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Life insurance with pre existing condition



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amother
Amber


 

Post Wed, Mar 20 2019, 8:13 pm
Please help me figure this out...

DH has a million dollar 20 year life insurance policy which we figured we’d renew when it expires. It expires in a couple of years and he will be in his early forties so we thought it was a reasonable plan.

He was recently diagnosed with something that’s makes the chance of him being able to renew his policy at an affordable plan, slim to none. Hashem runs the world and obviously DH can have a long life but... it’s unlikely and I am absolutely terrified at the thought of him dying in 5-10 years from now, leaving me with a bunch of young kids and no life insurance policy...

I welcome any ideas/advice.

Thanks
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ROFL




 
 
    
 

Post Wed, Mar 20 2019, 8:28 pm
Can you get term insurance without medical checkup ?
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amother
Rose


 

Post Wed, Mar 20 2019, 9:01 pm
Many term policies have a conversion clause that allow you to convert the policy to a permanent type of policy without going through underwriting again - you should look into that. Call a reputable insurance broker...
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ellacoe




 
 
    
 

Post Wed, Mar 20 2019, 11:28 pm
I have a broker who I refer to who has been very good at getting difficult situations covered. Feel free to PM me for info
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33055




 
 
    
 

Post Thu, Mar 21 2019, 4:29 am
He could join a group that offers term insurance for its members. It probably won't be the amount you are hoping for, but the phrasing is guaranteed term - you won't be turned down. I joined such a group to get my health insurance discounted.
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amother
Burlywood


 

Post Thu, Mar 21 2019, 6:37 am
OP - have you looked at the policy documents? Some are renewable without medical.
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ra_mom




 
 
    
 

Post Thu, Mar 21 2019, 9:34 am
amother wrote:
Many term policies have a conversion clause that allow you to convert the policy to a permanent type of policy without going through underwriting again - you should look into that. Call a reputable insurance broker...

This is the way to go. Speak to your current agent about your policy. You need your current policy renewed, don't try to get a new policy.
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amother
Amber


 

Post Thu, Mar 21 2019, 10:14 am
ra_mom wrote:
This is the way to go. Speak to your current agent about your policy. You need your current policy renewed, don't try to get a new policy.


Spoke to my agent and he said we can’t renew it. He says our only option would be getting a whole life policy. But the premiums on that is prohibitive 😢
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ra_mom




 
 
    
 

Post Thu, Mar 21 2019, 10:16 am
amother wrote:
Spoke to my agent and he said we can’t renew it. He says our only option would be getting a whole life policy. But the premiums on that is prohibitive 😢

Hug I'm so sorry Hug
Crying
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jd1212




 
 
    
 

Post Wed, Mar 27 2019, 7:39 am
I'm a life insurance broker and have helped a few imas in the past. I have experience shopping around all the insurance companies to see which would price certain health conditions most favorably and have gotten people some good deals. Feel free to PM me if you want to speak
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