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Purchasing life insurance after diagnosis
Is it possible to purchase a new life insurance policy after being diagnosed with multiple myeloma?
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goldmine848 - Name: Andrew
- When were you/they diagnosed?: June 2013
- Age at diagnosis: 60
Re: Purchasing life insurance after diagnosis
My term policy was expiring and I tried to move to a whole life policy. New York Life told me I'd need to be treatment free for five years to be considered. I elected to continue my term policy from $100 per year to $1000 per year for 100k policy. My employer also provides life insurance unconditionally.
Let's face it, we are a bad investment!
Let's face it, we are a bad investment!
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JBarnes - Name: Jerry Barnes
- Who do you know with myeloma?: Self
- When were you/they diagnosed?: Aug 17, 2012
- Age at diagnosis: 54
Re: Purchasing life insurance after diagnosis
Hello,
I have a similar experience to Jbarnes, where I have a policy with no underwriting and, now that I'm turning 50, the premiums will rise significantly. I tried to get a term policy with underwriting, and was at first accepted as a smoldering myeloma patient because I was not undergoing any treatment, but then when I started IVIG, I was denied.
Worth mentioning, it wasn't a whole lot less expensive than the policy without underwriting in the end anyway. As it would turn out, they are priced by risk:)
Bottom line is that you don't qualify for new policies if you are receiving any treatment. The best thing to do is get a policy without underwriting if you can afford it.
Best
J
I have a similar experience to Jbarnes, where I have a policy with no underwriting and, now that I'm turning 50, the premiums will rise significantly. I tried to get a term policy with underwriting, and was at first accepted as a smoldering myeloma patient because I was not undergoing any treatment, but then when I started IVIG, I was denied.
Worth mentioning, it wasn't a whole lot less expensive than the policy without underwriting in the end anyway. As it would turn out, they are priced by risk:)
Bottom line is that you don't qualify for new policies if you are receiving any treatment. The best thing to do is get a policy without underwriting if you can afford it.
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: Purchasing life insurance after diagnosis
Andrew,
Great question. Crazy how things work out, but I dropped my health insurance at my work just a few months before being diagnosed with multiple myeloma. The reason was the soaring out-of-pocket and deductibles. My cost alone was hundreds of dollars per pay period.
I was able to get on my wife's health insurance plan at her open enrollment. Good thing I did, because I have been off work for the last 8 months so I would have had to pay for Cobra to continue my old insurance.
Anyway, the plan I am on with my wife is now offering a special open enrollment for life, accident, critical illness, and short-term disability. There is also some type of plan available to enroll in a legal service program; not sure what that is about. She just received this yesterday.
My wife has had cancer twice, lung and brain cancer, both with surgery and treatments. That was 7 years ago. I think that she can qualify, but not so sure about myself, since I am being treated for myeloma, and it's considered an internal cancer. My old insurance said that my wife had to be cancer free for 5 years before they would consider her at all. I was fortunate to have an Aflac cancer policy.
Her insurance knows that I have multiple myeloma (they have also been paying the $9,500 per month for Revlimid) but they sent it to both of us. I might just see if she can look into these plans and see what the costs are. Then apply for what I feel is most important.
I am pretty sure I will get turned down but I will let you know how it turns out. All you can do is ask.
Castaway
Great question. Crazy how things work out, but I dropped my health insurance at my work just a few months before being diagnosed with multiple myeloma. The reason was the soaring out-of-pocket and deductibles. My cost alone was hundreds of dollars per pay period.
I was able to get on my wife's health insurance plan at her open enrollment. Good thing I did, because I have been off work for the last 8 months so I would have had to pay for Cobra to continue my old insurance.
Anyway, the plan I am on with my wife is now offering a special open enrollment for life, accident, critical illness, and short-term disability. There is also some type of plan available to enroll in a legal service program; not sure what that is about. She just received this yesterday.
My wife has had cancer twice, lung and brain cancer, both with surgery and treatments. That was 7 years ago. I think that she can qualify, but not so sure about myself, since I am being treated for myeloma, and it's considered an internal cancer. My old insurance said that my wife had to be cancer free for 5 years before they would consider her at all. I was fortunate to have an Aflac cancer policy.
Her insurance knows that I have multiple myeloma (they have also been paying the $9,500 per month for Revlimid) but they sent it to both of us. I might just see if she can look into these plans and see what the costs are. Then apply for what I feel is most important.
