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300 for life insurance. It’s so much :(



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Mrs. Sunshine




 
 
    
 

Post Wed, May 06 2020, 4:16 pm
We’re paying 300 a month for life insurance for my husband and myself - one of us has a Chronic health issue. We’ve been paying this for a few years. I know BH we didn’t have to make use of this insurance and I’m so grateful to Hashem- it’s still a lot of money each month.
Can anyone advise what we can do?
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treetop12




 
 
    
 

Post Wed, May 06 2020, 5:22 pm
You may want to reach out to a broker to see if there are new plans available that are more reasonable. Companies often have new products/plans from time to time.
It is so important to have sufficient term life insurance while you have children at home..
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Librarian




 
 
    
 

Post Wed, May 06 2020, 5:45 pm
I was very happy with Select Quotes. Frankly, I did better with them than with a broker who usually represents a specific company.
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Blessing1




 
 
    
 

Post Wed, May 06 2020, 6:44 pm
$300 a month is really not a lot. Especially if one of you has a chronic illness.
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SixOfWands




 
 
    
 

Post Wed, May 06 2020, 7:13 pm
You need to talk to a financial planner. Depending upon the age, age of kids, and how the condition impacts life expectancy, you might be better off investing the money in other assets.

Or not.
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chocolate moose




 
 
    
 

Post Thu, May 07 2020, 10:23 am
Insurance costs money which is why I always worked full time. My friends who were stay at home moms didn't necessarily have insurance.
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Amarante




 
 
    
 

Post Thu, May 07 2020, 10:58 am
chocolate moose wrote:
Insurance costs money which is why I always worked full time. My friends who were stay at home moms didn't necessarily have insurance.


It can be equally important to family for a SAHM to have adequate life insurance. If she died, consider what the cost might be to replace her services.
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HonesttoGod




 
 
    
 

Post Thu, May 07 2020, 11:35 am
Do you have term or whole?

Speak to a broker but if you have a medical issue, $300 a month isn’t terrible even for term butYou May Be able to get something for less. Whole is always more expensive.
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banana123




 
 
    
 

Post Thu, May 07 2020, 2:12 pm
I just want to point out that your current coverage probably covers death in case of coronavirus - regardless of when it might happen ch"v.

New policies, meaning policies people buy from now (or a few months ago) onwards, will almost certainly have a clause excluding coronavirus from the list of covered causes of death. Meaning, if you switch policies and ch"v one of you dies of COVID-19, you may have saved money in the short term but will receive nothing from the policy when you need to cash in.

Something to think about. Of course, do your research, but keep this in mind as a question to ask and consider whether lack of coverage in case of death due to COVID-19 would be a dealbreaker for you.
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banana123




 
 
    
 

Post Thu, May 07 2020, 2:15 pm
Amarante wrote:
It can be equally important to family for a SAHM to have adequate life insurance. If she died, consider what the cost might be to replace her services.

This. The agent we went with said he always tells couples to consider how much it would cost to replace a SAH-spouse's activities.

It's bad enough to lose a spouse/parent, at least the surviving family members shouldn't have to worry about money. Let them have a babysitter and cleaning lady and take-out without having to choose between that and paying the bills and therapy.
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jd1212




 
 
    
 

Post Wed, Jun 03 2020, 11:00 pm
banana123 wrote:
I just want to point out that your current coverage probably covers death in case of coronavirus - regardless of when it might happen ch"v.

New policies, meaning policies people buy from now (or a few months ago) onwards, will almost certainly have a clause excluding coronavirus from the list of covered causes of death. Meaning, if you switch policies and ch"v one of you dies of COVID-19, you may have saved money in the short term but will receive nothing from the policy when you need to cash in.

Something to think about. Of course, do your research, but keep this in mind as a question to ask and consider whether lack of coverage in case of death due to COVID-19 would be a dealbreaker for you.


I’m a life insurance broker and can happily share that no insurance company puts exclusions on cause of death, except suicide in the first two years, chas v’shalom. Unless you failed to knowingly disclose a health condition on the application, and even then there’s only a 2 year look-back. A good broker makes a case for you with underwriters, something I’ve done many times, and shops your application out with multiple carriers. I write cover letters, call personally to explain medical background, spend time expediting requests for medical records. Gotten applicants who previously had major autoimmune diseases, early-onset Type II diabetes get pretty reasonable rates.

It could be if it’s been many years since you bought your policies, it would be more expensive regardless now that you’re older. However, it could very well be that you could obtain a better health underwriting class and it could make a big difference. Please feel free to PM me if you’d like to speak more.
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aliavi




 
 
    
 

Post Thu, Jun 04 2020, 9:24 am
jd1212 wrote:
I’m a life insurance broker and can happily share that no insurance company puts exclusions on cause of death


Or if the person was in surgery my and died as a result of the surgery, etc.

I feel like you’re making a false representation here. Each state regulates insurance policies. OP did not say what state she was in. As an insurance broker you would know policies vary greatly by state. If the companies are allowed to get away with an exclusion and not pay they will. That’s how they are some of the richest companies like AIG.
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banana123




 
 
    
 

Post Thu, Jun 04 2020, 11:35 am
jd1212 wrote:
I’m a life insurance broker and can happily share that no insurance company puts exclusions on cause of death, except suicide in the first two years, chas v’shalom. Unless you failed to knowingly disclose a health condition on the application, and even then there’s only a 2 year look-back. A good broker makes a case for you with underwriters, something I’ve done many times, and shops your application out with multiple carriers. I write cover letters, call personally to explain medical background, spend time expediting requests for medical records. Gotten applicants who previously had major autoimmune diseases, early-onset Type II diabetes get pretty reasonable rates.

It could be if it’s been many years since you bought your policies, it would be more expensive regardless now that you’re older. However, it could very well be that you could obtain a better health underwriting class and it could make a big difference. Please feel free to PM me if you’d like to speak more.

It really differs by location. Where I live the suicide exclusion is just one year, for example, and the companies are working together and likely will not cover COVID-19 as a cause of death in the future (for new policies). I heard that from a couple of insurance agents.

Whoever is looking into switching policies needs to look into what the policies are in their area, and what the policies for new people will be.
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chocolatecake




 
 
    
 

Post Thu, Jun 04 2020, 11:44 am
aliavi wrote:
Or if the person was in surgery my and died as a result of the surgery, etc.

I feel like you’re making a false representation here. Each state regulates insurance policies. OP did not say what state she was in. As an insurance broker you would know policies vary greatly by state. If the companies are allowed to get away with an exclusion and not pay they will. That’s how they are some of the richest companies like AIG.
.

Your father passed away in surgery and was disqualified from life insurance? Is that standard?
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