health insurance terms for dummies

life insurance for dummies question?

i want to get a life insurance policy on my father. Is that possible? Also i want to get the no health exam policy but i’m not sure how this works. what is the average cost per month. i know mine would vary i just want to know if it’s hundreds or under a hundred. Also how does life insurance work. do you buy a policy and then when they person dies they just mail you a check or can the policy just lapse. is there a policy to cover his whole life and which is better term or permanent. i have no idea so can someone explain this to me as if i were 5.

Hi REM

It is possible to get life insurance on your father if he consents to it.

A no health exam policy should be available. But there will still be some basic medical questions (that could increase rates or lead to a decline in coverage). And if he is over 80 there will be less companies willing to offer coverage. I can’t comment on rates as there is too much I don’t know about the situation.

When you have a life insurance policy on someone and that person dies, the beneficiary has to send a death certificate along with a claim form to the insurance company. In most cases a cheque will be prepared within a couple of weeks. In some cases the insurer might investigate the situation to see if there was any fraud in the application (especially if the person dies weeks after buying the policy).

Permanent insurance generally covers his whole life. One version of permanent insurance is whole life insurance.

I would recommend that you call a local insurance broker who can sit down with you and explain it to you.