You may also be able to get insurance through a professional organization such as the ABA, or the NY Bar. At one point they offered group life of $100k without pre-existing condition screening. I would imagine other professional organizations may offer the same.
As to conversion, this is where it makes a difference who the employer is and what kind of bargaining power it has with the insurance co. I was extremely lucky to have an employer that has bargained for conversion without evidence of insurability and without a predetermined limitation of say, $X.
Many people do not pay attention to this stuff when they choose their employer. Admittedly, neither did I. You don’t go to a job interview and ask to review their life and LTD coverage policies. It is funny how it works. Little things like this are a matter of luck for most.
I was lucky to work for this firm, and I was lucky that they automatically enroll every person in life insurance coverage. I had no idea whatsoever that I will ever be thinking about life insurance. I was diagnosed in my thirties.
Good luck to you.
Forums
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ivanm - Name: Ivan Mitev
- Who do you know with myeloma?: self
- When were you/they diagnosed?: August, 2011
- Age at diagnosis: 37
Re: Purchasing life insurance after diagnosis
This is a topic that also interests me, especially options for the case when you are unable to get life insurance through your employer. Thank you!
Re: Purchasing life insurance after diagnosis
You can always purchase one of those limited benefit policies but the premiums are no bargain and the benefits are small. You are betting against yourself. If you live a long time, you lose financially on the insurance. If you check out sooner, getting a good deal on the life insurance is small consolation.
If you contact Mutual of Omaha, they will never leave you alone. I managed to get them to stop the phone calls after 3 years but I can't get the junk mail stopped. It just keeps on coming. Several asinine offers every week. They even tried to sell me cancer insurance (not retroactive) One would think that if a customer purchases the limited benefit insurance, then the insurer would know he is not a potential buyer of any other form of life insurance.
This last resort insurance must be a high profit item. Look at all the TV advertising they spend your premiums on.
Charlie (grouchy German)
If you contact Mutual of Omaha, they will never leave you alone. I managed to get them to stop the phone calls after 3 years but I can't get the junk mail stopped. It just keeps on coming. Several asinine offers every week. They even tried to sell me cancer insurance (not retroactive) One would think that if a customer purchases the limited benefit insurance, then the insurer would know he is not a potential buyer of any other form of life insurance.
This last resort insurance must be a high profit item. Look at all the TV advertising they spend your premiums on.
Charlie (grouchy German)
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Grizlump - Name: Charlie
- Who do you know with myeloma?: me
- When were you/they diagnosed?: June 2014
- Age at diagnosis: 67
Re: Purchasing life insurance after diagnosis
BlueSunshine,
This sounds like what we might look jnto. My husband has multiple myeloma. I work, but they won't supply any life insurance for him. My old employer gave $25,000 automatically, but not where I am at now unfortunately. Thank you everyone for your response. I would just be happy with a $15,000 policy to cover things.
This sounds like what we might look jnto. My husband has multiple myeloma. I work, but they won't supply any life insurance for him. My old employer gave $25,000 automatically, but not where I am at now unfortunately. Thank you everyone for your response. I would just be happy with a $15,000 policy to cover things.
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