Life Insurance!!!!

[TjCarpenter]

Calling all available brains,

Great! Lost my job (layoff I live in the worst job market in the US in West Michigan... really we are dead last!) , then got diagnosed with serious heart condition... then this? My life insurance policy came up for renewal this month... the company has basically doubled the rates ( and they did not even know about my heart issues ). I called an agent that is a good friend at church. He came to my house with that sad look on his face (like someone died) and said that no carrier will touch me until I am out of a doctors care and can get a letter saying I am totally fixed and need no further work done. I had a tissue valve and am just 45 years old. If I don't die from something else, I will need another valve at some point... right? Open heart surgery was not enough in my life?... I can't leave my family unprotected and I can't afford double my premiums!... Have any of you any experience with life insurance after surgery? What do you do now? Need help Please!

Thanks,

Tom

 

[jeffp]

Sorry about your situation Tom.
I'm looking at 50 my next birthday. Those decade years really get the premiums hiked up. My health insurance premiums will be going through the roof, life insurance is practically unaffordable and with my malpractice premiums, I'm looking at over $100K/yr in assorted insurance payments.
Being out of works stinks insurance wise, but so does being self employed.
(I think I'll come out ahead working at Home Depot just for the health insurance )

 

[TjCarpenter]

Tom - welcome to the club! We can't find life insurance for Mike, based on his St. Jude's and a few "indiscretions" in his youth. The broker I use here at work for our benefits information said that life insurance is possible for a valver, albiet expensive. The other avenue we're going to explore is the National Association for the Self-Employed. Mike used to have it through there and, from what he can remember, no medical questions are asked.

I would think that a letter from your doctor would be okay, now that the surgery is done. There are no guarantees and you may have to have it done again, but then again, can't someone say that about knee surgery or any other type of surgery?

Hi Pam,

Thanks for the post. I had health insurance through NASE when I was self employed. I will go back and look at my files to see what there life insurance is like. You know, what you say about knee surgery is true - but - this is life insurance and most people don't die from bad knees. ( Thankfully, my wife's is awful! ). It is ironic. I was a perfect client before... when I was a grenade with the pin missing and about to keel over from a bad valve. Now that I am new and improved with the best sounding heart i have had in 45 years, I am too risky to cover. What idiots! Would have served them right if I cashed it in, like the MD'd said I was apt to do in the near future without surgery ( of course I would not have been around to see the victory).

I am sooooo depressed about this. As a husband and father, there is nothing more important to me than protecting my loved ones. I need to get this figured out soon.

Good luck with Mike... and again thank you for your kind suggestions.

 

[TjCarpenter]

Sorry about your situation Tom.
I'm looking at 50 my next birthday. Those decade years really get the premiums hiked up. My health insurance premiums will be going through the roof, life insurance is practically unaffordable and with my malpractice premiums, I'm looking at over $100K/yr in assorted insurance payments.
Being out of works stinks insurance wise, but so does being self employed.
(I think I'll come out ahead working at Home Depot just for the health insurance )

Yes, I guess so... you might put on the Home Depot application (good with my hands or something like that).

Good Luck,

Tom

 

[Lynlw]

I'm sorry you are having so many problems. I know we have never been able to get life insurance for Justin, but it's so different since he isn't a father or husband . Insurance (life or health) is always one of the things I worry about for him , when he get older and isn't on ours. If you find a good company, please let us know. Lyn www.caringbridge.org/nj/justinw

 

[geebee]

I tried to get insurance right after my first OHS in 1980 but got turned down. Boy, did they make a mistake as they must have thought I would die soon but, 25 years (and lost premiums) later, I am still around.

Anyway, I was able to "port" my life insurance when I left American Express and moved back to Ohio. My premiums are not too bad now but will climb pretty quickly as I age. However, I sure hope I live long enough to make the premiums too expensive.

Anyway, I think the idea of working for a company that provides benefits for part-time employees might make sense. I hear Starbuck's is a good company for that and I am sure there are more.

 

[jayaresq]

Life insurance ideas

Life insurance ideas

Hi Tom. Sorry about your life insurance dilemma. I also feel uninsurable. I insured my life about 4 years ago when Amanda turned 1 and now believe that's the last insurance I'll ever get. Considering my options, here's what I thought of if my life insurance ceases to meet my needs:

* Some companies offer 10 year TERM insurance policies at competitive rates. For our age (I'm 47 with similar heart history), the 10 year term still expires sooner than we're supposed to (actuarially speaking), so those policies are a better bargain, generally, although I haven't shopped for one with AVR in my history. Some companies also offer add-ons to 10 year term policies like double indemnity provisions (double benefits paid for "accidental" death) or automatic conversion to whole life policies (incredibly expensive, but guaranteed insurance if term expiration happens to coincide with your next AVR.

* A lot of companies/organizations offer smaller policies with "no medical questions asked." NASE does and I see others, usually $10K burial policies, sold on TV all the time. Only you can decide whether it makes sense to cobble together (now or later) a few of these policies to meet your needs.

* Are you or a close family member associated with the US Armed Forces or a veteran? Great available benefits I've heard.

