How to get Term Life Insurance

[Maylow]

I’m 45 and was recently diagnosed with severe aortic insufficiency. I don’t need a replacement yet; I’m asymptomatic and in monitor mode. I started looking to replace some of my Term Life Insurance which will be running out in a couple of years. So far, using several agents (who represent multiple carriers), I’ve been unable to get more Term Life Insurance. I’m looking to see if anyone else has been able to get Term Life Insurance with my issue – “severe”.

Thanks,

Mark

 

[Ross]

You'll be very lucky if you can and if you can, your going to pay dearly for it. Sorry to say, but you've been branded for life. Hang on to what you have for dear life!

 

[Jkm7]

Some policies have automatic right of renewal..... read yours carefully in the hope your policies have that language and exercise your option promptly.

Sadly, it will be very difficult for you to write any new insurance. Try SBLI. Maybe you'll get lucky.

Best Wishes.

 

[catwoman]

Try SBLI. Maybe you'll get lucky.

What is SBLI???

 

[Lily]

Just a thought, but you might want to consider the member name you've used here.

 

[mainframe]

I was lucky enough to get a 5 year renewable term policy a couple of months before finding out I needed heart surgery. It expires in a couple of years. Fortunately my employer offers a policy where I can get up to 3 years my annual salary for a few dollars a month without the medical questionaire. Five times the annual salary with the questionaire. I opted for the 3 year.

Don't know what I'll do when the term policy runs out and my job is outsourced in the next year or two.

 

[drivetopless]

Good luck and let us know what you find out. I checked in to it several years ago and found it impractical and unrealistically cost prohibitive for what they wanted to charge. For what they wanted to charge ($600+/month), I decided it would make more sense to take that money and pay off any debt and invest it myself. As long as I lived a long time, it was the best (and only) option I could come up with. Fortunately, I don't have children to think of. This stark reality of being uninsurable made me really downgrade my spending to save for the "what if" myself rather than fork over a bunch of money to an insurance company.

I also figured I would be better off using my employers no questions asked life insurance policy while I can.

You could perhaps also try getting very short term (5 yrs?), term life policies to cover you now at a more reasonable cost if you are married with children. Once the kids are out of the house and the house is paid for, you may not need as much insurance.

 

[Jkm7]

SBLI is Savings Bank Life Insurance and is purchased through banks in Massachusetts. I thought it was a federal insurance but perhaps it is only state. The terms of it might be less rigid but I don't know very much about it.