Life Insurance

[kindandcaring]

Anyone managed to get Life Insurance after all their issues were diagnosed ?

[Linda196]

I had my policy before, but out of curiosity I asked if I could increase it, telling them about the recent diagnosis, and was told that wouldn't be an issue, but since my policy was linked to my work, and I'm now retired, I can't make any changes for that reason, (the original contract stipulates coverage until age 65 with guaranteed buy out to private policy at that time).

I did take out one of those "age 50 and up guaranteed coverage" things offered through my membership in a national road assistance plan, (more to see if I could than for the coverage, but it wouldn't hurt, right?) and the only caveat was that if I died within 2 years, all payments would be refunded, within 5 years, there would be a pro ratia deduction in benefit, and if I managed to survive longer than 5 years, the full policy would be in effect. I had to answer a medical history questionnaire, but there was no follow up and the policy was in place quickly.

Please remember that all companies, countries and medical/legal systems have their own rules, and my experience is unique to a previously insured Canadian person, and the only so called "serious" part of my history was a stroke that happened 10 years before my application with full recovery, and hypertension , which was and is controlled.

I should mention...full disclosure is essential, do not "forget " to include any part of your history, because if it were to come out, not only would it void your policy, you would lose the eligibility to recover any premiums paid in.

[kim31072]

The only one I have found so far(Im 37)stipulates that I have to wait 2 yrs past diagnosis with no signifigant increase in illness or hospitilizations.Once the policy is issued after that period there is another 2 yr wait during which time if you pass you only get back the amount that you paid in in premiums.The full policy would go into effect after 5yrs.

It was 175.oo a month for 50,000 worth of coverage.They would go no higher.So all I have is what I had before I found out I was ill at all...if anyone who is currently searching for a diagnosis and doesnt have one yet reads this..please get all the life ins you are interested in having in place now..before you get a diagnosis..as AI illnesses make it almost impossible and really not worth your time to pursue after diagnosis.

Shouldve/couldve/wouldve 

[kindandcaring]

Yes perhaps its different for different countries...I tried the other day and gave full disclosure..and I was just simply told my application wasnot accepted (by an SMS.)

This being Australia.

[kindandcaring]

For the record ..Ive now tried several Life Insurance Brokers...once I gave them all my details I never heard again from any of them..!

[Scottietottie]

Hi - I'm mentioning no names but I've heard from someone with our issues who have been denied life insurance recently. 

[Chickpea]

Hi all

I was told not to bother even applying for life insurance and that was when I was in my early 30s, 15 years before SjS even became an issue.  It's an odd feeling but all it means is that the company's calculated that they're unlikely to make a big enough profit out of you.  Think of it that way and it doesn't feel so bad ...

The strangest day was when I realised my husband was worth more to me dead than alive.  Purely financially of course, but don't quote me!

Take care - Chickpea

[Katybarstool]

This is an intersting subject. My hubby and I both have endowment policies linked to our mortgaged. The endowments, but not the mortgage, finish in the summer, and we will get some payback. After that time, we will both need more life insurance. I have enough to cover our mortgage if I die in service, but David doesn't. I wonder whether we should shop around, or just go with one of those 'over 50' no questions asked policies, which are probably really expensive.

I'm in the UK, so probably different from others.

Kathyx

[eyeamdry]

My daughter is 40 and has a history of epilepsy starting at 16 and Type I diabetes when she was 27.  When we bought an insurance policy and my daughter was turning 18, I bought one for her for $10,000 just because I thought it might be a good thing.  Because we were just transferring her from ours, they asked no health questions.  This is the one thing known that they will take you "as is."  She has not married (so far) and when working usually has a good amount of life insurance.  She lost her job in February so that insurance went.

We recently had to convert her policy into another type with a larger premium.  Again with no questions.  It turns out this was the right thing to do so long ago as she is probably uninsurable for life insurance except at a job.  She has no dependents and does not need a big life insurance policy.  Turns out the $10,000 would be eonough to help with a funeral and I'm glad I did this.  Hopefully, we won't be around when the need for this occurs. 

This is a note to those with children with health problems.  You might not be able to ever get your child insured if they have any health problems.  Lucy

[dbab]

Good point Lucy.  Also, for anyone here personally if no diagnosis yet, it would be a good time to get some if you don't have any yet.

[kindandcaring]

This is an intersting subject. My hubby and I both have endowment policies linked to our mortgaged. The endowments, but not the mortgage, finish in the summer, and we will get some payback. After that time, we will both need more life insurance. I have enough to cover our mortgage if I die in service, but David doesn't. I wonder whether we should shop around, or just go with one of those 'over 50' no questions asked policies, which are probably really expensive.

I'm in the UK, so probably different from others.

Kathyx

Hi Kathy I hope you can get some Life Insurance.

I tried the no questions asked policies here in Australia..however they were more like a few questions..and when I answered yes to one of them that was that ..declined.

However it maybe different in the UK ! Ify ou do get some please post back..as perhaps it would be available internationally.

When I first was diagnosed my then Doctor assured me that my diagnosis would not affect me getting Life Insurance...it was not the only thing he got wrong lol..

[Katybarstool]

Hi KC

Will let you know what I decide when the endowments finish. I know my mum has one of those 'no questions'policies. I believe it is with Sun Insurance. Try to google, if you don't get any answers, I will ask mum exactly what it is.

Kathyx