Life Insurance

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dinkydonuts
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Date Joined May 2012
Total Posts : 129
   Posted 6/14/2018 10:02 AM (GMT -6)   
Is my understanding correct that we're all basically screwed when it comes to buying life insurance? I have been fortunate enough to get it through my employer, and I have a cash policy from when I was young, but I think we all get automatically denied if we apply for a policy out of the blue?

iPoop
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Date Joined Aug 2012
Total Posts : 12493
   Posted 6/14/2018 11:02 AM (GMT -6)   
Certainly group insurance option, usually Term Life, are your best bet as they cannot deny you, nor can they ask for a physical, nor ask for a health history. In the private insurance market they can do any of those things, and charge you a higher rate or deny you coverage based on their findings.

I have only a Permanent Life insurance policy with a guaranteed cash value, that my parents initiated when I was still an infant. Won't make my spouse rich by any means, but might pay enough for a wooden box to plant me in a field somewhere lol.
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notsosicklygirl
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   Posted 6/14/2018 11:16 AM (GMT -6)   
Life insurance plans seem to be a scam in my opinion. Usually when you get to a certain age, the prices go up so high per month, that maintaining them is more expensive than putting the money in the bank and saving. I bet my father would have put a 100k aside by this point with all the payments he's made. They finally increased the monthly payment up above what he was willing to pay. It was up at $1000 a month as he's in his 70s. He had to forfeit all the money he's put in. The plan was only an 80k payout. He definitely paid in 80k, for what? Sorry, this doesn't answer your question, but just another perspective. If you're planning to leave it to family when you get old, definitely look into whether you will be able to maintain the payments at older age.
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straydog
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   Posted 6/14/2018 11:34 AM (GMT -6)   
It depends on the company when buying it private. By the way, I have never seen the question of UC or AI diseases being asked on an application. The usual questions are about severe conditions involving the heart, lungs, cancer & aids. A lot of company's do not require a physical. Be sure to look at your company policy closely & here is why. My husband worked & retired from a company after 37 years. When he turned 70, the policy became null & void. There was no reimbursement of any of the premiums he paid all of those years either. This is not uncommon at all. This has happened with many of our friends too. Read the fine print! Had we known this, we could have put that money in another account somewhere.
Susie
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iPoop
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Date Joined Aug 2012
Total Posts : 12493
   Posted 6/14/2018 11:43 AM (GMT -6)   
Susie, that's typical of a Term Life policy. Essentially, paying money for benefits given to a spouse/survivor should you/I die during the policy period. If you/employer stop paying the policy then the benefits vanish. Term Policy values are only guaranteed while enrolled. When you retire, you may not be able to continue the eomplyer-paid policy solo, on your own.

Permanent Life insurance policies have guaranteed policy payouts, even should you stop paying. More expensive but at least you're not throwing away money... The payout for survivors is typically a lot less though.

dinkydonuts
Regular Member


Date Joined May 2012
Total Posts : 129
   Posted 6/14/2018 12:07 PM (GMT -6)   
straydog said...
It depends on the company when buying it private. By the way, I have never seen the question of UC or AI diseases being asked on an application. The usual questions are about severe conditions involving the heart, lungs, cancer & aids. A lot of company's do not require a physical. Be sure to look at your company policy closely & here is why. My husband worked & retired from a company after 37 years. When he turned 70, the policy became null & void. There was no reimbursement of any of the premiums he paid all of those years either. This is not uncommon at all. This has happened with many of our friends too. Read the fine print! Had we known this, we could have put that money in another account somewhere.


I think I once applied for a policy with Mutual of Omaha and the questionnaire asked about any diseases. I put down UC and they denied me for that reason.

Next time I apply for a policy, I'll see if the wording is specific to cancer/heart/lung conditions.

But the problem is, I think even if you were to get a policy (let's say for $10 Mil), if you died for any reason related to your UC, the insurer would just deny the payout. I hear this is quite common.
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