My husbands life insurance policy lapsed due to non payment

[derpytia]

The week after we got married in 1990 my husband purchased a $100,000 Term Life Insurance Policy. 8 years later he was diagnosed with Diabetes. Initially the payment was $25 a month, but as his age and health problems increased, so did the premiums. As of August of 2023 we were paying $260 per month. He has been disabled since 2017 after suffering 2 strokes, so the policy has meant more to us than ever. But in August I lost my job and was unemployed for 3 months. I’m employed again but it has been a struggle, we’ve fallen behind on everything. I would like to get his policy reinstated but he now must reapply. I can’t imagine that in his condition they would accept him, and even if they did, that I could afford the premiums. We were with them for 33 years and never missed a payment. Anyone have any advice for me?

 

[hannahjane]

@derpytia Write a letter to the Manager of Policy Service pleading your case - 33 year payment history no prior lapses, don’t mention the medical history. Maybe you’ll get lucky.

People like me will decline the reinstatement request.

 

[derpytia]

@hannahjane Thank you.

 

[daniel]

@hannahjane Didn't think of this. Absolutly do this. Try until you can't

 

[bethellens]

@daniel You need do this fast. We still under covid. The grace period might be 90 day

 

[daniel]

@derpytia I don't mean to post this here in your time of need, but people need to see this. This is why it is super important to purchase a whole life policy while you are young. If he had purchased a whole life policy that builds cash value even at the minimum, the automatic premium loan rider would have been able to cover the premiums during loss of job and change in circumstances. Term is great to protect you early on to cover major debt and expenses, but nothing will beat a well structured Whole Life, IUL or UL policy for long-term planning. ( No I am not even talking about the be your own bank strategy) Off my soap box.

Your husband may be able to qualify for a final expense type policy. These policies are typically less coverage than what you are looking for, and have less strict underwriting and are simplified issue, meaning no medicle exams. The maximum benefit for most carries will be $35K, but it's much better than going without. I doubt he will qualify for day one coverage but even a 2 year waiting period with a return of premium would be better than nothing. I am sorry you are going through these struggles, and I wish you both the best.

 

[tannerking1]

@daniel Thank you very much for this information. This will help be a lot better in my persuasions and ultimately increase my bank account, while really helping people in their time of need.

 

[derpytia]

@daniel Thank you and I’ll look into that.

 

[richardtus]

@daniel This seems a bit of a stretch tbh. You are using this situation to highlight whole life while if he invested the money in index funds and got the low term life, he would most likely have more money available to himself, without having the huge premiums and all the fees related to the insurance.

 

[daniel]

@richardtus You can always tell when an acronym enters the room. No where in the OP's post or mine did we speak of investing. Yet here we are talking about buying term and investing the difference. Both post address the fact of buying LIFE INSURANCE and how later in life some folks can't qualify. The stretch is you tying the back to investments.

 

[richardtus]

@daniel

I don't mean to post this here in your time of need, but people need to see this. This is why it is super important to purchase a whole life policy while you are young. If he had purchased a whole life policy that builds cash value even at the minimum, the automatic premium loan rider would have been able to cover the premiums during loss of job and change in circumstances. Term is great to protect you early on to cover major debt and expenses, but nothing will beat a well structured Whole Life, IUL or UL policy for long-term planning. ( No I am not even talking about the be your own bank strategy) Off my soap box.

So why write this? hahaha

I will always comment when somebody goes off and write some absolute nonsense about whole life when there is a much better option in the market, no matter the context.

 

[daniel]

@richardtus Still not seeing your tie to buy term invest the difference.

 

[richardtus]

@daniel

I don't mean to post this here in your time of need, but people need to see this. This is why it is super important to purchase a whole life policy while you are young.

I was only commenting on the non sense whole life insurance first paragraph you wrote, literally nothing else.

You should view it as the 'whole life policy police', but then I saw your profile and you most likely are an insurance broker so well...

 

[angie4777]

@derpytia Can you add him as a spouse on your group work life insurance policy? I doubt he'd be insurable, but you can try.

 

[derpytia]

@angie4777 I’ll check into that.

 

[hoodrichhx203]

@derpytia Find out if there was waiver of premium on his policy

 

[bethellens]

@derpytia You can try apply Gerber life insurance. They do final expense, but the death benefits are probably 25k. They don't do medical.you want disability insurance or life insurance, i am confused about that.

 

[derpytia]

@bethellens I want Life Insurance.

 

[tigrl86]

@derpytia Everyone here saying guarantee acceptance, maybe simplified underwriting? The offer bigger death benefits plus guarantee life insurance is super expensive

 

[easternpresent]

@tigrl86 Simplified still runs a milliman, MiB, and claims history right?