Anyone watching certain TV channels are bombarded with the stupid commercials touting "final expenses" insurance for ONLY $9.95 PER MONTH.?ÿ NO HEALTH INFORMATION REQUIRED.?ÿ YOU CAN NOT BE DENIED.
I'm guessing the $9.95 gets you a $1000 policy, with limited pay for the first two years.?ÿ If you live another eight years and a few months, you will have paid in the full $1000.?ÿ After that, the longer you live, the more you donate to the insurance company.
Yes they aren??t giving life insurance policies to old people on death??s door without a lot of restrictions for 9.95/month.
Maybe I should cancel mine. ?ÿLOL
"IF YOU ARE BETWEEN 55 AND 80 YOU ARE ELIGIBLE"
Has anyone explored this or know a friend or relative who has??ÿ The best I can tell is you absolutely have to give them your name, address, etc. or they will not tell you anything.
ONLY $9.95 PER MONTH.
4 Burrito Supremes, Diarrhea, and a major complaint from your anal sphincter? ?????ÿ
I imagine that they got hit pretty hard with claims during the first year of Covid, but so did everybody else.
Insurance companies know they're going to have claims; that's the economic service they get paid for providing. More traditional policies use an underwriting process, checking medical records, physical exam, background check, to lessen the risk of excessive early claims that could bankrupt them. Over time the favorable (to the company) effect of underwriting wears off. People develop diseases, become crooks, take up drinking, etc. During my time in the industry, a prior dui or dwi was an automatic decline; a policy wouldn't be sold.
Given that underwriting wears off, is there a way to eliminate it altogether? Yes, and the product is guaranteed acceptance insurance. The company protects itself in a number of ways. The first is to charge a higher premium at every age because overall claims are sure to be higher at every age. Then they limit the benefit for some period, a year or two, governed by individual state laws. Other methods, such as low commissions to agents, are also employed.
In the end, it's an expensive product because it has an expensive benefit. Like all insurance, its value is determined by the date of death of the policyholder. If you can pass the underwriting for a small traditional policy, that's the way to go. If you have more than two years left on this earth and can't pass the underwriting, then guaranteed acceptance is valuable. If you have less than two years left, it's too late, but buy guaranteed acceptance policies from as many different companies as you can anyway. You may beat your doctor's odds.
One of our CEO's country club neighbors many years ago got the news that he had about 6 months before meeting St. Peter. He bought cars, boats, and other material assets that he could buy on credit and also bought the credit insurance. He lived for 3 months and added quite a bit to his estate at the cost 3 credit insurance payments.
Whatever the rules, there's always a way to come out ahead.
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For such a low amount I can just about imagine how hard they'll fight to not pay you.
@bstrand?ÿ
"But, I really am dead.?ÿ Read my obituary."
