Is It Too Late To Get Life Insurance

McKneff

I can understand your stress, he's your dad. And of course, the whole family will be worried sick.

I know about thinking the worst, but try not to till he gets a diagnosis. Obviously he is going to get a little worse because if they havent got a diagnose, they cant treat him. As soon as they do and can treat him, he will get better all the time.
Fingers crossed its a speedy recovery, by the way, how old is he.

-MRS_T-

McKneff wrote: »

I can understand your stress, he's your dad. And of course, the whole family will be worried sick.

I know about thinking the worst, but try not to till he gets a diagnosis. Obviously he is going to get a little worse because if they havent got a diagnose, they cant treat him. As soon as they do and can treat him, he will get better all the time.
Fingers crossed its a speedy recovery, by the way, how old is he.

I really hope you are right. He is 57

Looksguywalker

Is there no one else in the family that can 'do' what he does to continue his business?

OshayAway

It may sound obvious but the process of applying for life cover involves underwriting which is the means of assessing the 'risk' to the insurer. As with most insurance, the higher the risk, the higher the premium. In order to achieve that, the company will want to gain medical evidence, by various means, to establish what that risk is.

If a premium of few £s per month results in a payout of, say £200,000, it's reasonable and understandable why these processes exist. The exception to this is moratorium based policies like over 50s plans which have very little if any underwriting at application, but wont pay anything in the first 2 years (for example) and pre-existing conditions may also be excluded for a period of time.

I'm no medical expert but hopefully, once the hospital know what they are dealing with, they can start to treat it. The liver is a very resilient organ.

missile

You might like to check the mortgage T&Cs. It may be paid off in the event of your dad's death.

OshayAway

hmenon wrote: »

It's not to late you can check insurance plans online also by using buyonline.aegonreligare.com.

Great recommendation from a spammer who can't spell the word 'too'.

lisyloo

Does your Dad have any private pensions at all?
Usually private pensions pay a lump sum and/or a pension to dependents in the case of death before retirement.
If he's 57 and self-employed then maybe he has something in the form of a private pension?
I am pretty sure that pensions do not pay out on illness unless it's terminal with less than 12 months to go.

Is there an endowment policy with the mortgage? - that usually has an element of life insurance.

It is too late to start new policies.
It's a bit like a coat or umbrella - you need to have it with you already before it starts raining.

Perhaps the mortgage company did set something up and hopefully he had some financial plans for his retirement although that won't help with long term incapacity.

I would suggest your best bet right now is to check mortgage and pensions.
He may not be aware of all the features. Many people aren't.