* In the most profitable, bullish environment, some whole life policies will exceed their return forecasts, rendering occasional premium benefits unnecessary. (The insurance industry used to sell policies to gullible customers routinely via this "vanishing premium" sales tactic.) Of course, typically, the customer relied upon these representations and failed to make scheduled premium payments. Soon later, the policy was defaulted and only commissions were the result. The irony of it is that the scheme only seemed to work for those customers who bought in under the misapprehension that the premiums would vanish, but then soon died and left intact a viable policy (minus the debits against the death benefit caused by the missed premiums, plus interest). Because of the negativity, though, I couldn't see recommending this scenario.

* I know you have a relationship with your long-time insurance guy, but there are many highly-rated companies he might not have an agency with and so it probably behooves you to check around. Who knows??

Best of luck and please report back any positive results to all. -- Jim

 

[TjCarpenter]

Jim,

First, so glad that you are home and doing well... My prayers are with you for continued recovery and good health. Thank you for the great many suggestions. I will continue to investigate these and others and keep you in the loop.

Thanks a gain,

Tom

 

[Chrisandgary]

Gary and took out a life insurance policy when we married. We have 100,000 for each of us in a whole life policy thru metlife. When our 1st child was born in 96 we tried to up the policy - we are in the same boat - they got hold of his med.recs and said he was uninsurable for more coverage.
We are lucky we got the policy in 92 before he was diagnosed - however thats all we have.
That wont even pay my mortgage off,
The only thing we came up with to do - is contribute the maximum in his retirement fund at work.
Gary will be operated on on 8/23 for the 3rd time and after he recovers he is starting a business with a colleague of his. I am sweating it on researching the health insurance. The alternative is for me to go back to work and have the health insurance. I still have 2 little ones at home so that is going to be hard.
Good luck to all - and I hope you all keep us posted on any info on this! I will do the same.
Christine

 

[McCln]

Tj

Tj

This is my own experience for years, when I was a little girl, had repair at eight in 1973. At that time, life insurance would not touch any heart patient who had surgery of any kind. Now, I have a lead if you want to take it. Mutual of Omaha has insurance for cardiac patients. Not many companies, even at this time and new age medical discoveries, will touch a cardiac patient, even whe just diagnosed. You have to do a lot of looking around for a life insurance to cover a cardiac patient. Good luck.

 

[afraidofsurgery]

Life insurance policy - pricey

Life insurance policy - pricey

I applied for life insurance a few years ago, and was not turned down but the monthly payments were really high - in the $400/mo range. I thought I would be just as well off putting that aside in an investment account (which I haven't done since I don't have any extra $$ at the end of the month!). I had also applied for medical insurance because I was thinking of doing some free-lance work, and was turned down for aortic insuficiency.

I agree, you are penalized for being responsible and taking care of medical problems, vs walking around as a ticking time bomb. I experience the same thing for taking care of some mild depression. It's frustrating.

Right now I have life insurance through work but it's peanuts - $30K maybe - but that's where I'm at. Sign me up at Home Depot, too! Would be nice if we could all buy into a group policy for heart patients or something of the like. I wonder if there's an advantage to being organized (probably not, since we're all high risk) - any comments from any insurance agents out there?

Anyhow, best of luck to you, I'm scheduled for surgery after working at a new job since April - likely won't get paid for my sick time off, will have a big-ass medical bill from the surgery, but I am counting my blessings for my new health insurance kicking in just in the nick of time. I'll believe that when I see the pre-approval, though.

Hang in there!
Patty

 

[John & Joann]

Joann filed for premium wavier in 1965. This was 5 years after her problem was discovered. The company wavied the premium for 5 years and then paid off the policy. Unfortunately, it was only for $3,000. She has never been able to purchase more insurance.

As you all know, she is going strong and has no life insurance.

Happy Clicking since 1971.

J

I applied for life insurance a few years ago, and was not turned down but the monthly payments were really high - in the $400/mo range. I thought I would be just as well off putting that aside in an investment account (which I haven't done since I don't have any extra $$ at the end of the month!). I had also applied for medical insurance because I was thinking of doing some free-lance work, and was turned down for aortic insuficiency.

I agree, you are penalized for being responsible and taking care of medical problems, vs walking around as a ticking time bomb. I experience the same thing for taking care of some mild depression. It's frustrating.

Right now I have life insurance through work but it's peanuts - $30K maybe - but that's where I'm at. Sign me up at Home Depot, too! Would be nice if we could all buy into a group policy for heart patients or something of the like. I wonder if there's an advantage to being organized (probably not, since we're all high risk) - any comments from any insurance agents out there?

Anyhow, best of luck to you, I'm scheduled for surgery after working at a new job since April - likely won't get paid for my sick time off, will have a big-ass medical bill from the surgery, but I am counting my blessings for my new health insurance kicking in just in the nick of time. I'll believe that when I see the pre-approval, though.

Hang in there!
Patty

 

[Nancy]

Joe can't get it either. He's tried everything. He couldn'e get it, even when he wasn't so ill and was much, much younger. It was the first valve surgery that nixed it all.

So try to do what you can prior to surgery, when you know it's a while away.