Hi everyone I'm new here and was hoping I could get an answer to a question I have:). A little about myself: I'm 26, have been diagnosed with Primary Sjogrens since I was 24, I am on disability, I have a weird manisfistation in which my shoulder/neck area swell extremely painful whenever I'm stressed of any kind or drink caffeine,I live in the US and look forward to getting to know everyone. My question is ,is there anyone else in their 20's that have been able to get whole life insurance? I can't get it from my work as I am unable to work full time. Thank you sooo much I look forward to hearing from you!
P.S I apologize for all the punctuation errors. I was writing this post from my phone earlier. :)
Welcome to the forum.
Thank you! :)
Term life insurance is very inexpensive, and pays out only if you die.
Whole life insurance has a value attached to it, and it a sort of savings and life insurance plan combined.
In my opinion whole life insurance is a poor way to save (and accumulate value in the insurance) and term life insurance is a better value for the money. Then you save the difference in the cost of term vs. whole life insurance, and have your savings to invest as you wish.
In all cases, a physical is required and a medical history is also taken, as I understand it. I think it would be difficult to get any life insurance when disabled.
Make an appointment to speak with a life insurance agent, I'm sure you would get good basic advice about the possibility of being insured (for your life) while on disability.
Regards, Elaine
Thank you for the information I will try to do that. I have emailed a couple of companies but everyone I chatted with said they couldn't give me life insurance due to my Sjogrens :(
I have primary Sjogrens as well. I have tried to get life insurance but am unable because of it. My husband has a small $10,000 policy on me through his job.
Liz D.
The purpose of life insurance is mainly to provide income for dependents in the case of your death.
My husband and I both carried very large amounts of term insurance (in his case $3,000,000) to provide for living expenses for the surviving spouse and to maintain children and cover college expenses, as well.
It takes a great deal of money to provide an income stream for many years in the case of young dependent children, and for the spouse's life time, as well.
If you are looking for money to cover the cost of funeral expenses, and cannot get life insurance, open a savings account and invest the money in a Roth 401K is probably the best way to provide for funeral expenses, although not very viable if there is sudden death.
I was director of HR for many years, and learned early to buy Term Life Insurance, and Long Term Care Insurance. For those who are self employed, Long Term Disability (often provided at reasonable cost by employers) is also very important. LTD insurance provides income in case of disability and is often coordinated with SSDI by the carrier if you are disabled.
I have found that most people do not save enough for retirement, and do not have adequate life insurance or Long Term Care insurance.
Of course, Long Term Care insurance isn't a good option for those with high incomes and high levels of savings. Then it is better to invest the money instead of spending it on LTC insurance.
Now that we are both over 65, we do not have any life insurance, but we continue to pay our Long Term Care Insurance premiums.
Regards, Elaine
Thank you Elaine! I've never thought about an IRA. I'll look into getting one. :)
and I agree about not buying whole life insurance
Whatever you have in there will NOT go to your beneficiaries when you die. The money that has accumulated goes back to the company. They would only get the face value of the insurance.
Wow I never knew that! My grandmother just passed away recently which is why all this has me looking. She had two small life insurance policies $5,000 was one I'm not sure about the other. I don't even know if it was term,whole or universal,she got it before the company changed hands. Anyways somehow they accumulated interest and the company actually gave it to us,it was enough to pay for permanent vases on my grandparents headstone (my grandfather died 6 yrs ago), plus some extra for a family trip, and cover the rest of the costs. She had paid for her funeral when my grandfather passed away. None of my family has Sjogrens though, I'm actually the first.
Let me join the crowd against whole life insurance.
And regarding life insurance in general, you have to ask what you are trying to insure. When my child was young, I had life insurance that would help my husband have enough to continue to pay the mortgage and bills. As we got older, paid off the mortgage and had more savings, we felt we no longer needed life insurance. You are very young, so unless you have family to support, I wonder what you would want life insurance for.
You won't be able to get disability insurance if you are already disabled.But you say you are working, so you are not fully disabled. If you have been working for a while, you may be eligible for Social Security disability. There are a number of details to that. The SS site actually as some good information. https://www.ssa.gov/disability/ (https://www.ssa.gov/disability/).
I was just planning for future the future, mostly I wanted to get enough to pay for a funeral and any medical bills (I'm single :)) I knew the younger you get life insurance the cheaper it is that's my only reason.
As for being disabled I'm actually on Social Security Disability, but thank you for the link anyways. It took having to go to court to get it though and since I'm working under SGA hours per week and am making under 1700 a month i can still work while being on Disability.
Glad you got the SS Disability. That's a great help.
Many companies will sell policies for funerals without your having to be in good health. I get stuff in the mail for those all the time since I am over 65.
Yes getting disability was a Godsend! I thank the Lord every day for his blessings because to me it's been a blessing.