Life insurance ???s

My wife and I found out a month ago that she is now a type 1 diabetic. (She has to take insulin once a day)

It was quite a blow to her personally. We have learned that type 1 diabetes is gene related (basically you get it cause you have it in your genes and a couple of nasty flu's can trigger it) So we are told.

Here is my question.
Anybody here have diabetes and have life insurance and if you have life insurance then what is your yearly rate for "term life" only.

I had a quote over the phone today from a woman on the West coast and she quoted me a price of $240 for a 15 year term policy on my wife.
This is $100,000 coverage.
My policy is $88/year for a 10 year term.
$100,000.

I have heard that some diabetics cannot get life insurance......I would like to get this set up for the wife before She cant get it anymore.
The rate is basically double or almost tripled due to her being a diabetic.

Go for it. NOW

I wanted to increase my coverage to cover the mortgage on a farm I bought 2 years ago.

But no one will sell me insurance at any cost. 240 a year for 100,000 is not bad.

I was diagnosed with Chronic Myeloid Leukemia 4 years ago next month.

Gary

Gary

Buy only from company in your state. First 2 years limited insurance. There are other things. Get a good lawyer. Diabetic and my policy from AARP is no good for 2 years. 65 years old a lot more money. Good luck and health to you both. Dave

Financial "experts" tell you that whole life insurance is bad, bad, bad...but the idea of buying only term ONLY works if you stay healthy until you die. Once you contract something like diabetes, premiums for term go through the roof...whereas, if you'd bought whole life before the onset of the disease, your premiums would be locked in, and as long as you paid them, they'd never go up.

But these financial "experts" don't tell you that, because then their "rule" has an exception. My first wife had rheumatiod arthritis at age 22 when we married, and Mutual of Omaha's agent tore up a hospitalization policy application when we answered that pre-existing condition question truthfully. The ONLY coverage we ever had was group, through my employers...and whenever I changed jobs, it wasn't unusual to have a 1-year "exclusion" when changing insurance companies.

I have a lot of "issues" with both the medical industry--yes, it's an industry, not a "calling"--and the insurance industry. Both are less about healing people and more about annual double-digit increases in profits. Think not? Go into any city, and see who owns the biggest buildings....it's the banks, the lawyers, the insurance companies, and the medical industry. See who drives the BMW's, the Mercedes, the Lexuses...it's the bankers, the lawyers, the insurance agents, and the doctors. They're not mortal enemies, as doctors and lawyers want you to believe; they're all in cahoots.

Life insurance is a sucker's game. Anything they can do to get out of paying they will. I got a quote last year for a $250,000 term policy for a 47 year old smoker, $675.00 a month. Didn't take long to figure out I could put that $675 a month into a rental property that would pay for itself and still have the value at the end. Did you know when it is payout time on a smoker policy the company can avoid paying calling the death self inflicted? You can spend the whole policy's value fighting it.

Gun, As most here on the boards know that I became a Life/Health/Annunity Agent here Texas, after I stopped farming for a living.
Yes! Diabetes does complicate matters a bunch where Life insurance is concerned. But the good news is that there is about 400 thousand types of policies, provided by just about as many companies.
some companies take a dim view of diabetes while others view it more favorably and a bunch inbetween!
It all depends on your long term needs.
As far a Term vs Whole Life vs Universal life again what are your long range plans. How much are you thinking you need, obligations with creditors, retirement, Do you want your wife to not have to work the graveyard shift at the local 7-11 Store. This is when most bad things happen!
And what about Final Expenses, The funeral, so you don't have to present the local funeral home a 100k policy to pay for a 10k funeral.
Above all else working with your budget to maximize your coverage for the dollars avaliable out of your budget.
Gun, Basiclly, coverage is based off of Age,Tobacco or NonTobacco rates, General health, and amount needed,& When do you expect to die!
Though I can not give you a quote for your state, Unless you are in Texas, LOL! I can discuss your opitions and what are your best opitions for your situation As it relates to you and your wife. If you like Hollar at me Tommorrow! an I would be glad to visit with You. My # is 512-577-3837
Later,
John A.

