Life Insurance/Post-diagnosis

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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!
 
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.
 
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
 
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.
 
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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.
 
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!
 
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