Life Insurance for Early Stagers

sundermom

I am approaching the 3-year mark from last treatment and remain NED. My husband and I were doing a personal financial audit and realized that with my increase in salary I need more life insurance. Unfortunately, the broker I'm working with told me that none of the carriers will look at me until July 2016 - five years out. I was stage 2b with 2 positive nodes so I guess that's the reason. Anyone out there had luck getting or increasing coverage prior to five years out? Please share. Thanks!

sunshinegal

I got coverage 3 years out, at standard rates, but I also had DCIS (only) which probably makes a difference...

Jelson

If you are looking for life insurance to strictly to provide money for your children, my husband and I just bought something that might interest you and for which you might qualify. It is called an Individual Survivorship Whole Life Policy with Additional Protection Insurance Payable on Second Death. It requires  health exams for both of you.  It only pays out when both are dead so won't help if the goal is to help the widow or widower!! We had each had whole life policies and cashed them out because we had originally been told that based on then current predictions our policies would be paid up in like 11 years, well 15 years later we were still paying, we stopped paying (just refused to pay!) annually for a number of years and our "dividends" paid for the premiums until this year when the company said that our dividends no longer funded the premiums 100% (their bad investments) so we pulled our money out and will use it to pay for a policy equal to what we had formerly with a company in which we have more confidence. In addition to DCIS - less than 5 years out, but almost 5 years, I was recently diagnosed with endometrial cancer and was still recovering from a hysterectomy when we had our health exams (health history, height, weight and blood work). Looking back on it, my husband was actually suffering from then-undiagnosed Lyme Disease at the time, but otherwise is in excellent health - however he had not seen a doctor in more than 6 years, didn't even have a doctor - has not had any of the tests like a colonoscopy he should have had by our age (63) . We passed the health exam and are paying the lowest premiums for our age. 

I think however that you need to really think through why you even want health insurance. For me, my investing skills are such that I want to leave something to the kids. I doubt it is necessarily the best strategy to do so.

BrooksideVT

You can probably qualify for life insurance, but at an increased premium.  As you are two years from treatment, your company may offer a policy with simplified underwriting; do check with HR.  If you are age 50 or beyond, there are guaranteed issue policies that are only moderately expensive.  A survivorship policy will be relatively inexpensive as its premium can be based on your husband's health.  Whatever you do, however, do not replace a whole life policy with a universal survivorship, as you will be replacing a guaranteed premium that you can stop paying at some point with a premium that must be paid for both your lifetimes. 

As life insurance will probably be expensive, you could also consider investing in a deferred annuity with a rising death benefit.

Also, if all the other options turn out to be duds, you might consider putting your increased earnings into a systematic investment program.

 

sundermom

Thanks for the replies. We are looking for something that would replace my salary for 10 years so that my husband would be able to support our five children. We are 40. He is going to have no trouble increasing his term life since he is in good health.

My insurance broker informed me today that none of the companies she works with will insure me at this time. That's a great feeling - nothing like the mathematicians of the world telling you they don't think you'll be here long enough to risk insuring you!!! She did recommend looking into mortgage insurance which will not require a health exam as a temporary solution until I'm 5 years out. 

ICanDoThis

It might be expensive, but can does your company offer life insurance?
It might not be cheap, but it is available.

DH and I were both diagnosed within 18 months of each other, and this worked for us

comingtoterms

I'm ten years out and have yet to find an insurance company that will increase my coverage. It all ends when you are asked if you are still receiving care for your cancer. I see my Oncologist yearly, so it automatically marks me as a risk. Very frustrating. Would they like it better if we weren't seeing our doctor?

Shellsatthebeach

I'm not quit two years out with stage III cancer and just got my life insurance increased by 100k. They did not ask any health questions when I got the offer in the mail. It was from the MTA. I really lucked out!

letsgogolf

I asked our New York Life agent (my husband has some annuities with her) about buying a life insurance policy for myself. She said that they won't consider insuring me until 5 years have passed without a recurrence. She indicated that all insurance companies have this rule for breast cancer. It's only been 2 years this month so I will have to wait 3 more years.

edwards750

I got life insurance years ago and I had not reached the 5 year milestone then and yes I did tell them I had BC. I’m 7 years out next month. The 5 year milestone is often used as a barometerfor different reasons like you “might” be home free because the vast majority of recurrences occur before the 5 year mark.

Diane