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MJAG153 Find out more about MJAG153
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  • Life Insurance

    Now I know I should have applied for life insurance before I was tested with HCM, but I didn't. My company insures me but there is optional coverage. I applied for optional coverage through my company & was denied due to my HCM. Are there certain types of policies or companies that insure people who have HCM?

    Appreciate your feedback.

    Thanks,
    Jo
    Jo

  • #2
    Re: Life Insurance

    Jo,

    Unfortunately, for us with HCM there is very few choices with life insurance. I was diagnosed at 21 so at that age I didn't think at all about Life insurance. I don't know if your parents bought any for you but if you are still going to school full-time they may have still kept if for you and many times you can keep paying for it after 25.

    The other option is what you have at work when you leave you can still keep paying for it. I don't think we can even get the hight risk insurance. I kept my insurance from my two previous jobs its not much but every little bit helps.

    Mary S.

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    • #3
      Re: Life Insurance

      Funny thing insurance... Back several years ago when I went to get more life insurance, they sniffed out a problem with my heart before my own cardio did.

      My advice to you is get as much, and as many policies as you can that do not require medical tests. That's what I've done.

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      • #4
        Re: Life Insurance

        Some companies will still insure you but you'll have to pay a higher rate than most people. It all depends on how symptomatic you are and what the underwriter has to say.

        Reenie
        Reenie

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

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        • #5
          Re: Life Insurance

          Jo,

          I went through a friend in the ins. business (Farm Bureau) and got a policy when I was about your age. It was the most they would do at a price I could afford. If you are going to get some do it now.
          You also may want to read up on ins and investing and make sure life ins is the right thing for you. I'm not exactly qualified to give financial advice, just a beer saleman, but there are some easy to read books out there. I wish I had read them before I bought my policy.
          sam

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          • #6
            Re: Life Insurance

            I have a few comments on Life Insurance. It is possible to have very high premiums for small death benefits. Those extra premiums add up over the years. Investing that money can be a better idea. Some group life allows one time buy-ups with out evidence of insurabilty. Typically, this is only at your original enrollment.

            Careful honesty is very important in obtaining any type of insurance. If you lie, not only can they deny your claims, but you can go to prison. On the other hand, you don't need to attract attention to things that lead to further questions.

            Lastly, I actually bought whole life insurance for my healthy 5 year old. She has had several echos, and all are normal. This guards against future insurability issues. I highly recomend anyone with HCM consider doing this for their child. If something should happen to you, they could have trouble getting insurance. Also, the premiums are reasonable.

            Best wishes,

            Sean
            5 1/2 year old Tyler w/ HCM dx. on 12/8/05 died suddenly in his sleep on 12/2/08.
            7 1/2 year old Katie w/ HCM dx. on 12/18/08, rec'd AICD, replaced on 2/19/09 w/ new lead.

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            • #7
              Re: Life Insurance

              I am going through the underwriting process for both of little guys (5 & 6). I don't really know the details of the plan, but it starts out at a 10K policy. Then at 18 they can increase the death benefit (and premium) in chunks of like 60K. By the age of 25 or something they can have a max death benefit of about a 1/2 million.

              Bottom line is at the moment they are HCM free. If they get HCM, or the insurance companies get clever w/Genetics, they may become uninsurable (from a practical perspective).

              Personally I had a horrible stock broker that talked me into some insurnace policies in my 20's. The stocks tanked, but I kept up w/the term insurance policies.

              What I didn't know is that they were "convertable" to whole life (w/o the need of a med exam). That was just completed for me.

              So those out there that have term insurance may want to see if their policies can be converted.

              Dave

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