The expenses incurred upon a person’s passing can be overwhelming and typically beyond the average family’s means without experiencing financial strain. This is why many opt for life insurance. It can cover the cost of the funeral and burial (or cremation), with leftover funds to settle debts, maintain livelihood, etc. Most individuals secure life insurance well in advance of their passing, but what if a person is terminally ill and then attempts to purchase life insurance?
Available with Limitations
It is possible to purchase life insurance for a terminally ill loved one, but there are limitations. Key factors to consider include:
- Lower Coverage Amounts
- Higher premiums
- Applicable Waiting Periods
- Limited policy availability
Finding a Life Insurance Provider
Finding the desired life insurance policy for a terminally ill loved one may prove challenging, but it is still feasible. Before settling on a specific policy, conduct thorough research. Consider policies like Guaranteed Payout life and group life insurance. Do not hesitate to ask questions when researching various companies and the policies they offer.
If you are an Overland Park, KS resident, consider Fortress Insurance Agency. We pride ourselves on stellar customer service and coverage options. Providing coverage for the Overland Park, KS area, and beyond, we are pleased to welcome new members. Feel free to give us a call. We can answer all your life insurance-related questions and more.
