Very Scared but Trying to be rational

[Anonymous]

I don't know how to be delicate so I'll just try to plunge into it.

My DH is dying. He's in need a of kidney transplant that is probably not going to happen and with the stress and strain of everything over the past few years. I'm about to snap in half. I've been as supportive as I can possibly be. Our son is only 2 and I'm really struggling here.

The doctors have given a prognosis at this point of a one to three years. Because of this condition developed about 2 years after he started his job, we were not able to get any other life insurance aside from what he originally had with the job.

I am desparately searching for a no-questions asked life insurance policy it doesn't have to be huge. I would basically just like to be able to pay off the mortgage and be able to live with my son in peace without having the fear of losing everything when the inevitable does occur. My DH and I have had many convervations about it and he is at a loss as to what to do as am I. Neither of us want to eventually lose our home because of this. I know its not anyone's fault and we're not blaming anyone.

We'd just like to find a solution to the insurance question to help us take one possible problem off the table.

Thanks
DCmom

[Anonymous]

I'm so sorry for you

I'm sure you've looked into all the options, but have you ever discussed the living donor option? I remember hearing about the one Georgetown did within the last year that included many 18 people? I think they even had 1 or 2 altruistic donors (people who did not have a family member or friend who needed a donation, but wanted to give someone a kidney anyway)

In any case, I found this website http://www.term-life-online.com/life-insurance-quotes.html which might be able to help you out.

Do you have a good support system? Family or friends to help you through this?

[Aimee4]

((HUGS)) I'm sorry.

You may be out of luck with life insurance for him... but there are other options. I know when we got my auto loan we could sign up for additional insurance in case I died or wasn't able to pay... we declined it, but look and see if you have this option on any loans or credit cards you may have.

I also remember when I got my life insurance, they offered a small amount on my husband without any terms.

[Anonymous]

I'm so sorry too.

I think if your husband is still well enough to work he should find a new job with an open enrollment group life insurance policy. Usually you are automatically qualified and some companies offer an initial bump in coverage. I think this is probably the only way you're husband will be able to get insured is through an employer sponsored group policy.

Any private policies I think may require at least a questionnaire were you have to certify that you have no life threatening conditions even if it doesn't require an exam. I'd be afraid that if the worse happens they may investigate and refuse to pay out on the policy.

[Anonymous]

OP,

I wish I could give you and your family a hug. My DH passed away a few years ago after a long illness, and I remember how tough it was to struggle through everything. I don't have any specific information on the insurance. I just wanted to mention, that if your DH does pass away you would be eligible to obtain a monthly social security benefit for your DC until 18 years of age(you would also be able to as a widow, but there is an income cap for that which makes it virtually impossible if you are working) . Its not a lot, but its a help.

I know for me as well, it was also crucial to pay off my mortgage. I hope you are able to find the financial resources to do so. My thoughts and prayers are with you.

[Anonymous]

I'm sorry OP. Maybe post on the Off Topic forum so more eyes will see this.

[Anonymous]

I got a no-question policy from AAA (yes, the auto club people) about 12 years ago soon after DD was born because I was too exhausted to deal with anything else. I'm not sure if they still offer it, but you might want to check at http://midatlantic.aaa.com/Insurance/Life/. It's only for $200,000 and not cheap as I get older (was diagnosed with cancer so I don't have a regular term policy.)

Hugs to you at this difficult time.

[Anonymous]

If he is at all a transplant candidate, have you thought of getting into a pay it forward type arrangement. This is where you donate a kidney in his name (provided you are not already a great match for him), and he gets moved up to top position at whatever hospital's list he's on?
I'm sorry you are going through this.

[Anonymous]

Anonymous wrote:I'm so sorry too.

I think if your husband is still well enough to work he should find a new job with an open enrollment group life insurance policy. Usually you are automatically qualified and some companies offer an initial bump in coverage. I think this is probably the only way you're husband will be able to get insured is through an employer sponsored group policy.

Any private policies I think may require at least a questionnaire were you have to certify that you have no life threatening conditions even if it doesn't require an exam. I'd be afraid that if the worse happens they may investigate and refuse to pay out on the policy.

I think this is a good idea if it is possble, if he joined the federal government, he would be eligible to sign up for up to 6 times annual his salary, plus the first multiple increases by a percentage if the person is less than 45 when he passes away.

I wish you and your family luck in the wait for a donor.

[Anonymous]

Life insurance through your employer is usually tagged to how much your salary is. Is there any way he could ask for a substantial raise so that when he does pass (i'm praying not) the payout will be more? Is there anything he could do, any benefits he could cash in, to bargain for this increase in salary?

[Anonymous]

Anonymous wrote:Life insurance through your employer is usually tagged to how much your salary is. Is there any way he could ask for a substantial raise so that when he does pass (i'm praying not) the payout will be more? Is there anything he could do, any benefits he could cash in, to bargain for this increase in salary?

True but what I found is that once you pass your initial hiring period the no questions asked insurance "bump up" offer is off the table. I tried to increase my insurance later in my employment and was turned down due to a preexisting condition which is serious but not as serious as what OP describes.

If he gets a new job and gets a bump of 2 or 3 times his salary that could take a huge chunk off the mortgage should the worse happen. At that point OP could refinance and substantially lower her monthly payments so she doesn't lose the house.

OP, hopefully all this planning will be for not.

[Anonymous]

OP, I'm so sorry. Have you tried to contact NAIFA - National Association of Insurance and Financial Advisers? Maybe someone there would have some advice for you and your husband. My best wishes to the both of you.

[Anonymous]

I'm not sure how the insurance works, but what about purchasing a mortgage insurance policy? We've received things in the mail re this type of insurance.

[Anonymous]

Anonymous wrote:I'm not sure how the insurance works, but what about purchasing a mortgage insurance policy? We've received things in the mail re this type of insurance.

I think most of those are scams.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm not sure how the insurance works, but what about purchasing a mortgage insurance policy? We've received things in the mail re this type of insurance.

I think most of those are scams.

Not if you get it through your lender at the time you take the loan. They're a horrible deal, though, being nearly all profit for the banks.