Life Insurance For Terminal Illness in Texas
Reader’s Question:
A friend here in Texas is terminally ill, but insists on getting life insurance coverage, any luck that she will get one?
George
Tyler, TX
Although it would be a bit challenging, your friend would probably be able to find a life insurance provider who will be able to sell her life insurance coverage there in Texas. The real question is if your friend would be willing to put up with the amount of life insurance premiums she would have to pay (and it won’t be cheap). Fact is, very few would be willing to take the obvious coverage risk that your friend represents since the provider would know for sure that she is about to go away soon.
You can employ the expertise of an experienced and knowledgeable life insurance broker to help your friend locate or negotiate fairly competitive rates for her situation, but again it would still be a case-to-case basis. She could be facing premiums ranging from hundreds to even thousands of dollars depending on how long she still have left and the severity of her illness. Some policies would also have a clause where you can only collect the full death benefits after a couple or so years into the policy, and if the insured passes away sooner than that then the only thing beneficiaries would receive are the paid premiums themselves. It’s best to get a professional broker to get all the available options for you and hopefully, she can get a life insurance policy that would work for her needs.