Life Insurance

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amyob
amyob Member Posts: 99
edited June 2014 in Employment, Insurance, and Other Financial Issues

Just hoping we can gather information on how to get life insurance after being diagnosed.  If you have a helpful suggestion, please share :)

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  • cookiegal
    cookiegal Member Posts: 3,296
    edited July 2010

    I am curious as well!

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  • Bren-2007
    Bren-2007 Member Posts: 6,241
    edited July 2010

    My experience is that you can buy numerous term life insurance policies for smaller amounts 5K-35K without having to answer health questions.

    For larger policies some companies request a 3-5 year remission of your cancer first.  I talked to one company about mortgage insurance and was turned down because I'm 20 lbs overweight.

    I will be getting a few smaller policies for my family.

    Bren

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  • Cadreaming
    Cadreaming Member Posts: 56
    edited September 2010

    I too am wondering about life insurance. After I recover from my last surgery last week I'm going to look into it. I tried to explore it on the web regarding breast cancer and life insurance and you get various different things. I guess the only way to really find out is to apply. I know Farmers will not give me TERM life insurance. They said for me they would only give me Whole life insurance and only after 5 years of my last breast cancer treatment. I'm going to shop around and see what's offered to us.

    I would love to hear from women with breast cancer that got term life insurance. What company and how much they were allowed to get.

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  • jogreen68
    jogreen68 Member Posts: 3
    edited October 2010

    The magic number is 5 years, once you have been in remission for 5 years they will start to consider you however even then the premiums will be heavily rated. It is one of those things that if you want it, it is a case of of paying what they are asking, it is unfortunately, bad apple in the apple cart scenario.

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  • SharonLDailey
    SharonLDailey Member Posts: 2
    edited October 2010

    Hi, I live in Ma and have recently been told that I would have to wait 2 years.  I freaked out about that but after hearing 5, two is sounding a whole lot better.  I am doing some heavy duty research so if I come across anything helpful I will be sure to share. 

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  • thatsme58
    thatsme58 Member Posts: 26
    edited November 2010

    Sadly, if you waited this long to purchase life insurance you won't be able to get very much coverage if any. There are some companies that will offer you a small face amount (5000 to 25000 depending on the company) of what is called a "graded" policy. The premium will cost you more so you'll need to do the math to see if the value is worth it, how these policies work is like this: If the policy is worth 10k and the period is 3 years, the first year if you pass your beneficiary gets 1/3 of 10k, 2nd year 2/3 and after the full 3 year period has been satisfied the full face amount is payable upon death. This is probably the best we can do, most companies will say you have to be NED of at least 5 years and will still require a complete dossier of your medical records, so a large term policy is usually out of the question. READ THE POLICY WHEN YOU GET IT THESE ARE THE TERMS no matter what the agent may say.

    I spent 10 years in the biz and had so many people put off doing this it broke my heart when things like this happened. 

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