You can get life insurance if you are terminally ill if you reside in a state that offers guaranteed issue life insurance plans and if you fit the age requirements (most have a minimum age requirement of age 40 to 45, or higher).
These guaranteed approval life insurance policies will normally pay 100% of the death benefit from day one you are insured for accidental death, but for death due to illness they pay a "graded" death benefit amount the first 2 to 3 years. After that period of time, you have full coverage for all covered causes of death.
There are a few guaranteed issue life insurance plans available that have no health questions required when you apply for your policy.
The problem with guaranteed issue plans would be your life expectancy.
Guaranteed Issue plans will only pay a limited amount, either a percentage of the full death benefit or a return of premium already paid, plus interest, for the first two or three years you are insured by the policy.
If your life expectancy is less than two or three years, it may not be to your advantage to take out a guaranteed acceptance life insurance policy.
These guaranteed approval life insurance policies will normally pay 100% of the death benefit from day one you are insured for accidental death, but for death due to illness they pay a "graded" death benefit amount the first 2 to 3 years. After that period of time, you have full coverage for all covered causes of death.
There are a few guaranteed issue life insurance plans available that have no health questions required when you apply for your policy.
The problem with guaranteed issue plans would be your life expectancy.
Guaranteed Issue plans will only pay a limited amount, either a percentage of the full death benefit or a return of premium already paid, plus interest, for the first two or three years you are insured by the policy.
If your life expectancy is less than two or three years, it may not be to your advantage to take out a guaranteed acceptance life insurance policy.
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