Life Insurance question

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kks_rd
kks_rd Member Posts: 363
edited June 2014 in Employment, Insurance, and Other Financial Issues

OK, here goes a "dumb" question. I was chatting with a fellow BC survivor recently, and as we were talking it came out that we're both BRCA1+. Somewhere along in the conversation she asked if I had signed up for life insurance before getting tested, and was like, appalled that I hadn't. She said there's no way I'll ever be able to get life insurance now that my genetic status is known.

I am not married but I do have a 'life partner' in my boyfriend of 16 years. Kids are not part of the plan. So how important would life insurance be, anyway? I've never had to think about it before and I'm sure it's obvious I don't know anything about the subject. I feel so stupid!!! And I'm a little surprised at how little information there is about this out there. I met with a genetic counselor before getting the test but our conversation centered mostly about how the test results might impact my treatment decisions or others in my family.

Can anyone out there shed some light on this?? And is this lady right, that there's no way I'll be able to get it now anyway?

Thanks...

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Comments

  • reesie
    reesie Member Posts: 2,078
    edited November 2011

    I'm not an insurance expert but I don't see this being an issue - as long as you have not been dx or treAted for the issue. You do have to be clear of your BC treatment based on the policy requirements though (usually 5 years after treatment).



    Life isurance can pay burial costs etc.and help with bills your income was paying (mortgage rent, etc). So it's not just if you have kids.



    You can look into small guaranteed issue policies (like throuugh AARP etc) they may be expensive though.

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  • fairweather9
    fairweather9 Member Posts: 76
    edited November 2011

    It may be harder now but not impossible.  I have it via my employer about 3 years ago I decided that I should take out more, just in case, to help my mom and partner if I should pass on.  They did not make it easy, at the time they used my asthma as an excuse not to increase the policy, but after a physical and a bunch of paperwork I was lucky and got it increased.

    Make some phone calls, shop around you may be supprised reesie had a good idea AARP would be a good place to start.

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  • kks_rd
    kks_rd Member Posts: 363
    edited November 2011

    I should clarify that I have already been dx'ed with BC (see signature) and I am 33.  Hmm I will have to see if I can enroll via my employer - they have group term life I believe.

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  • VJSL8
    VJSL8 Member Posts: 652
    edited November 2011

    My belief is the only reason you need life insurance is to ease the burden for those who depend upon you after you are gone. I don't have any children and have enough in the bank to cover funeral expenses, so for me, I don't see a need for it. 

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  • epgnyc
    epgnyc Member Posts: 101
    edited November 2011

    Hi, Kat.  I'm Director of Human Resources for my small financial firm and handle all their benefit plans.  Many companies offer life insurance when you go to work for them and you'd be automatically be covered for up to a certain amount with them, no questions asked.  In my company everyone can get up to $120,000 in life insurance this way.  Anything over that you have to fill out a questionnaire to prove your insurability.  If you were to apply for life insurance on your own, I believe you would be disqualified in that most questionnaires ask if you have had or been treated for cancer within the past 7 years.  Once the 7 years are up (or whatever term of years the insurance company stipulates), you'd might be able to get it.  It's possible that they wouldn't find out about your BRCA test results, but if they did the policy would no doubt be cancelled.

    As to why have life insurance, like another poster said it's for funeral costs and to cover any immediate expenses there might be while the estate is being probated (mortgage payments until property is sold, etc.).  It's always a good idea to have some, but if one doesn't have a spouse or children, I don't think it's necessary to carry a large insurance policy. 

    By the way, I see from your signature that we share a diagnosis -- 4 mm., Stage II, TNBC except mine was Grade 3.  Plus this is my 2nd time with it.  Anyway, good luck the life insurance.

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  • kks_rd
    kks_rd Member Posts: 363
    edited November 2011

    EPG, goodness, our dxs are very similar!

