Life insurance

UCinGV

Veteran Member

Joined : Mar 2007

Posts : 533

Posted 8/27/2008 3:09 PM (GMT 0)

So I was declined for life insurance recently, because of the UC. I hear that is pretty normal. I don't have any children but might in the next few years.

I do have Social Security and my employer gives me 1x my annual salary in life insurance without paying anything, but this probably won't be enough to raise kids on.

Does anyone have recommendations on how to get life insurance?

suebear

Veteran Member

Joined : Feb 2006

Posts : 5698

Posted 8/27/2008 3:41 PM (GMT 0)

This subject was discussed recently on this site so I am sure you will get some recommendations. In last month's Money Magazine they recommended skipping life insurance and investing that money in a retirement program. Their belief is that the chances of one passing away are very slim but everyone is going to need money in retirement so that's where the focus should be. If something were to happen to you; your family would be the beneficiaries on your retirement. You might want to discuss this subject (life insurance) with a financial advisor.

Sue

cycling_sasquatch

Regular Member

Joined : May 2007

Posts : 169

Posted 8/27/2008 3:49 PM (GMT 0)

I applied for some more life insurance through my financial planner last year, when I was sick and on lots of meds. I get 1.5 times my salary at work, but wanted more. He sent the application to several places. Most denied, but a couple accepted it, but at a higher premium. I was advised to try again when I was better and not on Prednisone, and hadn't had a colonoscopy or any other procedures done for a while. So I might apply again later this year.

Regarding investing that money into retirement instead of life insurance. I'm not sure that would do much good. Life insurance probably costs a few hundred dollars a year for hundreds of thousands of dollars of coverage. Putting a few hundred dollars a year into retirement isn't much.

perach

Regular Member

Joined : Apr 2007

Posts : 116

Posted 8/27/2008 3:58 PM (GMT 0)

I was able to get extra above the base amount through my employer's plan without a medical exam or medical questions of any sort.

Harpo

Regular Member

Joined : Jul 2007

Posts : 262

Posted 8/27/2008 8:11 PM (GMT 0)

I have 300k worth of term life for $54 a month.. Got it with the UC diagnosis no prob.

UCinGV

Veteran Member

Joined : Mar 2007

Posts : 533

Posted 8/28/2008 2:33 PM (GMT 0)

Harpo said...
I have 300k worth of term life for $54 a month.. Got it with the UC diagnosis no prob.

What company? And what country or state do you live in?

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