I have seen the difference differance several times. Term life insurance to replace your income if you die is the most important thing you can do for your loved ones. Buy it when you are young, healthy and it is cheap. I have seen families stay intact and healthy after the loss of the father because he had adaquate life insurance and I have seem families implode that didn't have it. As to the 47 YO smoker, rental properties are a fine, I have several, but when you are just paying them off they really produce not much income, it will not help your family now. They are for retirement.

Buzzman, you just summed up the medical/insurance/legal biz in a nutshell.. I agree 100% with your post...

ANYONE who "presents" or hands over ANY insurance policy to a funeral home, whether with a POA or by any other means, has no business handling an estate. A competent funeral director will handle getting the certified copies of the death certificate to the beneficiary, who should have enough common sense to contact the insurance company and obtain the proper instructions to file a death benefit claim. The proceeds of the policy should go directly to the beneficiary, without anyone, including a funeral home, acting as an intermediary.

If you can handle a calculator and balance a checkbook, you're smart enough to file your own claim for the death benefit from a spouse's policy. Just make sure that any paperwork sent via mail to the insurance company goes certified mail, with return receipt or other proof that it reached its destination. Then when you recieve the proceeds, you can pay the funeral costs out of that. As long as you don't sit wringing your hands, you can have that check in a couple of weeks, if your insurer is any good at all. And most reputable funeral directors will work with you for a couple of weeks.

But don't buy into the insurance industry-speak that it's a mysterious world of mumbo-jumbo that only specially trained people can understand. Find an agent you can trust, and ask questions. If you don't like the answers you get, find another company and agent and ask those same questions...and so on, until you fully understand the options you have, and the procedures you need to follow, and you find a policy that covers your needs. DON'T take the first option you see. Compare agents, compare comapnies...and if you end up back where you started, you'll at least end up with peace of mind knowing you did your homework. And if your agent is selling you a policy as an investment, RUN the other way...FAST!!! Insurance is not so much an investment as a wager: the company is betting you're not going to die before they make a ton of money on you, and you're betting that you will. The peace of mind behind insurance is knowing that there's a set amount the beneficiary will receive no matter who wins the bet. So make sure the face value of the policy is enough to ensure that peace of mind.

After my wife figured out what my insurance is worth. I've started feeding the dog some food from my plate before I eat.

The $240 doesn't sound bad. In another 15 years, getting insurance will be a lot more expensive. And be prepared for your medical insurance to go thru the roof. The insurance companies don't like anyone with a chronic condition. Really, all they want are the healthy, young people. The rest of us are screwed.

And if you die next week on your drive to work what happens?

I just read your post a bit closer.


$675 a month? What are you smoking?

Today when moving from group policy to group policy there is no exclusion for pre existing conditions. Its been that way since the early 1990s.

"Go into any city, and see who owns the biggest buildings....it's the banks, the lawyers, the insurance companies, and the medical industry"

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Actually I've noticed its the government that has the biggest and best buildings with the nicest cars parked outside.

