AVR Causing Life Insurance Denial??

[LUVMyBirman]

You should not have any issues with group coverage these days do to the medical portibility act. As long as you don't let your policy lapse. Have heard stories of missing one premium payment and coverage denial on future policies.

 

[Lynlw]

I have a question about life insurance. I can understand wanting it when your children are small or if one member of a couple would be unable to the pay the bills if the other died unexpectedly. However, if one is single or in a couple where both people make a good living and could comfortably support themselves if necessary, is there any reason for life insurance? Kate

If you are single, with no children, it probably wouldn't be important, but for a couple w/ both having good jobs, I still would, I had a very good paying job and was disabled and now on SS disability (which ever one you work and it goes by that,) but the money I get monthly now, is 20 dollars more than our mortgage, If my husband died w/out life insurance i would have a very hard time survng on this amount. even if you both make good money, if one partner dies w/out life insurance and they other gets sick or disabled it could be really hard, not to even mention IF you were disabled it can take years to be approved w/ not one cent coming in.Lyn

 

[OldManEmu]

I think there are a number of good points here.
Personally I believe life insurance is of limited value if you do not have dependent children, the beneficiaries of your estate will love it though!
I got bombarded by my banks insurance division telemarketing department every year before my birthday with the sales pitch of it will be more expensive after your birthday, I got that sick of them not taking no for an answer I got myself put on their do not call list.
From SumoRunners comment I get the feeling that life insurance as an investment, as opposed to its insurance value is as bad in the US as it is in Australia.
Health insurance is unique to each country so I will not comment on it.
Income protection is another issue altogether, it is very important if personal exertion is your primary source of income. WayneGM raised a good point about the ability to perform your usual occupation and having to take a job that pays less. This is why if you can get insurance the policy should be for your "usual occupation", not any occupation and should cover you until your intended retirement age. These are more expensive however if you are prepared to have waiting period of months rather than weeks they can be reasonable priced and you cant be forced back to a mind numbing low paying job just to save the insurance company a few dollars.


Cort
I think you may have slackened the purse strings at some stage for the fleet of Montes to come into your possession.



.

 

[MikeB]

Yes, I tried to get Life Insurance outisde of my employer and got denied, I can get up to $100,000 without question from my employer. Currently I have 1.5x my salary. I can't complain I am happy I got that much.

 

[Rush20]

I have never been able to get life insurance except through group policies from work. I was considered uninsurable since the initial diagnosis at about age 10, so I never gave it much thought.

I have one from a previous job that I was able to convert when I left. But that was 1971 and it's only worth about $10K. I do have the standard group coverage where I work now which is double my annual salary but I don't think I could carry that on when I retire.

I have never had any difficulty getting the health insurance from my work or my wife's plan either.

Life insurance is a rather poor investment anyway. The annual interest is lower than you would get with any other vehicle. There was one for $500 that my mother took out on me when I was born. She forgot all about it until she found it one day in a shoebox when I was in my 40's. I cashed it in and was amazed at how small the return was. Had the money been put into anything else, including Gov't bonds the return would have been much greater.

This is true! Most financial advisors (outside of the insurance industry) will agree that the best type of life insurance is "Term" insurance. The money you save vs. a whole life policy should then be used in other investments for better returns. The idea and/or plan is to then have more assets under your control when the monthly deductables associated with the term policy show little return as you age. (mid-50s through mid-60s).

 

[Wise]

I took out a term life insurance plan for myself for $200,000 before I was diagnosed with BAV. No surgery here, but thank God I did that then nonetheless!

 

[Turkey Hunter]

I was able to get a $250,000.00 policy for "mortgage insurance" approximately 1.5 years post op. It wasn't easy and the agent spent alot of time trying to find one for my wife and I.
A bit more expensive than it would have been, but at least I have it. It covers both my wife and I.

Ben

 

[Guest]

You should not have any issues with group coverage these days do to the medical portibility act. As long as you don't let your policy lapse. Have heard stories of missing one premium payment and coverage denial on future policies.

See ... this is what "scares" me. OK, perhaps "scare" is the wrong word here, but not sure how else to describe it.

For employer-sponsored plans, all of mine have been paid via payroll deductions. If, by some small chance, that system "fails" ... and I miss a payment ... I could be denied in the future based on nothing of my own doing.... Not sure I like that. Course, better than writing a check or whathaveyou ... and hoping the mail system delivers on time. Tho, I usually make my payments for whatever bills I have at least a week to a week and a half before the payment due date ... to make sure payments are there on time.

*shrugs*

Cort
I think you may have slackened the purse strings at some stage for the fleet of Montes to come into your possession.

*chuckles*

Yes ... just a little bit . Even so, I keep a tight/strict budget ... and have "funds" for even the littlest expense ... to make sure I have enough to cover what I HAVE to pay for ... and some left over for the "fun" things of life ... my MCs and road trips, of course, being two .



Cort:33swm."Mr Monte Carlo.Mr Road Trip".pig valve.pacemaker
PICS:lego.HO.model.MCinfo.RT.CHD = http://www.chevyasylum.com/cort
"You don't know what you got until it's gone" ... Chicago ... 'Hard Habit To Break'

 

[briansmom]

I live in California. There was an article in the paper yesterday about health insurance laws that Schwarzenegger is proposing. One of the rules would be that insurance companies could not deny anyone for individual policies because of their health. Also, I own a company with a group HMO plan. The HMOs cannot deny anyone in the group plan.