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 Posted: Mon May 19, 2008 8:51 am Post subject: Life Insurance |
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| I was wondering if anyone could tell me what type of life-insurance I should be looking at. I am a 28-year-old female, non-smoking, but do have 3 chronic illnesses. I have a well-documented health history, which up until recently was very good so it could have helped me, but recently I have been hospitalized quite a bit and have had a lot of problems so I'm not sure it would be a good thing anymore to try to prove I'm "healthy." Is it even possible for someone like me to get insurance at a reasonable rate? Or is it just not worth it? |
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Journey
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| Posted: Tue May 20, 2008 3:43 am Post subject: |
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Actually, it is very possible for you to get an insurance even though you have illnesses. But of course you will be quoted higher than the regular rate. It always depends on the insurance company on how much they would charge you for your insurance based on their standards.
But because of those illnesses, you may also be declined in your insurance application. But there is nothing to loss if you give it a try. Try to consult and insurance agent in your place and try to ask for an estimated rate based on your health condition. Just be honest about your illnesses so that you will be given almost exact rate. Then that is the time you decide if you can afford it.
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joven222
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| Posted: Tue May 20, 2008 7:04 am Post subject: |
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Hi,
Let me tell you that the decision would actually come forward during the underwriting process.
It is always better to disclose all your health concerns to the underwriter right at the beginning.
Once the underwriter comes to know of your pre-existing conditions, it is up to them to ascertain if such a condition could actually affect the mortality rate or whether the risk could be offset through a premium hike. This would allow them to establish the measure of the risk from the standpoint of the carrier & its potential to cover risks.
For some cases they may need to consult with the physicians under who you were treated. If they find it worthy, they may disclose the reasons for any denial of coverage to your physician only! Plasticmind
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Plasticmind
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| Posted: Tue May 20, 2008 7:23 am Post subject: |
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Hi journey..
| Quote: | | Once the underwriter comes to know of your pre-existing conditions, it is up to them to ascertain if such a condition could actually affect the mortality rate or whether the risk could be offset through a premium hike. |
Yeah, I gotta believe thats pretty important to know.. there are quite a few states where the rates are controlled & quite a few where the rates are not controlled. This difference gets the companies different flexibilities of covering different measures of risks..thus giving birth to a new generation of competitors. This difference gets reflected through their differences in underwriting guidelines.
The more experienced ones or the ones who have a set of time-tested actuarial protocol would be the ones to offer you the coverage that you need. Thats why my suggestion would be that you go through different carriers & check out their offers, so that you could compare & know which ones would actually offer you a coverage & which coverage might turn out to be the best for you.
Please don't forget to share with us..once you have a database of such carriers in your area & the outcomes. Race2earth
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Race2earth
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| Posted: Tue May 20, 2008 11:00 am Post subject: life |
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| It COULD be possible ( I've never heard of this, however) that once you DO get a policy,but, you don't disclose your pre-existing illnesses, i would think the Life Insurance Co. can 'drop' you for not being truthful. Some Life Insurance Co. will not take pre-existing conditions. Just some 'thought' on the matter, from me. |
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sdchargersfan
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| Posted: Tue May 20, 2008 3:05 pm Post subject: |
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Hi Journey,
I am sorry to hear of your 3 chronic illnesses, and the time you have spent hospitalized.
As for getting life insurance with reasonable rates, it depends on several factors, including what may be reasonable for you.
The insurance companies take into consideration your health, your age, the specific illnesses, your pre-existing conditions, the type and amount of life insurance you want, and several other factors, when deciding whether they will insure you, and how much premium they will charge.
It is always a good idea to answer all questions truthfully, and to disclose all health conditions to the insurance company. That's because they base their acceptance of you as a life insurance applicant on those answers to the application, as well as, the physical exam results.
There are several types of life insurance plans which may be available to you, including whole life, modified whole life, life insurance with no exam, and guaranteed acceptance life insurance.
You may want to contact a life isnurance agent in your area and ask for quotes from plans the agent has available. The agent may know which companies accept people with medical conditions, and which companies offer the best deal.
Or, you can request free life insurance quotes online and find out which carriers offer you quotes, and what the best plans available are.
If you are turned down by the insurance companies for life insurance, you may want to consider Guaranteed Acceptance Life Insurance, but this is usually available for people who are age 45 to 74. But, it depends on the insurance company.
I wish you well, and best of luck with your health, and finding a good deal on your life insurance. Take care.
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Hadley
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| Posted: Tue May 20, 2008 9:54 pm Post subject: |
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Hi Journey and Welcome to this Insurance Community!
| Quote: | | I was wondering if anyone could tell me what type of life-insurance I should be looking at. I am a 28-year-old female, non-smoking, but do have 3 chronic illnesses. |
You have received some very important and useful life insurance information so far, but I just want to throw my 22 cents worth in.
First of all, your definition of "chronic illness" may be somewhat different from a life insurance underwriter's definition.
There are life insurance companies out there who specialize in underwriting "special risk" cases, like yours may be. I have insured people who had a quadruple by-pass over 4 years ago. I have insured Type 2 diabetics, so I wouldn't give up on the attempt to purchase life insurance.
Someone before advised you to be completely honest on the life insurance application and that is very good advice.
