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Author Topic: Getting Life Insurance  (Read 2195 times)

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Offline Corey Bryant

  • Member
  • Posts: 14
    • Corey Bryant
Getting Life Insurance
« on: January 05, 2008, 04:33:59 PM »
After reading the thread about health insurance, I thought I would inquire about this.  I checked on the Medical Information Bureau and the only thing that was on their was an inquiry from Farmer's Insurance.  I told Farmer's that I was positive and they did not approve me.   

Anyone that you know of that might consider it?
Corey
My Blog

Offline BT65

  • Global Moderator
  • Member
  • Posts: 9,640
  • Diagnosed + 1989
Re: Getting Life Insurance
« Reply #1 on: January 05, 2008, 05:36:15 PM »
No and all I can say is good luck.
I've never killed anyone, but I frequently get satisfaction reading the obituary notices.-Clarence Darrow

Offline FiercenBed

  • Member
  • Posts: 183
Re: Getting Life Insurance
« Reply #2 on: January 06, 2008, 02:06:00 AM »
i saw something on tv about 'colonial penn' offering life insurance with 'no health questions' and you cant be turned down. im sure itz expensive but was gonna look in2 it. just need enough to get my body in the ground:) 25K or so.

Offline Nico

  • Member
  • Posts: 262
Re: Getting Life Insurance
« Reply #3 on: January 06, 2008, 12:07:37 PM »
Corey,
Once you have been coded in MIB with an HIV+ status, you stand a 100% chance of being turned down if the insurer pulls an MIB for underwriting purposes.  If by some chance you are offered a group policy through work in the future, take up to the maximum you can that does not require medical underwriting.  If you waived your chance to enroll when first hired, most companied will require you go though medical u/w to be approved.

All I can say is if you can get it keep it and don't let it lapse.

Good luck.
Rog
Poz since 1990.

Offline libvet

  • Member
  • Posts: 327
Re: Getting Life Insurance
« Reply #4 on: January 06, 2008, 04:45:31 PM »
Some states and some plans allow an individual to convert his group life policy to an individual policy after leaving the job without providing proof of insurability.


Offline bear60

  • Member
  • Posts: 4,104
Re: Getting Life Insurance
« Reply #5 on: January 06, 2008, 05:19:14 PM »
Ok ... I have some thoughts to share but first I need to know why you want to take out a life insurance policy?
Poz Bear Type in Philadelphia

Offline Corey Bryant

  • Member
  • Posts: 14
    • Corey Bryant
Re: Getting Life Insurance
« Reply #6 on: January 06, 2008, 06:41:22 PM »
Nothing is on my MIB except a query from Farmer's.  That was all that was there. 

Ok ... I have some thoughts to share but first I need to know why you want to take out a life insurance policy?
I cannot really work any longer and I don't want to be much of a burden when I am gone.  Hopefully have something to leave to my partner to cover the costs of a casket / burial / etc. 
Corey
My Blog

Offline Oceanbeach

  • Member
  • Posts: 3,565
Re: Getting Life Insurance
« Reply #7 on: January 06, 2008, 07:37:58 PM »
Hey Corey,

Globe Life offers term life policies at different levels.  The one most advertised is the $10,000 policy which is commonly advertised in statement stuffers with the credit card companies.  You may have seen the ones where the first month premium is $1.00.  This would cover burial costs IF you die before age 70, when the policy expires.

Keep in mind, our life expectancies have changed.  We were once told to expect to live approximately 5 more years and now, we can expect to see old age.  A life insurance policy may not be the best possible scenario, depending upon your prognosis.  It may be in your best interest to hold off on such a purchase and/or begin looking at burial policies.  Have the best day
Michael

Offline BT65

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  • Posts: 9,640
  • Diagnosed + 1989
Re: Getting Life Insurance
« Reply #8 on: January 06, 2008, 07:41:36 PM »
Thank goodness years ago my aunt paid for a cremation and memorial service for me.  It's at a local funeral home and they say it's good indefinitely. 
I've never killed anyone, but I frequently get satisfaction reading the obituary notices.-Clarence Darrow

Offline bear60

  • Member
  • Posts: 4,104
Re: Getting Life Insurance
« Reply #9 on: January 07, 2008, 10:12:12 AM »
Hi Corey
Thanks for the reply..."I cannot really work any longer and I don't want to be much of a burden when I am gone.  Hopefully have something to leave to my partner to cover the costs of a casket / burial / etc.  "
..............................................
Michael (Sonomabeach) more or less said what I wanted to say...he's a smart guy.  What I would add is this: ....pre-paying for your burial and so forth is more practical than having a life insurance policy because anyone can get a burial policy and its very specifically for final arrangements. Have you considered cremation? Cremation can be less expensive. In most states there are "Cremation Societies" that do exactly what you want: offer pre-payment policies and will even transport your body from where-ever you die (in the 48 states) to be cremated.  There is no casket so that expense is cut out.  Funeral homes are notoriously expensive when planning any final arrangement.
My partner and I prepaid for our cremations immediately upon starting to live together because each of us had just been through the death of a partner from AIDS and we knew it would smooth things out if we had all arrangements paid for.
Now, if none of this appeals to you....there might still be other options...such as starting an investment account in BOTH your names with rights of survivorship to your partner.  You contribute money regularly just as you would pay into an insurance policy and in 10 years you have a little nest egg.
I hope this helps.  Good luck. I hope you are ok.
Poz Bear Type in Philadelphia

Offline RapidRod

  • Member
  • Posts: 15,194
Re: Getting Life Insurance
« Reply #10 on: January 07, 2008, 10:25:54 AM »
There is an insurance agent that could get me life insurance but the premiums were so high that it wasn't beneficial.

