Q&A: Term life insurance vs whole life based on health conditions?
Term life insurance vs whole life based on health conditions?
If I know I’m to die soon which plan should I pick? Do they include health exam before you buy it?
Best answer:
Answer by Kerry
well if you’re ill to the point of almost passing, no carrier would write you
under either one. If the amount you’re wanting to write it for is substantial
then sure, med questionaire at least w/possible exam. any policy like that
would have to be in effect for one year before you passed or it wouldnt be
valid/they would however return the premiums paid to the estate, and not
pay the policy. very sticky when it comes to stuff like that.
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Standard life insurance companies get medical background on people before they issue the policy. If you have significant medical issues they will not write any type of policy. There are non-medical policies that are very expensive and have very limited pay out for the first few years. Even those are structured to avoid people trying to buy a policy after a serious diagnosis. In other words, it’s like any other type of insurance. You buy it before you think you need it.
If you know you are going to die sooner, then you should not pick any plan. Most of them do include a health exam, and will reject anyone who is going to die soon. The few plans that will accept someone who is going to die soon are even worse: they do not pay if you die soon; they only pay if you live at least two years after you get the insurance, and then you die, not if you die soon.
If you know you’re going to die soon then you can’t buy it.