Colonial Penn is the company that is on constantly in our area on daytime TV. On their site they mention a “two year limited benefit period.” I have not researched further, but that likely takes care of anyone applying from hospice.
Sure, they won’t turn anyone down for any health reason. But you probably are getting a super-shitty benefit (as opposed to the normal shitty one) if you kick within two years.
Anyway, these guys are making money. Their site says premiums “starting at $9.95 a month.” So, a premium that seems pretty affordable. Yes, because you aren’t getting much of a payout.
Also (not what this discussion has been about), around here no-medical check-up required life-insurance used to be offered to people who got married, or had a kid, or similar life event. That works because those people are young, and are buying life insurance to cover their family, not because they are sick.
Now, that kind of life insurance has mostly disappeared here, because most people get compulsory life insurance with their compulsory super-annuation. Which has no medical check-up required, because people (who are working) get it because they are working, not because they are dying.
(People who have self-managed super have to handle it themselves. People who aren’t working mostly don’t get life-insurance. Funeral insurance is available.)
Come to think of it, I receive $10,000 worth of life insurance as an employee benefit. I didn’t supply any medical information or sign a waiver.