Offline SoSadTooBad

  • Member
  • Posts: 248
Re: Getting Life Insurance
« Reply #11 on: January 07, 2008, 09:31:05 PM »
As libvet mentioned, I was able to convert a group policy from a previous employer into an individual policy with no physical or health questions.  Ironically, the premiums just went down because the loss history for the group was "better than expected" according to a recent premium notice I received in the mail.
 

Offline ademas

  • Member
  • Posts: 1,151
Re: Getting Life Insurance
« Reply #12 on: January 07, 2008, 10:32:22 PM »
I joined a non-profit, low-cost burial/cremation coop a number of years ago.

Not only does it give my survivors inexpensive options, but it gives me the opportunity to let my final wishes be known.

I'll take a #1, with a side of "Private Family Viewing of unembalmed remains", thank you very much.

http://www.peoplesmemorial.org/plans.cfm

Seriously, though...look into low cost alternatives in your area.  There's no bigger waste of money than an extravagant funeral, in my opinion, and it pisses me off to no end when funeral directors take advantage of people while they are in the throws of mourning.  They got us when my father passed (to the tune of $12,000, or something ridiculous like that), and there's no way I'm going to let that happen when it's my turn.
« Last Edit: January 07, 2008, 10:35:04 PM by ademas »

Offline mjmel

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  • Posts: 2,069
Re: Getting Life Insurance
« Reply #13 on: January 08, 2008, 08:16:49 AM »
Your title states Life Insurance.
The initial post speaks of health insurance. You need to properly identify your needs or else many will refuse you. You seek Life Insurance of a modest amount to get yourself buried.

Life Insurance: I enrolled two years ago in a policy with Gerber Life ($7,500) to cover my burial cost. (One can get a $5000 policy, as well.)
I was 55 years old at the time. I make monthly payments--but opted for the 6-month installments. There is a clause in my policy stating that I have to pay for two years to realize the full benefit ($7,500) of the policy. No questions about health woes other than those few asking if I'm dying or expected to die soon. There was some paperwork with a very short questionnaire with health questions. Bluntly stated, they wanted to know if I was expected to die anytime soon.
Upon submitting the required paperwork after my death, the full amount of the policy is payable to beneficiary declared on policy (in my case, my partner). So, initially, expenses of cremation will be paid by my partner then after filing the claim, he is compensated plus some hefty pocket change.
My mom enrolled with a policy through Colonial Penn (as seen on TV) very late in her years and it was around $7.42 per month, if I recall correctly. She paid on it 10 years before she passed-on. Filing the claim was simple and straightforward.

Health Insurance: No way I would be able to find health insurance I could afford.

Mike M

« Last Edit: January 08, 2008, 08:21:19 AM by mjmel »

Offline Nico

  • Member
  • Posts: 262
Re: Getting Life Insurance
« Reply #14 on: January 09, 2008, 01:58:41 PM »
Respectfully, my job for the past 25 years has been in Life Insurance.  There are policies as have been mentioned with no medical questions, etc.  They have a two year limitation, excessive premiums and are offered to those usually 45-50 plus older.  Also, by law every state requires all insurers licensed in the US to allow an individual to convert his/her life insurance policy regardless of health, no questions and at a very high premium.

Corey, if you were denied for HIV and Farmers noted an MIB, they would code it for HIV as the denial to warn other insurance companies.  Now you said they made no mention of your HIV?  What did it say?  Maybe you got lucky and some idiot miscoded your MIB.  Let's hope so.

Rog
Poz since 1990.

Offline madbrain

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  • Posts: 1,208
  • No longer an active member
    • My personal site
Re: Getting Life Insurance
« Reply #15 on: January 09, 2008, 10:55:15 PM »
Your best bet is to get life insurance through your job. Most employers will cover you up to a set multiple of your salary. If you leave for any reason, you have 30 days to port or convert your life insurance to an individual . Do not miss the deadline !

I quit a job in 10/2006 and converted my $700,000 life insurance policy with AIG, after I found out within my 2 weeks notice that I was positive .... The annual premium is only about $1000 right now. But it is set to go up (I think double) every 5 years after 35 according to the rate schedule.  For now, I am keeping it at this price. I am 31 right now.

At company #2 in 11/2006 I had only a $300,000k policy. When I was fired 3 months later after getting severely depressed while on disability (unfortunately it is legal to do that to new hires...), I tried to convert that policy also with the Hartford. Unfortunately the annual premium would have been in excess of $10,000, so I let it lapse. I am back working for company #1 right now, and they pay most of the cost of my $700,000 coverage, so now I have twice the life insurance coverage that I had before leaving the job and being poz ...

Apparently there is some difference between some life insurance policies that are "portable" and others that are "converted". That was the difference between company #1 and #2 . Ask your HR how much it will cost to keep your life insurance if you leave the company. They will give you the rates which are based only on your age, not health.

Of course, I don't plan on dying any time soon. And the only person that would need help if I disappear is my bf, and he has AIDS. His prognosis is worse than mine and he is more likely to go first. His employer doesn't give him any life insurance. And my employer will only cover him up to $50,000 without medical qualifications.

Offline Nico

  • Member
  • Posts: 262
Re: Getting Life Insurance
« Reply #16 on: January 09, 2008, 11:07:29 PM »
MB,
You mentioned portability - I neglected this in my boring reply, however it is almost always only available to those not disabled or retired and usually only applies to employee not employer paid life. 

Also, I have AIDS and my husband of almost 18 years has HIV.  It does not matter what your diagnosis is, you can get hit by a bus.  ;)  However, good for you for looking out for him.

Rog
Poz since 1990.

 


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