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Life Insurance Living Needs/Accelerated Death Benefit: Anyone with any experiences?

devotion10's picture
devotion10
Posts: 642
Joined: Jan 2010

I am curious if anyone that is stage four have any experiences with term life insurance through their employment that provides "living needs benefit", sometimes called "accelerated death benefits" ... I know that sounds morbid, but it seems that it is option whereby one can request a certain percentage of their life insurance benefit while they are living to help pay for medical expenses or anything they might need if they have been diagnosed with a terminal illness. I saw it mentioned on a breast cancer site that some women have taken advantage of this option. It seems even if they live longer than the "expected life expectancy of 12 months" there are no consequences like having to pay the money back, etc.

Any experiences would be appreciated. Thank you and best to all.

Cynthia

JayhawkDan's picture
JayhawkDan
Posts: 206
Joined: Apr 2012

I'm stage IV and reviewed my term policy with my agent a couple of weeks ago. Just wanted to make sure everything is in order. It's a policy I purchased on my own -- not through employment -- but was surprised to learn that I am eligible for an accelerated death benefit. I can access as much as 80%, and the only cost is $150. My premium is also waived, which will save me about $1800 per year. It's good to know that we can draw on the policy if needed. Hope this helps. Dan

devotion10's picture
devotion10
Posts: 642
Joined: Jan 2010

I appreciate your response. It is an interesting thing to discover isn't it? I read on a breast cancer site that there are no consequences if one takes the benefit and then doesn't pass away by the end of the defined "expected life expectancy". I have heard it said that it is easy for stage four patients to access. These practical issues with health care and estate planning are very difficult subjects and yet face them we must, huh? Of course, the primary energy goes to surviving and living :)

Buzzard's picture
Buzzard
Posts: 3073
Joined: Aug 2008

ALB allows you to draw your term life out without penalty . You must fill out a small bit of paperwork then have your primary doctor nor oncologist confirm of your prognosis and if ou qualify it is sent to you within a week . Ours will only payout 100% but yes it is an option you find out only if your discussing end of life situations to the right individual while speaking with your insurance service center......

devotion10's picture
devotion10
Posts: 642
Joined: Jan 2010

Nice to have your comments regarding your experience. This is definitely something that my husband will be checking on. Nice to think that all these years that he has worked and paid in to having a policy that he may be able to take advantage of it during his lifetime. Perhaps if we get it he will think of something very special he always wanted to do with the family. Great to see you back Buzzard. You helped me early on when I joined in 2010 after my husband had been diagnosed as stage four with mets to colon, liver, and lung. He has been treated continuously and amazes me with his courage and stamina.

I wish you the very best Buzz. I hope you will do something special for yourself with that insurance advance.

Cynthia

pete43lost_at_sea's picture
pete43lost_at_sea
Posts: 3915
Joined: Nov 2010

i was a bit emotional in the office last friday, we did the paperwork with the cancer council financial planner. he had lots of experience with these issues and his advice put my wife at ease with our situation.

it took a few hours and only needed one two page form from the onc.

they pay 100%, it removes alot of pressure about my business issues. knowing this was an option meant i could engage a business manager to run our business while i get treatment in germany.

as far as insurance is concerned the 5% survival is 0.05%, they just pay out. it really sux.

If you do the paperwork, be prepared for the whole death and mortality thing. i thought i had these issues sorted, but i was almost crying in the office. it feels so strange to sign your on life insurance claim. i felt like i was somehow inviting it to occur.

ironically the life funds i will use towards treatment in germany. here is hoping! its a long shot, but say the german stuff works, then the life insurance will be truly an amazing policy, in that it facilitated improved care and quality of life, that without it I would not have had. so its the best $40 a month i have spent.

an yes they stop charging you the premium after the payout.

hugs,
Pete

ps taking the entire family now, 5 days and counting. legoland and eurodisney here we come. we talked about this over dinner tonight, the kids are excited and want to see snow.

I atill plan on beating this dam illness, but no one else thinks its possible besides me.

marbleotis's picture
marbleotis
Posts: 491
Joined: Mar 2012

Never forget that. I know speaking about insurance is not a lovely conversation but you did it now it is done and you do not need to give it thought. Best of luck!!

pete43lost_at_sea's picture
pete43lost_at_sea
Posts: 3915
Joined: Nov 2010

it is possible!!!!!!!!!!!!

we all need to hear this every single day! I do. off to do qigong.

the cancer council financial guys is doing all the estate work.

my focus is healing, i don't want this issue in my head anymore, as you said its done, it needed to be done.

kids and wife not coming after discussion with cancer healing group tour leader.

hugs,
pete

devotion10's picture
devotion10
Posts: 642
Joined: Jan 2010

I am sorry that you are having a difficult time.

May I request that you start a new thread with the update on your trip and your status so that I could keep this one about the insurance questions that I have?

Thank you Pete, I wish you the best.

