Life Insurance/Post-diagnosis

Status
Not open for further replies.

GeorgiaPeach48

New member
Joined
Feb 23, 2015
Messages
3
Reason
CALS
Diagnosis
09/2020
Country
US
State
GA
City
Brooklet
My husband was diagnosed almost a year ago. He has no life insurance. Are there any companies that you know of willing to take on someone who's been diagnosed with ALS? Thank-you!
 

lgelb

Moderator
Forum Supporter
Joined
Nov 5, 2009
Messages
10,521
Reason
Lost a loved one
Diagnosis
00/0000
Country
US
State
WA
City
Seattle
That is doubtful, unless either of your employers, if applicable, offer guaranteed issue policies (which would likely be small, but something) as part of your benefits.
 

Nikki J

Moderator
Joined
Mar 22, 2012
Messages
10,988
Reason
PALS
Diagnosis
04/2014
Country
US
State
MA
City
Boston
There is something called guaranteed issue but it is very expensive and often has a waiting period of a couple of years before a benefit would be paid. For the average PALS probably not helpful
 

lgelb

Moderator
Forum Supporter
Joined
Nov 5, 2009
Messages
10,521
Reason
Lost a loved one
Diagnosis
00/0000
Country
US
State
WA
City
Seattle
Yes, we should distinguish the waiting periods for individual policies as Nikki mentioned, from group term life insurance, which should not have a waiting period. Some larger employers will offer a small guaranteed issue portion as a benefit and require underwriting for larger amounts.
 
Last edited:

jonico

Distinguished member
Forum Supporter
Joined
Feb 21, 2017
Messages
156
Reason
Lost a loved one
Diagnosis
12/2014
Country
US
State
NY
City
Central
There are several companies out there, like Mutual of Omaha for instance, who offer a $25,000 max benefit with what is called a guaranteed whole life policy. There is a two year waiting period, but if the insured dies sooner the beneficiary receives all premiums paid, plus interest. Their target market is average senior citizens who can't get regular policies, but the insurance company hopes are still healthy enough to live for quite some time. It is pretty expensive and not ideal for folks who could well live for a good number of years after purchase. The insurance company won't come out ahead with the vast majority of PALS.
 

GeorgiaPeach48

New member
Joined
Feb 23, 2015
Messages
3
Reason
CALS
Diagnosis
09/2020
Country
US
State
GA
City
Brooklet
Thanks so much for your help! My husband's disease is progressing slowly at this point. He's got bulbar-onset but his first symptom showed up 6 or 7 years ago. He hasn't lost any strength in his lower limbs yet, either. I'm definitely looking into picking up one of the guaranteed whole life insurance policies in the next couple of weeks. Thanks again!
 
Status
Not open for further replies.
Top