Purchasing Insurance (Life vs Term) for cancer

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mav12
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Purchasing Insurance (Life vs Term) for cancer

Post by mav12 »

Hello Friends,

I am 42 yr old, healthy male. I'm considering to buy a policy. Have a family history of cancer, but I do not have any diagnosis. Dad passed from colon cancer, I have no concerns there (about colon), but recently a mole was bothering me (afraid that it is a skin cancer).

Would I have to buy a Life vs Term Insurance or a different type (Disability Insurance) and from which company? Also, I had recently being furloughed due to Covid and have only a State Sponsored Health Plan. (Should I get a private insurance too before any diagnosis?)

Thank you.
mhalley
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by mhalley »

Term life is the only life insurance that is acceptable for 99% of people. You can go online for the shopping. Disability insurance is important as u are 3 times more likely to become disabled as opposed to dying before age 65. Get the more checked ASAP as if there is something there, the sooner diagnosed the better the outcome.
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mav12
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by mav12 »

mhalley wrote: Tue Sep 22, 2020 5:05 pm Term life is the only life insurance that is acceptable for 99% of people. You can go online for the shopping. Disability insurance is important as u are 3 times more likely to become disabled as opposed to dying before age 65. Get the more checked ASAP as if there is something there, the sooner diagnosed the better the outcome.
[Medical advice removed by admin LadyGeek]

Will the disability insurance cover cancer treatments until "disability" is proven? It seems the caner treatment costs might be high prior to being disabled. Is it true?
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Nate79
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by Nate79 »

mav12 wrote: Tue Sep 22, 2020 5:31 pm
mhalley wrote: Tue Sep 22, 2020 5:05 pm Term life is the only life insurance that is acceptable for 99% of people. You can go online for the shopping. Disability insurance is important as u are 3 times more likely to become disabled as opposed to dying before age 65. Get the more checked ASAP as if there is something there, the sooner diagnosed the better the outcome.
[Medical advice removed by admin LadyGeek]

Will the disability insurance cover cancer treatments until "disability" is proven? It seems the caner treatment costs might be high prior to being disabled. Is it true?
Wouldn't cancer treatments be covered under your health insurance?
medic
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by medic »

Right, health insurance for medical treatments.
Disability insurance if you can't work. Note this may be difficult to claim with cancer. Usually, you need to be unable to work for a certain number of weeks before it kicks in.
Life insurance is for your heirs in case you die during the policy period.
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by LadyGeek »

I removed a comment and reply regarding medical information about cancer (advice that may not be accurate). See: Medical Issues
Questions on medical issues are beyond the scope of the forum. If you are looking for medical information online, I suggest you start with the Medical Library Association's User's Guide to Finding and Evaluating Health Information on the Web which, in addition to providing guidance on evaluating health information, includes a list of their top recommended sites.
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Stinky
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by Stinky »

On your life insurance question -

If you have other people (spouse, children) who are dependent on your income, you should have life insurance. For the vast majority of folks, level term life insurance is the right answer. With level term, you can pick your coverage period (10, 15, 20, 25, or 30 years) and the premium is guaranteed to stay level during your coverage period.

You can go to Zander.com or term4sale.com for quotes. I’d feel comfortable in buying term life from any company that they offer.

Your fathers death from colon cancer shouldn’t affect your possibility of getting life insurance. However, you might not qualify for the best premiums if he died before age 60 or so.

Your suspicious mole is another story. If you apply for life insurance before you consult with a doctor about it, you can truthfully state on the appalication that you haven’t been treated for it. However, I’d be hesitant to recommend that you delay getting it looked at just for life insurance purposes. If you do seek treatment before applying for life insurance, the treatment might affect the life insurance rate that you pay, depending on the exact diagnosis.
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mav12
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by mav12 »

Stinky wrote: Tue Sep 22, 2020 8:07 pm On your life insurance question -

If you have other people (spouse, children) who are dependent on your income, you should have life insurance. For the vast majority of folks, level term life insurance is the right answer. With level term, you can pick your coverage period (10, 15, 20, 25, or 30 years) and the premium is guaranteed to stay level during your coverage period.

You can go to Zander.com or term4sale.com for quotes. I’d feel comfortable in buying term life from any company that they offer.

Your fathers death from colon cancer shouldn’t affect your possibility of getting life insurance. However, you might not qualify for the best premiums if he died before age 60 or so.

