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Life Insurance Coverage

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Kushal Find out more about Kushal
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  • Life Insurance Coverage

    Can somebody tell me whether there is any agency that can provide Life Insurance coverage when I am at the high risk end of this condition.

    I had contacted two in the past and both denied me coverage.

    Thanks.
    First symptom of SOB and angina in October of 1997.
    Diagnosed with HCM in December of 1997.
    Been on Metoprolol almost always since then.
    SCA on October 10, 2012.
    Was in ICU for 9 days at St. David's Hospital in downtown Austin.
    Underwent ICD implantation on October 17, 2012 by Dr. Shane Bailey.
    Underwent Septal Myectomy and Mitral Valve repair on December 11, 2014 by Dr. Smedira
    Underwent ICD/Pacemaker upgrade on December 16, 2014 by Dr. Mayuga.

  • #2
    Re: Life Insurance Coverage

    your only avenues (that i know of) are these:

    1. group insurance through an employer

    2. group insurance through a professional organization like the American Bar Association or the Writer's Guild, etc, assuming are in a profession that has an organization for itself and offers insurance. you should google around for orgs about your profession as there may be some you don't know about.

    3. state-sponsored "risk pool" insurance. if your state offers it, you can get insurance through them. keep your proofs of denial for your application ---you'll need them. visit http://www.healthinsurance.org/riskpoolinfo.html for info on risk pools and to find out which states have them. HOWEVER i don't know how often this list is updated, so double check with your state to make sure. never assume!

    take care,

    s

    Comment


    • #3
      Re: Life Insurance Coverage

      employer is the first stop and a good agent is the second. You should be able to get some coverage, however it will be expensive.
      Lisa
      Knowledge is power ... Stay informed!
      YOU can make a difference - all you have to do is try!

      Dx age 12 current age 46 and counting!
      lost: 5 family members to HCM (SCD, Stroke, CHF)
      Others diagnosed living with HCM (or gene +) include - daughter, niece, nephew, cousin, sister and many many friends!
      Therapy - ICD (implanted 97, 01, 04 and 11, medication
      Currently not obstructed
      Complications - unnecessary pacemaker and stroke (unrelated to each other)

      Comment


      • #4
        Re: Life Insurance Coverage

        Thanks for your reply. I checked today with some more agencies.

        Finally I got a quote from an agent for Empire General Life Assurance Corporation. It is around $71 monthly for a death benefit of $250,000.

        Please let me know if this is a good deal, average or too costly.

        Thanks,
        Kushal.
        First symptom of SOB and angina in October of 1997.
        Diagnosed with HCM in December of 1997.
        Been on Metoprolol almost always since then.
        SCA on October 10, 2012.
        Was in ICU for 9 days at St. David's Hospital in downtown Austin.
        Underwent ICD implantation on October 17, 2012 by Dr. Shane Bailey.
        Underwent Septal Myectomy and Mitral Valve repair on December 11, 2014 by Dr. Smedira
        Underwent ICD/Pacemaker upgrade on December 16, 2014 by Dr. Mayuga.

        Comment


        • #5
          Re: Life Insurance Coverage

          What type of insurance are we talking? Term, universal life? I recently started working for an insurance and financial management agent and I would be happy to look into it for you.

          Reenie

          **Edited to add**

          How old are you? Do you have any other health concerns like diabetes or coronary artery disease? These are all factors that will come into play here.
          Reenie

          ****************
          Husband has HCM.
          3 kids - ages 23, 21, & 19. All presently clear of HCM.

          Comment


          • #6
            Re: Life Insurance Coverage

            I am 34 years old and do not have any other health concerns like diabetes or any other heart desease.

            Yes, the quote I have given is for term life insurance.

            Thanks,
            Kushal.
            First symptom of SOB and angina in October of 1997.
            Diagnosed with HCM in December of 1997.
            Been on Metoprolol almost always since then.
            SCA on October 10, 2012.
            Was in ICU for 9 days at St. David's Hospital in downtown Austin.
            Underwent ICD implantation on October 17, 2012 by Dr. Shane Bailey.
            Underwent Septal Myectomy and Mitral Valve repair on December 11, 2014 by Dr. Smedira
            Underwent ICD/Pacemaker upgrade on December 16, 2014 by Dr. Mayuga.

            Comment


            • #7
              Re: Life Insurance Coverage

              How long would the term be? It sounds like it might be a good price, if you can get it for that. Maybe, anyway.

              Reenie
              Reenie

              ****************
              Husband has HCM.
              3 kids - ages 23, 21, & 19. All presently clear of HCM.

              Comment


              • #8
                Re: Life Insurance Coverage

                That is not a bad price - but you need to see how long that premium is good for and what it will increase to. You may want to look at a universal or whole life policy that way you know the long term coverage, it may be a little more money up front ...but you know that in 15-20 yrs you will have coverage.
                Lisa
                Knowledge is power ... Stay informed!
                YOU can make a difference - all you have to do is try!

                Dx age 12 current age 46 and counting!
                lost: 5 family members to HCM (SCD, Stroke, CHF)
                Others diagnosed living with HCM (or gene +) include - daughter, niece, nephew, cousin, sister and many many friends!
                Therapy - ICD (implanted 97, 01, 04 and 11, medication
                Currently not obstructed
                Complications - unnecessary pacemaker and stroke (unrelated to each other)

                Comment


                • #9
                  Re: Life Insurance Coverage

                  Hi, My mother is trying to get a life insurance policy for me and I have been denied coverage. I am 17 years old and we were trying for a $50,000 policy. After reviewing my medical records, I was denied by Nationwide. We have 90 days to appeal and we are going to. So far, I have tested genetically "positive" for HCM but have no symptoms. I am followed at Duke University Medical Center each summer to see if there are any new developments in my condition. Nothing to report at this time. However, my records include the echos, EKG's and letters from the cardiologist to my regular doctor. We will follow up with them. I shouldn't be denied just because I have a "gene".

