How in the world do you get life insurance for an older Type 1?


(carolyn) #1

So, I’m a little frustrated. Ok, a lot. My husband was diagnosed with Type 1 5 years ago, at the age of 52. At that time we had life insurance. When that policy expired I had no idea how difficult it would be to obtain life insurance for him. We currently have a “bridge” policy that we pay over $600 a month for through State Farm.

Does anyone else have sources/ideas/suggestions? Is it best to use a broker?

I would appreciate any help! Thanks.


(joe) #2

@ccjwilliams hi carolyn, most will not insure us. if any do, the price is very high. A broker would have access to many companies, but the results will be expensive at best.

I have been fortunate to get life insurance through work. I also had some insurance my dad bought for me before I was diagnosed. it is a very high priority to never ever let them lapse or expire.

There’s a commercial regarding a “no health questions” term life policy… I think it was Colonial Life… but I have no further information.

good luck


(Ryan) #3

Life Insurance is even hard to get for me, under 40 with good control. It seems most life insurance companies just count the years you have had type 1 (I’m in year 21 here) and increase the rate depending on how long you have had it.

The best bet is group term insurance without health screening through work (like Joe has) or professional associations. At age 67, that may or may not be an option. The amount of coverage is also on the lower side. It may be worth speaking with a financial adviser who doesn’t rely on insurance commissions to look at planning/trust alternatives to life insurance.


(Bill) #4

Ryan wrote the “magic words” - group term life insurance through work.

I have continued a group term life insurance policy that I became eligible for in 1992 (through my employment). We pay that bill first thing when it shows up in the mail. I have another group term policy (a small one) that I bought through a professional association. That one, too, we pay as soon as the bill shows up.

I think it is extremely important for all families affected by T1 to be aware of the various insurances available to one or more family members through their employment. If it is possible to acquire term life that covers the family member who has T1, buy it as soon as you can. Term life is often something a person can take with them after they leave the employment that made the insurance available. And the cost tends to be rather modest.

Term life doesn’t have a “cash value,” but if I should die, it does provide some payment to my wife. If you were to buy such for a child who has T1, as they enter their adulthood they can always change the beneficiary if they should marry or enter some other long-term relationship. Term life for a youngster is generally pretty cheap, even if the child has T1. The price will increase as they age, but at least they will have some life insurance.

Ryan’s recommendation to visit with a financial planner (who works on a fee-for-service basis as opposed to commissions) is a good one.

The above may not help you, Carolyn. But maybe others will benefit from reading this thread.

Bill


(Kathy) #5

One other option are credit unions. I was able to a reasonable life insurance policy through my credit union. You’d have to check to see if any of your local CUs participate in one of these programs, but it is another possible option.

Good luck


(Dennis J. Dacey, PwD) #6

Lots of good advice already posted here but I want to add on to what @BillHavins wrote.
Almost all employers have the group term life insurance available for employees at very little or no cost to the employee - buy as much as possible with money you have.
And look carefully at ALL conversion terms. upon termination of employment, and, in some cases, at certain other times, an employee is permitted to “convert” coverage into an individual policy; the policy to which term insurance us issued at Standard Rates. Rates at younger ages are always less than at older ages for equivalent policies - so convert at the lowest age possible. Depending on costs and circumstances, I suggest converting to permanent rather than term insurance. When I was laid-off by an insurance company in 1975 I converted the term insurance to a “modified life plan” which now is a fully paid-up [no more premium payments] policy worth many thousands.


(carolyn) #7

He is 57, not 67, but I doubt that matters. But, it means he was only diagnosed 5 years ago. Also, he is self employed, so employer providing insurance is not an option.


(Ryan) #8

Sorry reading comprehension error on my part putting together the 1 from “type 1” together with the 5. I am also self-employed, which is how I know about the professional association insurance (both with my state bar and the American Bar Association). Credit Unions are another cool idea. Thanks, Dennis.


(Sal) #9

I recently got approved for term life insurance. $1 million coverage, 30 years, $245 per month. (That’s four times the rate of a person without diabetes). I was diagnosed 14 years ago, had a1c’s over the years ranging from 6 to 8.1. It’s insane, but I did it because I have a wife and small children at home. I’m in my 30’s. When my term ends in 30 years I will probably not be able to renew it, but at that point my kids will be independent adults.

For $600 a month you need to evaluate your financial situation. Do you have savings? Do you have young children? Are you able to work should something happen God forbid?


(carolyn) #10

Thanks. He’s a dds so I’ll ck with Texas dental association.