My mom has an epic crap ton of preexisting conditions/health issues. What are her options as far as life insurance goes?

[scotsgrl]

To say my mom has preexisting conditions is like saying there's a little bit of water in the ocean. I asked her some of her conditions were today and she named like 7 and that wasn't even close to being all of them. She's been in a coma for 6 days, she's had open heart surgery, she had stints put in, she just found out today she has serious lung issues and will have to use a nebulizer occasionally. She has type 2 diabetes and has had it for many many years. She's extremely over weight. She has turner's sydrome, she doesn't have it as bad as some people but she definitely has it still. The list goes on, there's all kinds of stuff I'm missing I just can't keep track of it all. Her pill box or meds she takes looks like a CVS.

She is just wanting to know if she has any choices whatsoever when it comes to life insurance because she recently started getting disability and she's getting $1400 so she has a good bit of money now when combined with my stepdad's income because he works full time. And they live in an extremely poor and low cost of living city in the U.S.

Does she have any options at all for life insurance? I've heard people mention guaranteed issue and final expense. Could she even get those?

 

[sssssavior4everrr]

@scotsgrl OP, please dont work with someone on this sub soliciting you for your business. It's against the rules of this sub. If they can't even abide by the basics of this subs rules, do you really want to put your mother's life insurance policy in their hands? I would not.

Most are right in saying that your mother could get a guarantee issue final expense policy. You will want to go over the details of how much coverage she needs as well as a budget that is affordable. Guaranteed issues is more expensive than traditional whole life policies. There is also typically a 2 year waiting period where, if your mother dies of natural causes, the only thing paid back is the premiums paid in plus an interest of around 10%. So if you pay in $2000 over the course of 18 months and your mother passes away from natural causes, you get the $2000 back and a bonus $200. It's not much, but in your mother's case, it's likely the best she can get.

If your mother dies due to an accident (like a car accident, falling off the roof, etc) the policy amount would still be paid in full even within the first 2 years.

These policies are great for people like your mother in poor health, and I'd highly recommend you purchase it sooner rather than later.

If you have any questions feel free to ask them in the comments, I'll be happy to help you out as much as I can.

 

[scotsgrl]

@sssssavior4everrr I agree, i'm not gonna talk to anyone soliciting on this subreddit.

But thanks though! Yeah i think it would be super worth it for her to get a final expensive policy. But ultimately it will be her decision if she wants one, and how much she wants to pay for one.

I just wanna do all my research i can for her, educate myself and her as much as i can, and then the rest is on her.

 

[sssssavior4everrr]

@scotsgrl Good plan, but also consider the idea she may not want to/be able to afford to pay for a policy herself. You may want to consider paying for it on your own, especially if you will be the one responsible for taking care of her final expenses when that time comes. You can own and pay for the policy on her. It would be wise to consider this option if she can't/won't pay for herself and you are the one responsible for paying the funeral home, for cremation/burial, final hospital bills, and other services. Just keep in mind that it is an option to do that.

If you have any specific questions I'm always happy to help. Best of luck, OP.

 

[scotsgrl]

@sssssavior4everrr She seems extremely interested in paying for a plan, even if it's a cheap one. I'm not giving her any advice on how much she should put in or even if she should even get a plan or not. I just told her I'd do all the research I can for on as many options as I find for her and then it's up to her whether she wants to do it at all or not. And what option she chooses.

I have no money at all right now because I am disabled also, and waiting for disability myself. She just got hers and we have the same disability lawyer, so i'm hoping i will get mine soon also.

Also she is gonna have it put in writing that she doesn't want a funeral or service of any kind. She just wants to be cremated and that's it.

 

[sssssavior4everrr]

@scotsgrl Gotcha, a small policy of 5k or so should cover the costs of a cremation only with no services, these prices can vary depending on where you live, but 5k should be enough to cover it now and for inflation unless the prices where you live are just high. If that is the case, or she wants to leave money behind as a gift (or cover other expenses) she can of course add more coverage.

If she is on disability, due to her health she will likely need what is called a GIWL which is guaranteed issue whole life. I sell them all the time, because a lot of people looking for life insurance do so when they are worried they are going to die soon due to their health. It's a very normal thing to get GIWL. I will tell you now, there is typically a 2 year "waiting period" where if the policyholder dies from natural causes within the first 2 years, the beneficiary gets all the premium (payments) paid back to them plus an interest amount of around 10%. Typically, if someone dies due to an accident within those first 2 years, they get paid out the full policy amount. These policies are also a bit more expensive than regular whole life policies, because they have virtually no medical underwriting involved - not even basic health questions.

As for her having it in writing that this is what she wants, that is good. Very few families talk about their final wishes and it ends up a fight between the living relatives of what to do, and financially it's also a big burden especially if there is no life insurance or not enough. I'm glad she is getting this taken care of, she clearly cares about you a lot!

 

[kristen_123443]

@scotsgrl Gerber Life guaranteed issue

 

[wenura]

@scotsgrl My company has a guarantee issue policy. It’s 10k or 15k option. If you pass away during the first two years due to medical issues it’s is premium plus interest back. Accident it’s full death benefit. It’s not the cheapest but an option.

 

[scotsgrl]

@wenura If it through a different company or specifically only people who work for your company can get it?

As stated in my OP my mom is extremely disabled, can't work, and never will be able to work again.

She's not in PA but she's close to PA, she's in WV.