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Are you interested in getting life insurance on a brother or sister?
Do you wonder what the process is for applying and getting approval for life insurance or burial insurance on your sibling?
If so, you’re at the right website!
Let’s jump right and and teach you…
How to get life or burial insurance on your siblings
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on how to buy life insurance for siblings. Enjoy!
- Can You Get Life Insurance On Siblings?
- Why Get Life Insurance On Brothers And Sisters?
- Insured’s Consent And HIPAA
- Rules On Taking Out Coverage Without Consent
- Putting Siblings On Your Existing Policy
- Best Life Insurance For Siblings
- Companies & Rates
- How To Buy Life Insurance For Siblings
- Final Steps
Can You Get Life Insurance On Your Siblings?
The short answer is… YES!
Here’s the good news…
Many life insurance companies allow brothers and sisters to pay their sibling’s life insurance
HOWEVER… there are potential obstacles to overcome BEFORE you buy life insurance coverage on them.
Thankfully, with prior preparation, these landmines won’t cause much fuss.
My goal is to discuss these concerns so you know EXACTLY what to do to get life insurance on your brother or sister. And have the knowledge of what type of life insurance plan is BEST for what you’re looking to accomplish.
…Because not all life insurance is the same. And some policies can cause HUGE problems if you don’t catch the “fine print.”
Of course, that’s why I do what I do!
And the best way to get started in figuring out WHAT kind of life insurance is best for your siblings is to ask the following question…
Why Do People Buy Life Insurance On Their Brothers And Sisters?
Thankfully, this isn’t a complicated question.
It really comes down to one common reason.
People buy life and burial insurance for their brother or sister because they aren’t doing well financially.
Has your sibling gone through tough financial times?
Has your brother or sister got hurt and is now living off of a meager disability check?
Maybe your sibling is the “black sheep” in the family. You love him, but know him well enough that he is unprepared for this kind of thing, and responsibility will fall upon you if something bad happens.
Perhaps you’ve been blessed in life! You feel duty to taking care of your beloved siblings. You want to help your family when they need it.
It’s all about family!
This is a PERFECTLY acceptable reason to buy life insurance on a sibling.
Many folks who are doing well in life concern themselves with siblings that aren’t doing very well in life.
And if the sibling passes away, you may think the responsibility of paying for the funeral will fall upon you.
Trust me… funerals are expensive!
Do you know the average burial service according to the National Funeral Directors Association in 2018 cost approximately $8800?
And that’s “average.” It’s common nowadays for funerals to easily exceed $10,000… even $15,000… in total cost. Yikes!
While you may do well financially, let me ask you this…
Would coming up with 10,000, $15,000, even $20,000 to bury your brother or sister “sting,” just a little?
That REAL potential of an uncomfortable sting is motivation for many to get their sibling insured with life insurance.
That way, you don’t have to dip into emergency savings or your retirement plan to pay your siblings’ final expenses.
Instead, life insurance allows significant amounts of coverage on an affordable monthly basis.
Insuring your sibling is also about protecting your nieces and nephews.
If your brother or sister passed away, would you feel an obligation towards helping your nieces and nephews?
If so, life insurance works well in not only paying final expenses, but also replacing income, too.
A life insurance payout can replace your deceased sibling’s income for multiples. This gives your nieces and nephews financial breathing room so they can get back on their feet.
Returning the blessing
They worked hard the achieve what they’ve earned!
My guess is you’re in the same boat.
You’ve sacrificed much to get to where you are today. You’re proud of what you’ve accomplished and feel an obligation to pay it back to those in your life who helped along the way.
Many who are blessed naturally want to return the blessing.
And insuring your sibling is the perfect way to express your blessing.
Great reasons to insure your siblings
These concepts are great reasons why people like you buy life or burial insurance on a brother or sister.
Simply put, getting life insurance is an act of love.
Why? Because we don’t want our loved ones to suffer.
We don’t want them to shoulder unnecessary burdens.
Insured’s Consent And HIPAA
Now that we have a better idea of WHY getting life insurance on a sibling is a good idea…
Let’s shift gears and discuss some of the potential obstacles you’ll face.
The first challenge is gaining consent from your brother or sister to take out life insurance on them.
You see, all life insurance companies require two things to insure an applicant:
- Personal consent of the applicant, and
- Access to medical records (there are some that DON’T. We’ll talk more about this later)
Let’s talk about HIPAA to begin.
HIPAA stands for Health Insurance Portability and Accountability Act.
