Whole Life Insurance coverage Info needed!!!

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divina913
divina913 Member Posts: 45
edited June 2014 in Employment, Insurance, and Other Financial Issues

Does anyone have any info on how to get Whole Life Insurance after Breast cancer?? If anything happens to me again i'd like to have some security for my kids & burial expenses. Any info on this would be greatly appreciated!! Thx!!

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  • MelissaDallas
    MelissaDallas Member Posts: 7,268
    edited January 2013

    Divina, 

    I worked in underwriting for an individual life & health insurance company for many years.  You may find a few companies who will write a minimal face value policy as a guaranteed issue policy, but no company is going to issue you an underwritten policy for any substantial sum with a recent cancer diagnosis.  Even the "only three question" insurance policy that AARP advertises so much asks about cancer and if you are currently being treated for anything.

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  • divina913
    divina913 Member Posts: 45
    edited January 2013

    Thx Melissa..i'm trying. I gues i'll get whatever i can get @ least to cover funeral expenses if anything. I am in remission now since last summer June 2012...so hopefully if i stay clean for cpl of yrs i can get better coverage??

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  • Chickadee
    Chickadee Member Posts: 4,467
    edited January 2013

    Divina913, I've read that it can be just as useful to find out the premium and set yourself up a separate savings an pay it just as regularly as you would the insurance company. It can add up in two years which is the time period in which many plans won't pay.

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  • MelissaDallas
    MelissaDallas Member Posts: 7,268
    edited January 2013

    Yes, people don't realize that with whole life if you live to 100 the premiums paid equal the face amount.

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  • MelissaDallas
    MelissaDallas Member Posts: 7,268
    edited January 2013

    Divina, you will probably be declined for at least five to ten years. Some companies may never accept you. The savings account is a good idea because premiums for guaranteed issue products (if you can find one) are very high in relation to the benefit. Many do not cover you for the first few years or pay a lesser benefit in the early years of the policy.

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  • mgdsmc
    mgdsmc Member Posts: 332
    edited January 2013

    Oh man I didn't realize it would take so many years to get coverage after BC, that sucks. I guess I made the right decision 8 years ago getting a million in life insurence because of my family history. Now I'm concerned about renewal in 7 years.

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  • divina913
    divina913 Member Posts: 45
    edited January 2013

    ok ladies,,so that i underdstand this?? your suggestions is that it's better to just set up a "savings acct" rather than trying to get a insurance policy (which is difficult right now). i know some of the ins companies i've spoken to told me that i'd have to be "clean" for at least 2yrs ;(

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  • Chickadee
    Chickadee Member Posts: 4,467
    edited January 2013

    That would be my advice. Either savings or investments if you ar so inclined.

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