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Life Insurance with Chronic (well-controlled) Medical Condition

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  • Life Insurance with Chronic (well-controlled) Medical Condition

    Soon to be graduating housestaff who is currently looking at life insurance quotes. The complicating factor with my case: I have polycystic kidney disease. Fortunately, I'm still in my younger 30s and in good health (normal kidney function, no proteinuria, no BP issues), but of course this is on my medical history and I would likely be in need of a kidney transplant in my late 40s / early 50s based on typical natural history. I was fortunate enough to still be able to get disability insurance through a GSI plan from my program (apparently I otherwise would have been rejected from any application that required in depth underwriting), but now have been taking a look at life insurance.

    I appreciate this is a completely personal question as everyone's risk tolerance and financial situations are different, but would be helpful to hear anyone's thoughts on the situation and how to think about the risk/benefit calculus in my case or even just in generalities. I'm talking to an insurance agent tomorrow - the preliminary quotes I'm getting (recommended to be filed as a "Table 8 / Table H" health rating) are as follows: for 20 year term, annual premiums of 1.9k, 2.8k, and 3.7k for 1M/1.5M/2M respectively, and for 30 year term would be 3.2k/4.9k/6.5k respectively for the same benefit tiers.

    For additional context, I'll be in a non-procedural IM specialty with a typical salary around 250-300k in California. My wife does also work (typical salary will be around 75-100k), and we have no debt currently with ~125k in retirement accounts. Happy to provide any other details people think would be salient to inform the decision.




  • #2
    if i were you i'd probably do a 20 year 2M term (~$300/mo budget item) and then i'd do a 2-3 year project of super saving like maybe try to put all of your wife's and half of your salary into retirement.

    then i'd chill and live my life.

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    • #3
      I would not look at 30 year term policies. You're already in your 30s, so a 30 year term policy would bring you up into your low to mid 60s. Your wife and you bring in around 400k with no debt and no kids. You should be able to save reasonably and reach financial independence well before your 60s, aka no need for a life insurance policy at that point.

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      • #4
        Before you go trying to figure out what you 'want' to buy you might go through the evaluation process to find out what you 'can' buy. Depending on your exact medical situation you might have no problems, could be rated up (increased price), or could be a decline.
        Scott Nelson-Archer, CLU, ChFC
        303-953-0263 Direct / [email protected]

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        • #5
          Yes, we are submitting an application to get actual quotes. The numbers I provided are sourced from an inquiry with a chartered life underwriter, and they were the ones who speculated I would be a Table H/8 rating. I was told I should apply to AIG as the CLU speculated they are most likely to accept and are considered the "go-to" for PKD.

          Can report back when I have official quotes (unless I get full on declined) but otherwise was just looking for general input. Thank you to all who have responded.

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          • #6
            Just be sure they have pre-screened your case prior to submitting a full application. By pre-screening your medical information it allows the carrier to 'suggest' how they would handle your case vs. having an application which they then have to approve, rate up, or decline which is then a permanent answer which you will have on your file.

            Personally I have never heard of any carrier being the 'go-to' for PKD, if it was something like build or Type II diabetics then certainly there are carriers that expanded ratios or higher numbers on an A1c.

            Anyway, best of luck and let us know how it turns out.
            Scott Nelson-Archer, CLU, ChFC
            303-953-0263 Direct / [email protected]

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            • #7
              Hm, I wasn't told anything about the possibility of pre-screening, the inquiry with a CLU (who then also talked to one of his underwriters) was as far as we went. She told me she can establish a dialogue with the underwriter once the app process has started and can be told if things are looking like they are headed to a decline so we can withdraw the application so it does not end up on my application.

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