In short, HIPAA requires personal consent from the insured or power of attorney for entity to access the applicant’s life insurance records.
What does this mean?
Even if you are 100% on board buying life insurance on a loved one, you STILL require written consent from the insured.
Bottom line is this… You do NOT want to run foul of the HIPAA law!
For example, the first time you work with a new doctor, they require your written permission to access your medical records.
He CANNOT request those records without your consent or authorization.
Think about it. Do you want some stranger getting your personal health history willy nilly WITHOUT your permission?
Of course not!
And even though you are related, the same rule applies when you’re applying for life insurance on a sibling.
Here’s the thing…
In almost all cases, insurance companies request medical records when someone applies for life insurance. Without checking health history, most insurance companies do not have the confidence to grant life insurance approval on an applicant, therefore he is declined for coverage.
Exception – power of attorney
The only exception is if you have power of attorney on your loved ones. Some insurance companies allow you to sign when you submit proof of power attorney.
There are limitations though.
My experience with clients that have power of attorney on a brother or sister is that the sibling’s health is pretty bad off.
And while this does NOT mean there are NO options for coverage, and does mean your options slightly change.
Can I take out coverage on a sibling without him or her knowing?
Maybe your sibling lives life in the fast lane.
Maybe they’re involved in drugs… live a lifestyle of debauchery… and doesn’t take good care of himself.
You’re flat-out WORRIED that something happening to him unexpectedly.
In this case, do you STILL have to get expressed consent from your sibling to take out life insurance?
It’s easier than you think.
In my experience, most siblings are open-minded to getting life insurance coverage.
Not all of them aren’t. And the most bone-headed will think you’re trying to profit on their death.
So how do you change their minds if they resist?
Just be honest!
Have a sit down with your sibling. Explain why you want to get life insurance on them.
Explain that you LOVE him and want to ensure his final expenses are taken care of.
And tell him you’re worried that risk may fall on you personally, and it’s something you want to avoid.
If he grumbles, tell him there are endless stories of families torn apart because they argue over who pays for what when someone dies unexpectedly.
And taking out life insurance is the solution to this risk.
Of course, telling him you’ll pay for it, that it will cost him nothing, will help.
HONESTY IS THE BEST POLICY!
Nothing beats honesty!
He may still not like the idea, but with enough effort, you can change his mind.
The key is to connect the cost of his death with the type of burden it would cause you and the family.
Many times if you can SHOW that you’re not trying to make money on him when he dies, he’ll be more likely to consent.
Then you’re off to the races!
What if my sibling is not close by to sign off on the life insurance policy?
Most life insurance plans only need recorded verbal consent or a digital signature
Worst case, we can mail your sibling paperwork to fill out and return.
Can You Put Your Sibling On Your Existing Life Insurance Plan?
The answer to this question is no.
Do you own life insurance through your job?
If so, that coverage is only good for immediate family members, like your spouse and children.
Do you own an individual life insurance policy?
Same for that. It only covers specific individuals within the immediate family.
And if your close with your sibling, life insurance companies require a separate life insurance application on him to determine insurability.
The bottom line is this…
Get consent, you’ve got options.
What Is The Best Life Insurance Policy For My Sibling?
Here’s the thing.
BEST is a subjective word.
That means “best” depends on each individual’s situation.
You must determine why you want coverage to determine what is best.
And there’s NO such thing as one type of policy being the best option across the board for everyone!
There’s a variety of life insurance products available. Some will make more sense to you that others.
And that GREATLY depends on WHY you’re buying life insurance for your sibling.
Final Expense Protection
One big reason to purchase life insurance on a sibling is to cover burial costs.
Burial costs are a permanent concern.
You don’t know when your brother or sister will to die. They may die tomorrow or in 50 years.
That’s why a final expense burial insurance policy makes sense.
It’s permanent protection, meaning it won’t cancel due to age or health. And in most cases, the premium will NEVER increase.
Protect your sibling’s home
Worried that your sibling’s family may lose the home if he passes away?
One great reason to purchase life insurance on a sibling is to eliminate his mortgage payment if he passes away before paying it off.
A mortgage is a temporary concern. Mortgages usually last 30 years or less.
Joint debt or business
Do you and your sibling have a mutual debt?
What happens if your brother or sister dies before paying it off?
Most likely that debt will land squarely on your shoulders.
In these situations, you may own a business partners, and have a loan you need covered, or are looking for a way to buy out one another if you jointly own a business together.
That could be a temporary concern or a permanent concern.
