Hi folks,
My wife and I are starting the process of trying to figure out when/if we want to have children, which as many of you know, can be a daunting prospect when you have Psoriatic Arthritis. I was wondering if any of you have experience with obtaining term life insurance after you've been diagnosed?
Is it still available? Does it jack our premiums? Does anyone have any suggestions for companies?
Thanks in advance for any assistance,
Chambers
Wow. I actually chuckled when I read this. The only way that I could see getting an affordable policy would be as part of an employment benefit. Many employers offer 1-2times your annual salary for no cost and no physical exam. Then, You may be able to buy more (up to a certain dollar amt) without an exam. I believe that term life insurance is easier to obtain than whole life. See an insurance sales person about all of the differences.
Also, another benefit that you want to try to get as soon as you start with a new employer is short and long term disability. This is offered upon hiring WITHOUT AN EXAM and isn’t refused due to pre existing conditions. One of the big bonuses for me accepting my new position is that the long term disability benefit is phenomenal and affordable. Typically, the premiums come out taxed, so when you need the benefit you don’t pay tax on that money. The standard benefit is 60% of your income. Since you aren’t paying tax on it, the amount you put In the bank is very close you what you would have brought home after taxes if you were able to work.
Sorry for the long winded answer, but I hope you can use some of the info.
I tried to purchase disability insurance before being diagnosed with PsA. I was refused due to having an MGUS diagnosis, so there is the possibility of being turned down because of a pre-existing condition.
Haven't been refused, but was told that it would add to the cost.
Yep, I have term life insurance. I would say no - I am 57, with PsA, they did the exam, and I have a 30-year policy for $250K with the monthly amount of $127.56
I fortunately had whole life in place prior to diagnosis. I believe your best bet is through your employer group benefits (of you have them). No exam or pre-existing conditions needed in many cases. Good luck.
Hi I’m 37 years of age and have no life insurance as I have been turned down I tried a couple of companies but was told no and they would maybe look at my case again in a few years I was gutted I was willing to pay more as I thought that’s all I would need to do but to find out they wouldn’t give me any cover worries me a lot making my condition worse.
Thanks all sincerely for the responses. The things we took for granted when we had a clean bill of health . . . I unfortunately do not have life insurance benefits through my employer, so I'm just looking at the open marketplace. If any of you have companies to suggest I'd love to hear them.
I tried applying to various large disability insurance companies for additional coverage after I was diagnosed. The Prudential denied me, but offered to refer me to the "secondary market (I think that’s what they called it). Basically, at least for disability insurance, Prudential passes along my medical/physical/blood work, etc to another company that works with “higher risk” applicants. The rates were 4x the premium and the benefit was about 1/4 of what I would have gotten with a clean bill of health. Life insurance may have something similar. If I were you, I would talk to Prudential, Met Life, Northwestern Mutual, etc (all the big boys) and either apply and be rejected (give yourself a chance at best rates)or tell them up front you have PsA and looking for coverage. They may recommend “don’t waste your time applying” or “apply, but if rejected we can submit your information to our ‘high risk’ affiliate”.
Thanks Oetboy. That sounds like a solid game plan. I appreciate the guidance.
I have diabetes and high blood pressure. I have been told that I am uninsurable. I also have thyroid nodules. I was told I was uninsurable before I was diagnosed with PsA. I am pretty sure the only way I can get life insurance is with the companies that advertise no health questionnaire and no medical exam. My employer just dropped our life insurance to save money. I do have short term and long term disability through my work. I have been told to check with Colonial Penn. (but I have not done that yet)