Old 04-09-2018, 08:52 AM #1 (permalink)
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Default Life insurance

I'm trying to get some term life insurance, but I keep getting turned down because I have PLS. I was diagnosed back in 2007, and my progression has been slow. I'm in excellent health aside from being in a wheelchair. I had insurance with my previous job, but lost that when they closed up shop, and haven't been able to get any since.

Has anyone had any luck getting life insurance? If so, can you tell me the company?
I'd like to have something to leave my kids when I'm gone (hopefully after many more years).
Appreciate any suggestions I can get.
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Old 04-09-2018, 11:29 AM #2 (permalink)
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Default Re: Life insurance

Hi, RD,
You are asking about "guaranteed issue life insurance." No health questions are asked. You can Google for options. I think AAA had one at some point, and AARP might also. Look for a high Moody's rating for the insurer.

If someone has had success getting a PLS dx medically underwritten, I'm sure you'll hear from them.

The premiums are usually high given a small payout like 20-25K, because these are considered high-risk policies for the carrier. If you feel you have many more years, as I hope you do, maybe it would make more sense to try to grow the value of the assets you already have for the money you would spend on guaranteed coverage.

Best,
Laurie
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Old 04-09-2018, 09:27 PM #3 (permalink)
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Default Re: Life insurance

Knights of Columbus have a joint policy that I can get based on my wife's health. Only applies to Catholics, but being a Mic I can get it. If you are Prodestant it is available to you as well. And you get to become Catholic as an added bonus.
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Old 04-10-2018, 12:33 AM #4 (permalink)
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Yes, being the spouse may avoid health questions, but the coverage is usually correspondingly small-why I didn't mention that option. Still if your spouse needs coverage as well, could be worth pricing out.
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Old 04-10-2018, 03:24 PM #5 (permalink)
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Default Re: Life insurance

Life Insurance for People with ALS (Part One of Two)

Many insurance companies, including well-known reputable firms, offer “Guaranteed Issue” Term Life Insurance. These policies are expedited, and are not scrutinized by the underwriter so much. They don’t require a medical exam, some don’t require a health questionnaire, and some don’t even ask general health questions over the phone. Research companies to see which ones offer these conditions.

The agent shouldn’t be so rude as to ask an unauthorized question. But if you are accidentally asked a general question about your health over the phone that you don’t want to answer, you can always say your dinner is burning and suddenly hang up the phone.

Research the companies and their policies by googling “Guaranteed Issue Term Life Insurance with No Medical Questions”. Some policies increase the premiums as you get older.

Of course, always tell the truth. After death, the company has the right to ask to see your medical record
if they suspect fraud.

Since the company gets to know so little about you, they charge a higher premium for the risk they take.

Some people get Guaranteed Issue insurance because they discovered their old insurance is suddenly expired, and they need to be insured immediately without all the paperwork for a normal underwriting. In every case, however, expect the company to look for whatever info they can find on you from national pharmacy databases and the Medical Information Bureau. MIB is like a credit bureau; they sell information that other companies have gathered about you. And like a credit bureau, you may get a free copy of your file once a year.
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Old 04-10-2018, 03:27 PM #6 (permalink)
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Default Re: Life insurance

Life Insurance for People with ALS (Part Two of Two)

Remember that the agent is not a company representative. He has no authority to approve your insurance application. He’s just a highly motivated salesman.

Also know that some life insurance policies are crappy and might only cover death by accident and don’t cover serious illness. Inquire about this.

I recommend a long term, say 20 or 30 years. Do the math on the payout. I found that even the high premium was worth it. If, sometime in the future, say next year, you decide to cancel, be sure to read the policy to ensure you can cancel at will.

When you call or apply online, they can give you a quote in a few minutes, then they will send you a “binder” document which is proof of insurance from that moment. Be sure to send payment along with your application. Do not delay. However, be aware that they can still reject you until you are approved and they send you the complete policy.

You need the actual policy in your hand to be assured you have a contract. For Guaranteed Issue Term Life Insurance with no medical exam, questionnaire, or questions, there is no work for the underwriter, so a good company should be able to get the policy to you within a few days or a week or so. Other types of insurance can take weeks or months to get underwritten.
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