Please no judgement here. Need advice. My daughter’s father is 40, has issues w alcoholism. He’s not paying child support anymore. Not working. Been hospitalized for alcohol related issues over last year 3 times. I want to talk to him about taking a life insurance policy for our daughter so he can leave her with something if he dies. I’ll pay the premium for her. However I know a medical exam one won’t fly. Is there any other option out there? I truly hope he gets and stays sober. If he does I know he will live a long life. I just want my daughter to have something if he does not make it through this over the next 20 years.
We can get him a guranteed issue one once he is 50 and an accidental death one now, only two options for his situation.
There might be some options, but they usually come with a two-year waiting period. If something happens to him during that time, you’d likely only get back the premiums you paid.
Make sure you have enough coverage for yourself and a will with a trusted guardian named. Otherwise, he could get custody if something happens to you.
Some type of guaranteed issue coverage isn’t all that he’ll qualify for and you’ll need his signature on the application.
As others have mentioned, those policies have a two year waiting period until the full benefit is paid. That type of insurance is also very expensive.
Wait for one year. Make sure he is not hospitalized in that one year. Try to get term insurance one year from now.
It’s going to be quite difficult with 3 hospitalizations in the last 12 months. Try American Income Life. They are fast.