Term life insurance question (Health)

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Topic Author
venus_06
Posts: 40
Joined: Fri Dec 14, 2018 12:46 am

Term life insurance question (Health)

Post by venus_06 »

I quoted a 30 yr life insurance policy through Zander and was given the standard/regular health (lowest tier) due to developing gestational diabetes during pregnancy. As is quite common everything was back to normal after pregnancy and I am not diabetic, but I understand the insurance company views it as higher risk category and why premiums would go up. Does it matter in this case to look at other companies to see whether some places consider this history not as high risk and perhaps be able to qualify at a higher health rating? Or I should just accept that I will be at the lowest health rating category anywhere? The process with Zander was I answered a list of questions and they pulled the lowest quote, and it was on par with numbers I see on other websites like term4sale for the same health status, but with Zander it was not possible to tell whether a different company might have underwritten me differently. Is it worth shopping around more or unlikely to make much difference? Thanks!
I do wish I had looked at posts on this board about life insurance earlier, and got myself a policy before having a baby but of course that never crossed my mind back then and it seems I am stuck with higher premiums now:(
mega317
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Joined: Tue Apr 19, 2016 10:55 am

Re: Term life insurance question (Health)

Post by mega317 »

I don't know if there is a chance you will be viewed differently by another company but I recommend you try.
1. It is pretty easy, free, low-risk to get quotes,
2. You can report back to us on what you learned and the rest can benefit.
https://www.bogleheads.org/forum/viewtopic.php?t=6212
ThankYouJack
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Joined: Wed Oct 08, 2014 7:27 pm

Re: Term life insurance question (Health)

Post by ThankYouJack »

Seems worth shopping around to me and you could post some quotes for people to help with feedback. Is group life insurance through your employer also an option? Most would be in favor of term but if it's way more expensive due to a prior health condition, I would think group is worth a look.
BruDude
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Location: Las Vegas

Re: Term life insurance question (Health)

Post by BruDude »

It depends how long ago the gestational diabetes was, how well you recovered, current A1C readings, and whether you’ve had another pregnancy since then or not. In general you should be able to qualify for at least Standard Plus (one level above Standard) with good results. Preferred may be possible. Preferred Plus is probably not going to happen. Did Zander shop the case after your offer came back?
Chardo
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Re: Term life insurance question (Health)

Post by Chardo »

Speak to a good independent agent. There are companies that will go better than standard for gestational diabetes resolved after delivery. You don't pay anything extra to use an agent. Life insurance is the one thing where, by law,, DIY cannot possibly save you money. Zander literally is an electonic face with an agent behind the scenes.
BernardShakey
Posts: 854
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Re: Term life insurance question (Health)

Post by BernardShakey »

venus_06 wrote: Tue Jun 21, 2022 4:26 pm I quoted a 30 yr life insurance policy through Zander and was given the standard/regular health (lowest tier) due to developing gestational diabetes during pregnancy. As is quite common everything was back to normal after pregnancy and I am not diabetic, but I understand the insurance company views it as higher risk category and why premiums would go up. Does it matter in this case to look at other companies to see whether some places consider this history not as high risk and perhaps be able to qualify at a higher health rating? Or I should just accept that I will be at the lowest health rating category anywhere? The process with Zander was I answered a list of questions and they pulled the lowest quote, and it was on par with numbers I see on other websites like term4sale for the same health status, but with Zander it was not possible to tell whether a different company might have underwritten me differently. Is it worth shopping around more or unlikely to make much difference? Thanks!
I do wish I had looked at posts on this board about life insurance earlier, and got myself a policy before having a baby but of course that never crossed my mind back then and it seems I am stuck with higher premiums now:(
I found Zander very difficult to deal with and not all that competitive. Spent a lot of time with them, giving them everything up front, then jump through all their hoops only to have them offer me a lower/middle tier product very late in the process. Their rationale was based on information provided weeks before. Shop elsewhere.
An important key to investing is having a well-calibrated sense of your future regret.
Topic Author
venus_06
Posts: 40
Joined: Fri Dec 14, 2018 12:46 am

Re: Term life insurance question (Health)

Post by venus_06 »

ThankYouJack wrote: Tue Jun 21, 2022 5:57 pm Seems worth shopping around to me and you could post some quotes for people to help with feedback. Is group life insurance through your employer also an option? Most would be in favor of term but if it's way more expensive due to a prior health condition, I would think group is worth a look.
Thanks! Yes work does offer life insurance and I did opt in to supplemental policy this year. However I wanted to get my own policy as well in case I changed/lost my job. You have a great point and I will have to weigh my options now if term life is too expensive.
Topic Author
venus_06
Posts: 40
Joined: Fri Dec 14, 2018 12:46 am

