Life insurance

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scaredashell07
scaredashell07 Member Posts: 272
edited March 2017 in Employment, Insurance, and Other Financial Issues

I am wondering if anyone was able to get new life insurance policy after BC diagnosis. . My husband has more and I'm not working now so I don't have through my company. How hard is it to get and are there specific companies that I should consider

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  • SpecialK
    SpecialK Member Posts: 16,486
    edited November 2016

    It is unlikely that you could find a company that would insure for a substantial amount you until you are five years out without a recurrence, and even then you will pay more than if you had never been diagnosed.

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  • scaredashell07
    scaredashell07 Member Posts: 272
    edited November 2016

    I am so concerned that I won't have anything for my kids. My husband would have to work and the kids be without heir mom. It's so upsetting. Ideally I would want them to not have to worry about $. I am so upset with myself that I assumed o would go first


    What can I do now to plan? Whst have you don't to ensure stability for your family?

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  • SpecialK
    SpecialK Member Posts: 16,486
    edited November 2016

    scared - I already had life insurance in place prior to diagnosis - some purchased when my children were born to cover child care costs if something happened to me. My husband and I each purchased more a couple of years before diagnosis when he retired from active duty military service as part of retirement prep. Stats are on your side to allow to purchase life insurance at the five year point, try not to worry. Other than possibly trying to maximize return on any current investments, or looking for insurance policies that don't ask medical questions (but will possibly have higher premiums, and limited payouts), I'm not sure what options you have. We all have this fear - it is natural to feel unprepared. Do you work somewhere that offers group life coverage a company benefit? Usually those policies are offered to all without medical history questions. You might be able to get a shorter term policy in the interim and then supplement with larger payout policy later.

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  • scaredashell07
    scaredashell07 Member Posts: 272
    edited November 2016

    Thanks. I do not work now. I have to see if I have group insurance with my previous employer. Hindsight..

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  • peggy_j
    peggy_j Member Posts: 1,700
    edited November 2016

    Scared, I wonder if you can get group insurance elsewhere, like through your college alumni association. FWIW, I googled "life insurance if you have cancer" and got 18.5 million hits. I found this website (below) and it says you might be able to get it as soon as two years after completing cancer treatment. I don't know how reputable that info is, but maybe you shouldn't lose hope. Do you know an accountant or anyone in the financial field who might be able to give you a referral? (isn't this weird. Life insurance agents are stereotyped as being super pushy and now I don't know how to track one down ...) Good luck. Don't lose hope!

    https://quotewizard.com/life-insurance/life-insurance-for-people-with-cancer

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  • BrooksideVT
    BrooksideVT Member Posts: 2,211
    edited November 2016

    Do check with a representative (not the 800 number) of one (or more) of the big life insurance companies. Most agents can, and do, represent multiple companies offering multiple options. I suggest the larger firms as some of the smaller insurers restrict their agents to selling only their own products. Do ask which carrier/s the rep feels would be most likely to insure you. Agents who sell primarily home and auto insurance may be restricted as which products they can handle, so it is best to deal with a life agent or a financial planner.

    If you are at least 45, there are policies that ask no medical questions.

    Over the past several years, life insurers have been loosening their standards for breast cancer, depending, of course, on diagnosis. Your agent can informally contact an underwriter with your particular information (female age X, diagnosis, other health issues, medications). He may suggest that you fill out an application, but I'd stay away from that--informal is where you want to start. I believe you would need to have completed all treatment and also a waiting period before you can apply.

    I'm recently retired from the business and can maybe help with some general information. If you would find that helpful, please feel free to PM me.


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  • scaredashell07
    scaredashell07 Member Posts: 272
    edited November 2016

    thanks brooksidevt. That's good information. I will PM you will any questions.

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  • DivineMrsM
    DivineMrsM Member Posts: 9,620
    edited November 2016

    There are several companies that offer whole life policies. I was dx with stage iv from the start, amd got two policies, I think it was in 2013. One was with Gerber life for 15,000 for a 44 dollar a month premium. Another was Mutual of Omaha for 25,000 for about 76 dollars a month.

    Here is a list of places you can check out, copied and pasted from another thread (and written by another member).The list is a few years old, but I am sure most of these are still active insurance companies where you can get coverage.

    All of these listed below require NO MEDICAL QUESTIONS, NO MEDICAL EXAM, NO TURN DOWN, PREMIUMS WILL NEVER INCREASE. Pay 100% for accidental death. No pay-out for suicide. If die within first 2years from date issued, full refund of all premiums plus interest is made to the beneficiary on policy. They can all be applied for online and set up payment directly from your checking account. RATES are based on state you live in and age at which you take out the policy. Some of these are my quotes being in Arizona age 49 turning 50 next month. The reason why they can offer you a plan with guaranteed benefits is because there is limited pay out if you die within 2 years of taking out the policy. However, reputable life insurance policies will pay full after 2 years and won't decrease with age or illness. In order to protect yourself you should always ready your policies carefully and have a financial attorney or someone that is proficient in life insurance policies look it over before you sign it and start sending in your premiums.

