Getting life insurance w/ potential -- but not known -- health concerns
July 30, 2020 11:28 AM Subscribe
So I need to talk to a doctor about some symptoms I've been having that have a wide range of possible explanations, from nothing to worry about to totally something to worry about. I'm not particularly concerned as the symptoms don't really line up with the worst case and they coincide with some lifestyle changes. My partner, on the other hand, is freaked out. She is especially concerned since we don't have life insurance and wants us to get that squared away before I talk to a doctor, because otherwise in the worst case scenario it might be difficult or expensive to get insurance. But if it turns out that I do find out terrible news a short time after receiving insurance, could the insurance be nullified anyway based on the timing?
(I'm in the USA)
(I'm in the USA)
When my husband and I went to sign up for life insurance (through our respective employers) we were only able to get 2x annual salary without a medical clearance.
posted by MadMadam at 11:53 AM on July 30, 2020 [1 favorite]
posted by MadMadam at 11:53 AM on July 30, 2020 [1 favorite]
If you're already talking to a doctor about symptoms and this turns out to be a serious illness that will limit your ability to get life insurance, the cat is out of the bag. If the thing you have is life-shortening, you will probably not be able to get insurance that covers the specific thing you're currently investigating, or there will be an exclusion period or something.
Not everyone needs life insurance but it's always a good idea if you have kids and often a good idea if you have a mortgage or just a lifestyle that requires the other person's income (it would be tough to have to leave a beloved apartment that you can no longer afford on the heels of your partner's death, for example).
If you do think you need insurance, just apply for insurance now, disclose what they ask you to disclose, and see what happens. If the quote is too expensive, make your choice then.
My husband and I had no kids and no mortgage and very similar incomes and were in good financial and physical health so we were like, "eh, let's not bother with life insurance," then we bought a house (with a mortgage) and we were like, "eh, we should probably get life insurance now," then he was diagnosed with aggressive brain cancer before he got around to getting his insurance exam. So that's a real pisser! We're still fine, financially, but life insurance would have bought him a lot of peace of mind. But you know, who could have guessed? I still don't have life insurance, because he's the only person I'd want to have as a beneficiary and it's extraordinarily unlikely that he will outlive both me and our combined retirement savings.
posted by mskyle at 12:28 PM on July 30, 2020 [1 favorite]
Not everyone needs life insurance but it's always a good idea if you have kids and often a good idea if you have a mortgage or just a lifestyle that requires the other person's income (it would be tough to have to leave a beloved apartment that you can no longer afford on the heels of your partner's death, for example).
If you do think you need insurance, just apply for insurance now, disclose what they ask you to disclose, and see what happens. If the quote is too expensive, make your choice then.
My husband and I had no kids and no mortgage and very similar incomes and were in good financial and physical health so we were like, "eh, let's not bother with life insurance," then we bought a house (with a mortgage) and we were like, "eh, we should probably get life insurance now," then he was diagnosed with aggressive brain cancer before he got around to getting his insurance exam. So that's a real pisser! We're still fine, financially, but life insurance would have bought him a lot of peace of mind. But you know, who could have guessed? I still don't have life insurance, because he's the only person I'd want to have as a beneficiary and it's extraordinarily unlikely that he will outlive both me and our combined retirement savings.
posted by mskyle at 12:28 PM on July 30, 2020 [1 favorite]
The questionnaire will ask you if you have symptoms for which you haven't seen a doctor.
Also, it takes aWHILE to get life insurance, just FYI. It's on par with getting a mortgage if not more complicated in my opinion. If you are going to be super anxious that whole time it could be a real gift to yourself to just see a doctor.
posted by slidell at 4:45 PM on July 30, 2020
Also, it takes aWHILE to get life insurance, just FYI. It's on par with getting a mortgage if not more complicated in my opinion. If you are going to be super anxious that whole time it could be a real gift to yourself to just see a doctor.
posted by slidell at 4:45 PM on July 30, 2020
This is quite a complex question.
Have you left any traces anywhere in medical records or would your symptoms be of the kind that correspond would show up in medical clearance testing?
If, for instance, you thought you might be diabetic or hypertensive that will come up in the screening anyway.
There will be a question about whether you are having any other symptoms or whether there are things that you have not seen a doctor about. Of course, if you lie you will be committing insurance fraud. I don't care about that but if you do that, you must be very sure that your tracks are completely covered because otherwise they will find it and they will refuse to pay out. You will also be committing a criminal offence.
That means that if you lie now, you always have to lie. If a doctor asks you how long you have been having symptoms, you will have to lie and that may compromise the quality of your care.
posted by atrazine at 8:43 AM on July 31, 2020
Have you left any traces anywhere in medical records or would your symptoms be of the kind that correspond would show up in medical clearance testing?
If, for instance, you thought you might be diabetic or hypertensive that will come up in the screening anyway.
There will be a question about whether you are having any other symptoms or whether there are things that you have not seen a doctor about. Of course, if you lie you will be committing insurance fraud. I don't care about that but if you do that, you must be very sure that your tracks are completely covered because otherwise they will find it and they will refuse to pay out. You will also be committing a criminal offence.
That means that if you lie now, you always have to lie. If a doctor asks you how long you have been having symptoms, you will have to lie and that may compromise the quality of your care.
posted by atrazine at 8:43 AM on July 31, 2020
AAA just sold me $300k of life insurance without a medical exam, so if you're a member be sure to open your junk mail from them or see if the offer is on their website.
posted by Jacqueline at 3:20 AM on August 2, 2020
posted by Jacqueline at 3:20 AM on August 2, 2020
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Do you have children? Do you have a non-working partner? Do you have any savings? Do you have a mortgage or a lot of debt?
posted by JackFlash at 11:40 AM on July 30, 2020 [1 favorite]