Terminal Illness Insurance (known as Accelerated Death benefit in North America) pays out a capital sum if the policyholder is diagnosed with a terminal illness from which the policyholder is expected to die within 12 months of diagnosis, by a physician who specialises in that illness or condition.
Has anyone done this? How/where did you start?
I have looked into that through my Hartford Insurance policy at work, which does provide a lump sum payment equal to 40% of the policy amount, but have not pursued it yet. Time is running out for me to apply, though, because I will not technically be employed after February, and the policy will expire at that time.
I got the contact name of the Hartford employee that handles it, and basically what they need is a letter from the diagnosing physician stating something convincing enough re: the likelihood of death within 12 months. Hartford already has all my medical records since I applied for and am receiving disability payments from them. You would need to provide medical records documenting the diagnosis along with the letter I described if you have not already done so with your insurer.
This provision was obviously written with terminal cancer or other diseases with more definitive death timelines than ALS. The biggest issue with us is the 12 month requirement. The insurer could theoretically make an exception for ALS because of the difficulty in predicting longevity, but I haven’t tested the waters on that issue.
Since I have only been diagnosed for five months and don’t have significant progression at this point, I doubt the ALS specialist that diagnosed me could say with any confidence that I will die in a year. I thought about suggesting some wording to him along the lines of “it’s possible given the uncertainty of the disease and the possibility of rapid progression,” but haven’t done it yet.
Since you were diagnosed more than three years ago, and the average lifespan is 2-5 after diagnosis, I think you have a stronger argument in getting such a statement from your neurologist (of course I’m hoping that you will be around far longer than 12 months from now!)
If you do choose to give it a try, please let us know if you’re successful with your doctor and the insurance company. Best, Kevin