Life Insurance

[AHands]

I'm running out of FMLA and have some decisions to make. i had a big life insurance policy through work, but i'll need to come up with $700/month to maintain it. it sounds like a lot of money, but even if i survive another decade, which does not seem likely, its worth it to my beneficiaries. i worry that we'll miss a payment and the insurance company will cancel and nobody will get anything. i want my kids to be able to ut a down payment on home and education. when i call the insurance co they ask if i have a claim number. i say, well i don't think i'm eligible for a claim, seeing as i'm not dead! i'm worried they'll weasel out of paying one way or another.

Anybody have insight or experience with life insurance claims?

 

[sharonca]

Does your policy have a disability clause so you don't have to make the future payments? Does it have a provision for accelerated death payment?

Since it is through your employer it may not have but it does not hurt to ask.

Sharonca

 

[andyvaughn]

Adrian,
At my work I also have a large life insurance policy, and do have the accelerated benefit rider but for myself only. I have life insurance on my Pals Jim and my kids, but the accelerated benefit rider doesn't apply to them - only to myself as an employee. I did however purchase a few years back supplemental life insurance for Jim and was able to secure 50% of that via an accelerated benefit rider. I know in some cases they consider it a loan, in our case it was cash paid, not a loan.
Sharonca has another great point, sometimes you can get disability payments, you say you are running out of FMLA, isn't that the family medical leave? Are you also caring for a ill family member? Couldn't you get SSDI as a PALS? I am probably making it more complicated than I need to, but see if your human resources department can help you navigate this...
Andrea - wife of Pals Jim

 

[Zaphoon]

I have a term policy through Primerica. They have a clause for accelerated benefit if you are termed terminally ill which will allow you to collect up to about 40% of the death benefit early. I would suppose that in such a case, all you would need to do is submit proof of "terminally ill" and submit it to the claims department. I have heard testimonies of people that have been able to collect this portion of the death benefit in order to replace lost income due to their illness. It really helped out with living and medical expenses while they were still around.

For those who have not yet been diagnosed, the best thing you can do is obtain a term life policy in addition to whatever you may have through your place of employment. Get set up now because once a fatal diagnosis is given, you become uninsurable. This comes straight from a life insurance agent.

 

[sharonca]

My accelerated benefit was paid as a "loan" for two years. I still have to pay the premium since I did not have the disability rider. I was able to receive 70% and needed a letter from my doctor stating I had less than a year to live.

Sharonca

 

[happy]

I have not been diagnosed yet but am very close...can I get life insurance with the pending diagnosed als? If so how? Please advise need to hurry.
Thanks

 

[Zaphoon]

If you've not been diagnosed yet, go ahead and apply for a term policy. You get more protection for less dollars with term verses whole life. Primerica is a good company to go with but look around for who has a policy that will pay a portion earlier for terminal illness diagnosis. Medical records from doctor and hospital visits go into a central computer bank that health systems and life insurance companies have access to. Once the diagnosis of a fatal condition is given, you become very, very difficult to insure and what coverage you might get could be cost prohitive. I've been seen by the GP and 2 different neuros and have not been diagnosed yet. So, I have no definable illness as of yet and no one can say otherwise. Could be all in my head...

If you're covered at work, get additional coverage on a seperate policy outside of work. If you lose your job, you lose that group coverage. Hope this helps.

 

[happy]

Thank you..I called my disability specialist today after my appt with neuro, they said thateven my LTD benefits will be questioned because I went back to work with no moidifications after my origanal illness, I guess that is no concern to me since I really do have a medicall concern...weakness in my legs. But it may put me at a disability for getting more life insurance since I have apending illness. Can it be looked at like fraud since I know that I am ill and am seeking life insurance and my guess is that is it is not something I really want to disclose...Right now I only have 100,000.00 thousand dollar policy I have two minor children and two other children to care for 19 and 18. I am very scared for them. I cannot leave them like this. Sorry to be so morbid but I just need the facts hope you reading will understand.