Your suspicious mole is another story. If you apply for life insurance before you consult with a doctor about it, you can truthfully state on the appalication that you haven’t been treated for it. However, I’d be hesitant to recommend that you delay getting it looked at just for life insurance purposes. If you do seek treatment before applying for life insurance, the treatment might affect the life insurance rate that you pay, depending on the exact diagnosis.

Dad had passed at the age of 73.

Yes, thank you for: "If you do seek treatment before applying for life insurance, the treatment might affect the life insurance rate that you pay". This is exactly what I am concerned with. And how to obtain a life insurance coverage before going to a Doc.

One other question, how is term coverage better vs life coverage for majority of people, as you mentioned. Wouldn't the life coverage stay with you all your life and the rates would be the same? Also, I heard that there is a cash portion of the life insurance (is it also true with the term coverage?) that you can use/withdraw? Where would one shop for the life coverage, using the same links you mentioned?

I currently do not have a spouse (kids), trying to build a financial cusion until forming a family. Of course, this will probably bite me later on because I would have "wasted" my life on building a financial base and lost all the joys of a family and life.

Thank you
Last edited by mav12 on Sat Sep 26, 2020 11:05 pm, edited 1 time in total.
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mav12
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by mav12 »

medic wrote: Tue Sep 22, 2020 5:57 pm Right, health insurance for medical treatments.
Disability insurance if you can't work. Note this may be difficult to claim with cancer. Usually, you need to be unable to work for a certain number of weeks before it kicks in.
Life insurance is for your heirs in case you die during the policy period.
Yes, I had seen a story about a commercial pilot who got diagnosed with skin cancer. FAA revoked his flying privileges, but he cannot get disability. pretty sad.
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Stinky
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by Stinky »

mav12 wrote: Sat Sep 26, 2020 10:55 pm
Stinky wrote: Tue Sep 22, 2020 8:07 pm On your life insurance question -

If you have other people (spouse, children) who are dependent on your income, you should have life insurance. For the vast majority of folks, level term life insurance is the right answer. With level term, you can pick your coverage period (10, 15, 20, 25, or 30 years) and the premium is guaranteed to stay level during your coverage period.

You can go to Zander.com or term4sale.com for quotes. I’d feel comfortable in buying term life from any company that they offer.

Your fathers death from colon cancer shouldn’t affect your possibility of getting life insurance. However, you might not qualify for the best premiums if he died before age 60 or so.

Your suspicious mole is another story. If you apply for life insurance before you consult with a doctor about it, you can truthfully state on the appalication that you haven’t been treated for it. However, I’d be hesitant to recommend that you delay getting it looked at just for life insurance purposes. If you do seek treatment before applying for life insurance, the treatment might affect the life insurance rate that you pay, depending on the exact diagnosis.

Dad had passed at the age of 73.

Yes, thank you for: "If you do seek treatment before applying for life insurance, the treatment might affect the life insurance rate that you pay". This is exactly what I am concerned with. And how to obtain a life insurance coverage before going to a Doc.

One other question, how is term coverage better vs life coverage for majority of people, as you mentioned. Wouldn't the life coverage stay with you all your life and the rates would be the same? Also, I heard that there is a cash portion of the life insurance (is it also true with the term coverage?) that you can use/withdraw? Where would one shop for the life coverage, using the same links you mentioned?

I currently do not have a spouse (kids), trying to build a financial cusion until forming a family. Of course, this will probably bite me later on because I would have "wasted" my life on building a financial base and lost all the joys of a family and life.

Thank you
Since your father passed away from cancer at age 73, I do not believe that his age at death will have any impact on your ability to get life insurance, nor the rates that you will pay.

Starting the process of buying life insurance is pretty easy. As suggested above, go to Zander.com or term4sale.com to get the process started. It will take some period of time, maybe a short number of months, until a policy could be fully underwritten and issued.

Concerning your need for life insurance - you say that you currently have no dependents. Most Bogleheads would advise that you don't need life insurance at this time, since there is no other person who would be financially hurt if you were to pass away.

Concerning term life versus whole life - the vast majority of Bogleheads would recommend level premium term life insurance over whole life. Even if you have a need for life insurance, such as supporting dependent children, at a certain point in your life, that need for insurance goes away as the children grow up and time goes on. Viewed solely as an investment vehicle, whole life is a bad choice. It's much better to be investing in something like the three-fund portfolio (domestic equities, international equities, and bonds) to build long-term wealth rather than "investing" in whole life.
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mav12
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by mav12 »

Stinky wrote: Sun Sep 27, 2020 6:25 am
mav12 wrote: Sat Sep 26, 2020 10:55 pm
Stinky wrote: Tue Sep 22, 2020 8:07 pm On your life insurance question -

If you have other people (spouse, children) who are dependent on your income, you should have life insurance. For the vast majority of folks, level term life insurance is the right answer. With level term, you can pick your coverage period (10, 15, 20, 25, or 30 years) and the premium is guaranteed to stay level during your coverage period.

