Are people able to get life insurance if they’re about to die?

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Asked September 20, 2013

1 Answer


In order to prevent someone who found out they had a terminal disease from taking out absurd amounts of life insurance, insurance companies had to implement a waiting period before the policy became active. This gives the insurance company an opportunity to collect a minimal amount of premiums and prevents someone who is about to die from leaving a legacy by taking out life insurance policies.

By using a waiting period to delay the policy, insurance companies are better able to weed out people who would abuse the system, and that means they can offer lower rates to everyone else. If anyone could take out a life insurance when they found out they were about to die, the premiums for a life insurance policy would go through the roof as insurance companies scrambled to establish a balance between premiums and payouts.

You might be allowed to take out a final expense insurance policy with a relatively short waiting period of around 30-90 days, but term and other permanent life policies would not accept you knowing that you were going to pass away, and most insurance companies have waiting periods of 6 month to a year.

Life insurance is not meant to be taken lightly or left for final business. It is designed for people who take their families and obligations seriously, and who plan for the unexpected, sometimes for many years.

Answered September 20, 2013 by Anonymous

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