I Need advice - My Wife can’t get life insurance

Hello, I was wondering if this community could help me out. My wife and I had our first kid last year, and we have been struggling to find her life insurance ever since. We’ve reached out to multiple companies, and even a broker, only to be told that she cannot qualify.

She is a female in her early 30’s, excellent labs, eats very healthy, exercises, and doesn’t smoke. But she was diagnosed a few years ago with primary sclerosing cholangitis, which we’re told “is a permanent decline due to the increased risk of cancer and liver failure.”

Are there any high-risk pools we can join? We are both bread-winners, so I am not looking for anything too crazy… just maybe a $100k policy.

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Most companies won’t insure PCS. I don’t know of any high-risk insurers that would take that chance.

Guaranteed issue coverage is an option, but it’s costly and not available for someone as young as she is from many companies. You could try stacking 2-3 policies from different companies to reach $100,000 in coverage.

Maximize group coverage and check if there’s a conversion option when leaving the employer. If she leaves, convert the coverage.

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When you say “very expensive” … how much would we be talking about for premiums? Can you explain maxing out the group coverage and the conversion option? I don’t know what those things are.

Thanks, I really appreciate it.

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Group coverage refers to insurance offered by her employer. Open enrollment period is coming up. If it’s available, take as much life insurance as possible. Then ask the employer if the coverage can be converted to personal coverage when she leaves work.

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Her medical condition might lead most companies that require full medical checks to decline her. Mutual of Omaha has some lenient term policies called “easy issue,” but they will still check her medical history. I recommend checking with Mutual of Omaha, Prosperity, and TruStage.

You could also consider getting a small whole life policy without a medical check that includes funeral goods and services, just to be covered for that.

Hope that helps.

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I’ll look at those companies, thanks so much. Any recommendations on companies or plans for the whole life coverage?

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If you just want a cash payout then Mutual of Omaha will work for a reasonable price. If you want to include the funeral goods and service planning in the plan than Senior Life Insurance Company.

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Is she self-employed or working for a small business? If so, a small group policy could be an option, along with the guaranteed issue mentioned earlier.

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She does work for a small business, actually. What exactly is “small group?” Is that something that would be offered by her employer?

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Yes, it’s quite affordable and a good benefit for employee retention. The eligibility amounts vary by business size.

She could talk to her employer about setting it up. It’s guaranteed issue, so others at her company might have similar needs and appreciate it too.

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Depending on her state and employment status, there are group association plans she might qualify for.

These plans often allow someone to get $100k to $400k in coverage with minimal effort.

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Most credit unions offer group coverage options. Sign up for accounts at credit unions that provide this and get as much coverage increase as they allow.

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If your child is the beneficiary, apply for a survivorship option. This lets both of you be covered under one policy, as long as your health is good. This works well if both of you earn enough to keep up with mortgage payments if one passes away. Since it’s a second-to-die policy, your child will only receive the benefit after both of you pass away.

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Find out why she can’t get coverage. Common reasons include health conditions, age, or lifestyle factors.

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Discuss how much coverage is necessary. Sometimes a smaller amount of insurance is easier to obtain and still provides some financial protection.

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If she is employed, check if her workplace offers group life insurance, which often has fewer health-related restrictions.