You can go to Zander.com or term4sale.com for quotes. I’d feel comfortable in buying term life from any company that they offer.

Your fathers death from colon cancer shouldn’t affect your possibility of getting life insurance. However, you might not qualify for the best premiums if he died before age 60 or so.

Your suspicious mole is another story. If you apply for life insurance before you consult with a doctor about it, you can truthfully state on the appalication that you haven’t been treated for it. However, I’d be hesitant to recommend that you delay getting it looked at just for life insurance purposes. If you do seek treatment before applying for life insurance, the treatment might affect the life insurance rate that you pay, depending on the exact diagnosis.

Dad had passed at the age of 73.

Yes, thank you for: "If you do seek treatment before applying for life insurance, the treatment might affect the life insurance rate that you pay". This is exactly what I am concerned with. And how to obtain a life insurance coverage before going to a Doc.

One other question, how is term coverage better vs life coverage for majority of people, as you mentioned. Wouldn't the life coverage stay with you all your life and the rates would be the same? Also, I heard that there is a cash portion of the life insurance (is it also true with the term coverage?) that you can use/withdraw? Where would one shop for the life coverage, using the same links you mentioned?

I currently do not have a spouse (kids), trying to build a financial cusion until forming a family. Of course, this will probably bite me later on because I would have "wasted" my life on building a financial base and lost all the joys of a family and life.

Thank you
Since your father passed away from cancer at age 73, I do not believe that his age at death will have any impact on your ability to get life insurance, nor the rates that you will pay.

Starting the process of buying life insurance is pretty easy. As suggested above, go to Zander.com or term4sale.com to get the process started. It will take some period of time, maybe a short number of months, until a policy could be fully underwritten and issued.

Concerning your need for life insurance - you say that you currently have no dependents. Most Bogleheads would advise that you don't need life insurance at this time, since there is no other person who would be financially hurt if you were to pass away.
.............
Thank you for the follow-up. Currently, my mom and potentially kids in the future. Is the disability insurance a good idea also to have? In addtion, so one should wait until the life policy is finalized until getting Med checkups? How do you determine an amount to cover do you look beyond the ncessities, like debt ?
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by afan »

Disability insurance is certainly worth having. Unclear whether you could buy it while you are on furlough. Do you expect to be brought back? Is that guaranteed?

Medical insurance. Whether private insurance would be better than your current policy depends on what your policy covers. You may be eligible for a good subsidy under the ACA if you bought a private plan.
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by Stinky »

mav12 wrote: Mon Sep 28, 2020 4:33 pm
Thank you for the follow-up. Currently, my mom and potentially kids in the future. Is the disability insurance a good idea also to have? In addtion, so one should wait until the life policy is finalized until getting Med checkups? How do you determine an amount to cover do you look beyond the ncessities, like debt ?
Concerning life insurance - unless your mother is relying upon you for financial support, most Bogleheads would not say that you need life insurance right now. If you have children in the future, you could buy it then.

Yes, disability insurance is good to have. See afan's post below mine for more comments.

As I said upthread, if you choose to buy life insurance, you are asked to disclose all doctors that you have seen. So if you have not seen a doctor about your mole, there is no need to disclose that. However, if you have serious concerns about the mole, I would not wait to see the doctor about that, because the timeline to apply for, underwrite, and issue a term life policy takes several months. I would not want to see a serious medical condition get even more serious due to a several month delay in treatment.
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by willthrill81 »

You buy life insurance to provide for those who depend on your income. If no one depends on your income and/or you no longer earn an income or need to (i.e. you're financially independent), then you do not need life insurance.
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mav12
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Re: Purchasing Insurance (Life vs Term) for cancer

Post by mav12 »

afan wrote: Mon Sep 28, 2020 7:55 pm Disability insurance is certainly worth having. Unclear whether you could buy it while you are on furlough. Do you expect to be brought back? Is that guaranteed?

Medical insurance. Whether private insurance would be better than your current policy depends on what your policy covers. You may be eligible for a good subsidy under the ACA if you bought a private plan.
Thank you, the "back to work" is not guaranteed and my coworkers/supervisor had stopped the regular zoom meetings. The private insurance could be better than a free State Health plant, Medicare?
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