Life Insurance for us?

[Duff Man]

Hey guys, has anyone here been able to procure a life insurance policy on themselves? Seems like there should be some kind of policy out there without significant qualifications...

even with htn, bav, obesity and an aortic aneurysm

 

[Bina]

Nope. None for me.

 

[njean]

I was so, so fortunate that the policy I had when I was employed, I was able to continue coverage when I left employment. And because I took a medical retirement, the premiums have been defrayed as long as my disability continues. If not, there is no way I could ever have gotten another policy with any company!

 

[Duff Man]

Wow. Seems like there should be something out there that will at least get a person buried and pay the mortgage for a few months...

I know there's a member or two on here that work in the insurance industry... hopefully they'll comment.

 

[Bina]

Duff, if no answers.....send a PM to LisaInKaty.

 

[dick0236]

1.Group life insurance thru an employer group. Reasonably hi guarantee issue amount and can be taken with you (converted) if you leave employer. This is how I got all of mine. Like Norma says, if you become disabled while working, premiums normally are waived.

2. Voluntary plans thru employer, union, fraternal, etc. organizations. Often have some level of guarantee issue or graded benefit. Look around to see if any organizations you belong to have plans available.

3. Individual life insurance thru hi-risk insurer. Most agents have access to hi-risk carriers. This will be a "rated" policy and premium will be based on your health issues. After a period of time, it is possible to have the "rating" reduced or eliminated.

Normally, best option is #1.

 

[Bina]

I believe we are talking about insurance for un-employed people....In Canada at least, the majority of employed and retired individuals have access to basic life insurance through employers.

 

[roundsgirl]

I'm with you DuffMan I've tried to get life insurance; but after I went over all my health issues the lady basically told me no insurance co will touch me with a 10 ft pole. LOL Plus she said to address just one of my health issues, that you have to be atleast 5 years out from OHS before they would even talk to me.

Good Luck.

 

[deano89]

was told not to try until after i have had the repair/replacment as i would be refused!

 

[DavesMom]

I am lucky enough to have minimal life insurance through my employer. However, a representative from AFLAC came last year to sell us supplemental policies for disability, cancer, etc., and when he heard I'd had two heart surgeries he told me I wasn't eligible for anything.

Ah well...at least I got a cute little stuffed duck that says "AFLAC" when you press its tummy.

Cheers,
Michelle

 

[geebee]

There are a few companies that sell modified whole life policies that guarantee acceptance. However, you usually need to be at least in your late forties to early fifties and I do not recall your age. These policies usually carry around $10K coverage for around $30/month. Not much coverage but enough for a basic funeral.

When I switched jobs (for the last time in my career - hopefully) 2 years ago, once of the requirements was a company large enough to carry guaranteed life insurance coverage. All employees receive $100K upon employment and the option to purchase up to $150K additional guaranteed. Anything additional required health questions so I did not even apply. I have been turned down way too many times for private policies and I do not even try anymore.

These are the only two ways I know of for us to get insurance. I have not even found companies that offer policies that cost additional for health issues.

 

[john79t]

I used to sell life insurance. About the only thing that is available is the guarenteed life insurance. The first 2 years they are limited to what you have paid in premimums. After taht it will pay the face amount. Yes most companies start it a age 50 although a few will issue it earlier. It is more expensive and is limited in the amount. If you are looking for an amount to take care of a family it is not going to happen.

 

[CThrock]

I had a very hard time finding Life Insurance after all my surgeries. I finally found one with a private company. I took out a small amount out just enough for my family to bury me. I think its with Met Life. I pay about $200 a year. Otherwise these other companys would'nt touch me at all.
Good Luck on finding something.They're out there you just have to look hard.

 

[Jkm7]

Recently I had the need to 'pre-pay' a funeral for a family member. It is hard to do much for less than $10,000 in the Boston area. That is about the basic 'starting price'. A $10,000 policy would be almost used up on the funeral.

 

[ryen0]

I was able to get it with not too many problems. Because of my surgery i do pay a little bit more, but it's not super expensive or anything

 

[njean]

All this talk concerning Life Ins. got me to thinking about the policies I have so I went to look in my file where I keep all our important documents & such.

Come to find out, I have another smaller policy thru AAA that I acquired back in 11/07 which I had totally forgotten about. As a AAA member, I was offered this small policy without having to take a physical exam (Thank God!) & I was accepted. It's a $10,000 policy, good enough to provide a decent burial! And then of course, I have the $150K thru my employment which I kept after I retired.

So if any of you are AAA members, you may look into the possibility of acquiring a small policy without the need of medical exam if possible?

 

[dick0236]

And then of course, I have the $150K thru my employment which I kept after I retired.

?

Norma, as I understood your earlier post this $150K is a Group Term Life policy and is on "Premium Waiver" now. You may want to look at this contract to check that the policy value does not decrease at older ages. Many Group contracts begin to reduce the face value of poicies at 65, 70 etc....and/or if there is a future time or circumstance that the "premium waiver" expires.

 

[njean]

Norma, as I understood your earlier post this $150K is a Group Term Life policy and is on "Premium Waiver" now. You may want to look at this contract to check that the policy value does not decrease at older ages. Many Group contracts begin to reduce the face value of poicies at 65, 70 etc....and/or if there is a future time or circumstance that the "premium waiver" expires.

Good point Dick, thank you. I will look into this soon.

 

[kfay]

I had life insurance for several years when I was younger after my first heart surgery. If I remember correctly, it had an exclusion for my heart. It was also very expensive (it was for $300,000). We let the policy lapse several years ago as our kids have gotten older and since I don't work, my husband wouldn't need to replace any income. I doubt at this point I could get it again.