How I was able to help a client with COPD and cancer get life insurance coverage? (It is possible)
This is a case review that I had this week, I thought you might find interesting. It involves a situation that is all too common. A male client, 62 years old, unable to work do to some health issues including COPD and an active cancer diagnosis.
Unfortunately, this person was in the position of not having any life insurance coverage in place, nor any significant savings, living on a fixed income.
You might be thinking that life insurance is the last thing this person should be purchasing, however, he had a son that is out of work, trying to raise a family and DID NOT WANT TO BURDEN his son, who would be put into a difficult position when his Dad passes away.
Here is what I did after I sat down with the client for a free consultation.
I asked some questions to get clarity, including if he wanted to be cremated or buried. He mentioned cremation, which can cost $1000-$2500 here in the East Valley.
The client did not have much extra money to devote to a life insurance plan, but wanted something in place.
I also asked about his other expenses, including auto insurance, credit card debt and health insurance. I found out his auto coverage included a low deductible, and after review, we found he could raise his deductible and free up $25.00 per month. (He had never considered doing that before, and drove only 1-2 times per week).
The idea was to cover the cremation expenses, not leave money behind, but since there is no idea when that might be, I opted for a $6000 policy, which would cover a cremation or a majority of it, even at a future time considering inflation.
Drum roll... the policy premium ended up being just $44.50 per month for a $6000 policy, the carrier I chose ACCEPTS people with cancer and COPD. After the found money I was able to save him, the net cost ended up roughly $19.00 per month. Not bad, and puts him in a much better position than he was in before.
The policy builds cash value over time, after the policy has been in force, and offers a safety net in case he needed funds to cover a premium payment etc.
More can be addressed in the future, including recommendation on how to handle Medicare, and/or Medicaid if he qualifies.
If you feel like getting in touch with me, contact me at the links above or below, I would be glad to help you out.