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question about life insurance

fedester
Posts: 757
Joined: Jul 2004

Hello Semi's,
Hope all is well. I have a question about life insurance.
I had life insurance with my job before getting cancer. Can i increase the amount or do I go to another carrier. Than how long do you have to wait to apply for life insurance even if you can after the cancer dx.
Thanks,
Be well
Never,ever give up!!!!!
Bruce

shmurciakova's picture
shmurciakova
Posts: 910
Joined: Dec 2002

Are you still working? I assume if you are then your life insurance would be unaffected. I don't think they can deny you. I am not sure about increasing the amount. I would just call and maybe not even mention the cancer. If you switch to a new carrier you will have a "pre-existing condition" and I would assume they will either charge you up the wazoo or deny you.
I have no idea how long you have to wait to apply for insurance. My best guess would be 5 years NED? Maybe someone else can help you because I have just assumed they won't touch me with a 10 foot pole. When/if I have a child I will look into it. I hope that if I have a baby they'll figure I am well enough for insurance.
Let us know what you find out cause I have wondered the same thing, as I am sure others have as well,
Susan

jerseysue's picture
jerseysue
Posts: 626
Joined: Oct 2005

I have insurance with my comapny now and I did try to increase it and they said NO. My sister had pre cancerous stuff removed from her breast and they denied her as well.

chynabear's picture
chynabear
Posts: 483
Joined: Jul 2005

Here is my limited experience...

I have life insurance through my husbands employment. I had it prior to my diagnoses and there has never been any threat to cancel. They allowed both of us a certain $$ before requiring a medical exam. We are allowed to change our benefits once a year and I have been able to get life insurance for the highest $$ before requiring an exam. I am not sure they would allow me the higher $$ after an exam yet, though.

I have also been offered Life insurance through State Farm. I told the rep that I was certain that they would not insure me. She asked why and I explained. She was also a cancer survivor and told me that after a few years of being cancer free, they would offer me life insurance at a higher premium and then after a few more years that premium would decrease back down to normal. I had this information a couple of years ago, so maybe that has changed.

My advice would to you would be to just start asking questions. I would start with the insurer for your home, vehicle and health.

Hope this helps some.

Tricia

Moesimo's picture
Moesimo
Posts: 1080
Joined: Aug 2003

unfortunately, you probably cannot increase your life ins. I tried with my husbands company and have been denied.

Your diagnosis should not affect any policy that you already had

Maureen

jamesrich
Posts: 4
Joined: Jun 2007

I tried to apply for a new term policy and they told me I had to be cancer-free for 5 years.

scouty's picture
scouty
Posts: 1976
Joined: Apr 2004

Hi Bruce,

My oncologist told me that the whole 5 year being NED before being deemed cancer free is from the insurance companies and their actuary statistics on how long one lives. That tells me that any new policies are going to cost a small forture until you have been NED for 5 years and then the cost go back to like when you never had cancer.

Luckily, they cannot touch your existing policy but upping it would not be possible is my guess BUT call and find out for sure. You just never know.

Lisa P.

HowardJ
Posts: 484
Joined: Jan 2005

Hi Bruce,

Not sure about whether or not you can increase what you have. I'd recommend not going somewhere else. I tried getting (more)insurance earlier this year and was told pretty much what the other have said. Wait 3-5 years before trying.

Howard

mwomack
Posts: 78
Joined: Jan 2005

The way our company life insurance policy works is they pay for 2 times your salary and you can purchase an additional 4 times your salary upon employment.

We have a 38 year old Stage IIIc that had not opted to take any of the additional life insurance. He cannot add the entire 4 times without a "proof of good health," but he can add 1 time every year at open enrollment (November) without any kind of physical so that is what he is doing.

Our plan does not really spell out the 1 time thing, but our benefits person told him to do this and so far he is getting his increased without the "proof of good health."

dash4
Posts: 304
Joined: Dec 2005

I am not an expert on this, but you also have an option for "guaranteed" life insurance.....that means you do pay a little more, but no matter what your health is-you are accepted. The fine print says that you only recieve a percentage -I think the first 2 years and then you get the full amount. But you never lose any money--I think it is better than nothing....AARP carries a plan and there are others-not sure of the name. There is a limit how much you can take out--but again if you do not have any life insurance or need a little more---might be worth checking into.
Dash

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