Terminal Illness: Are You Eligible for Life Insurance?

Now, you’ve received news that you are terminally ill and you’ve found yourself regretting that you never purchased life insurance.

If you’ve been diagnosed with a terminal illness, you might be looking into life insurance as a protective financial measure for your loved ones. Perhaps you considered an investment of life insurance as part of your long-term financial planning, but simply never got around to it. Now, you’ve received news that you are terminally ill and you’ve found yourself regretting that you never purchased life insurance. What choices do you have at this stage of your diagnosis? Unfortunately, your terminal illness diagnosis will likely prevent an insurance company from being able to ethically administer most life insurance plans to you, but not all hope is lost. There are a few life insurance policies that Malden Solutions can help you navigate to determine whether you’re viable for them or not. 

Term Life Insurance 

Unfortunately, as an individual with a terminal illness, Term Life Insurance isn’t an available option for you. This specific form of insurance is typically solely available to younger, healthy individuals that have been assessed for risk by an insurance company following extensive blood work and health check ups. For individuals at a high risk for death, you will be denied from receiving this particular insurance, since it’s meant to protect individuals from unforeseen death that were otherwise healthy.

Permanent Guaranteed Issue Life Insurance

Guaranteed Issue Life Insurance is an option for individuals with a terminal illness because it usually does not involve undergoing bloodwork or an extensive health questionnaire from your insurance company. On the flipside, this option can be costly in comparison to Term Life Insurance. This is due to the fact that your health status isn’t necessary to be disclosed and it’s an insurance policy available to all individuals rather than simply individuals in good health. A benefit to this life insurance policy? Your family may potentially receive money to help pay for your final expenses. 

Consider Supplemental Benefits

Not interested in paying the high premiums of a Guaranteed Issue Life Insurance? Reach out to Malden Solutions to discuss your eligibility to receive supplemental benefits that may help offset the financial costs associated with your terminal illness. Some of our supplemental benefits include Critical Illness, Hospital Indemnity, Specified Disease, and Long Term Care Insurance. We can help you strategically navigate your terminal illness in a way that helps your family financially. Contact Malden Solutions today!

Partner with Malden Solutions Today

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business.  Stay connected with us on Twitter, Facebook, and Linkedin.

This entry was posted on Friday, April 23rd, 2021 at 9:22 am. Both comments and pings are currently closed.