Here’s the bottom line…
LIFE INSURANCE = PROTECTION FOR YOU AND YOUR FAMILY
A life insurance policy provides a lump sum death benefit to the family of your sibling.
It protects his loved ones in times of financial strife.
Best Companies And Rates
Once you’ve decid why you need life insurance on your sibling, the next step is to determine what TYPE of coverage serves you best.
To an extent, which type of policy you’ll select depends on how healthy your brother or sister is.
Sibling is in good health
Let’s say your sibling is in really good health. No major health issues, maybe takes a high blood pressure pill. But nothing major.
Understanding that the ONLY way I can give you an accurate quote is through a conversation, let me describe the best-odds scenarios for life insurance coverage on your sibling in this case.
You Want Coverage To Pay For Final Expenses Like Funeral Costs
Are you interested in a smaller size life insurance policy to pay your sibling’s burial and final expenses?
A whole life insurance product works perfectly..
Dying is a permanent problem. No one gets out alive, after all!
There, it only makes sense to purchase life insurance to cover a sibling’s whole life, right?
A whole life insurance plan lasts your whole life.
Here are the benefits of whole life insurance.
Rates Never Increase.
With whole life insurance, your rates NEVER go up. You’ll NEVER get a price increase.
Literally, the first payment is identical to the LAST payment you make!
If you HATE life insurance premiums that increase, you’ll LOVE whole life insurance.
Can’t Be Cancelled Due To Age Or Health
Your sibling’s life isurance coverage CANNOT cancel due to age or health.
So no worries about him losing coverage at a later date, or if your sibling’s health goes south.
May Qualify For 1st Day Full Coverage
If medically approved, your sibling qualifies for first-day full natural and accidental death!
Unlike guaranteed acceptance life insurance policies made for those in bad shape, your brother sister is covered… FULLY… for the ENTIRE amount.
One thing I didn’t include here is how much coverage can you get? You can get as low as $1,000. You can get as high as $100,000 or more.
You Want Coverage To Pay Off A Debt
Are you more concerned about paying off your sibling’s debt like a mortgage if they pass away?
A term insurance plan makes a lot of sense.
It’s a way to get a lot of coverage for a little bit of money.
Plus, term life insurance costs less than whole life insurance.
Downside of term life insurance
Insurance companies purposely create term life policies to (a) cancel at their expiration date, or (b) increase substantially in price at a future date.
This is important to remember. Recall how important it is to match the right policy with the right goals.
And if your sibling’s debt won’t last forever if he lives long enough to pay it, then there’s nothing wrong considering a term life insurance policy.
Sibling is in OK health
What happens if your sibling is in OK health?
Maybe they have heart disease, diabetes, or some other chronic illness. Her health isn’t BAD… but it ain’t good, either.
Here are some ways to qualify for life or burial insurance, even if your sibling has health issues.
Simplified Issue Whole Life Insurance
One product that’s easier to qualify for is simplified issue whole life insurance.
What’s the biggest benefit that simplified issue whole life insurance offers?
SIMPLIFIED ISSUE IS MUCH EASIER TO GET!
First, simplified issue life insurance product do not require a medical exam.
Decisions on applications for life insurance are quick. Some companies offer same-day approval. Others take 1-2 weeks.
Much better than the old-fashioned life insurance that can take months!
For example, I approved a couple recently for a simplified issue whole life insurance policy.
Within 7 days, they not only were approved, they also had their policies on hand. That’s lickedy-split!
Why is simplified issue so much faster?
It’s because minimal underwriting is done.
Biggest Simplified Issue Insurance Benefit = Speed, Ease Of Issue
Life insurance companies with simplified issue products usually only look at your medical records on the MIB and check your prescriptions records to determine insurability.
This means if your sibling would end up declined with a traditional life insurance application that he’d have a higher chance getting approved with simplified issue whole life insurance.
Here’s a perfect example.
Let’s say your brother or sister had cancer 5 years ago.
Most simplified issue whole life insurance only looks at the last 2 or 3 years on cancer history.
Not only would she be approved, but she get preferred rates with many of my companies!
This is in contrast to fully underwritten life insurance. The company MAY insure your sibling… but only after a grueling physical and invasive Q&A from the life insurance underwriters.
And there’s no promise that the quoted price may stay the same. It may skyrocket, causing you to pay a much higher price.
And that’s if you’re sibling is not flat out declined to begin with.
Simplified Issue = Same Benefits As Whole Life
Simplified issue whole life never has rate increases, coverage never cancels due to age or health, and you may qualify for first-day full coverage.
