I thought I would ask the SigForum braintrust to see if anyone has any experience with Life Insurance.

Here's my situation:
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Any input/advice FROM PROFESSIONALS in the insurance industry is appreciated. I'm not looking for "opinions" from non-pro.

Thanks,
James

This message has been edited. Last edited by: James in Denver,

Hi James, glad you are doing well. I suspect you may not get much real information here. But maybe so.

For what is worth with 25~30 years in general insurance including substantial writing life insurance at least 2 decades ago. General rules for life threatening cancer - less than 2 years since successful treatment no new life insurance. 2-5 years past treatment available at uprated premiums depending on type cancer. 5 years past treatment, generally issued w/o update depending on type of cancer. Simple term insurance may not be available. there is no reason not to make application at several companies. A turn down doesn't hurt you down the road.

Here is a little trick you may be able to use to acquire some lower cost life insurance immediately. You may be able to convert your company group life insurance to a private plan. You may have to quit & go to contract hire back basis to get the personal policy. Then wait the required time to rejoin your company as a paid employee with brand new additional life insurance policy.

Good luck.

EasyFire

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This message has been edited. Last edited by: James in Denver,

A paramed exam at your home/office is pretty standard, and can work to your advantage if you're currently healthy. Also, you get a free exam.

You are SOL. Especially if they did a resection. I left the business in 2006, but I doubt it's changed since. If you can get a policy it would be a substandard rated policy.

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This message has been edited. Last edited by: James in Denver,

quote:

Originally posted by James in Denver:
Thank you for the info!!!

BTW... in our other situation that you helped me with about 3 years ago... the dad hasn't called, written or showed up since then. Everything is ok with the young one!!!

James

Glad it has worked out well for you.

quote:

I'll probably apply, but won't be shocked if I'm denied. I'll probably wait for a while.

If you were my client is tell you to apply. Then if offered a policy, ask agent to talk to underwriting and find out rates after two and five years out and all clear follow-up. Ask for both current rates as well as at 2 & 5 year marks. Finally ask for a guesstimate (may actually be able to illustrate a re-class) if you accept the rated policy and reunderwrite at 2 & 5 year marks.

With that information I'd consider taking whatever the current premium is for the rated policy they offer or the policy they offer at 2 or 5 years out (age adjusted of course) and dumping it into a MM account or high interest savings account, if you want to be more risky a mutual fund. When you do qualify you'll have a bit of money set aside and will have been used to paying that monthly savings so it won't be a shock to divert from savings to insurance since you've been doing the draft every month for months or years at that point.

This will do two things. Provide you with rainy day fund incase life circumstances change, once insured you don't want to miss a payment and lose your coverage. Also it will allow you to make annual payments, then replenish the savings account throughout the year with what would have been your monthly payment. This will save a few bucks on annual payment vs mothly. Added bonus if your number is called you have a few grand that is easy to access for your wife until she can figure out her next steps.

*All information provided here is from a dumb electrician who pulled 12 hour days for four days straight and is about to fall asleep while typing. Obviously please consult a financial professional to advise you further. Without knowing what your premiums are and if you are even insurable you can't get any advice.