Wife wants life insurance for husband that refuses physical and he's 75 years old

Question

I am writing this on behalf of my mother. My parents are still married (she is in her early 50's) and my dad is 75. She already has 90K universal life on her husband through metlife, and was told that without a physical they would only be able to increase it maybe 10k. My father REFUSES a physical and just seems bitter about helping her with obtain life insurance so there is no way in convincing him otherwise. What would you recommend as far as companies? He is still in good health. She is looking for a company with the max she could get for life insurance. She is self employed.

ALso she has insurance on herself for 90k too. (but most likely she will outlive my father since she is older than him) but she is now realizing that the policy amount is very little.

Answer 1

We offer a guaranteed issue policy that doesn't require a physical or anything.  It cost considerably more than a standard whole life policy. I don't know where you are at in the country, but get in contact with me and I will give you the number of the closest office to you. email me at [e-mail] , let me know the town you are in and I'll get you a number. If there's any way to talk him into the medical exam and he is in good health, it will save a lot of money.

Answer 2

I would recommend she looks at alternatives to life insurance, to finance her future.  You can't take out life insurance on someone against their wishes - and refusing to take a physical will disqualify them.

Also, she's probably not going to want to afford the premiums, for a serious amount of coverage on someone who's 75 years old.  IF he was perfectly healthy, I'd GUESS, she's looking at thousands a month, for a million dollar policy.  Insurance companies are going to base the rates on how long they think he'll live.  

Answer 3

Look for a non-medical policy. You're going to pay a little bit more, but it will accomplish what you are asking.  

Answer 4

National Life insurance company in Vermont.  It's a 155 year old company.  This company offers insurance as well as Living Benefits - meaning the owner can take money from the coverage amount if the person is terminally ill, chronically ill, and critically ill.  There is no up front cost to these universal life policies.  

If I were you I would try and find out why he is bitter.  He may not see the reason for the insurance - or had a bad experience.  

the website is nationallife.com

Good luck,

VP

Answer 5

The purpose of life insurance should be for loss of income of the deceased.  If he is 75, what pension/income would she lose (not inherit) if he passed away?  It kind of sounds like she wants to benefit from his death.  Someone pushing you to get life insurance would make you question their intentions.

Answer 6

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