Re: Term life insurance question (Health)

Post by venus_06 »

BruDude wrote: Tue Jun 21, 2022 6:05 pm It depends how long ago the gestational diabetes was, how well you recovered, current A1C readings, and whether you’ve had another pregnancy since then or not. In general you should be able to qualify for at least Standard Plus (one level above Standard) with good results. Preferred may be possible. Preferred Plus is probably not going to happen. Did Zander shop the case after your offer came back?
Thank you for this information! No they just sent me the underwritten policy from the insurance company. I did tell them during the initial interview and they ran through their system for the lowest premium I guess, but after the medical exam and underwriting they did not shop it around. I can give them a call and ask. I wonder if I could use this exam results or would need a new one.
Topic Author
venus_06
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Re: Term life insurance question (Health)

Post by venus_06 »

Chardo wrote: Tue Jun 21, 2022 6:05 pm Speak to a good independent agent. There are companies that will go better than standard for gestational diabetes resolved after delivery. You don't pay anything extra to use an agent. Life insurance is the one thing where, by law,, DIY cannot possibly save you money. Zander literally is an electonic face with an agent behind the scenes.
Thank you! Yes I thought Zander was an insurance agency and I went there after seeing recommendations on this board. I guess they are not independent agents? Is there a good place to find an independent agent, do you have recommendations? I hope this is not like realtors where it’s super local and hit or miss and hard to find a good one… Thanks!
Topic Author
venus_06
Posts: 40
Joined: Fri Dec 14, 2018 12:46 am

Re: Term life insurance question (Health)

Post by venus_06 »

BernardShakey wrote: Tue Jun 21, 2022 6:09 pm
venus_06 wrote: Tue Jun 21, 2022 4:26 pm I quoted a 30 yr life insurance policy through Zander and was given the standard/regular health (lowest tier) due to developing gestational diabetes during pregnancy. As is quite common everything was back to normal after pregnancy and I am not diabetic, but I understand the insurance company views it as higher risk category and why premiums would go up. Does it matter in this case to look at other companies to see whether some places consider this history not as high risk and perhaps be able to qualify at a higher health rating? Or I should just accept that I will be at the lowest health rating category anywhere? The process with Zander was I answered a list of questions and they pulled the lowest quote, and it was on par with numbers I see on other websites like term4sale for the same health status, but with Zander it was not possible to tell whether a different company might have underwritten me differently. Is it worth shopping around more or unlikely to make much difference? Thanks!
I do wish I had looked at posts on this board about life insurance earlier, and got myself a policy before having a baby but of course that never crossed my mind back then and it seems I am stuck with higher premiums now:(
I found Zander very difficult to deal with and not all that competitive. Spent a lot of time with them, giving them everything up front, then jump through all their hoops only to have them offer me a lower/middle tier product very late in the process. Their rationale was based on information provided weeks before. Shop elsewhere.
Yes I definitely echo this. I told them about the condition during the initial interview, and as you said it was very lengthy. May I ask where you ended up shopping at and do you have recommendations? Thanks!
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arcticpineapplecorp.
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Re: Term life insurance question (Health)

Post by arcticpineapplecorp. »

did you try lemonade:
https://www.lemonade.com/life

or geico:
https://www.geico.com/life-insurance/

you can also try policy genius:
https://www.policygenius.com/
It's hard to accept the truth when the lies were exactly what you wanted to hear. Investing is simple, but not easy. Buy, hold & rebalance low cost index funds & manage taxable events. Asking Portfolio Questions | Wiki
Chardo
Posts: 584
Joined: Fri Feb 18, 2022 1:16 pm

Re: Term life insurance question (Health)

Post by Chardo »

arcticpineapplecorp. wrote: Tue Jun 21, 2022 8:29 pm did you try lemonade:
https://www.lemonade.com/life

or geico:
https://www.geico.com/life-insurance/

you can also try policy genius:
https://www.policygenius.com/
Lemonade is a specialty insurer with limited options and electronic underwriting, and almost certainly will decline this application. Geico does not write life insurance. They farm it out to other insurers. Policy genius is just another internet distributor like Zander.
BernardShakey
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Re: Term life insurance question (Health)

