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You can also contact your state’s Insurance Commissioner for help locating an agent.

A search of the internet can turn up agents in your area who understand this type of coverage. Not all agents specialize in terminal policies it is best to deal with one who is familiar with these plans, so that you know you are getting the best deal possible. The most important thing to do is find an agent with a good working knowledge of the industry, and who can find good policies at reasonable prices for people in this situation.

The term “terminal illness” is sometimes misunderstood a terminal illness means the disease will eventually cause death, but it does not necessarily mean the death will be soon.įor this reason, people with certain “terminal” diseases are still considered insurable. There are other forms of “straight” life insurance that are sometimes available to people who are suffering from a disease considered “terminal,” but of course the premiums for these plans will be higher than for healthy people. However, for a person faced with a terminal illness and a family to provide for, this might be a risk worth taking. As with all insurance, there is some risk involved on the part of both the insured and the insurance company. Of course, if the person dies after the two-year period expires, the company will pay far more out than they took in for premium payments. If someone with a terminal illness dies within the first two years of the policy, the insurance company is not really out of pocket, as they have held the premiums during that time and will simply refund them. The reason companies are willing to offer graded policies is, to be honest, a gamble. They are normally limited to $10,000 to $50,000 of face value, as well, although some policies allow higher benefit levels, or may allow you to purchase more than one graded policy, either from the same or another company. Graded policies are, on the whole, going to be much more expensive than regular life insurance. The premium price will depend on the person’s age, the type of disease in question, the advancement of the disease, and other health factors. Of course, graded policies are not priced in the same way as regular insurance policies. How much is a Graded Life Insurance Policy? The money spent on the premiums is guaranteed to be returned, so it is a good way to invest money for your family’s future. With a graded policy, even terminally ill patients can rest assured that their loved ones will receive some type of benefit. In such a situation, the person’s thoughts naturally turn to loved ones and what will happen to them after the person is gone. This can be a good investment for someone faced with a terminal disease who does not know if he or she will survive for an extended period of time.

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If the insured survives the first two years of the policy, the full face value is paid upon death.

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If the insured dies within the first two years that the policy is in force, the beneficiaries receive a refund of the premiums, plus some interest. During the first two years of the policy, the premiums increase gradually, then level off. You may not be able to get a “regular” life insurance policy which requires a medical exam, but there are special policies designed for these situations which are available to benefit the families of terminally ill patients.Ī “graded” life insurance policy is a whole-life product that begins with a set premium that increases over time. The surprising answer is that you can get life insurance when you are terminally ill.