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  • Advice for military provider and spouse undergoing chemo treatment for cancer

    Hello,

    I am looking to get advice on term-life insurance. Can anyone please share some advice, references, or guidance for the following situation:

    We are a couple in our early 30's with two young children. Husband is an active-duty military provider and wife is currently staying at with the kids and also undergoing chemotherapy for breast cancer.

    Husband currently has $400k SGLI and wife has $100k SGLI coverage but looking to increase to approx. $2 million for husband and $750k-1million for wife.

    Can people undergoing treatment for cancer buy life insurance? What about active-duty military?

    Thank you!

  • #2
    Originally posted by smiles123 View Post
    Hello,

    I am looking to get advice on term-life insurance. Can anyone please share some advice, references, or guidance for the following situation:

    We are a couple in our early 30's with two young children. Husband is an active-duty military provider and wife is currently staying at with the kids and also undergoing chemotherapy for breast cancer.

    Husband currently has $400k SGLI and wife has $100k SGLI coverage but looking to increase to approx. $2 million for husband and $750k-1million for wife.

    Can people undergoing treatment for cancer buy life insurance? What about active-duty military?

    Thank you!
    My understanding from my wife's diagnosis: Once youre diagnosed, youre pretty much screwed for buying life insurance, at least until you're 5 years remission free. Options can be from a spouse's job, if they offer it. I do not know about the military, but with 3 different employers since her diagnosis, I've been able to obtain a 50k benefit for ~10/month on a guaranteed life insurance, which also required me to buy supplemental life for 1x my salary via my group's plan. It was the highest amount they would issue without any questions other than "are you married to our employee x, age, gender".

    And of course, sorry to hear about the diagnosis. I hope all goes well for you/your spouse.

    Comment


    • #3
      Originally posted by billy View Post

      My understanding from my wife's diagnosis: Once youre diagnosed, youre pretty much screwed for buying life insurance, at least until you're 5 years remission free. Options can be from a spouse's job, if they offer it. I do not know about the military, but with 3 different employers since her diagnosis, I've been able to obtain a 50k benefit for ~10/month on a guaranteed life insurance, which also required me to buy supplemental life for 1x my salary via my group's plan. It was the highest amount they would issue without any questions other than "are you married to our employee x, age, gender".

      And of course, sorry to hear about the diagnosis. I hope all goes well for you/your spouse.
      Got it, thank you for sharing!

      Comment


      • #4
        Yes, active duty military can buy life insurance. Try USAA or Navy Mutual Aid.

        Comment


        • #5
          In regards to military members getting life insurance I would shop around via a reliable broker. You’d be surprised about how often others beat the rates of USAA. If I could do it over again I would have bought tiered life insurance, larger amount for 10 years, smaller amount for 20 years and an even smaller amount for 30 years.

          Comment


          • #6
            Originally posted by ENT Doc View Post
            In regards to military members getting life insurance I would shop around via a reliable broker. You’d be surprised about how often others beat the rates of USAA. If I could do it over again I would have bought tiered life insurance, larger amount for 10 years, smaller amount for 20 years and an even smaller amount for 30 years.
            I agree re USAA though they have always given good service for my home, auto, and umbrella. However, for years my additional life insurance has been a decreasing term policy from Navy Mutual. I’m confident there are many good choices out there. (Doesn’t apply to the OP’s situation, but also a large group policy at work but that is a nearly free benefit.)

            Comment


            • #7
              Tangential to your query, but relevant to cancer and will be strongly disputed by many if not most on this board. See the Warburg Hypothesis:
              https://en.wikipedia.org/wiki/Warbur...normal%20cells.

              I'm not an oncologist nor is this a cure. But most cancers have an impaired metabolism that requires carbohydrates to fuel itself and generate building blocks. Withdrawing this substrate(carbohydrates) may be beneficial.

              Comment


              • #8
                Originally posted by billy View Post

                My understanding from my wife's diagnosis: Once youre diagnosed, youre pretty much screwed for buying life insurance, at least until you're 5 years remission free. Options can be from a spouse's job, if they offer it. I do not know about the military, but with 3 different employers since her diagnosis, I've been able to obtain a 50k benefit for ~10/month on a guaranteed life insurance, which also required me to buy supplemental life for 1x my salary via my group's plan. It was the highest amount they would issue without any questions other than "are you married to our employee x, age, gender".

                And of course, sorry to hear about the diagnosis. I hope all goes well for you/your spouse.
                Thanks for sharing your experience, good to know.

                Comment


                • #9
                  Originally posted by ENT Doc View Post
                  In regards to military members getting life insurance I would shop around via a reliable broker. You’d be surprised about how often others beat the rates of USAA. If I could do it over again I would have bought tiered life insurance, larger amount for 10 years, smaller amount for 20 years and an even smaller amount for 30 years.

                  This seems like a good strategy. Is what is known as ‘laddering’ insurance?

                  Thank you!

                  Comment


                  • #10
                    Anything I should know before I approach a broker/agent?

                    Comment


                    • #11
                      Originally posted by smiles123 View Post


                      This seems like a good strategy. Is what is known as ‘laddering’ insurance?

                      Thank you!
                      Yes. And wish I had done it. TBH wish I had only done a 10 and 20 year policy ladder.

                      Comment


                      • #12
                        Originally posted by smiles123 View Post
                        Anything I should know before I approach a broker/agent?
                        Go with one of the trusted people on WCI’s page unless you know someone.

                        Comment


                        • #13
                          Here's a link to a blog post I did on Term Life Insurance https://www.whitecoatinvestor.com/te...efore-you-buy/

                          It explains "laddering" as well.

                          Larry
                          Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF
                          www.physicianfinancialservices.com

                          Comment


                          • #14
                            Originally posted by LBKCLU View Post
                            Here's a link to a blog post I did on Term Life Insurance https://www.whitecoatinvestor.com/te...efore-you-buy/

                            It explains "laddering" as well.

                            Larry
                            Thank you, I looked at this before but will revisit before getting quotes.

                            Comment


                            • #15
                              Originally posted by burritos View Post
                              Tangential to your query, but relevant to cancer and will be strongly disputed by many if not most on this board. See the Warburg Hypothesis:
                              https://en.wikipedia.org/wiki/Warbur...normal%20cells.

                              I'm not an oncologist nor is this a cure. But most cancers have an impaired metabolism that requires carbohydrates to fuel itself and generate building blocks. Withdrawing this substrate(carbohydrates) may be beneficial.
                              Ugh, really? There are studies suggesting low-carb diets may decrease cancer metabolism and potentially growth....And there are studies suggesting that low protein diets w/ low amino acids may decrease cancer metabolism and potentially growth....Nobody knows with any certainty and those who seem the most certain usually have a product to sell or are zealots who sold more than their soul a long time ago....

                              Comment

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