Post by BernardShakey »

venus_06 wrote: Tue Jun 21, 2022 8:04 pm
BernardShakey wrote: Tue Jun 21, 2022 6:09 pm
venus_06 wrote: Tue Jun 21, 2022 4:26 pm I quoted a 30 yr life insurance policy through Zander and was given the standard/regular health (lowest tier) due to developing gestational diabetes during pregnancy. As is quite common everything was back to normal after pregnancy and I am not diabetic, but I understand the insurance company views it as higher risk category and why premiums would go up. Does it matter in this case to look at other companies to see whether some places consider this history not as high risk and perhaps be able to qualify at a higher health rating? Or I should just accept that I will be at the lowest health rating category anywhere? The process with Zander was I answered a list of questions and they pulled the lowest quote, and it was on par with numbers I see on other websites like term4sale for the same health status, but with Zander it was not possible to tell whether a different company might have underwritten me differently. Is it worth shopping around more or unlikely to make much difference? Thanks!
I do wish I had looked at posts on this board about life insurance earlier, and got myself a policy before having a baby but of course that never crossed my mind back then and it seems I am stuck with higher premiums now:(
I found Zander very difficult to deal with and not all that competitive. Spent a lot of time with them, giving them everything up front, then jump through all their hoops only to have them offer me a lower/middle tier product very late in the process. Their rationale was based on information provided weeks before. Shop elsewhere.
Yes I definitely echo this. I told them about the condition during the initial interview, and as you said it was very lengthy. May I ask where you ended up shopping at and do you have recommendations? Thanks!
I just dropped the whole thing. I have adequate insurance and was just trying to get a 10-year policy to tack on when the existing one expires. It is marginal whether I really need it and Zander's ineptness just helped me decide I didn't :wink:
An important key to investing is having a well-calibrated sense of your future regret.
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Stinky
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Re: Term life insurance question (Health)

Post by Stinky »

venus_06 wrote: Tue Jun 21, 2022 7:58 pm
Chardo wrote: Tue Jun 21, 2022 6:05 pm Speak to a good independent agent. There are companies that will go better than standard for gestational diabetes resolved after delivery. You don't pay anything extra to use an agent. Life insurance is the one thing where, by law,, DIY cannot possibly save you money. Zander literally is an electonic face with an agent behind the scenes.
Thank you! Yes I thought Zander was an insurance agency and I went there after seeing recommendations on this board. I guess they are not independent agents? Is there a good place to find an independent agent, do you have recommendations? I hope this is not like realtors where it’s super local and hit or miss and hard to find a good one… Thanks!
Have you tried term4sale.com? There have been a number of recommendations of that firm on this Forum. I believe that they'll put you in contact with several local independent agents.
Former life insurance company financial officer who sincerely believes that ”It’s a GREAT day to be alive!”
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JoeRetire
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Re: Term life insurance question (Health)

Post by JoeRetire »

venus_06 wrote: Tue Jun 21, 2022 4:26 pmDoes it matter in this case to look at other companies to see whether some places consider this history not as high risk and perhaps be able to qualify at a higher health rating?
We had very good luck with a broker from Accuquote. (In our case it was for Long Term Care insurance)
This is gonna be my time. Time to taste the fruits and let the juices drip down my chin. I proclaim this: The Summer of George!
ivk5
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Re: Term life insurance question (Health)

Post by ivk5 »

Stinky wrote: Wed Jun 22, 2022 4:48 am
venus_06 wrote: Tue Jun 21, 2022 7:58 pm
Chardo wrote: Tue Jun 21, 2022 6:05 pm Speak to a good independent agent. There are companies that will go better than standard for gestational diabetes resolved after delivery. You don't pay anything extra to use an agent. Life insurance is the one thing where, by law,, DIY cannot possibly save you money. Zander literally is an electonic face with an agent behind the scenes.
Thank you! Yes I thought Zander was an insurance agency and I went there after seeing recommendations on this board. I guess they are not independent agents? Is there a good place to find an independent agent, do you have recommendations? I hope this is not like realtors where it’s super local and hit or miss and hard to find a good one… Thanks!
Have you tried term4sale.com? There have been a number of recommendations of that firm on this Forum. I believe that they'll put you in contact with several local independent agents.
+1
Via term4sale five years ago I found competitive quotes and an independent agent licensed to sell in my (then) state who seemed highly competent. My spouse had rather complicated delivery 1y before application though no gestational diabetes. She got preferred rate. I don’t recall the agent having to shop the application around but don’t doubt he was capable if needed.
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