Cynthia

So Worried
Posts: 111
Joined: Aug 2012

I just LOVE, LOVE your attitude!!! Every single time I read a post that you wrote, I smile:) You are the most postive, upbeat person I have ever seen. Good luck to you on this journey!

pete43lost_at_sea's picture
pete43lost_at_sea
Posts: 3915
Joined: Nov 2010

i even cheer myself up when i look in the mirror.

then i laugh, oh so sexy , massive hernia, scars, saggy skin, half shaved groin from the angio ct, half shaved chest from the port install. hech and they have not even started surgery for real yet.

just smile, its a great day in singapore, i am in transit to germany.

its a great day to be alive and our real purpose in life is what makes each day great, regardless of our fate.

hugs,
Pete

So Worried
Posts: 111
Joined: Aug 2012

To those of you who know - I'm not trying to sound morbid or make anyone sad, but was the stipulation that you had to be stage 4 to get accelerated benefits? Or - what were the requirements? I'm sure that most policies/companies are different, but just wondered what yours was - if you care to share - if you remember...thank you!!

pete43lost_at_sea's picture
pete43lost_at_sea
Posts: 3915
Joined: Nov 2010

they have a one page form for one specialist, ie oncologist.
they certify less than 12 months. thats what happened in my case. now they have accepted the form and it takes 3 months to get paid. so go figure. my onc smiled and said your strong and tough you might be longer. that was consoling.

they pay the entire amount of the policy.

hugs,
pete

devotion10's picture
devotion10
Posts: 642
Joined: Jan 2010

I hope you are not as worried as you were when you first came on the site :)

I have come to the conclusion that it is irresponsible of us as parents, wives, and husbands to not "put things in order" as they say before one's death. We all will die at some point and if something happens suddenly we can leave a mess for those we love and leave behind. So maybe it isn't sad or morbid at all, but perhaps just a loving thing to do for those we care about.

With regard to life insurance living needs or accelerated death benefits (living needs does sound so much better), yes, it is an advance on one's life insurance policy of up to 80% and it typically requires a stage four diagnosis and a life expectancy of twelve months of less. Now, obviously your doctor doesn't know when you are going to pass away but certainly with stage four patients who have either exhausted their treatment options or have continual progression in spite of treatments and whose therapies are considered palliative, not curative, then most oncologists do not have any problem signing the form the insurance company requires.

My husband has been stage four with mets to liver, lung, and colon since his recurrence in fall 2009. Surgery was never an option for him and despite his treatments he continues to have progression but treatment has helped keep it slow. Life does go on even in these circumstances and no one really knows what may happen in the future or how long he will live. Maybe we are just stoic, but we really don't dwell on it. We just try to laugh and love each day.

Check your life insurance policy or talk to your agent. If you have policy through employment, check with your benefits office. I hope this was helpful.

Best to you,

Cynthia

Buzzard's picture
Buzzard
Posts: 3073
Joined: Aug 2008

It has to have a dr signoff that you will pass in 9 mo or less and it does charge you a penalty. PRETY GOOD ONE TOO...4300 on 88000...we elected not to do this

So Worried
Posts: 111
Joined: Aug 2012

I really appreciate the answers - at least now I have some idea of the "what if" .....

Cynthia, I think I am doing a bit better, thank you :)

Farm Girl
Posts: 17
Joined: Oct 2012

Cynthia,
My sister was diagnosed stage IV in Nov. 2010..Mets to the liver and lungs. They are not doing a colon resection due to her mets. They say that the surgery is not neccesary since she is stage IV. Do you think we need to seek other opinion? What treatment/protocol is your husband on?

Lovekitties's picture
Lovekitties
Posts: 2942
Joined: Jan 2010

Best to post your question by starting a new discussion thread so that it gets more exposure.

Marie who loves kitties

devotion10's picture
devotion10
Posts: 642
Joined: Jan 2010

Yes, you will get the best response by opening your question to the board by starting a new thread. Many here will have meaningful and helpful information for you. My husband's situation was rather unusual because he had simultaneous spread with his first reoccurrence even though we were having CT and CEA monitoring on a regular basis at a major cancer center. Surgery was just never an option for him after this point for a number of reasons -- but, there are folks here who have had many differing surgeries and treatments that have extended their lives or placed them in a status where they have periods of no evidence of disease. Do not give up hope. Seeking another opinion is not only your right, but always a very good idea.

Best to you and your sister,

Cynthia

devotion10's picture
devotion10
Posts: 642
Joined: Jan 2010

Yes, you will get the best response by opening your question to the board by starting a new thread. Many here will have meaningful and helpful information for you. My husband's situation was rather unusual because he had simultaneous spread with his first reoccurrence even though we were having CT and CEA monitoring on a regular basis at a major cancer center. Surgery was just never an option for him after this point for a number of reasons -- but, there are folks here who have had many differing surgeries and treatments that have extended their lives or placed them in a status where they have periods of no evidence of disease. Do not give up hope. Seeking another opinion is not only your right, but always a very good idea.

Best to you and your sister,

Cynthia

devotion10's picture
devotion10
Posts: 642
Joined: Jan 2010

Yes, you will get the best response by opening your question to the board by starting a new thread. Many here will have meaningful and helpful information for you. My husband's situation was rather unusual because he had simultaneous spread with his first reoccurrence even though we were having CT and CEA monitoring on a regular basis at a major cancer center. Surgery was just never an option for him after this point for a number of reasons -- but, there are folks here who have had many differing surgeries and treatments that have extended their lives or placed them in a status where they have periods of no evidence of disease. Do not give up hope. Seeking another opinion is not only your right, but always a very good idea.

Best to you and your sister,

Cynthia

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