Buzz, How long have you had a Group 1 Insurance license? And how long ago when you were burned by an unscrupulus Agent?
I can not speak to Funeral home situations in your end of the world, But down here the locally owned, Mom and Pop Funeral home are an extreme rarity! By-in -large they are the mega Corps so When a family comes in, the first sentence out of the Funeral Directors mouth is....How are you going to pay for your Lovedones funeral? The old line of we will get you paid some how doesn't cut it! It is now Cash-On-The-Barrelhead!
The small 3k to 15k have become even more inportant, even now during tougher economic times. I speak to families DAILY who have have empties out what little savings they had, passed the hat, benefit BBQs, sold precious family heirlooms, Or in plain fact just never had enough $ to save any for funerals!
I do agree with you that the average Joe or Jane has the mental ability to do Death certificate work to get their survivor benefit. At the time of a the loss the easiest solution and most logical are small policies to do just that. Most wives are just not in a mind set to do this sort of work when their Husband have just died.
No I do not advocate taking large policies to the funeral home, just what is needed today and the farseeable future.
Insurance Is a little more complicated that you think and understand! That I why I as others are required to have a License and take Continuing Education Classes every 2 yrs (30hrs here in Texas)
Yes, My Industry has more than its fair share of unscrupioulus agents and T.D.I.( Texas Dept. of Ins.) works hard to weed them out. By in large Others and myself work hard in ethical ways to help our clients in all Ins matters. I am sorry you have not had caring agents like Myself to help you in your affairs. There is a time and place for most all policies, there are no good or bad ones, just misaplications of the policies and a real understanding of the reason for what is being done.
To your last statement about Ins being a wager, No!........
Insurance protects your family if you die too soon! and protects You if you live too long.
Later,
John A.

Funny, that's the same question I asked the agent that quoted that price.

At this point in time, I really don't care. The assets I have will pay off what I owe and bury me and set the family on track to support their own dead A**es. The nice thing is they will need to work at it a little because they won't just be handed a fat check to blow.

Once worked with a 30ish single engineer who had no dependents, i.e., no one depending on him for support, he had no life insurance, didn't believe in it for his situation, not even for burial expenses...his reasoning is/was that someone would bury him..."it's unsanitary to leave dead bodies above ground"...couldn't argue with his reasoning..when was the last time you saw a DP left unburied?..if more believed like him the morticians who have to go into a new line of work..picking up DP's much the way road kill is picked up and taken to the land fill..certianly not as profitable for them!..but who will remember us a 100 yrs from now anyway? so who cares how are carcasses are disposed of, me thinks only those who can make a profit off it!

barn E, There are a bunch of good companies that do have Immediate Coverage, So You are not forced to take a 2 yr limited policy. I slap down AARP, Globe, Colonial Penn, Monument, quotes ALL day long, No Brag, Just Fact. Shoot me an email or call, the # is up above if you like, I will point you in a better direction.
Later,
John A.

Remember Life Ins. is betting that you will die before they get all your money.
Walt

My first wife and I were married in 1978...she passed away in 1992.

No, insurance is EXACTLY like gambling. At the racetrack, they're called "oddsmakers," but when they're on the insurance companies' payrolls, they're called "actuaries." They try to quantify risk, and come up with a rate that is enticing to the player/insured, while still favoring the house/insurance company.

But NOT having insurance is the biggest gamble of all.

And I had an insurance policy that actually would start CUTTING the amount of "protection"/proceeds payable to to the beneficiary, if the insured party lived beyond a certain age...so that, after age 90, the insurance was worthless. My grandparents bought this policy when I was an infant, and apparently never read the fine print. When Grandma made me the owner of this "paid-up" policy, I read the fine print...and when I discovered this ripoff, I cashed it out at my first opportunity. So don't tell me about insurance protecting you "if you live too long"...because I know better.

Unless your family depends on your wife's income, there's really no need for her to have life insurance. And she can still get Accidental Death and Dismemberment insurance, which is quite cheap.

Rather than worrying about life insurance, you should be focused on helping your wife make the lifestyle changes that she must to get her blood sugar under control. Guess what that means? It means everyone in the family, including you, will have to eat better and exercise more. She can't do it by herself.

If your wife can't get her diabetes under control, she could be in for very expensive medical care. Life insurance won't help with that, and you could be looking at annual expenses in the tens of thousands of dollars.

You may think that it will be harder for her to get insurance the longer she waits, but that's not necessarily so. If she submits to an insurance physical, it's going to look a lot better if she can show she's kept her hemoglobin A1C below 7.0 (better still 6.0) for the past year.