HealingWell
Search Close Search
☰

Life Insurance

Support Forums
>
Ulcerative Colitis
✚ New Topic ✚ Reply
❬ ❬ Previous Thread |Next Thread ❭ ❭
Posted 7/30/2008 7:07 PM (GMT 0)

I am 22 years old & was recently declined life insurance coverage with a well known insurance company due to my UC.  I was attempting to take out a universal/whole life policy & they won't even insure me at a sub-standard rate.   I know I can probably do a simple term policy with another company but since I'm young I would obviously prefer a whole policy. 

Has anyone had success in taking out a universal life policy after being diagnosed with UC?  If so, with what company?  Any other suggestions/tips are greatly appreciated!

Thanks, Jennifer  

Posted 7/30/2008 7:54 PM (GMT 0)
I am curious as to why you need life insurance at your age? Do you have children? I have always viewed life insurance as one of those items that is really only necessary if you have children and have a spouse who does not work and would not have the ability to earn your income should you pass away.

Just my 2 cents.

Sue
Posted 7/30/2008 8:46 PM (GMT 0)
Suebear is right. If you are single with no dependents, you do not need life insurance. If you are worried about the cost of burial, put money in a money market account and save for it. Better you get the interest than an insurance company. Also just my 2 cents
Posted 7/30/2008 8:47 PM (GMT 0)
We have life insurance but after the birth of our son six months ago, we decided to purchase more.  I was approved for an increased whole life policy, even with my UC.  I didn't get the top-level superstar rate, but I didn't get the second level rate.  Not bad at all.


If I were you, I would try another company.

Posted 7/30/2008 8:48 PM (GMT 0)
I forgot to add... the company we deal with is New York Life.
Posted 7/31/2008 12:40 AM (GMT 0)

suebear said...
I am curious as to why you need life insurance at your age? Do you have children? I have always viewed life insurance as one of those items that is really only necessary if you have children and have a spouse who does not work and would not have the ability to earn your income should you pass away.

Just my 2 cents.

Sue

      I don't have children now but I do plan to have them someday!  The younger you are the cheaper/easier it is to get life insurance, so I'm trying to prepare for the future now.  I have a small existing policy from when I was a baby & hopefully I will be able to increase the amount on the existing policy.  If I am unable to increase the amount then I will need to start looking for another company!

Thanks for your responses!

Posted 7/31/2008 12:45 AM (GMT 0)
Depending on future employers, it's possible that they will give you life insurance by default just by being employed with them. Probably, the bigger the company, the more likely they will give you default coverage. Just don't be an idiot like me and opt out then try to get back in only to be rejected.
Posted 7/31/2008 2:49 AM (GMT 0)

I think a better investment, at your age, is for retirement.  Chances are you are going to live a long life and will need those benefits before needing life insurance.

Sue

Posted 7/31/2008 12:56 PM (GMT 0)
If you plan on going back to school at all life insurance is key. Student loans survive death (except Staffords) and if you have a co-signor you need life insurance so they aren't sadled w/ your loan for life. I have loans for law school and with a lawyer salary will be able to pay them back. But if I die, my husband surely couldn't afford to live and pay off my loan. Hence my life insurance. I am insured through my husband's employer under group insurance. I just had to check off that I had never had cancer or aids I think. No questions about IBD.
Posted 7/31/2008 1:28 PM (GMT 0)
You're absolutely right about getting in while you're young and while its at its cheapest. Considering the complications that can come from UC and its nasty medications, I think you're smart to get it while you're young and healthy (relatively speaking). I got a much better rate than my husband when we got our insurance, and its was only because I'm five years younger than him. Keep looking at other companies.
Posted 7/31/2008 4:30 PM (GMT 0)
My husband sells life insurance in IL. He said that in IL UC won't affect the ability to get life insurance. Health yes but not life. Laws differe by state so he couldn't say for sure about anywhere but IL.
Posted 7/31/2008 5:20 PM (GMT 0)
my 2 cents, if you want to get life insurance get it young just in case you get something the ins. co's don't want.........I am going to have difficulties b/c I have Kidney Disease, if I got the insurance before I got Kidney Disease it would be totally different. I haven't started to shop around yet but I don't think I am going to be at the top of anyone's 'want to insure list'.

I do have life insurance at work but it maxes out at $100k. I also have 401k and stuff but when I have kids I am going to have to rely on those things for them, not life insurance.
Posted 8/1/2008 4:21 PM (GMT 0)
Thanks for all of your replies! All of them give great information & something to think about. I never thought about paying off student loans if I were to die (& who knows for how long I'll be paying those off for!). I'm also going to look closer into the laws here in Oklahoma.
Posted 8/2/2008 12:41 AM (GMT 0)
Jenn, UC will not kill you, Its all about quality of life, Moving foward, I am 22 as well, I have a soon to be 6 year old. My whole life insruance policy is under 3mill with met life.
✚ New Topic ✚ Reply