think it is a good idea if you don't have any savings or any other source of money because if the policyholder dies in the first 2 or 3 years, the beneficiary will get all premiums that have been paid to the company plus at least 10% interest. You can't get that much interest if you put the same amount in the bank each month, plus if it is an accidental death, then the policy pays before the waiting period. Good Luck.

Answer 5

Of course, the only way to get a "true answer" is to ask the RIGHT underwriter.  The short answer is yes, depending on his actual health history.  I could see this being slightly rated or declined, depending on his history AND the company he applies with.

When I worked with other agents, I turned some of their declined offers into a standard offer just by placing the person's risk with the right company.