For those who need/want disability or life insurance BUT

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
User avatar
dm200
Posts: 18305
Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

For those who need/want disability or life insurance BUT

Post by dm200 » Tue Jul 10, 2018 1:07 pm

As we see in posts here, it seems common that some folks who need/want life insurance and/or disability insurance cannot get such policies due to underwriting standards. I do not know of any perfect answers, but some things that might help bridge the gap and risks:

1. Find employment with life insurance and disability as part of the standard benefits or easily purchased without medical underwriting. These, now, tend to be more in the public sector - but still exist in the private sector.

2. If completely uninsureable for life - consider AD&D as a small piece

3. Consider life insurance for you mortgage - not cheap but better than nothing.

4. For all of your loans (car, personal, etc.) go to a credit union that offers life and disability insurance on the loan balance. Some credit unions insure you immediately - while others have a 6 month period for pre-existing conditions. The usual requirement is that you be employed and working and be under the maximum age (in the 65-70 range). For joint loans, typically either or both parties can be insured.

5. There are sometime mailings and promotions for small guaranteed life policies - if you dire after two years. No medical underwriting.

Any other ideas for such folks?

Post Reply