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Life insurance do you get it no matter if the person dies soon after they buy the insurance?

or you have to wait a certain amount of time? im not asking so I can kill someone or anything just wondering to get my grandma life insurance as she has none. what about Globe Life insurance does anyone know their policy?

Public Comments

1. Life insurance on grandma is going to be extremely expensive. Article after article just states to put this money away in a savings account instead Globe life is not a good one - it's advertised to subprime people - not the best by far Again, this life insurance (if the amount is worth anything) will easily costs 10's of thousands a year on granny A person does not need life insurance, if they don't have dependents that cannot live without her income. The savings account should pay for her funeral
2. Most policies have a provision where they pay out limited or no benefits for the first 6 months to a year.
3. Why would you buy life insurance on her? Do you depend on her income? Life insurance is there to replace income for the family, not to give you a prize when grandma dies.
4. No, you don't get it "no matter what". Globe Life typically issues a "no medical exam" policy, and because most of the people that buy it have stuff wrong, it has a condition in it, that in order to qualify for the death benefit, you have to live at least two full years after the policy goes into effect. If you die before those two years are up, you get your premiums refunded, but that's it. You can't get grandma life insurance without her permission.
5. You never get a payout "no matter what" If the policy requires a medical exam, and grandma is perfectly healthy,then she is insured as soon as the policy is issued (2-8 weeks, depending on underwriting). If she has a medical condition, she may get an exclusion. (Example: for a heart patient, the policy will usually pay for death due to anything but a heart attack) If the policy you are applying for requires no medical exam, it will have a waiting period of 6 months to 2 years. That means that if grandma dies anytime during that waiting period, the policy will not pay unless she dies due to an accident.
6. With the guaranteed issue insurance that has no medical exam or health questions and is often advertised on television, you do not get the money unless the person lives for at least two years after you get the policy. If the person dies sooner than two years, you do not get the money. With the better, unadvertised life insurance that requires a medical exam and health questions, you get it if the person dies right away from natural causes (disease, heart attack, etc.) or is mudered (by someone other than you). If the person commits suicide in the first two years, then you do not get it.
7. I'm not sure what articles she's reading, but life insurance makes more sense than a savings account to pay for a funeral. If the life insurance cost $100 per month and she died three months later, then you're going to have a hard time burying her with the $300 you'd have in the savings account. Call a life insurance broker so you can get good coverage. Some of those policies don't pay out for the first three years.
8. Globe Life has a simplified issue product that has no medical exam requirement. If she can answer all 5 health questions she may qualify for the coverage. Because no medical exam is required simplified issue policies are always going to be more expensive than a traditional insurance policy. You don't mention how old grandma is, after all grandma could be 55 or 60. If so, and she is in good health, she might be able to qualify for much less expensive coverage. Best thing to do is to discuss the situation with the agent that writes your other insurance. He/she can explore the alternatives that might be available.