Is it possible to get life insurance for a terminally ill parent?

Life insurance is regarded as a necessity for everyone, even those with preexisting conditions, or terminal illnesses. The problem that you may face in this situation is that the risk of insuring a terminally ill parent is much higher, and that translates into having to pay higher premiums or even resorting to limited life insurance policy choices. Your4 first place to look is right here on this website, getting a free online life insurance quote. But before you get the free quote, you should consider the type of policy you will be able to get.

Because of the known risk of your parent passing away, most traditional insurance companies may shy away from underwriting a permanent life insurance policy. Those that will provide coverage are going to place your parent in a very high risk category. For you, this means that you are going to pay a great deal more than for a healthy parent if you can find a company to underwrite a while life policy at all.

Purchasing a permanent life insurance policy for a terminally ill parent may limit your choice to what is known as final expense insurance. This type of coverage typically has affordable rates and will accept most applicants. The downside of a final expense policy is that it is usually limited in value, and pays directly to a funeral director rather than paying out to various named beneficiaries.
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You may be able to get a term life insurance policy for a terminally ill parent. Depending on the length of the policy and the life expectancy of your parent, such a policy may not be affected by the illness at all. The problem you are going to have to deal with is life expectancy, because insurance companies are not going to want to issue a policy that has a guaranteed payout within the term of the policy.