Results 1 to 9 of 9

Thread: Life Insurance - "eligibility confirmed" - question

  1. #1
    Senior Member
    Join Date
    Nov 2001
    Location
    Harrisonburg, VA
    Posts
    9,974

    Life Insurance - "eligibility confirmed" - question

    So I received a solicitation from AAA for term life insurance, up to $200k. Thing is, it's one of those "eligibility confirmed" things... kinda like a "pre-approved" credit card deal. It's not enough insurance for long-term security, but it'd certainly help my wife if I kick the bucket early.

    The ONLY thing that's a "gotcha" here is a question that asks, "In the past 10 years, have you been diagnosed or treated by a member of the medical profession for:"

    blah, blah, blah, Paralysis, blah, blah, blah, etc...

    What constitutes "treatment?" I was injured 12 years ago. I technically haven't been treated for paralysis since my initial surgery/rehab w/in the first year. However, I have been treated for secondary conditions like neurogenic bladder, etc.

    Who here knows where the fine line is? No speculations please.

  2. #2
    At some point in the application process you will encounter some form of underwriting. They will snag you on the paralysis here. Carriers with great underwriting will more than likely reject you. Carriers with good underwriting will more than likely classify you as substandard (kind of like a smoker) and charge you 2-3 times the standard premium.

    If you work you are probably offered group life term (only 1 yr term though) once a year when you renew your benefits. I would recommend maxing out this coverage because they usually don't underwrite you here. If you want to supplement this further just expect to pay 2-3 times more in premium than the average person.

    I have a 10 yr term policy for 400K with AXA and pay about $350/yr in premium. I got the policy at age 36 as a complete C7 quad 17 yrs post SCI.

  3. #3
    Senior Member
    Join Date
    Nov 2001
    Location
    Harrisonburg, VA
    Posts
    9,974
    That makes sense. I'm in grad school right now & just have a whole life policy that my parents bought when I was a kid, but it's worth peanuts. If I could get $500k or so of term coverage I'd be happy. I'm going to have to look into this further. My gut says AAA's deal isn't great (plus they don't offer pricing), but the "eligibility confirmed" thing & the 10yr thing got me thinking.

    I'm 30, C6/7, 12yrs post, healthy, non-smoker... but dang this SCI.

  4. #4
    Senior Member
    Join Date
    Mar 2006
    Location
    connecticut
    Posts
    8,272
    Similar 'pre-approved" policy, (it may have been the AAA in fact) and I was denied.

    BUT .... I was injured 5 years ago, and that fell in the 10 year area.

    The one I put in for also asked for what drugs I was taking, and I figure a couple of mine were red flags.
    T7-8 since Feb 2005

  5. #5
    Senior Member lynnifer's Avatar
    Join Date
    Aug 2002
    Location
    Windsor ON Canada
    Posts
    16,226
    The very word paralysis was an excluder for me - 2 or 3 times now for life and mortgage insurance. I realize this doesn't help as I'm Canadian ... but it seems a very unfair system where insurance companies will only insure a sure thing. Seems archaic .. like they're acting upon information from 30yrs ago. Has anyone told them that spinal cord injured are having families, working, driving, going to school and living seemingly normal lives!?!? I get so frustrated ... good luck with this Scott. They're missing out on an entire population of insurance fees ... it's like we're penalized for dying one day ... just like everyone else does!

    I have a family member who is diabetic and does not take care of himself at all. Yet he was approved.

    Yes, very unfair.
    http://en.wikipedia.org/wiki/M%C3%BC...en_by_Internet

    T-11 Flaccid Paraplegic due to TM July 1985 @ age 12

  6. #6
    Senior Member Skogy's Avatar
    Join Date
    Mar 2010
    Location
    S. Minnesota
    Posts
    400
    I have 200,000 on me that I got in 03 when we purchased our home, had no problems or questions asked at that time. My wife (non SCI) had a 100,000 policy at same time, our monthly premium was 45.xx per month. This year we added two mouths to the table and decided it was time to double our coverage.

    This time I ran into more extensive questioning, I figured it was denial time. Agent called and said with the SCI you cannot get the best premium, it will be one level higher. He said we will keep the original policy and add 200,000 with a new policy. I was waiting for the premium to skyrocket, it did not.

    On my wifes first policy she was a smoker, she is not now so her premium went down.

    Long story short, I now have 400,000 and she was 300,000 and our total monthly premium is 64.xx.

    Only tests we needed was a blood draw. Our ins. company is Northwestern Mutual, so it is not a fly-by-night policy.

    Hope this helps, c6-c7 also.

  7. #7
    Senior Member
    Join Date
    Nov 2001
    Location
    Harrisonburg, VA
    Posts
    9,974
    Thanks guys. I'm hesitant to make any assumptions before talking to some companies, but probably won't do so before getting through Christmas travels, etc.

    My whole life policy is through Northwestern Mutual as well, but its payout would be south of $20k, if I recall correctly. It's dirt cheap, but won't provide for hardly anything beyond some short-term expenses if something happens. If, in the future, we have kids & my wife decides to do the stay-at-home-mom thing, thus depending on my income, I want to figure out how to get that covered by insurance (e.g., if needed, $500k invested w/ ~10% return could yield ~$50k/yr of income).

  8. #8
    Senior Member Skogy's Avatar
    Join Date
    Mar 2010
    Location
    S. Minnesota
    Posts
    400
    Quote Originally Posted by -scott- View Post
    Thanks guys. I'm hesitant to make any assumptions before talking to some companies, but probably won't do so before getting through Christmas travels, etc.

    My whole life policy is through Northwestern Mutual as well, but its payout would be south of $20k, if I recall correctly. It's dirt cheap, but won't provide for hardly anything beyond some short-term expenses if something happens. If, in the future, we have kids & my wife decides to do the stay-at-home-mom thing, thus depending on my income, I want to figure out how to get that covered by insurance (e.g., if needed, $500k invested w/ ~10% return could yield ~$50k/yr of income).

    Give your agent a call about that whole life policy. I have one to, same scenario, anyway he informed me that since I became paralyzed NWM will pick up the premium. They have been paying the premium on that for the last 8 years or so.

  9. #9
    No issue here, the nurse came to my house even for blood, urine etc
    Bike-on.com rep
    John@bike-on.com
    c4/5 inc funtioning c6. 28 yrs post.
    sponsored handcycle racer

Similar Threads

  1. Replies: 47
    Last Post: 08-07-2010, 08:49 PM
  2. Replies: 30
    Last Post: 05-20-2009, 12:53 PM
  3. Why are "pro life" people "anti condom?"
    By JakeHalsted in forum Life
    Replies: 22
    Last Post: 06-16-2007, 02:45 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •