Life Ins - Early Payout

[mich5]

For anyone who has a life insurance policy, it is worth a call to find out if you have a 'rider' or clause allowing you early withdrawal of proceeds. The type of policy I hold was a whole life policy but there is a Living Needs Benefit which allows anywhere from half to 90-95% withdrawal now of the death benefit. There is paperwork to fill out, which I have not yet seen, but home modifications are needed so this money is needed. My doctor needs to fill out some of the paperwork but the ins company has a special department to review ALS cases so I'm hopeful they just approve these type of cases without a 'how many months left' statement.

 

[Susan10]

I have 2 policies with this rider. They both require the dr to state you're in the last 12 mo of life. good luck & let us know how it goes with yours.

 

[mich5]

My hope is that the company said they have a 'special team' to review the paperwork when there is a diagnosis of ALS. Hoping they have some special consideration for this disease, as it seems most places do. This 'special review' per diagnosis may be a new development, I'm not sure.

 

[Susan10]

that's interesting. based on your outcome i may ask for mine.

 

[tflann]

My husband was diagnosed with ALS Aug '11. We were able to access a percentage of his insurance money, but not without a lot of hassle. they did need letters from drs with test results and prognosis of <12 months and the drs had to be very specific as to why they came to that conclusion (in his case, his pulmonary function was markedly decreased from Jan ALS clinic to Apr Als clinic visits.). Took lots of emails and discussions with drs to let them know exactly what was needed by the insurance company. Good luck to you!