                  Anything Mom should know before she writes the letter to Nationwide?

                  Thanks,

                  Cynthia Patterson

                  Comment


                  • #10
                    Re: Life Insurance Coverage

                    Hey Guys,
                    I would urge you to plan ahead with your Life Insurance choices. In January of this year I bought a life insurance policy to take care of ‘incidental’ expenses. I have an assortment of risk factors that precludes obtaining any policy requiring a physical – or even one asking any health questions – and I’m 71 years of age.

                    I was able to get a New York Life policy through the AARP. If I die during the first two years the policy is in force it basically refunds the premiums, with a little interest. After that it will pay the face amount. At age ninety the premiums stop, and if I reach one hundred, the face amount will be paid to me.

                    Now the ‘interesting’ part. I took the largest policy available - $15,000. – and by automatic direct withdrawal from my bank account, I was able to hold the premium payment to $126.29 per month.

                    I’m not an insurance man, I’m not even sure of the terminologies, but if you can get a policy where the premiums never go up, or one that is paid up after so many years, you will have to pay a little more initially, but over the years the savings will be substantial.

                    I have another policy for many years now, where the premiums are fixed, and it was my choice to either have the dividends reduce the premium payments, or be used to buy additional paid-up coverage. I chose the latter, and with the cost-of-living increases over the years, I’m very glad I did. The face value of the policy has grown considerably, yet I’m still paying, relatively speaking, a pittance in premiums.

                    Good luck in your quest.
                    Burt

                    Comment


                    • #11
                      Re: Life Insurance Coverage

                      I was very fortunate in that department. In my youth something encouraged me to get good insurance with disability riders. I used to gripe about the premiums but when I had kids I was able to take 1 of the good policy's and make it into 4 , each for 10,000 each . Then I got another for 150,000. Each of these 2 policys are now paid by the disability rider. I wish health insurance worked the same way. I took the insurance on my car payments back then and the insurance paid the last half of my payments to full. I was not as insightfull about the credit cards and ended up in bankruptcy after I got sick and could not work The lesson hear I tell everyone especially my kids get this stuff when you are young and healthy or everyone thinks you are healthy and gripe all you want just do it ! It is the only thing that I was able to do right through this process. I cringe when I see the premiums or denials that everyone here faces. I would have had to let them all go. It is not right but is the way our system works. It is hard enough to struggle through being young and being sick without losing your mind to this worry. If it does not work this way for you ,I am sorry but please encourage all those you care about to act now and sooner then later. Best Wishes . Pam
                      Dx @ 47 with HOCM & HF:11/00
                      Guidant ICD:Mar.01, Recalled/replaced:6/05 w/ Medtronic device
                      Lead failure,replaced 12/06.
                      SF lead recall:07,extracted leads and new device 2012
                      [email protected] Tufts, Boston:10/5/03; age 50. ( [email protected] 240 mmHg ++)
                      Paroxysmal A-Fib: 06-07,2010 controlled w/sotalol dosing
                      Genetic mutation 4/09, mother(d), brother, son, gene+
                      Mother of 3, grandma of 3:Tim,27,Sarah,33w/6 y/o old Sophia, 5 y/o Jack, Laura 34, w/ 5 y/o old Benjamin

                      Comment


                      • #12
                        Re: Life Insurance Coverage

                        There are a few other options that are certainly less than perfect but do give you something to start with for a relatively small premium. Most school systems offer an insurance program in the beginning of the school year. They gamble that the young won't use it so it gives you a large group with a low premium, no physical or medical questions. We were able to buy whole life for our son, it started at a very small amt, maybe 10-15,000 for $50/yr. At something like age 23-25, every 3yrs, the option is there to increase the amt. At least it's something. We recently got an ad from AAA for accidental only - life ins. The premium was pretty low and a good pay-out benefit. It gives you another option, not great, but the premium is reasonable for the coverage it offers. You just have to decide if it's worth it for you. Linda

                        Comment


                        • #13
                          Re: Life Insurance Coverage

                          While we’re at it, many banks will sell you a cheap rider that in the event of an accident will make the mortgage payments. If that’s not available, the AAA type of Accident Insurance is a good way to back up your mortgage so, in the event, you won’t lose your house. I believe both types of policy ask no medical questions.

                          If you’re working, another inexpensive move is Long Term Disability (LTD). It has saved more peoples bacon then you can imagine. I believe this is also available without a physical or health questions. Please plan ahead though, ‘cause once you need it, it is too late to get it. Aside from the LTD, which is a bargain, I’d tend to stay away from policies that end when the activity ends (like school) – in favor of a more long lasting policy – if that option is open. If not, it is a great second choice.

                          Gee, am I becoming an insurance salesman? Will I need a briefcase, a big door wedge shoe, and lots of endurance?
                          Burt

                          Comment


                          • #14
                            Re: Life Insurance Coverage

                            Burt, the school policy option has to evaluated very carefully, but they have enough different choices and ours did have one that would continue and could be increased in coverage. Read everything carefully. Also, the LTD may only have open enrollment for the actual employee (not other family members) for about a one wk period. Then you have to ans the med questions. Age 50 seems to be the magic # when premiums start rising drastically on LTD. Linda

                            Comment


                            • #15
                              Re: Life Insurance Coverage

                              Do you think we gave Kushal enough information to promote some computer research and some serious thinking before talking to a broker / salesman? I do.

                              Tell me, do you have any more questions we can opine on?
                              Burt

                              Comment

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