Need some help from some life insurance experts out there, figure this group is big enough to have a few.
I just did my open enrollment at work. I have 3X my salary in supplemental life insurance through work, which used to be cheap, but now that I've hit the magic age of 45, the cost has doubled to $72 per month.
I also have a term life policy through SBLI that we got back in 2001 or so. Cost for me right now is $85/mo.
Total that up, and I'm shelling out $150+/mo for life insurance. I really just want term insurance for the kiddos, at least until they are age 22-25, to get them through college.
If I asked SBLI to quote me a new rate to roll the 3X salary into my term life so I can drop the supplemental life at work, will they let me? Or am I uninsurable now? (Untouchable??) If they would insure me, would it be astronomically expensive? If I even raise these questions with SBLI, would they be able to drop my term life or raise my rate if they find out I have leukemia?
I don't know if the insurance industry recognizes the vastly improved lifespan for the average CMLer. Nor do I know if they recognize a difference between different types of leukemia.
Would appreciate if anyone with knowledge/experience could respond.