I am pretty sure I will get turned down but I will let you know how it turns out. All you can do is ask.
Castaway
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Castaway - Name: George
- Who do you know with myeloma?: just myself
- When were you/they diagnosed?: 1/24/14
- Age at diagnosis: 62
Re: Purchasing life insurance after diagnosis
Interesting question which led me to this tidbit, which I didn't realize before:
http://www.bankrate.com/finance/insurance/cancer-patient-life-insurance.aspx
To paraphrase the key point in the above link:
If you are still employed, you have whatever life insurance the employer provides to all its workers. If your health causes you to leave the job, make sure to turn that group life insurance policy into a conversion policy that requires no medical exam and offers level premiums for life.
http://www.bankrate.com/finance/insurance/cancer-patient-life-insurance.aspx
To paraphrase the key point in the above link:
If you are still employed, you have whatever life insurance the employer provides to all its workers. If your health causes you to leave the job, make sure to turn that group life insurance policy into a conversion policy that requires no medical exam and offers level premiums for life.
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Multibilly - Name: Multibilly
- Who do you know with myeloma?: Me
- When were you/they diagnosed?: Smoldering, Nov, 2012
Re: Purchasing life insurance after diagnosis
Thanks MB, hadn't thought about conversion. I did check into that: the good news is that my employer permits conversion without evidence of insurability; the bad news is that the limit of coverage is $40,000. Better than nothing.
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goldmine848 - Name: Andrew
- When were you/they diagnosed?: June 2013
- Age at diagnosis: 60
Re: Purchasing life insurance after diagnosis
I opted for one of those "no questions asked" life insurance schemes. Just enough to cover a discount cremation and stick-me-in-the-hole job. The premium is reasonable and they refund what you have paid in if you don't make it past the 2 year point where the full amount is payable. Kind of a crap shoot, I need to last at least 2 years and check out in 10 or 12 to get the best deal. But, if I last that long, I sure won't complain about not getting full value from the insurance.
Medicare has been taking good care of me since 2009. Up till now, parts A,B & D have done the job and I have paid any co-pays or other costs out of my leftover card playing money. No need for other insurance. Chemotherapy sure changed all that in a hurry. A couple of generous grants are helping with the cost of the meds, otherwise I would soon go bankrupt. We will have to see where this goes as treatment just started 2 months ago.
Illinois used to have a program to help seniors and the disabled with drug purchases but the politicians and other parasites have done away with that. Guess they could buy more votes by spending the money on something else. (free cell phones, perhaps?) I best shut up before this turns into a rant. When resources (other peoples money) get short, folks start acting like jackals, fighting over what little there is left.
Grizlump (grouchy German)
Medicare has been taking good care of me since 2009. Up till now, parts A,B & D have done the job and I have paid any co-pays or other costs out of my leftover card playing money. No need for other insurance. Chemotherapy sure changed all that in a hurry. A couple of generous grants are helping with the cost of the meds, otherwise I would soon go bankrupt. We will have to see where this goes as treatment just started 2 months ago.
Illinois used to have a program to help seniors and the disabled with drug purchases but the politicians and other parasites have done away with that. Guess they could buy more votes by spending the money on something else. (free cell phones, perhaps?) I best shut up before this turns into a rant. When resources (other peoples money) get short, folks start acting like jackals, fighting over what little there is left.
Grizlump (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
A conversion from my employer drops the benefit to 5k. Hardly enough to finish the job that multiple myeloma doesn't complete.
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JBarnes - Name: Jerry Barnes
- Who do you know with myeloma?: Self
- When were you/they diagnosed?: Aug 17, 2012
- Age at diagnosis: 54
Re: Purchasing life insurance after diagnosis
I tried to obtain life insurance for my grandmother but no one will cover her with her new diagnosis. What I ended up doing is getting a Final Expense policy to at least help a bit with funeral costs when the time comes. My grandmother was not a saver or a planner, so this was the best that I could get considering the situation. I purchased through Metlife and the cost is 126.00 a month.
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BlueSunshine - Name: Sunny
- Who do you know with myeloma?: Grandmother
- When were you/they diagnosed?: 2014
- Age at diagnosis: 69
Re: Purchasing life insurance after diagnosis
You did not say how long you must pay those premiums for the final expense insurance. Did you look into "graded" life insurance? Perhaps you can get information from an someone who does not have an "agenda". Most insurance salesmen are like bikinis, what the show you is revealing but what they hide is vital.
Charlie (grouchy German)
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
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