    Some of these do not ask for any address or phone number for the beneficiary, so I asked how the insurance would find the beneficiary without this information, or how could I provide it to the insurance company since there was no place for it on the forms/policy, and was told that the beneficiary is suppose to contact them when die...I wanted to make it a surprise to a some beneficiaries, so decided to keep copies of the policies in my When I Die Binder (discussed on previous pages of this thread) along with an additional copy inside envelope addressed to beneficiary with a note from me and these envelopes will ONLY be mailed out when I die by my husband, they are already sealed and have a forever stamp on them. ~Bonnie

    AAA (Triple A) Guaranteed Issue Whole Life Insurance Policy for Ages 45-85 - Death Benefits $5k-$20k, Premiums for $20k age 45-49=$51.79 age 50-54= $59.79; and age 55-99=$69.99 and AAA membership required (memberships in AZ start at $55/year). To get this quote had to send in my name and birthdate and then a rep emailed me the quote and said if interested reply and he'd email the application - guaranteed approval no medical question. www.aaalife.com/our-products/l...

    AARP Guaranteed Acceptance Life Insurance for Ages 50-80 (or as spouse 45-80) - Death Benefits $2.5k-$15k, Premiums $10.05-$55.30 per month. www.nylaarp.com/Life-Insurance....

    Colonial Penn Guaranteed Acceptance Life Insurance Policy for Ages 50-85 - Death Benefits $2k-$16.7k, Premiums $9.95-$79.60 per month. www.colonialpenn.com/Guarantee...

    Gerber Life Guaranteed Acceptance Life Insurance for Ages 50-80 (or as spouse 45-80) - Death Benefits $3k-$15k,Premiums $8.95-$40.75 per month. www.gerberlife.com/gl/view/gui...

    Mutual of Omaha Guaranteed Term Life Insurance for Ages 45-85 - Death Benefits $3k-$25k, Premiums $8.80-$66 per month. www.mutualofomaha.com/life-ins...

    Physicians Mutual Modified Whole Life Insurance for Ages 45-80 - Death Benefits $3K-$10K, Premiums $9.70-$30 per month. www.physiciansmutual.com/promo...

    Vantis Life Guaranteed Golden Insurance for Ages 50-80 - Death Benefits $5k-$20k, Premiums $19-$70 per month. www.vantislife.com/Decide/Life...

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  • scaredashell07
    scaredashell07 Member Posts: 272
    edited November 2016

    thanks. This is great information.

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  • peggy_j
    peggy_j Member Posts: 1,700
    edited November 2016

    Wow, you really are divine Mrs M! Thanks for posting! I'm not even in the market for life insurance, but if feels good to have that info handy, if I ever need it. Thanks a lot for taking the time to type all that in!

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  • DivineMrsM
    DivineMrsM Member Posts: 9,620
    edited November 2016

    You are welcome, but it is copied and pasted! I just remembered where to look for it on another thread. I know many who have sought and continue to seek this info as I did after dx.


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  • M0mmyof3
    M0mmyof3 Member Posts: 9,696
    edited March 2017

    I've run into this myself and I feel as if the life insurance companies are punishing those of us who have had cancer. They make people feel as if it's their fault for us getting this disease and it's wrong on so many levels!!!!

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  • Lisey
    Lisey Member Posts: 1,053
    edited March 2017

    Life Insurance Companies have a fiduciary duty to protect themselves from risk. It's not 'punishment' it's risk and I totally understand why life insurance companies wouldn't want to take on a client who has a much higher risk of dying after having been diagnosed with cancer. Once you pass the 5 year mark, your dying risk is lessened and they are more open to insuring you. This is just a lesson to everyone to get life insurance early and be like the ants - saving up for a rainy day. I got a $500,000 policy in my early 30s... then a couple of years later I was hit with Melanoma and 7 years after that.. breast cancer. I planned ahead and that's the key. I think people should take ownership on this issue and own that they procrastinated or ignored life insurance and now they are hit with the consequences of their choices - not the insurance companies fault.

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  • scaredashell07
    scaredashell07 Member Posts: 272
    edited May 2017

    good for you for planning ahead. I wish I had. It's what I tell all my friends who even a plan st work. If you lose your job and you are sick your family is screwed. I believe that life insurance companies could insure more than they do.. this disease has a 80-98 percent recovery rate. So why wouldn't companies consider it on a case by case basis. More big companies profiting andmaking lots of money and not doing the best they could d

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  • Lisey
    Lisey Member Posts: 1,053
    edited March 2017

    Hi Scared, My post wasn't aimed at you at all, more to the poster above me who said 'it wasn't fair and we were being punished". As for the stats. I've never heard of a 98% recovery rate... I know as a Stage 1A, I have a 14% risk of mets within 10 years... I think the 98% stat is for a 5 year survival rate only for stage 1. In any case, about 30% of Early Stage BC goes on to Mets... So the odds aren't as great as we think.. but fingers crossed immunotherapies will change all that. : )

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