Getting some life insurance -- Have you had trouble?

[mrichardson]

I should have taken care of this already, but I was derelict with it, and feel kind of bad about it.

After my upcoming valve replacement, I want to get some life insurance in place. I have a slightly complex family situation I'd rather not go into, but my wife is a stay at home mom. I've got a 401(k) and a little bit in the bank, but I want to get some good life insurance.

I've heard the best life insurance to get is Term Life. I would like to get enough life insurance to pay off my mortgage and have extra left over that would last several years. I've read I should get 8 to 10 times my annual salary.

The problem, as I see it, is if a life insurance company knows that you had a valve replacement surgery, they're either not going to cover you at all, or charge an exorbitant amount for the coverage. I would like to get a 20 or 30 year level term plan, because I don't necessarily know that I want to re-visit every ten years.

Any advice on this? Have you guys had trouble getting/keeping life insurance? What plans did you go with and through which companies (if you can say)?

 

[dick0236]

Do you work for a firm that has group insurance? If so, you may be able to increase your group coverage if your employer offers a voluntary life insurance plan in addition to your group coverage. It will be difficult to obtain personal life insurance shortly before or after surgery and, if available, it will have a rated up premium......to cover the added risk. I fought that battle throughout my career.....and I was a licensed life insurance agent......and never able to find personal life insurance at a "standard rate". Good luck

 

[mrichardson]

Do you work for a firm that has group insurance? If so, you may be able to increase your group coverage if your employer offers a voluntary life insurance plan in addition to your group coverage. It will be difficult to obtain personal life insurance shortly before or after surgery and, if available, it will have a rated up premium......to cover the added risk. I fought that battle throughout my career.....and I was a licensed life insurance agent......and never able to find personal life insurance at a "standard rate". Good luck

I'll have to check. I really don't know. I know they do offer a group coverage, but it's limited to 2x income. So something is better than nothing. I should probably check with HR to see if they have some other type.

I think we may have some other type, but I think they wanted a medical exam, or gave a limit to how much I could get. I'm looking for several hundred thousand in life insurance (based on my previous statement of 8 to 10 times annual income).

 

[epstns]

Another avenue that may work is the programs often offered by professional associations to their members. By and large, these insurance policies do not require a physical (probably since they are really group insurance policies, not individual ones.). I'm a member of a professional association (The Institute of Management Accountants), and they offer their members various term life insurance programs all the time. These may not, individually, offer enough coverage for you, but if you find several smaller policies, you can build a program that contains your target amounts of coverage. I don't know what sort of work you do, so I don't know which associations to suggest, but many professions have such associations.

I've not tried to get any new individual life insurance since I was diagnosed, so I can't advise there. My insurance policies were all entered into well before I was diagnosed, and at that time I passed their physicals.

 

[Superman]

I have 6x salary through work that I pay a minimal premium through payroll deduct. I was also able to get a term life policy outside of work. My premium is much higher than my wife, who is perfectly healthy. But I was able to get insured. All in I'm covered for 10x salary. I did 20 year term. I was in my early 30's and only one open heart in at that point.

 

[mrichardson]

I have 6x salary through work that I pay a minimal premium through payroll deduct. I was also able to get a term life policy outside of work. My premium is much higher than my wife, who is perfectly healthy. But I was able to get insured. All in I'm covered for 10x salary. I did 20 year term. I was in my early 30's and only one open heart in at that point.

That's good to know. If you don't mind me asking, what company outside of your workplace did you go through? I'm almost 40, and I wouldn't mind getting a 20 year term policy.

 

[Superman]

Went through AAA. I still periodically check if I can beat the rate - but having had a 2nd OHS since the policy took effect coupled with getting older - best I've been able to do is match premium with a quote on a 10 year, which would effectively keep me insured for the remainder of my existing policy.

AAA did a full physical, they heard the ticking, documented my meds - and still took a gamble. Be sure to tell them about the lifetime guarantee on your valve!

 

[carolinemc]

Mrichardson, the reason it is expensive to get independant life insurance is due to heart condition and surgery. I remember years ago, my mother tried to get me on life insurance and they turn he down on me due to surgery. I get mine through the job. I know that on life insurance, they can turn you for a prexisting conditon. It has always been hard for heart patients got any kind of life insurance for many years now and it has not changed much today. Good luck on your search and you may get lucky. Hugs for today.

 

[PsyDanny]

A few years ago, I had some mildly high blood pressure and somewhat high blood sugar. I had been thinking about getting some disability insurance and maybe some more life insurance, but was told that having these diagnoses and being on medication could be an underwriting issues. So I made some life style changes, really just better diet (lower carbs), some beneficial supplements (like CoQ 10) and exercize. It worked - the prescriptions were removed and I was two years out from having these diagnoses - which, theoretically would put me at least standard rating. This continued medical status was also confirmed with my physical this fall - at the same time I was given my diagnosis of severe AS. So, for now, there goes any new insurance plans. At least my current term life does not expire until December 2019. But, doing a bit of quick research (Google) found some hope for the future. Check this out http://www.insuranceblogbychris.com/life-insurance-approval-after-heart-valve-replacement-surgery/ It seems that a good bill of health given some time after successful surgery might put on in good standing.

 

[PsyDanny]

sorry - double post