Disability

[Kenrich]

Hi
So my financial planner told me with my condition focal segmental glomerulosclerosis that i am uninsurable for DI and term life. I have to max out my employer benefits. Is there any other options for me to get Individual DI. And why is this condition considered uninsurable if it mild and controlled


Thanks!

[StarTrekDoc]

It's all about risk.  Insurance companies don't like uncertain known risk.   Sleep Apnea, though controlled and treated, makes a lot of people 'uninsurable' or high risk premiums.

I'm surprised about the term life.  DI I can see companies balking.  Consider large company employment where guaranteed insurance issuance upon hire.   That maybe a better long term play in the planning.

 

 

[Dreamgiver]

Coverage through a group policy. Where I work, for instance, I got own occ LTD and STD through one of the main companies out there where the benefit is 60% of my salary (tax free as I pay the premiums after tax), no medical info required.

Also, as an aside that might not apply to you, this is a good reminder for the residents out there to get DI while you are healthy as you might become uninsurable later on.

[nwdpath]

If you can get it through your employer-- group disability-- then it won't be a problem.

 

I also wouldn't assume you couldn't get a individual plan either. It depends what questions they ask you.  A usual paramed exam just takes your BP and does a CBC.  You don't have to advertise your renal condition.

[jfoxcpacfp]

Kenrich wrote:

Hi
So my financial planner told me with my condition focal segmental glomerulosclerosis that i am uninsurable for DI and term life. I have to max out my employer benefits. Is there any other options for me to get Individual DI. And why is this condition considered uninsurable if it mild and controlled

Thanks!

Click to expand...

My sympathies for what sounds like a dreadful diagnosis. Does your "financial planner" happen work for Northwestern?

[Kenrich]

No not northeast mutual. I know most of the questions always ask of you ever been diagnosed with kidney disease. Principal denied me based off my labs alone because I had protein in my urine. I spoke with on cakl advisors and they mentioned they had good relationships with many insurance companies and are sometimes able to get policies that otherw cant. They are trying to get me a policy with mass mutual for 7k a month but the premium will be 207 if i can use my residency discount if not it will be 307.im just trying to figure out if this is all even worth it or should I do something else with my money

[Jason Veirs]

Hi Kenrich - On the life insurance side, there's a possibility that you MAY be able to get a term policy at Standard NT rates (best case scenario), or depending on the severity of the condition, a mid sub-standard NT (table rated) rate. It really depends on whether your focal segmental glomerulosclerosis is acute or chronic, and also whether or not there has been a full recovery, or any other complications (ie: kidney scarring or dialysis, etc).

Also, when it comes to any sort of mortality risk (ie: diabetes, sleep apnea, BP or cholesterol, etc.), the carriers just want to make sure that the condition is usually controlled with our without medications, and that you're fully-complaint with your physician's recommendations. For instance, if someone has mild sleep apnea and is complaint with his CPAP and sleep studies, then there are a few carriers who will offer Preferred Plus NT rates, whereas, if you're not compliant, it can be at the other end of the spectrum, which is a decline.

In higher risk situations such as yours, you need to make sure you're working with an independent broker who can Quick Quote (shop) your case out to multiple insurance carriers beforehand, and then have the underwriters/carriers reply back with a tentative underwriting class, based on all of the data that you provided. This allows you to get a much more accurate idea of the potential cost, as these Quick Quotes are sent directly to the underwriters who will be underwriting your case. We actually have a very detailed Glomerulonephritis Questionnaire which we have our clients' complete, so that we can get you the best policy at the best rate, so let me know if I can help with anything. Also, any broker who doesn't do the work upfront, will typically end up costing you in the end, as each carrier underwrites specific mortality risks differently.

Lastly, as others have already mentioned, I would do the research on the individual term life/DI side, and then do the cost comparison between what you could qualify for on the individual market, and what's offered on the group side. I will also check into the DI and report back, but just so you know, MassMutual tends to be pretty conservative when it comes to underwriting, therefore, if Principal already declined you, it may be tough to get a policy with MassMutual.

Hope this helps.

 

[Scott at MD Financial Services]

You can always take the case to Peterson (a Lloyd's affiliate) or Assurity, they do a great job working on cases with health complications or risky avocations.

On the life insurance, deal with a broker than can do a medical survey to 30-50 carriers, see which ones come back with an appetite for your situation.  Essentially get the broker to do a bit of pre-screen with the carriers prior to submitting applications which you then have no idea what the result is going to be.

Let me know if we can help further.