I recently tried to enroll both of my children in the Gerber Life Insurance/ Grow Up plan (whatever it's called) and Brandan was turned down because he has diabetes. So, I tried several other companies and got the same response. They all assure me that they're not making predictions on his life expectancy, blah blah blah. I was mostly thinking that they may want to cash in a policy to help with college, or a wedding, or something like that. I'm not expecting a funeral anytime soon! I'm kicking myself for not investing in a life insurance policy when he was born. Can anybody tell me a company that will insure him?
This is a very common question that I have responded to on other chat boards. I was able to obtain pretty good coverage at a reasonable rate for myself, after having T1 at that time for 27 years from Northwestern Mutual. I was lucky to have gotten my daughter a policy at birth so when we found out she was also T1 I didn't have to worry. I will admit i pay a bit more for my coverage but to me it is worth it knowing that my family will be taken care of when i pass. I did have to release all of my medical records to them so they could see how good of control my diabetes had been in, and I had to answer lots of questions. I know that Northwestern Mutual is one of the top Life Insurance companies around, because I looked into it deeply before I purchased our policies. I would go to their website nmfn.com and check them out. I would assume if they gave me coverage after 27 years of T1 they would be willing to cover a kid.
And as I note, if you get coverage I would not even think about cashing it in. Because once they do that then it will be even harder to get coverage and the rates will sky rocket due to the age and length of being T1. Just something to think about. I plan on taking care of Courtney's policy until she either is established enough to understand the importance of the coverage or gets married. She is only 5 so I have a long ways to go.
Thank you for the info, Amie.
I would never cash in a policy until Brandan is old enough to make an informed decision and have a REALLY good reason for needing it. :)