Back to the life insurance question

[HeartDawg]

I've browsed the discussions here and elsewhere regarding life insurance post surgery.

Here I sit ... tick, tick, ticking away ... now nearly seven years post valve replacement. Aside from hair loss, some bad ankles and a tad too many of those bavarian cream filled donuts in my belly ... I'm doing just fine. I'm all juiced up on Warfarin, but have scraped, bruised and beaten my body with absolutely no indication of excessive bleeding. My little INR levels are about as predictable and steady as one might imagine.

Meanwhile we have these two conflicting discussions going on (here and elsewhere):

A) Don't sweat life expectancy. You have a valve that will outlast you.
B) Life insurance companies aren't willing to bet on you.

So, what gives?

I've got some minimal life insurance through my employer, but unfortunately didn't understand 20 years ago that I needed to get on all the supplemental coverage offered through my employer at the time of original hire. So, I sit here, deeply under-insured and nervous that the next donut is gonna be the end of me ... leaving my wife and daughter in a money hole.

I do hear some vague chatter about some successes getting life insurance at a fairly good cost, but can't come across specific recommendations. (The first place I tried estimated that it would be $651/month for $750K/20 year plan ... ouch.)

 

[Agian]

Insurance companies don't like paying money out. You'll find that they put a 'loading' on all sorts of conditions. You're responsible with Warfarin, but not everyone is.
I've had similar issues with insurance as well (I'm pre-op).

 

[HeartDawg]

Hey, Agian ... I get that ... however insurance companies LOVE making money ... and if it looks likely (See the part about "don't sweat life expectancy") that the heart won't be the end of us (Ben Stiller put us through the Riskmaster 3000 in Along Came Polly), then you'd think insurance companies would welcome our moola. The only conclusion I can draw is that we are actually at an extremely high risk to croak because of our ticker ... so, we probably should be sweating the life expectancy thing. I better get going on my bucket list and might as well keep stuffing my face with those cream-filled donuts.

But, more importantly, if somebody happened to find some CRAZY insurance company that will provide them with some life insurance at a rate (somewhere below the heart attack threshold) ... I'd sure like to get a name and number, because me and Leland Van Lew (Along Came Polly) live wild and crazy lives and could use a bit o' the moola for the little Van Lews should we bite the bucket.

Agian ... enjoy the operation ... ya know ... wasn't really so bad at all. People fawned over me for weeks before and after it. Nice to get all that attention.

 

[Agian]

I doubt that our longevity is determined by insurance companies. I hope not, anyway.

 

[dick0236]

I do hear some vague chatter about some successes getting life insurance at a fairly good cost, but can't come across specific recommendations. (The first place I tried estimated that it would be $651/month for $750K/20 year plan ... ouch.)

You say they "extimated" that premium. There are "special risk" carriers that specialize in our type of risk. Contact a good (look for CLU or ChFC behind their name) professional life agent and he/she probably can find you your best deal.....but it will be higher than what you see in the TV ads.

 

[marc_kowal]

I've found that my premium rates dropped now that I am post-surgery. As explained by my insurance agent, I was a higher risk because I was still looking at having a major surgery. Now that I've had the surgery, I'm less of a risk to the insurance companies, but my rate is still higher then a person with no heart-related issues.

 

[AZ Don]

I doubt that our longevity is determined by insurance companies. I hope not, anyway.

No, but they are experts in the field of assessing life expectancy. They typically assess the risks and charge accordingly, so higher premiums is a sign that they believe life expectancy is less than average. Pre-op this should be expected, OHS definitely carries risks. Post-op I can see why the premiums would be higher for those on warfarin. People have had issues related to warfarin. Many such issues may have been preventable, but people, and Dr's make mistakes.

Tom, I suggest you contact an insurance broker. They typically work with a number of insurance companies. They should be able to point you to an appropriate company.

 

[T in YVR]

Wow...$651/mo. is crazy expensive! At that rate, you're almost better off saving on your own...the joint life insurance plans for husband + wife are becoming popular - maybe that would offer a slightly lower premium even with your heart ? Its not quite the same as your own policy but if one of you kicks it, there's at least a pay out.

Not sure how applicable this is in the US, but just as FYI from Canada on a slightly different scenario: I thought I would share this in the event others have any life insurance outside your employer........I have a small term life insurance policy (outside my employer) that I signed up for 10 years ago and have continued to pay my monthly due on. I am set to have AVR this year and my life insurance policy coincidentally expires in < 6 mo. From what I found out, I can (a) cancel (b) do absolutely nothing and let it roll over, and it just auto renews at the new premium based on age etc. or (c) go in, complete an updated profile/application and renew for another term - but at a reduced rate vs. option (b). Option (c) means you have to disclose your heart problem and you either get gouged on a rate or declined. But under option (b), you say nothing, and just let it roll over. They can't kick you out of an existing term plan even when it matures. So, if any of you have life insurance outside your employer and are going to be having AVR, it may be worth checking this out. If they call with cheaper renewal rates, ignore them and just let it auto renew because you likely need to reapply or fill out disclosure forms). I talked to someone I know in the insurance industry on the side and they confirmed this for me..... do nothing, and just let your plan roll over at the new rate/term. Its certainly cheaper than trying to apply for a new life insurance plan.