A family member in his early 40s recently suspected he may have cancer due to digestive issues. A life insurance policy for $500k was purchased. A basic medical exam to determine eligibility was done. He had been working with multiple doctors for weeks to determine what was going on and finally, 2 days after the medical exam for the insurance policy, a ct scan was performed. He was diagnosed with late stage GIST cancer. His chances of survival are maybe 50/50 at this point. He has recently taken a turn for the worse and things aren't looking good.
The extended family (myself included) are attempting to get affairs in order and ensure the 9 children and spouse with no job / or major marketable skills will be taken care of.
- We are trying to get a plan together and are wondering if we can count on this insurance policy as part of that plan?
- What are the chances this will be paid out in the event he doesn't make it?
- And, what exactly should I look for in the policy / what questions should I ask to determine if this policy will be worth anything?
- Finally, should we inform the insurance company of what is going on at this point?