Robin

 

[Zaphoon]

Boy, this is just one of those times when reality smacks you in the face and you have to start thinking and planning for when you are not going to be there for your children anymore; especially when it comes to the possibility of being diagnosed with a terminal illness. Here is what a good life insurance agent would recommend.

Have enough coverage in the policy for:
1. final expenses (i.e. funeral).
2. mortgage and any other debt owed.
2. replacing the breadwinner's annual income for 10 years.
3, college funding.

What the figure comes out to will surprise you but you are correct in thinking you should have more coverage than the $100k.

I don't know many people that get turned on by the subject of life insurance but is jus one of those necessary things you've got to have if you're not already indepently wealthy. I hope this helped.

 

[happy]

Zaphoon, I am very aware of the fact that my 100,ooo.00 wont cover my kids, my question is IS ther any way of me getting more insurance before my diagnosed within the next two weeks. My neuro told me he could not rule out als but he could not give me a firm diagnosed ultil a leg emg in two weeks...can some one please help me?

 

[Zaphoon]

Happy,
I apologize if I upset you. I use to sell term life policies. If you have a group policy through work, see if you can up the coverage on the face amount of that policy. You may have better luck doing this than applying for a new policy.
When you apply for a new policy, there are tough medical questions; even questions regarding pending test results and current medical issues that are being addressed. You seem to be a person with a lot of integrity and being honest with complete disclosure is always the right thing to do. The insurance companies have access to your records via a central data bank and they will be able to see recent medical documents anyway.
I would see about uping the coverage on a group policy first. Less questions to answer (if any) and you may be able to take the policy with you when you leave that place of employment but that is another question I would get an answer to. In some cases, when you leave the job, you lose the group policy.
Again, sorry for any upset. I hope your leg EMG results are good and that the final answer is you don't have ALS.

 

[happy]

Zaphoon,

You did not upset me, I am sorry for the way I responded. I am really scared right now and realize that I do not have enough to cover my kids. It's a sad situation. However, I do have at least something to leave them, it's better than nothing. Now all I need to do is pull myself together, again, and figure out how I can stay at work and keep my current policy. I went through this same thing 6 months ago and my first neuro ruled out als, but now here i am again with an als specialist who thinks I have it...so I get to greive this all over again.

Thanks for responding
Robin

 

[awieleba]

robin,

let me know how this works out. I am looking for insurance too. We have 1.2 million on my husband and never thought about me. We have 3 kids under 6 and my husband will need help. lets face it, us moms are invaluable! He will need some sort of nanny and cleaner. He works alot hours and will need to work less, he is commision income, so he could work less but will make less.(that is the dad he is, he would want to be there more). I am also afraid that we will go through our investments and retirement money to take care of me and make modifications to the home. And I want to travel with kids and make memeries. sorry to drag on, this has been on my mind heavy. My husband did not think a good idea in May but has since seen a decline and thinks that it is has become a need.

april (not happy, either)

ps.
I dont have a diagnosed yet.

 

[brendapals]

Hey there folks,

I never even thought about seeing if I could increase my life ins policy at work. I think it is provided to each employee free, so I will certainly ask my boss tomorrow.

I would have never even thought of it without reading the forum tonight!

Thank God for all the good things we can learn,
Keep the faith,
brenda

 

[rose]

Hey there folks,

I never even thought about seeing if I could increase my life ins policy at work. I think it is provided to each employee free, so I will certainly ask my boss tomorrow.

I would have never even thought of it without reading the forum tonight!

Thank God for all the good things we can learn,
Keep the faith,
brenda

I recently converted my life insurance policy provided through my employer to an individual policy. Just as the original poster of this thread learned, individual policies are pricey. The monthly payment is no where near what all of those ads on TV tell us we can get life insurance for..... However (finally getting to the point here!) There was a clause in mine having to do with pre-existing conditions. It required that I had the policy in place for at least three years before any symptoms manifested, were diagnosed, or treated. I believe that three year guideline is the amount of time that this particular company uses, and that it will vary from company to company. I kept the policy as it had been for the $$$ amount, and just did the conversion. I did not explore if increasing my coverage would have in effect voided it due to the pre-existing condition, because of the prohibitive cost involved, but I'm pretty sure it would have.