Even with health history issues, too! Depending on your sibling’s health, there may exist a way to get full natural and accidental death coverage from the day he’s approved for coverage.
There’s also simplified issue TERM life insurance, too
If clearing your sibling’s debt or supporting his family is your concern, a non-med term insurance plan may be the way to go.
Like simplified issue whole life insurance, there’s no examination. Underwriting is relaxed compared to fully underwritten life insurance.
Keep in mind that simplified issue whole life is usually EASIER to qualify for than simplified issue term life.
Either way, if you’re interested in either plan, I’ll let you know the likelihood of your sibling qualifying.
Sibling is in REALLY bad health
What if your brother or sister is in REALLY bad shape?
Let’s say you’ve got a sibling cancer, or had recent cardiac problems.
Perhaps they’re disabled, and had to take an early retirement.
Is it impossible to get ANY kind of life insurance coverage on your sibling?
The good news is YES, you CAN get life insurance on your sibling… even if they are terminal or in VERY bad health.
Guaranteed Acceptance Life Insurance For Siblings
You may want to consider guaranteed acceptance life insurance for your sibling if his health is very poor.
This type of life insurance is easy to understand.
Guaranteed Acceptance = Special Simplified Issue Whole Life
Guaranteed acceptance life insurance is basically the MOST simplified, simplified issue whole life insurance.
First, rates never go up and coverage can’t cancel due to age your health.
You pay the premium, and your brother or sister has coverage.
No health questions asked.
The good news with guaranteed acceptance life insurance is that the application asks no health questions. Zero, nada!
However, all guaranteed acceptance policies require minimum two-year waiting period for full payment natural causes of death.
And some companies even make you wait three or four years before coverage is fully approved.
Either way, we at Buy Life Insurance For Burial treat guaranteed acceptance plans as a last-ditch effort.
If no other plan will accept your sibling, then we look at guaranteed issue coverage.
And naturally, until we speak, we can’t give an underwriting assessment without talking to you or your sibling first.
But I can tell you some people have been SHOCKED at what they can qualify for despite their health history.
This is why you should talk to me. Call me at 888-626-0439.
You can talk to me first, and then I can talk to your sibling to get an idea of what they’ll qualify for.
Cost for term life insurance on sibling
Let’s quickly take a look at some sample companies and rates for siblings in good, bad, and okay health.
$100,000 10-Year Term Life Insurance, 70 Year Old Male, Non-Smoker (GOOD HEALTH)
So what you’re looking at here is a 70-year-old male. So maybe this is an older brother, and you just want a 10 year term on them. Maybe they owe you money, and you want to make sure that it’s paid for.
If they were preferred plus health, then you’d be looking at just a rough estimate here from about $80 to $100 with these particular companies.
$100,000 10-Year Term Life, Female, 70, Non-Smoker (GOOD HEALTH)
Now you’re looking at a female at age 70, nonsmoker, with preferred plus health.
These are term insurance products, and they’re going to be the cheapest way to get the most coverage.
This will be anywhere between $55 to $65 a month roughly.
Based on what I’m seeing here, you could get a $100,000 dollar plan that lasts 10 years.
$100,000 10-Year Term Life, 60 Year Old Female, Non-Smoker (GOOD HEALTH)
Here’s a 60-year-old female for a 10-year $100,000 plan. We’re looking at a rate of low $20s to upper $20s with preferred pricing.
$100,000 10-Year Term, Male, 60, Non-Smoker (GOOD HEALTH)
And then here’s a male $100,000, 10-year term plan with preferred plus pricing in the upper $20s to mid $30s.
Simplified Issue Whole Life Cost (For Final Expense Coverage)
Let’s say you want a basic $10,000 burial plan.
Maybe your sibling good to “okay” health.
Here’s just a listing of example carriers. Again, totally dependent on underwriting.
$10,000 Whole Life Insurance, Male, 70 Year Old Non-Smoker
You’re looking at the low $60s to the upper to mid $80s for a $10,000 plan on a 70-year-old male, non smoker.
$10,000 Whole Life Insurance, Female, 70 Year Old Non-Smoker
Now we’re looking at a $10,000 plan on a 70-year-old, nonsmoking female. And you can see the rates of between upper $40s to lower $60s.
$10,000 Whole Life Insurance, Female, 60 Year Old Non-Smoker
And then for a 60-year-old, nonsmoking female, you’re looking at the upper $20S to the upper $30S for $10,000.
$10,000 Whole Life Insurance, Male, 60 Year Old Non-Smoker
And for a 60-year-old male, nonsmoker, $10,000 whole life insurance simplified issue plan, you’re looking at upper $30s to upper $40s.
