Breeze, My hubby has a terminal kidney disease and finding life insurance is impossible. Do you know of any company that will allow me to get it on him? Or am I better off doing an IRA or just save myself?
I am not breeze, but I do know that you need to find a "no questions asked" insurance. This is much more expensive then regular life insurance. Do a google search for graded life or burial insurance. I hope this helps. I am very sorry to hear about your hubby. Best of luck to you.
Another thing he COULD do, is try to find another job (I am not sure how sick he is) with a good group life, this is what my dad did. It was a no questions policy. But that is risky because I guess you wouldn't know if it was or not.
OhNo- Thanks for the replies. His PKD went active when he was 16 he's 25 now. It's dormant. I'm concerned cause the same thing happened to his mother and she died at 37. I think I might go with an IRA, he has no family other than me, he hasn't spoke to his deadbeat drug addicted father in 10 years. Right now, switching jobs is not practical, how it is an option down the road.
No problem. I don't get what an IRA (Retirement fund) would have to do with life insurance? Are you worried about FAR down the road when you are older, or are there different kinds of IRAs?
I *think* a Roth IRA, I would be able to borrow off of it if he ever died. I can also borrow off of it to purchase our first home. My MAIN concern is, if we do buy a home and he dies, how can I pay for the home?
Mortgage insurance! My sister is an agent, and sells only that type. Let me call her and see what kind of questions they ask.
OhNo- You're the best! Here's a link about the disease: http://www.pkdcure.org/home.htm Thanks again!
So sorry to hear about your hubby's condition. Don't give up hope, cures are being found every day. I hope and pray they find a cure for this one. I have a friend who has already had a failed transplant, and is back on dialysis. Ohno's advice is right on target! There are policies with few or no questions on them, and they have "waiting periods" before they go into effect. The amount of insurance you can get will be pretty much limited to burial insurance amounts, and if the insured dies during the waiting period, you usually get back the money you paid, with interest, or a percentage of the total death benefit - the percentage increases each year on some policies. The details vary from state to state. Usually these are only offered to people over age 60 or so, and finding them for younger people may be a little more difficult. What state are you in? Try this one http://www.slaico.com/content/product_index03_02.html
OK. She said that she personaly does not ask. She works with Mortgage companies that offer this protection to their clients. So, when looking for a mortgage tell them that you are interested in this coverage. Also, she said BE SURE that critical illness is covered in the Mortgage Life policy, if not add it. Heather
Be sure that all the questions asked are answered truthfully, but do not answer questions that are not asked.
What a great question, thanks for asking it, KHM. Much healing, endurance and stamina being sent to your DH. I've a similar issue, 38, heart attack 5 years ago, congestive heart failure. Ongoing treatment with meds and monitoring but no complications or anything. I'd REALLY REALLY REALLY sleep much better at night if I could find some insurance. The mortgage life insurance, can you get that independant from the mortgage process, as an add-on? Sassy
Even the guaranteed issue policies have no benefit to you in this situation.The ones that havea "graded benefit" DO ask a few questions, the others have NO benefits other than refund of premium the first 2 years. If you are working, perhaps there is already something available or even existing in your benefit package.Check out whatever health insurance he is currently on, even medicaid has a small burial benefit.Go through all old files, perhaps his parents had a "paid-up" policy. The only way you could get "mortgage" insurance would be to lie on the application,if he died within the first 2 years after issue,(there is a 2 year incontestibility clause on all life policies) only your premium would be refunded.
Why Chat- I have to disagree. I just spoke to my sister once again, and when it is added when the mortgage is taken out, they DO NOT ask if someone has health problems.Also, with her company (which is for MI only so it could not service her, just so you know I am not trying to sell something) the waiting period is one year not two.
Kellie, I've debated all day on if I should respond or not but Why Chat opened the door so, I'll just barge right in! First of all, the mortgage insurance is a good though in theory but lousy in application. When you 2 get a quote, please be sitting down because the premium will knock you flat on your butt. Just way expensive. Having said that, I'll tell you what 2 people I know did to do get life insurance. They both had very serious health problems but, they found an independent agent in our town with a touch of larceny in his soul. He told them to lie about the health problems. The face amounts weren't excessive. The agent just said if you can stay under $100K on a term and under $50K on whole life that the company he had in mind would go ahead and underwrite. Then as Why Chat mentioned you have to stay alive for 2 years. One of these people has died and the policy paid off with no problems. He lived 4 years after the issue date.
It is true that you can obtain insurance by deception, stay alive the 2 year incontestability period (nothing to do with "waiting period") and get insurance that way. HOWEVER, before you try that ploy, get his MIB report. If he is on the MIB the insurance co. automatically checks with his s.s.#,and will not only reject the application, but it will be "red flagged" for ANY insurance.By the way, getting "mortgage insurance" is not only expensive, but the fact that they may not ask many questions is offset by their "fine print" There is another route to take, if you are going to be willing to be evasive,get a policy on yourself, with your husband covered as a spouse rider,they still ask the questions,still 2 year "stay alive" - but won't have his ss# to check wit MIB.
Hmmm. I am not an expert by any means. I never claimed that I was. She brought up Life Insurance, and then spoke of a mortgage. Like I said my sister is an agent so I asked. Seems like this has pushed a few buttons with you Why Chat. You seem to know a lot about this. May I ask what business you are in? From reading your previous posts I would think that you were a lawyer maybe? I must say, she never said anything about being "evasive". She simply said that she was having a hard time getting the life insurance because of the problems her hubby is having. I don't think that she was trying to con anyone out of anything. Her husbands condition is dormant. I got out of what she said that they are looking forward to living their lives, she just wants to protect herself. I don't think this has anything to do with a "ploy".
ohnotuck, I don't think Why Chat is being critical of you. I'm the one who suggested a ploy. We're both trying to point out to Kellie that mortgage insurance is not going to do the job and if she needs coverage, her circumstances are going to reqire a non conventional approach. No one is condeming Kellie for thinking ahead and trying to protect herself and her young children.
Like the value of good credit discussed on the board,life insurance is something that few people think seriously about until they have lost their chance to obtain it in a straightforward way. I do not advocate lying or being deceptive to obtain good credit or life insurance,however,if one wishes to take advantage of the system in order to protect their family's future,I see litte difference between the "tricks" promulgated on the board and fibbing on an insurance application.
I see litte difference between the "tricks" promulgated on the board and fibbing on an insurance application. Why Chat ******************************** Since when is trying to protect yourself from getting ripped of by the con artist operating the shell game called scoring and the shysters running the bogus info.labs called CRAs considered Treachery . ?? I don't consider locking my house or removing the car keys to keep out thieves and burglars TRICKS !
