Life Insurance

[RBCola]

Hey guys,

I've posted on here before about my condition. Just as a quick summary, I had a bicuspid aortic valve repaired 6 years ago and will sometime in the near future need the aorta repaired in addition to the aortic valve again (currently tissue). I'm only 28, so looking into the future, I was wondering if anyone had success getting life insurance coverage with similar health issues. I dont have a family yet, but I hope to in the near future and I just want to be able to provide some security for them in case something happens.

Anyone have any thoughts on this? Is it feasible for people with multiple OHS for congenital heart issues to get life insurance?

Thanks!

-RBC

 

[hook]

Very wise for a 28 year old person to think of such things. You will have a hard time getting insurance of any kind, medical or life. I don't know that you do for a living, but if you change companies make sure they have a good group policy. When you start get as much life coverage you can get; in most cases this is the only shot you will get without a physical. Once you are past this startup period adding coverage may require a medical history.

I will always have to keep a job where I get covered, keeping me from following my dream of being a Dingo groomer.

 

[dick0236]

I notice from your profile that you are a medical student. You may be eligible to get Group Term Insurance now, which you can keep, or convert, when you change jobs, or leave school. Your current medical society may offer voluntary life insurance plans, with substantial guaranteed issue limits. I used to represent the KY Medical Society insurance program and we had great programs for member physicians. There are a number of insurance companies that specialize in special risk coverage and you should contact a GOOD agent for help in finding one. Odds are that personal, not group, insurance, for you, will carry some "risk premium" due to your ongoing heart issues. Personally, I still have life insurance that I converted to Personal Permanent Insurance from Group Term Insurance many years ago. The premium used to be pretty steep, but now it is "paid-up" and no premium is needed to keep it active in "old age"......when it is likely to pay off.

 

[dick0236]

I will always have to keep a job where I get covered, keeping me from following my dream of being a Dingo groomer.

Hook, you can follow your dream to be a Dingo groomer. ALL group term life coverage has a 30 day right to convert to a private permanent coverage. The premium might seem a little "steep", but these policies build "guaranteed cash value" that can be used for needs "down the road"......not a bad deal compared to the ups and DOWNS of the stock market.

 

[RBCola]

Thanks Hook and Dick,

Thats a lot of good info. I never thought about tapping into the medical societies. I'm not out in the real world yet (still have one year of med school, then 3-4 yrs of residency) so I'm just trying to figure these things out before I get there. I know a lot of new physicians buy huge 30 year life insurance plans once they finish residency and I was just wondering if that was going to possible for me, given my health issues.

 

[dick0236]

I know a lot of new physicians buy huge 30 year life insurance plans once they finish residency and I was just wondering if that was going to possible for me, given my health issues.

MD's are a preferred risk group since they buy huge amounts, watch their health,.....and pay their premiums on time. Insurers cater to Professional Associations with members like Physicians, Engineers, Dentists, Attorneys, etc. since these "risk pools" are larger and stable. There will be a limit as to the amount of "guaranteed issue" coverage, but the limit will be reasonably high. Good Luck