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.
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We can get him a guranteed issue one once he is 50 and an accidental death one now, only two options for his situation.
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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.
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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.
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Wait for one year. Make sure he is not hospitalized in that one year. Try to get term insurance one year from now.
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It’s going to be quite difficult with 3 hospitalizations in the last 12 months. Try American Income Life. They are fast.