Hello,
My 39 year old, self-employed husband has a Stage 0 / smoldering multiple myeloma diagnosis. He canceled a very expensive life insurance policy and now has NO life insurance. He just got declined by a AIG life insurance for a new policy and now is hesitant/reluctant to reach out to other providers.
Please let me know if you have any recommendations. Thanks.
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Re: How to purchase life insurance with smoldering myeloma?
Hello,
I went through underwriting with New York Life and was also turned down. Initially, they said that as long as I wasn't being treated, I was insurable. Then, later, I was rejected due to high risk.
I think the only option is for an expensive plan with no underwriting. I purchased one with AAA. If I live longer than 10 years then this will be unaffordable. Your husband is young so a plan like this may be an option? Good Luck.
Best,
J
I went through underwriting with New York Life and was also turned down. Initially, they said that as long as I wasn't being treated, I was insurable. Then, later, I was rejected due to high risk.
I think the only option is for an expensive plan with no underwriting. I purchased one with AAA. If I live longer than 10 years then this will be unaffordable. Your husband is young so a plan like this may be an option? Good Luck.
Best,
J
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jhorner - Name: Magpie
- Who do you know with myeloma?: Myself
- When were you/they diagnosed?: 2013
- Age at diagnosis: 49
Re: How to purchase life insurance with smoldering myeloma?
Hi J,
Was it the Express Term Life Insurance with no medical exam or another type of policy? Did you work with someone over the phone or in person, or did you apply online?
Thanks,
FingersCrossed
Was it the Express Term Life Insurance with no medical exam or another type of policy? Did you work with someone over the phone or in person, or did you apply online?
Thanks,
FingersCrossed
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FingersCrossed - Name: FingersCrossed
- Who do you know with myeloma?: Me
- When were you/they diagnosed?: Oct 2014 (Smoldering)
- Age at diagnosis: 44
Re: How to purchase life insurance with smoldering myeloma?
Hello Fingerscrossed,
Yes, my policy is an express term policy for $250,000. For anything more than that, underwriting was required, which requires a physical exam AND full disclosure. I thought that perhaps since I was MGUS (at the time) that I didn't need to disclose my condition, since it was benign, but consulting with an estate planning lawyer, I was told that if I died and didn't disclose this, they wouldn't pay. He also said these types of policies are more likely to look for reasons NOT to pay out.
Fortunately for me, just about the time my children are independent, the policy will be unaffordable. It does provide minimal protection at a high cost.
I hope this helps.
J.
Yes, my policy is an express term policy for $250,000. For anything more than that, underwriting was required, which requires a physical exam AND full disclosure. I thought that perhaps since I was MGUS (at the time) that I didn't need to disclose my condition, since it was benign, but consulting with an estate planning lawyer, I was told that if I died and didn't disclose this, they wouldn't pay. He also said these types of policies are more likely to look for reasons NOT to pay out.
Fortunately for me, just about the time my children are independent, the policy will be unaffordable. It does provide minimal protection at a high cost.
I hope this helps.
J.
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jhorner - Name: Magpie
- Who do you know with myeloma?: Myself
- When were you/they diagnosed?: 2013
- Age at diagnosis: 49
Re: How to purchase life insurance with smoldering myeloma?
Hi,
Play the numbers game! Call numerous insurance companies. You never know who's writing policies, as each company is governed by different marketing models. Three percent of US citizens have MGUS, so I think you should be able to be successful.
Regards,
Rick
Play the numbers game! Call numerous insurance companies. You never know who's writing policies, as each company is governed by different marketing models. Three percent of US citizens have MGUS, so I think you should be able to be successful.
Regards,
Rick
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rickcrocetti
Re: How to purchase life insurance with smoldering myeloma?
Once you are denied by an insurance agency, your name goes into a data file and your name will appear with every new insurance agency that you attempt to get insurance coverage.
I don't think there is a way around this, but good luck trying.
I don't think there is a way around this, but good luck trying.
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smolder4ever
Re: How to purchase life insurance with smoldering myeloma?
I have MGUS and was turned down too. I am a single mom and wasn't happy about it. If the doctors say that I was a very low chance of progressing, they why can't I get life insurance?
It is very discouraging.
It is very discouraging.
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8oclockcoffee - Name: Brenda
- Who do you know with myeloma?: Myself, Father, Aunt, and Grandfather
- When were you/they diagnosed?: 08-2013
- Age at diagnosis: 47
Re: How to purchase life insurance with smoldering myeloma?
Insurance companies are tricky. Some people with smoldering myeloma may never progress to active (symptomatic) myeloma, but no one can say for sure. I tried so hard to get assurances from insurance companies, to no avail.
In the end, I didn't bother, as I figured they would call it a predisposition.
But if you feel you can afford the insurance (I figured I couldn't afford the loss of that amount of money), then go for it!
In the end, I didn't bother, as I figured they would call it a predisposition.
But if you feel you can afford the insurance (I figured I couldn't afford the loss of that amount of money), then go for it!
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Salzmav - Name: Salzmav
- Who do you know with myeloma?: Myself
- When were you/they diagnosed?: 2010
- Age at diagnosis: 52
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