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.
Most companies will consider PCS uninsurable. I don’t know of any high-risk insurers that would take that chance. Guaranteed issue coverage is available, but it’s usually very expensive, and many companies won’t offer it to someone her age. You could buy 2-3 policies from different companies to reach $100,000 in coverage. Max out any group coverage and check if there’s an option to convert it when she leaves the employer. If she does leave, make sure to convert it.
Any chance she’s self-employed or works for a small business? Small group would be an option in addition to guaranteed issue mentioned by another poster.
When you say “very expensive,” how much do you mean for the premiums? Can you explain what maxing out group coverage and the conversion option mean? I’m not familiar with those terms.
Group coverage refers to insurance provided by her employer. The open enrollment period is coming up. If it’s available, she should take as much life insurance as possible. After that, she should ask the employer if the coverage can be converted to personal coverage when she leaves the job.
Yes, but it’s very affordable and a great benefit for keeping employees. Different-sized businesses will have different eligibility amounts. She could talk to her employer about implementing something. Since it’s guaranteed issue, other people at her company might have similar issues and would find it valuable too.
The main issue is that her medical condition may lead most companies that offer full medical coverage to deny her application. Mutual of Omaha has several relaxed term policies called easy issue, but they will still review the applicant’s medical history. I recommend checking with Mutual of Omaha, Prosperity, and TruStage.
Have you thought about getting a small whole life policy that doesn’t require a medical exam? This could cover funeral expenses and ensure you’re protected in that situation. I hope that helps!