    Thanks for your reply.  I guess part of why I was confused about why I needed it is because I also don't have a house.  I live with my BF and the mortgage is in his name (we do share expenses so I can see how it would be useful to name him as a beneficiary so he's not left high and dry).  I have some left to pay on my student loans but otherwise my life is financially quite uncomplicated.  Something like $120K would cover the basics for sure!

    So perhaps my first step will be to go to my HR people and see about their plan.  Doesn't sound like there's much I can do about anything outside of that for many years now... if at all...

    I am thinking I should give some feedback to the genetic counselor... really feel this is something she should have mentioned when discussing the various implications of getting tested.

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  • epgnyc
    epgnyc Member Posts: 101
    edited November 2011

    By all means, make your HR Dept. your first stop.  Not all companies offer their employees life insurance but I believe most do.  As to the genetics counselor, it's possible that she didn't mention anything knowing that since you had already been diagnosed, life insurance was already problematical.  But I still think she should at least have raised the issue.  I think giving them feedback would be good.

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  • Fearless_One
    Fearless_One Member Posts: 3,300
    edited November 2011

    Ours works the same way at my job.   Anything under 100K (I think that's the cut off) no questions asked.   Over that, you need a questionaire.

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  • kks_rd
    kks_rd Member Posts: 363
    edited December 2011

    Turns out that's exactly how it is where I work, too.  We have group term life for 1.5 times your annual salary.  I signed up when I was hired years ago and forgot!  And an employee can elect to go for more but that's where the application process comes in.

    Phew!!  Thanks for your help ladies!

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  • LuvRVing
    LuvRVing Member Posts: 4,516
    edited December 2011

    Kat - It happens that I met with a genetic counselor today at Dana Farber, and the insurance issue that your friend mentioned was explained to me today.  If I test positive, I won't be able to afford life insurance.  That said, I am 61, diabetic and already have BC so I wouldn't be able to afford it regardless.  But the results would impact my daughters' ability to get life insurance if they test positive.  Employer life insurance is then a very good thing.  Sometimes you can step it up a little each year without an application. 

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  • lauri
    lauri Member Posts: 267
    edited December 2011

    Life insurance is usually suggested for the BIG expenses (college for the kids, providing living expenses for a dependent spouse for the rest of his/her life) even though the commercials talk about funeral expenses and like (so that they can get you to pay for the very expensive low-limit policies they're selling.) 

    Anybody else looking at the guaranteed-issue policies (like AARP), make sure you check out the exclusion period -- sometimes all they pay if you die within 2 years of taking out the policy is a refund of the premiums paid in.

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  • cinnamonsmiles
    cinnamonsmiles Member Posts: 779
    edited December 2011

    I had DCIS, BMX in 1/11/11. Over the summer I tried to get life insurance, and now wished I 'd had. You would have thought that having breast cancer so early when applying would have State Farm in Wi deny me. Nope. Since it was "only" DCIS and had a bmx I was clear....However, they didn't like to hear I was bipolar, with chronic depression and severe anxiety and high cholesterol. I never asked to get signed up. Now here I sit in December and now have high blood pressure that  has not gone down since I got my cancer diagnoses. I definitely won't be applying for life insurance now.

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  • kks_rd
    kks_rd Member Posts: 363
    edited December 2011

    Sorry to hear about it, cinnamon.  You know, for all the "pink" awareness you'd think we could get the word out to other women about this.  A friend of mine (about 45) just told me she's newly diagnosed.  I asked her what she knew about life insurance and she said she didn't even know if she had it, or why it was important.  I told her what little I knew which still isn't much :( 

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  • cycle-path
    cycle-path Member Posts: 1,502
    edited December 2011

    As vjsl8 said above, "the only reason you need life insurance is to ease the burden for those who depend upon you after you are gone."

    If you have kids, dependent parents, or a partner who depends on your income, you should have life insurance. Other than that you don't need it!

    Life insurers try to sell policies to people who don't need it. Don't get it unless you're concerned about the financial situation of those who may outlive you.

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