Really Confused About Life Ins.

"ty for the help everyone. I am just trying to get a feel for what to watch for and any tips you may have for me. I had an aortic valve replaced about 3 years ago, I am on warfarin and it is under control, other then that healthy guy. No other issues with the family. cheers and thanks again."

Thanks. And let me say I am not trying to be ass to you, but I will be honest and frank about your situation.

When people buy life insurance, their only advantage is their good health. Your good health creates better price offers. The second your health changes, your bargaining ability does as well.

You are three years out of valve replacement. You have not yet developed a good history (7-10 years) that might bring you up to a standard offering. You will most likely be on a blood thinner the rest of your life as well.

You have the possibility of a long life, but not as long as you had compared to a healthy person of ideal weight to height. We haven't asked weight yet.

So if you really want to get life insurance find an agent who is preferably independent and give him/her all the information up front to do a pre underwriting with several carriers. You may not get anything, but you might get something to consider. You do not want to fill out an app before this is done as a decline goes into your health records. So follow that suggestion.

If you have insurance at work, see if you can get it and if it's convertible later when or if you part ways.

You may look to guaranteed issue plans, I don't sell them, but lots of guys here do and they might help you.

But forget cheap at this point. There is no cheap anymore.

You'll notice I haven't mentioned term or permanent once in any of my comments. Why? because at this point you're looking for somebody to say "yes" they'll insure you.

Your ability to be "choosey" has fallen off the earth. You are now in a position of "I hope I can find life insurance that will insure me." Entirely different position than when you first posted. You shouldn't care first about what type, only if you can get coverage at all.

I say this as a person who is no longer insurable. Type II, AFIB and a recent amputation basically makes me done in new coverage options. Thank God, I had my coverage in place prior to all this stuff that happened to me. Even got to use my disability coverage and waiver of premium these past 12 months.

Good luck. I hope you find coverage, I honestly do.
 
Assuming someone would take it I would look at a 20 pay or paid up at 65 whole life policy so you are covered and you don't have to worry about it.
 
taking cadaver or pig valve and replacing someones heart valve with it often times carriers a flat extra for a few years. Likely outside of that window now, but still with young age assuming pig valve, it is 350 debits...

For an experimental procedure sure (as with any) but for traditional surgical options not so much.
 
I think you are on the right track. Find a 20 year term, that is convertible (if you want to switch later like you mentioned).

I think the rule of thumb for the amount of insurance is to get 10x your annual income. Of course thats not always in the budget.

An agent told me once there are 2 times when you think about buying life insurance, now and when it's too late. Dont wait much longer.

I kind of like the return of premium rider, you might ask the agent if there's one available

10x your income? Let's say he makes 100k and wants to replace that for his wife until she's 65. How is $1M going to do that? 10x in today's rate environment doesn't do it. Not even close for most people.
 
"10x in today's rate environment doesn't do it"

Why don't we see who will write him first before we worry too much about what face amount his policy will be?

You sort of think they hand out 2 million policies like chewing gum. He has serious health problems, Underwriting is going to be tight. This is not a preferred risk individual so giving him preferred risk advice isn't helping.

Cheers.
 
10x your income? Let's say he makes 100k and wants to replace that for his wife until she's 65. How is $1M going to do that? 10x in today's rate environment doesn't do it. Not even close for most people.

Coordinate it with social security survivors benefits for both spouse and children.

https://www.socialsecurity.gov/planners/survivors/onyourown.html#&sb=2

https://www.socialsecurity.gov/planners/survivors/onyourown4.html

https://www.socialsecurity.gov/planners/survivors/onyourown2.html
 
10x your income? Let's say he makes 100k and wants to replace that for his wife until she's 65. How is $1M going to do that? 10x in today's rate environment doesn't do it. Not even close for most people.

It never did it in the old days, unless you ignored inflation. The "real" return on money has never been much different. What is different now is that those who didn't know how to factor in inflation, no longer have it to factor in.

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Coordinate it with social security survivors benefits for both spouse and children.

Unless your faith in Social Security is as good as mine.
 
There's more to social security than just retirement benefits. They'll pay widows and orphans. Retirement benefits are always suspect.
 
There's more to social security than just retirement benefits. They'll pay widows and orphans. Retirement benefits are always suspect.

You seem to be unable to grasp how much trouble it is in, or that "means testing" will be implemented. And that means, ultimately, it you have other means, you won't get Social Security.

All pretty sad when you consider how little it costs to buy the additional insurance to make up a Social Security shortfall if it occurs.
 
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