Life insurance
Doing my first end-of year family financial review here since my diagnosis. I'm considering looking into an additional term life insurance policy. I'm a little apprehensive how that might go with the T1 / LADA diagnosis. Do any of you have any experience or recommendations on the topic?
Replies to This Discussion
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Permalink Reply by Capin101 on
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I applied for and recieved a sizeable term life insurance policy from Banner Life about 16 months ago. They took a blood and urine sample, asked for a medical release of informaiton and asked me to fill out a standard form. I do have to pay a slightly higher premium due to being T1. I was originally denied by another company so I am glad I kept trying.
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I guess I am not sure how much higher? Paperwork came back to me after I gave the company all my information. The paperwork stated that they would insure me but my premium be slightly increased due to "diabetes".
I talked it over with a friend I have in insurance and he crunched some numbers and thought it was a very reasonable offer, so I purchased it.
If you remember some more recent articles now state that a T1 (diagnosed after 1985?) life expectancy is within 10 years of the regular population. I believe this insurer was using these type of actuary tables.
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Permalink Reply by Sam on -
Oh I'm sure insurance companies are up on the very latest, they have all the profit incentive to be
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Permalink Reply by Sam on
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To put it in perspective, 2 years ago ... Before diabetes, I purchased a 500k 20 yr policy and it only cost 23/ month
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Permalink Reply by Spock on -
My dad bought me a whole life policy for $5K when I was first diagnosed (what a funeral cost in 1962--he was thinking ahead...) Until I retired, I maxed my employee insurance, as well as my husband's. I am healthy, 50 years in now, but insurance has been unattainable, due to age of diagnosis, etc.
Things are much better now, so give it a try--check with your current agent (car, home, etc) first as you already have a relationship with that company.
Oh, and research term, whole life, as well as employer term policies before making a final decision.
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Permalink Reply by Sam on
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Thanks, I do max out all of the group policies through my work and already have one pretty good sized term policy that'll be around til I'm 48... But with two kids now and a rather expensive existence I think I should have more. I've read up on whole life insurance policies but I guess I'm just not sure I see the appeal of them as opposed to term
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