Page 1 of 2 12 LastLast
Results 1 to 10 of 12

Thread: Life insurance

  1. #1

    Life insurance

    Hi everyone

    Whole or Term? What's best for a 55 yo c6 quad. Fit as a bull... if you discount the SCI, and type2 diabetes thing. Funeral is paid. Just want a little something so the family can go see the MOUSE when i pass.Divorced,and children grown. SSDI @ 18,500 yr.Have medicare and medicaid waiver. House paid in 4 yrs. Son will be benificiary on policy. Can medicare touch this. Sorry i don't post often... but i'm here alot.
    Thanks to all.

    William

  2. #2
    Senior Member ChesBay's Avatar
    Join Date
    Nov 2001
    Location
    Coastal Virginia
    Posts
    1,669
    William ,

    I think 'Medicaid waiver' is the source of concern for resources & eligibility ( rather than Medicare).

    I may be wrong but it looks like at a glance $2,500. in cash surrender life insurance is considered the maximum amount w/out effecting eligibility for Medicaid.

    Others may be on program and have different experience / information. It may be different for Medicaid Waiver program versus ' straight Medicaid'.

    See "resources / pg. 10" : http://www.dcf.state.fl.us/programs/...ifactsheet.pdf

    Ches

  3. #3
    Senior Member
    Join Date
    May 2010
    Location
    Chesapeake, VA
    Posts
    589
    A whole life policy with a cash value may be seen as an asset. A term life policy has no cash value and therefore is not an asset. Also, term life is ALWAYS a better way to go. The only one who really benefits from a whole life policy is the sales person who gets a commission. If you can get an affordable term life policy, go for it.--eak

  4. #4
    I've never been able to get life insurance. I'm a T-10 for 17 years now and no one will give me the time of day.
    DFW TEXAS- T-10 since March 20th, 1994

  5. #5
    Quote Originally Posted by offroaderswife View Post
    I've never been able to get life insurance. I'm a T-10 for 17 years now and no one will give me the time of day.
    You might be able to pick up a 5 or 10 year term policy if you look around. You'll probably have to pay about three times as much as an AB person though.

  6. #6
    Quote Originally Posted by williamc6 View Post
    Hi everyone

    Whole or Term? What's best for a 55 yo c6 quad. Fit as a bull... if you discount the SCI, and type2 diabetes thing. Funeral is paid. Just want a little something so the family can go see the MOUSE when i pass.Divorced,and children grown. SSDI @ 18,500 yr.Have medicare and medicaid waiver. House paid in 4 yrs. Son will be benificiary on policy. Can medicare touch this. Sorry i don't post often... but i'm here alot.
    Thanks to all.

    William
    You are going to have a tough time. My company is trying to get key man insurance on me, they had lined me up for a physical till I guess someone actually read I was a para. Then a bunch of requests for my medical records and silence. All the agent will say that is if they agree to write the policy its going to be "expensive". Insurance is funny, they must have some table that had to do with bowel function, the fact that I have a "neurogenic (sp?) bowel" was a big red flag apparently.

  7. #7
    We had to show that the life insurance we had was term, not whole when my husband applied for medicaid.

  8. #8
    Quote Originally Posted by ekephart View Post
    Also, term life is ALWAYS a better way to go. The only one who really benefits from a whole life policy is the sales person who gets a commission. If you can get an affordable term life policy, go for it.
    Yup. Whole life insurance is a waste of money.

    Regardless, SCI will not disqualify you from getting insurance, as long as you are not on disability because of the injury. You may be put into a higher health classification, depending on any residual issues or medication taken due to the injury.

  9. #9
    Senior Member
    Join Date
    May 2010
    Location
    Chesapeake, VA
    Posts
    589
    I would suggest that you investigate term life though a company that specializes in life insurance to older Americans (Penn Life comes to mind but there are others). These carriers typically only ask the "Big Three" questions. These are ; Have you been diagnosed with heart disease, cancer or HIV/AIDS. As long as you can answer no and are over 50, you get insurance.--eak

  10. #10

    Insurance

    Thanks everyone.Will study on this some more.

    William

Similar Threads

  1. Life Insurance
    By Chrl in forum Life
    Replies: 16
    Last Post: 02-08-2007, 11:44 AM
  2. Life Insurance
    By Faithinme in forum Caregiving
    Replies: 5
    Last Post: 04-18-2006, 04:27 PM
  3. Replies: 0
    Last Post: 07-24-2003, 03:02 PM
  4. Can't get life insurance
    By svenstrs in forum Life
    Replies: 5
    Last Post: 11-12-2002, 08:22 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
  •