53 years old & can't get burial insurance. Too high of a risk. LOL!!
Actually I sort of can. The insurance company just won't pay out if I die during the first two years of the term policy. They'll refund whatever I paid up to that point in premiums. If I make it past the two year mark, then the policy is in full force for the remaining 8 years of the term.
Am on SSDI and was looking for ways to reduce costs. I'm currently paying $107.00 a month for a $125,000.00 term policy which is good till 2018. So this morning I was checking on line for a smaller policy that was much cheaper. Globe Life rejected me right off after I answered a few medical questions. I went to another site and entered a bunch of info and soon I got a call from one of the insurance companies listed as being possible. He could offer a $10k policy for something in the $30 a month range but they wouldn't pay out in the first two years and would just refund the premiums I had payed during that time. The offer was a tentative one though as he said it'd take a week at least to review my medical history. Well, that wouldn't save me any money at all. I'd be paying another 30 some dollars a month on top of what I'm paying now for the next two years. Then I could cancel my first policy.
Not long after that, I got a call from another agent from another company and he could offer a 15k policy for in the $50 a month range but with the same stipulations as the first offer I got. Then he told me that he was a Christian first and an insurance salesman second and advised me not to cancel my first policy and not buy another one at this time. He said that no insurance company will ever offer me a policy such as I have now for that much coverage and for that cost ever again. The best thing I could do was to keep my current policy and two years before the term is up, in 2016, then apply for basic burial insurance so that will be in full force by the time my first policy expires 2018.
So, I can't save any money at all right now unless I just go without any insurance at all or just have a policy that wont pay out in the first 2 years and hope I don't die during that time.
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