Laife Insurance with Health Issues

[crayon3448]

Has anyone dealt with getting life insurance for someone with health issues?

DH has a chronic autoimmune disease and is on some pretty heavy medications to manage it. Back when we first were married and got life insurance, he was denied for term insurance, so we ended up getting him a whole policy (for 6x his salary- he also has a term insurance through his job for 2x his salary which is the max you can get w/o a health exam). It's pricey, but not an issue to pay every month. And we were worried that if something did happen to DH's health it would be even harder to get. I SAH with our daughter, so I'm inclined to let things stay as they are, since we definitely need coverage if anything were to happen. But I am just wondering what kinds of policies others have in this situation?

Edited to say: sorry for the typo in the post title!

 

[wallawallakids]

Has anyone dealt with getting life insurance for someone with health issues?

DH has a chronic autoimmune disease and is on some pretty heavy medications to manage it. Back when we first were married and got life insurance, he was denied for term insurance, so we ended up getting him a whole policy (for 6x his salary- he also has a term insurance through his job for 2x his salary which is the max you can get w/o a health exam). It's pricey, but not an issue to pay every month. And we were worried that if something did happen to DH's health it would be even harder to get. I SAH with our daughter, so I'm inclined to let things stay as they are, since we definitely need coverage if anything were to happen. But I am just wondering what kinds of policies others have in this situation?

Edited to say: sorry for the typo in the post title!

We are in the same boat as you and find that there are not many options. My husband is covered through work because there are no limits and no health history he also has a term insurance that is several years old and almost up. We have already been told that he will not qualify for another term insurance policy after a health exam. (My husband also has an autoimmune disease called AS. And I am a stay at home mom as well to our 4 children, so I have the same concerns you do). Because of this, we have just started saving more and more each year. We max out all of my husband's retirement accounts and then add more savings in cash and in stocks and bonds. We are fortunate enough that he is employed with a good job that offers great benefits and life insurance to us. Once he retires he will not have insurance but we hope that we will have enough in savings and retirement to cover us. (And also we hope retirement is a ways down the road!) If I was you and we already had the whole life policy and it wasn't a burden to keep paying it, then I would stick with what you have. It is really hard to find coverage once they know you have a condition, and if you can find it it tends to be very expensive. Good luck!

 

[Sadie22]

If you consult with an attorney experienced with elder care and special needs issues, such an attorney may have contacts with companies that will assist you with life insurance, long term care insurance, and other coverage. My regular insurance agent told me I would not be able to get insurance due to my diabetes. He had to amend that to say that his company would not insure me, but that he did not know about the other companies to which my attorneys had access.

 

[kt_mom]

This has been on my mind a lot lately. I've always carried a small 10k policy on the kids through my work. But DD was denied this year after being diagnosed with type 1 diabetes.