[64speed]

As some of you know I have some health problems. My wife’s work no longer offers guaranteed acceptance life insurance so I am out in the cold. All I have is accidental death. I am finding it impossible to get any coverage. Anybody know any companies that will take health issues into consideration. I know my policy premium will be higher.

[Longs]

I don't have health issues but I went through policygenius.com to apply, allows you to get quotes through multiple channels.

[John V.]

Just curious, why do you think you should have life insurance? What type would you want to have?

About 9 years ago, I was diagnosed with a disease that is rarely life threatening. But serious enough that life insurers took a dim view of my insurability.

Not long after, my 10 year level term life insurance expired. I was about 57. I had always carried term life since having kids. Prior to that, I had no interest in taking a bet where the only way I would win was to die. Things changed with kids, if I died, my wife would need to replace my income. She would also need to hire help for tasks that I might have tackled myself. Life would get expensive. Likewise, she needed to carry life insurance as I would need money to compensate for losing her.

My previous term life was guaranteed renewable but the cost was off the charts. When I sought quotes for a new policy, I had to divulge my diagnosis. I was told that it was unlikely that I would be accepted.

I never pursued an application. My kids were grown. I set a plan when I was 32 that I would no longer need life insurance by the time I was 62 since my kids would be gone and my accumulated wealth would be sufficient for my wife and I to live comfortably in retirement, whether one of us died or not.

Circumstances caused my to drop life insurance 5 years early. At the time, I thought, it was their loss. I would still be here 10 years later and would be happy to simply pocket the money I would have paid out in premiums.

I'm 65 now and still here. So far, it has worked out in my favor.

As cheap as term life was, I would have taken another 10 year term policy. But I don't miss it.

If you are looking at something other than term life, I always believed there were better investment options available to me. There are some tax advantages to whole life policies but they never were significant enough for me to choose that as an investment choice.

When a health issue made life insurance unlikely for me, I chose to effectively self-insure. Even though she is even younger, we decided we didn't need life insurance on my wife either.

Depending on your health issue and age, life insurance might still be available to you. You can discuss with a broker.

But unless you have dependents that would be significantly impacted by the loss of your income, you might consider foregoing traditional life insurance and put whatever you would have spent in premiums into your own investments.

This is a reasonably balanced discussion of the same thinking that I have used in considering life insurance over the past 30+ years.

https://www.investopedia.com/financi...-worth-it.aspx

Good luck and God-willing you will still be here 20 years from now and sitting on a pile of cash that would otherwise have just enriched an insurance company.

[64speed]

Good out look. I guess my 5 year old daughter is the driving force. In reality my father in law is very well off and I know that if I died my wife and kids would lose nothing. I guess my thinking is that I would like to at least have enough to pay the house off for example.

[Simple Man]

Some whole life policies say guaranteed acceptance.

[242177P]

Have you talked to the VA people? They could steer you in the right direction at least.

[Scarebird]

Don't get Met Life - they do not pay.

[64speed]

VGLI turned me down for a new policy and I was too stupid to convert my SGLI policy over when I ets’d so the VA has no options

[Jerry H.]

Originally Posted by Simple Man

Some whole life policies say guaranteed acceptance.

Sure they do. It takes 2 years for them to take effect and they are VERY EXPENSIVE. I bought a $10k policy a few years ago when my 250k term policy expired. $50 per month for only 10k worth of coverage, but they guarantee acceptance, no matter what problems you have. But if you die before the first 2 years they only pay back what premiums were paid, not the value of the policy.

I only had it because at the time my wife was alive and could need the funds to bury me. I should probably cancel it now and just put 10k aside in a some sort of account.

[The Champ]

Originally Posted by 64speed

Anybody know any companies that will take health issues into consideration. I know my policy premium will be higher.

I was able to get life insurance 2 years after having cancer surgery in '06. I'm also diabetic. I was offered a rated policy (increased premium due to my issues).

Any legitimate life insurance company will take health issues into consideration and offer a policy based on your specific conditions. Yes, it will be more expensive.

You need to look into a life insurance broker that works the specialty market. Your local State Farm (or insert other insurance company name here) agent isn't going to be any help.

I guess my thinking is that I would like to at least have enough to pay the house off for example.

Most lenders offer mortgage insurance. Typically, mortgage insurance is not underwritten (no health questions). Not sure if you declined it at inception of your mortgage if you could still get it guaranteed issue, but if you refinance (rates are low), you might be able to get a guaranteed issue policy with the new mortgage.

[64speed]

Well champ I wish you could find these brokers for me cause I’ve tried phone calls and websites like selectqoute.com and they all say uninsurable. Wait till you’re 45 and get raped on guaranteed acceptance

[The Champ]

Speed

I'm already 66, a three time cancer survivor and have never been raped on guaranteed acceptance. I was issued a rated life insurance policy in 2008, just like I posted, 2 years after surviving both emergency lung surgery and cancer surgery in 2006. I've been diabetic since 1997, which is another risk factor for life insurance.

I don't know what your specific insurability problem is, but I suggest that you look for a life insurance professional who is willing to work to find companies that are willing to look at your situation. If you are indeed, uninsurable, it may be just a period of time before you become insurable. I had to wait 2 years after my cancer surgery to apply.

You are half a country away from me, so the people I know aren't licensed to write insurance in SC. I don't know anyone licensed in SC.

Have you checked into mortgage insurance like I suggested? It would be worth the cost of refinancing your mortgage to get a standard rated, guaranteed issue, decreasing term mortgage life insurance policy to cover your mortgage.

[64speed]

I have mental health issues which I know as a police officer scares insurance companies, in this area at least, because while suicide disqualifies your family from payout most police depts won’t rule a death a suicide unless it’s 100% no doubt. My wife’s first husband shot himself gun in mouth and the coroner ruled it an accidental discharge so there is that factor. I have rheumatism. I have had cancerous polyps removed from my colon. I have also had a heart scare in the last 3 years that resulted in a heart cath that while it turned up nothing they still don’t like to hear

[The Champ]

Suicide is most likely your primary problem with insurability as the suicide exclusion is typically only for the first 24 months of a policy:

The Suicide Provision

Your life insurance policy will typically include something known as a suicide provision, or suicide clause. This outlines the specifics surrounding your coverage should you choose commit suicide. If suicide occurs before a policy’s exclusion limitation is reached, it’s possible the beneficiaries won’t receive benefits. This provision is typically valid for two years but could be vary, depending on your insurer.

https://www.coverage.com/insurance/l...ife-insurance/

[SRR]

Originally Posted by 64speed

VGLI turned me down for a new policy and I was too stupid to convert my SGLI policy over when I ets’d so the VA has no options

I did convert mine even though I was being told not to. I'm glad I did. NO ONE wants to insure a 63 YO on blood pressure meds. who also has Psoriatic Arthritis. lol My wife tried to get additional ins. for me and the answer was always NO unless you wanted to pay $$$ for next to no coverage.