Does your college student/recent grad have life insurance?

[DVC-Don]

Both of our children are in college, with loans, and both have life insurance.

 

[ILUVALASKA]

I cannot stress enought the importance of purchasing life insurance for your children. My son attends college in Pittsburgh, and last fall one of his friends died in the Fort Pitt tunnel while driving. The boy's parents are responsible for $100,000 in college loans, and they must pay them back as co-signers!!!!!!!!!!
We took out a $100,000 policy to cover our son until he is 30, and pay $90 per year. Small price to pay to avoid a lifetime of financial grief if you are stuck with student loans.

 

[zurgswife]

So you can't get life insurance for diabetes people either?

Diabetics can get life insurance. The rate will depend on type of diabetes, age of diagnosis, height, weight, hemoglobin A1c and other measures of diabetes control, and progress of the disease such as any complications which may have manifested. Shop around. Don't take no from the first agent that says that. It may just be that their company doesn't write such policies. An elder care/special needs attorney may have suggestions.

I got my life insurance before my diagnosis. I'm older now, so I know it would cost more for that reason alone, but I don't know how much more having a diagnosis of a chronic disease adds to the premiums.

When I mentioned long term care insurance to our auto insurance agent, he was sure that as a Type 2 diabetic I would not be able to get LTC insurance anywhere. I knew better, and I educated him. [This was a few years ago. I don't know how the picture has changed today.]

I'm part of a very large online Diabetes community. Type 1's as far as the 1,000's of us are aware are not able to get life insurance. My agent is even Type 1 himself. In your post you list Type 2...which in the realm of things is a completely different disease then Type 1. So, that maybe why you could get insurance and my kids and all the other Type 1's I know aren't able to get it outside of work sponsored.

 

[Sadie22]

I'm part of a very large online Diabetes community. Type 1's as far as the 1,000's of us are aware are not able to get life insurance. My agent is even Type 1 himself. In your post you list Type 2...which in the realm of things is a completely different disease then Type 1. So, that maybe why you could get insurance and my kids and all the other Type 1's I know aren't able to get it outside of work sponsored.

I would suggest more research and persistence.

 

[snoopybabe]

I have life insurance for both of my kids because I co-signed for them on student loans.

 

[kbeverina]

I would suggest more research and persistence.

I completely agree with zurgswife. If my Type I husband cannot get life insurance anywhere, I don't know who can. He has never had an A1c above 6.2, which is almost unheard of. He is perfect weight, very active, absolutely no complications. He gets a small amount through work and we get the maximum we're able to from our credit union, but it's not a lot. Our financial manager searched all over the country for us and couldn't find anything. His professional association that we pay dues to even rejected him, which really made me mad. Trust me, we have searched persistently.

Pin Wizard--as I recall your son is Type I also, so you may want to encourage him to snap up anything he's able. My son is Type I and we have him under our credit union policy for the time being, but it's definitely something that worries me. We haven't had to take student loans out for him, but I worry about the future when he has his own family.

 

[Sadie22]

I completely agree with zurgswife. If my Type I husband cannot get life insurance anywhere, I don't know who can. He has never had an A1c above 6.2, which is almost unheard of. He is perfect weight, very active, absolutely no complications. He gets a small amount through work and we get the maximum we're able to from our credit union, but it's not a lot. Our financial manager searched all over the country for us and couldn't find anything. His professional association that we pay dues to even rejected him, which really made me mad. Trust me, we have searched persistently.

Pin Wizard--as I recall your son is Type I also, so you may want to encourage him to snap up anything he's able. My son is Type I and we have him under our credit union policy for the time being, but it's definitely something that worries me. We haven't had to take student loans out for him, but I worry about the future when he has his own family.

I suggest an elder law/special needs attorney. He or she may know of sources that a financial manager (I'm not exactly sure what that would be) does not.

 

[kbeverina]

I suggest an elder law/special needs attorney. He or she may know of sources that a financial manager (I'm not exactly sure what that would be) does not.

She's an estate planner who works directly with attorneys in those fields. She worked very hard to find something for us and couldn't.

 

[The Mystery Machine]

I'm part of a very large online Diabetes community. Type 1's as far as the 1,000's of us are aware are not able to get life insurance.

So when are they going to end the discrimination?

My 21yo dd cannot get it either because of her heart defect.

They will only be able to get insurance through work. My dh does have life insurance on the kids through his work.

 

[MrsDuck]

I graduate on Friday-- no life insurance.

My DFi graduated in 2010 and he has a tiny policy through work. We will be investigating getting some after we get married this month.

I should also add that we have no loans or debt.

 

[mrsklamc]

Life insurance is to enable the ones left behind to continue to live the lifestyle they were accustomed to and to pay off your debt that will still be there for the ones left behind.

Assuming no assets, a recent college grad with no dependents and no debt that another co-signed for does not need life insurance above what it would cost to bury them.

I disagree, I was young and healthy with no family history of cancer when I was diagnosed. I was insured, but under-insured, and for two years it was impossible to buy additional coverage. You never know when something might happen to make you uninsurable, and the life insurance market is really cheap right now.

 

[tvguy]

Technically, no life insurance for either. DS has student loans that are his and would be forgiven, so I guess technically a life insurance policy in the amount of his loans is built into the loan. None for DD. She has no legal obligations or responsibilities, so no need for life insurance.
Generally speaking, young people and elderly people with no financial obligations don't need life insurance. Now, long term care insurance certainly is something an older person should have, and many of those include a life insurance component in case the long term care policy is never used. But the life insurance pay out is usually equal to the amount of money paid in as premiums. So you are just getting money paid in back.

 

[mrsklamc]

Technically, no life insurance for either. DS has student loans that are his and would be forgiven, so I guess technically a life insurance policy in the amount of his loans is built into the loan. None for DD. She has no legal obligations or responsibilities, so no need for life insurance.
Generally speaking, young people and elderly people with no financial obligations don't need life insurance.

Again, you never know when a young person who wants to have future obligations or responsibilities might become uninsurable.

 

[SC Minnie]

I have $10,000 on DD18 through my job. I've had it since she was a child. It's less than $1/month. She is now in college and should be able to graduate without loans.