Heart Condition - Can I get coverage?

[sueann1205]

Hey all, I have a congenital heart condition that was repair when I was three months old (32 y/o now). My doctors are giving me a clean bill of health, however, I've tried to get life insurance but been denied several times. They are telling me it's because my paperwork shows I will need intervention on pulmonary valve (surgical procedure of some sort)...which is true. That could be tomorrow or 20 years from now - doctors aren't sure.

My question is knowing the above information, does anyone have recommendations on how to obtain life insurance? Or suggestion another type of insurance? Thanks!

 

[safenchrist]

@sueann1205 Possibly guaranteed issue (which isn't a lot) or get insurance through work or an association.

Not much else since you told us you've been denied several times

 

[resjudicata]

@safenchrist What are your thoughts on if Guaranteed life is going to be provide better return than an Annuity?

 

[safenchrist]

@resjudicata Two different products. Annuities is a poor man's life insurance because it requires no underwriting.

So normally for an annuity, you provide a lump sum to the company and the annuity pays out like a pension with a possible lump sum based on how the policy is designed.

Guaranteed issue life insurance is basically life insurance where there is limited underwriting and the death benefit is usually small (25k max?) with the understanding that if you don't die within the next two years (contestability period), then you'll be fine.

 

[resjudicata]

@safenchrist Yeah, I'm an agent and I know they're different. and also there are annuities that you pay into for a period of time, let them gather interest and then the pay out over time at the end. They're not all immediate annuity...

So I guess my question is: Since the Guaranteed life policies are all like $25000, and pay like $100/mo, would it make sense to get an annuity that you pay in $100/mo for some period of time that annuitizes upon death? I think that this may be a better option and would probably yield more than $25K because he doesn't seem to be in peril in the short term.

If you've never death with annuities no sweat, there are just a lot of questions on here, and that's usually the best place to go it seems. I'd put him in an indexed Annuity, and let it rip for the same period as his life policy wouldve gone.

 

[safenchrist]

@resjudicata He should check that out then.

 

[frenchyriff]

@sueann1205 Tough to insure you with the uncertainty of a surgery that will need to be completed, but unsure about the time frame.

 

[danpol]

@sueann1205 Is your condition diagnosed as pulmonary stenosis? Have you had issues with irregular heartbeats? Is the need for future intervention because your heart is not purging all the blood to your lungs that it should?

Need more info to know why you've been rejected and what possible alternatives might be.

 

[sueann1205]

@danpol No on pulmonary stenosis, I'll have to get the exact verbiage in my paperwork. I just know it's a congenital heart defect where my pulmonary valve is leaking. No issue with irregular heartbeats other than what is common to the average person.

The issue reason for future intervention is my heart is working harder than normal hearts because of the leaky valve. Not sure on the numbers from a threshold standpoint, but at some point, they will need to intervene because my heart is working too hard to the point it could cause damage.

 

[resjudicata]

@sueann1205 With this history and uncertainty of when or if you will need surgery, prospects are not too bright. I think you should find a good agent, that is familiar with the underwriting and see if they know of any companies that will possibly make you an offer for coverage. You might find one but they will probably charge you a significantly higher premium. Doesn't hurt anything to try, but I think you definitely should work with an experienced, reputable agent.

 

[jd1998]

@sueann1205 Contact me. I can get you insured.

 

[resjudicata]

@sueann1205 I can't weigh in on the Life Underwriting, but I would say if all else fails... You can look into Annuities. Generally don't require a medical exam, grow as long as you pay into them and or defer them, and then can pay out for a specified amount of time.

Is this for a spouse or children? If so, you could start contributing now, and whenever your time comes, it would pay out for a certain period of time (say 10-20 years) to help your family and also continue to gather some interest along the way. There are also Variable and Indexed Annuities as well.

They are often overlooked in the insurance world because other provide generally better growth, however they may be better than guaranteed issue life.

EDIT: Check out Flexible Premium Deferred Annuities