At your young age, if you bought a 20-year term policy, that would mean that it would renew (if renewable) at age 48 - at a much higher premium than the first term.
So, if I were you, I would look at a "Permanent" form of life insurance, like Whole Life, Universal Life, etc. If you apply for a Universal Life policy make certain that the premiums are calculated to carry the policy to age 100. Please stay away from "Minimum Premiums".
By the way, your situation would make an excellent topic for an insurance blog - Buying Insurance With Health Problems or something on that order.
Your blog title could be - impairedinsurance.ampminsure.org - you probably could think of something better.
We have blogging instructions, if you need them . . .
Good Luck.
Maze
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InsuranceMaze
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| Posted: Tue May 20, 2008 11:57 pm Post subject: Thanks! |
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Thanks for everyone's advice. I really had no clue where to start with all of this. I wasn't even sure what to say or what to ask for when I talked to my insurance agent and financial advisor.
I decided to contact my insurance agent who handles our homeowner's policy. She knows me fairly well through having a policy there, so she seems like she will help me out and try to get a good quote. The only problem is that she works for a specific company, so I'm not sure if there'd be any competition in rates. So, I decided to contact my financial advisor too because I know she had mentioned she could help with life insurance before. She will definitely find me a good rate if there is one to be had.
Both of them seemed optimisitic that I could be insured, and I definitely was honest up front about my health. I didn't want to take any chances in being cancelled later on because of dishonesty after paying or something.
I let both of them know that I wanted a more permanent policy that wasn't renewable because of the reasons stated. They both thought that was a good idea. They also both said that since I am young, I would probably get better rates now while my health is fairly good, rather than waiting in case it gets worse. Not to mention, I have a good bloodwork history that shows my risk of stroke and heart attack are low (which are the number one causes of death of diabetics).
Thanks again to everyone for your help. I'll definitely look into blogging about this as things unfold. I couldn't find information anywhere on the web about health insurance with chronic illnesses really, which lead me here. I'd love to be able to help others if they are in the same boat. I'll read over the rules and how-to's after Memorial Day. =) |
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Journey
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| Posted: Wed May 21, 2008 4:43 pm Post subject: |
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Hi Journey,
That's good to know that you can be granted reasonable rates. And good that you have these two people who are very willing to help you find a good rate for your insurance policy. Deciding to get a permanent policy is a good idea. The rates can be higher compared to renewable policy but the protection and the benefits is much better.
Just always visit this community and try to provide us some good ideas that you can find along the way.
Have a good day!
Joven
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joven222
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| Posted: Tue May 27, 2008 7:00 pm Post subject: |
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I dont think that your illness will interfere with your life insurance.Till where i am concerned the life insurance companies are more interested in just doing life insurance.Ynu should concern your lawyer if you are more skeptical.
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tusharagg87
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| Posted: Wed May 28, 2008 5:29 am Post subject: |
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YOur getting alot of good info here but let me get you at a different angle so you dont get ripped off...
Because of your age (and if you have young children) you want to stay away from traditional whole life policies. Tell your insurance agent that you want a level 30 year term policy. YOu dont want return of Premium or any of the fancy bells and whistles... Just straight term with an A+ rated company....
Many people will disagree with me on this fact, and I can elaborate if need be, but dont be taken
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TheBrokerDealer
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| Posted: Tue Jun 17, 2008 3:37 pm Post subject: |
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Interesting advise The Broker Dealer,
| Quote: | | YOu dont want return of Premium or any of the fancy bells and whistles... Just straight term with an A+ rated company.... |
Other people may prefer return of premiums, dividends, and cash values. But you are not interested on these ones? You only want a term policy?
| Quote: | | Many people will disagree with me on this fact, and I can elaborate if need be, but dont be taken |
I think I may agree with you, but I want to know your reason why. Can you tell us?
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joven222
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| Posted: Thu Jun 19, 2008 11:15 am Post subject: insurance |
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| I would want something that builds cash value...ya know? We never know what can happen in the future. However....are Life Insurance policies, that build cash value, MORE expensive than ones that don't? |
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sdchargersfan
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| Posted: Mon Aug 04, 2008 5:13 am Post subject: |
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Hi Journey,
No matter what insurance you are going to get, it is important for you to have insurance protection. With your conditions, you need insurance more than anyone else does.
Even if the insurance company quotes you a seemingly higher rate, you may like to seriously consider their willingness to accept your application.
Life insurance is a one-way street. Once we are insured, the insurance company will never increase our premium rates if our health conditions deteriorate in later years.
However if at the time of application, we are at substandard risks, we can always appeal to have the insurance company review the premium rates if we show substantial improvement in our health conditions. |
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Xoseph
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| Posted: Mon Aug 04, 2008 4:21 pm Post subject: |
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The Broker Dealer actually had great advice. And as long as you make sure you die within the next 30 years (provided you qualify for a 30 year plan) someone will benefit from all your hard-earned premium payments.
If you dare to remain alive any more than the 30-year term, it's doubtful that you'll be able to afford or qualify for new coverage and the whole ordeal will have been one big waste of money.
Oh, your agent will have been paid well though.
Always remember that only around 2% of all term plans are ever paid off in a claim.
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