7 replies to this topic

[bull]

Has anyone tried to get Life Insurance AFTER being diagnosed with CML ?  If so : how long after diag ? what company did you use? and aprox. what are the rates?  I was diag.  12/2008 and will retiring and need to up my life ins...

[JJR]

I would love to know as well, I tried and was denied by Hartford, I think the only option is to go through companies that offer high cost life insurance for high risk patients.  The "cancer" category pretty much keeps most life insurances away.  There are some out alternative plans but it may be better to invest money in other ways.  I am trying to eventually get a supervisory position at my work b/c life insurance is an attached benefit regardless of health.  Supplementing the insurance on the other hand is back to the issue of preexisting conditions which require higher fees.  Good luck.

JJR

[snickers]

Hi,

My husband and mine policy just expired (on thirty days grace period right now) and when I went to find other insurance, no one would touch me for a regular policy because of the CML.  The only one that I could get was one that has a "no questions asked policy".  They are very, very expensive.  My husband and I decided not to pursue insurance for me.  I just know that after speaking with my insurance agent, he said it would be better off just to start saving money aside and maybe putting it in a safe CD to make interest then to pay the premiums.  You could check with Prudential or Primerica, I know that Primerica has no questions asked policies.  Good Luck.

dd

[Susan61]

Hi:  This is a good question.  I still do not know if my husband and I did the right thing.  We were not eligible for any

Life Insurance, due to both of us having Cancer.  All the insurance we had was through his company, which is gone once you leave your job.

     We took out a policy for just $5000.00 each with Mutual of Omaha, but you are not covered for the first 2 years.

The other drawback is that there are no dividends.  We are constantly putting money in our accounts and pulling it back

out to make ends meet.  Especially, now with this economy crisis.  We thought we should just put the money in the bank

instead of paying all this money out to the insurance company, but we were afraid we would be dipping into it.  After so

many years, you can cash it in.  They have the schedule on how much its worth at certain points, but never over your

original $5000.00 that you originally took.

    Its probably not a good idea as to what we did, but we know that God Forbid one of us should die that there is $5000.00

to pay for a funeral.  We have paid off our burial site already, therefore, $5000.00 would cover a very small funeral.  Also,

we would not be leaving any burden on family to take care of.

    The job my husband is on now, and hoping he stays healthy enough to retire from is giving both of us insurance as long

as he is employed.  He pays a minimal amount for me each week out of his paycheck, and the company covers him.

If he should die, I would get 2 years salary that he makes.

   Anyone, with this problem has to weigh out your expenses and options.  Like we don't have enough to worry about already.

   I know Mutual Omaha offers different policies, it might be worth it to check it out.

[Matt]

Hi Bull.

I used to sell life insurance, so I may be able to help a little here.  Most reputable companies will not issue a life insurance policy to someone who is currently undergoing treatment for cancer.  They generally want to see that you have lived cancer-free for at least 2-5 years before they will even consider your application.  There is the option to purchase a guaranteed-issue policy, as snickers and susan61 mentioned earlier, but these policies are often very expensive and generally do not take effect for a couple of years.  If you run the numbers, it may just make more sense to "self-insure" by setting up a new account (savings, money market, etc.) and funding it yourself to cover your final expenses.

There is one other option that may help you.  If you have group life insurance through your job (or if your spouse has group life insurance that covers you through their job), you should have a guaranteed opportunity to convert up to that full amount into personal life insurance whenever you leave (change jobs, retire, etc.).  The rates usually equate roughly to a Standard Smoker rate for a normal policy, but that still may be far less expensive than what you would pay for a "guaranteed-issue" policy.  If you have group life insurance, it would probably be a good idea to speak with your HR Department so that you can make the most informed decision.  The catch here, though, is that the conversion can only be triggered when there is a separation from employment.  Also, there is generally only a 31-day period from the date of separation to elect to convert the policy.

I hope that info helps you.  Best of luck!

-Matt

[JJR]

Matt,

That was very useful, thanks!

JJR

[Susan61]

Hi Matt:

     Thank You for that information.  We are not sure what we want to do, like I said I do it this way because I know

we will have that exact amount.  My husband and I need to rethink what we are doing with Insurance.

    It can get complicated for us who are not up on a lot of these things.

                                                                                    Thank You

[Mayann]

Bill,

Thank you so much for your info.  I recently got laid off from my job and have kept the cobra coverage, but was not sure about keeping the life and accident policy which is due by the 31st.  Guess I will go a head and get that taken care of tomorrow.  It is going to be expensive, but I think that if I am ever terminal that I can cash it in and live on it if I need too.  I am single so I really don't need to take care of anybody, but just want to make sure that I am not leaving bills for my family to have to deal with. I am 48 and have been in "remission" since 03 on Gleevec and doing great for the most part, but it never hurts to just look down the road and have a plan "B".

Mayann