Guaranteed Acceptance Whole Life Quotes For Siblings
$10,000 Whole Life Insurance, Male, 60 Year Old Non-Smoker, Guaranteed Issue
Now what you’re looking at here is a male, 60 years old, $10,000 guaranteed acceptance insurance policy.
If your sibling was in bad health, we would be looking at these particular products.
You can see upper $50s to mid $70s. I wouldn’t consider the Americo Eagle product, but the other ones are probably where we’d look depending on the circumstances.
$10,000 Whole Life Insurance, Female, 60 Year Old Non-Smoker, Guaranteed Issue
And here’s a female, 60 years old, for $10,000. You’re looking at mid $40s to mid $60s.
Keep this in mind…
These are just a small sampling of pricing.
Term insurance is usually available from 18 to 75 years old, and whole life insurance is available from 0 to 90 years old.
So if you didn’t see your sibling’s age, no worries. Just contact us and we’ll run a quote for you.
How To Buy Life Insurance For Siblings
I’m assume if you’re still with me, you know life insurance on your sibling is important.
You’re convinced life insurance is vital.
But how do you go about buying a life insurance policy on your siblings?
Let’s talk about the top ways to purchase life insurance on someone else.
Through junk mail or TV ads
Odds are your mail box is full to the top every week with these companies’ junk mailers.
Ever wonder if they were worth fooling with?
Here’s the bottom line…
Junk mail and TV life insurance companies are some of the WORST to do business with.
While the products look professional and are offered by well-known companies, upon further examination of the “fine print,” one discovers how BAD the coverage really is!
As they say… The devil’s in the details.
How do these junk policies work?
Companies like AARP, Colonial Penn, and Trustage all play the “no questions asked” life insurance game.
Coverage doesn’t start with full natural death coverage until two years have passed.
While those plans have a place, the problem is that EVERYONE… even those in GOOD health… many times ends up with these “2-year waiting period policies” when their good health would qualify them for something better!
You also see Globe Life, AARP, and Trustage offering term life insurance.
But the problem is that (a) these plans may cancel at 80, and (b), the premiums are designed for rate increases approximately every 5 years!
That’s bad because (a) you may need term life insurance on your sibling past 80 years old, and (b) term life insurance we offer LOCKS in the premium for the length of the term. No frustrating price increases every 5 years with my companies.
Now you know to stay away from the junk mail insurance companies of the world, let’s switch gears and teach you WHO to use to get the best life insurance quote for your sibling.
Beware Captive Insurance Agents
What’s so bad about captive insurance agents?
A captive agent typically works for one company ONLY.
Unlike us at Buy Life Insurance For Burial, captive agents simply do NOT have access to life insurance options.
They have one product and one product only. No custom-tailored product design, and no guarantee that his product is the best use of your resources.
Work with an independent agent
Want the highest odds for the best coverage?
Work with an independent agent.
I’ll vote for myself for the job… =)
Independent agents do the legwork for you. They shop the major life insurance companies to see which will offer the best value coverage for your sibling.
In turn, you get the best odds of maximizing your coverage on your sibling at the most competitive price.
Why pay more when you don’t have to?
We win when YOU win.
Ready to get life insurance on your sibling?
Here’s what to do next.
If you’re interested in qualifying for a life insurance program for your siblings, there’s a couple things you’ve got to do.
- Call me at 888-626-0439, or
- Or click here and send me a message.
We need to establish what you’re comfortable paying, what your goals are, and what you want to accomplish.
I need to get an idea of what your sibling’s health is like to give you an idea of what to expect they can qualify for and at what price.
It’s best to talk to your sibling first. Let them know what you’re thinking, get their input on it.
It may be a difficult conversation, but you MUST talk to your sibling. Explain why you want to get life insurance on him.
Be honest with him regarding what you’re trying to accomplish.
Share with him that you mean no harm, that there’s no greed factor behind this decision.
You’re simply looking out for him and his family’s welfare.
Once you’ve gained their consent, I’ll need to talk to them to complete the application.
Then we set you up as the payor, if that’s what you want to do.
It’s pretty straightforward process. It just requires a little bouncing around between both of you. I will have to talk to both of you to make sure everything is straightened out and situated there.
If you want to talk to me about getting life insurance for your sibling, call me at 888-626-0439. Leave me a message if you don’t get me because I’m very busy all day talking to people so I don’t always answer live. You can also just leave a comment below.
I look forward to talking to you. Take care!