There are a few threads about this...In short - it's hard for cancer survivors to get life insurance.

Thank you for the help.

I personally think I am a much lower risk now, after surgery, than I was 5 or 6 years ago, but that's not the way insurance companies look at it I guess.

This is off topic a bit but Life insurance saved my life.
My Doc is one of those that do not believe in general PSA screening if: there is no history of cancer in the family, no problems, non-smoker, etc. He included a paper about why he does this in with the results of my 50 year physical blood test. I was in perfect health with perfect BMI, cholesterol, and sugar.
Six months ago, my company changed life insurance providers and the one they selected required a perfunctory physical and a PSA test. Ten days later I got a notice from the new insurance company that they would not insure me because my PSA was above 4.0. It was 17! That started the ball rolling.
Even though you won't insure me, you saved my life. Thanks Metlife!
Because of you, I'm sitting here, wearing a pee pad. On the other hand, I'm sitting here!
Talk about a "Love - Hate" relationship.

Jeff

If anyone from Met Life is reading this, feel free to use me in your next commercial.)

I've recently spent a fair amount of time looking at life insurance after PC.

Forget about it.

Zen9

Red Nighthawk said...
Thank you for the help.

I personally think I am a much lower risk now, after surgery, than I was 5 or 6 years ago, but that's not the way insurance companies look at it I guess.

I recently had a term policy expire and tried to buy a new policy.  After a complete physical, I was offered a plan that was roughly DOUBLE what I had been paying before. I challenged TransAmerica's offer and they said that they would cut it back 10% after 5 more years. They said my gleason 8 was the number that put me in a riskier class.  I declined to take the policy and I am still looking.

The bottom line is that even if you have excellent health otherwise the 'bean counters' penalize you if you have had PCa.  I argued that statistically I was less likely to die than a peer who had never been diagnosed.  My arguements fell on deaf ears.  So, I can get insurance, but at about $3600 a year per 100k.

Red,
I would say shop around, and if you find something, buy before geting rid of the universal policy. And, instead of cashing it in, look to selling the policy. There are investors out there who willoffer you a lump sum buyout of your policy, at amounts much higher than the cash value of the policy. They become the owner and beneficiary, with you as the insured. I get about 3 offers by mail each year on my term policy.
Roger

Opa, I don't know about having a perfect stranger be the benificiary if I should die. Is that really a good idea? Btw, I live near Boston and Providence, if you get my drift.

Even if the results of my post have been kind of depressing, I thank you guys for responding.

I really feal that I am healthier now than I was 5 or 6 years ago. Then, I had this little time bomb growing without me even having a clue. Now that little b.st.rd is long gone, but unfortunately, once stained with the cancer label, we are labeled as dead man walking.

I'm going to talk to a guy from Select.quote and see what he has to offer. No way will I pay $3,600 per 100K.

I won't cancel or cash in the universal life until I have something else in place.

Thanks again for all the input.

Hey Goodlife and Red ,
I just ran a short Excel program to see where the break even point is. I considered 4 cases.
I assumed you put in $3600 at the beginning of the year and money was worth 3%, 4%, 5%, and an inflationary 10% in a safe CD. (I included 10% because who knows what will happen in 5-10 years when gasoline is $8.00 per gallon.
Rate Break even
3%......20.5 yrs
4%......18.1 yrs
5%......16.8 yrs
10%....13.0 yrs
Add the years to your age and that's your break even croak date. If you get the inusrance and die before that date- you "win" ! If you live longer, you lose.
If you put the money in your own bank account CD and live longer than the croak date- you win! Really! If you die before then you (or your family) lose.

The old cowboys had it right. They would keep a $5 bill rolled up in their revolver's empty chamber under the hammer to pay for their burial - if required. That was their life insurance.
Unless you don't have enough for your burial and basic bills who needs more?
I am not a "financial consultant" so you can ignore my rant. However, I am an engineer, and I know math and the power of compounding interest. I know which way I would vote.

Good luck. - Unless you are betting against a long life then, Worst of luck to you. ;-)
(I mean that in a nice way, you understand)
Jeff

Post Edited (Worried Guy) : 11/10/2009 4:10:33 PM (GMT-7)

 

   I am a financiql planner and dont think this forum should be used for personal biz, so ask aound and shop around..

we have found cancer survivors with "no recurrence" or ovenight hospitalizations for any reason for two years are rated pretty fiarly....five years even better....

start askingg questions and term is your basic progection and cheapest outlay..

mbshine

survivor

I'm fortunate to still be working and covered by a group life insurance policy from which I cannot be excluded.  I have additional insurance through my employer and if I want to increase the amount I think I'll be required to declare my cancer surgery and a two-year exclusionary period (for a death benefit claim made because of death due to prostate cancer) applies - if I've read the policy correctly.  Friends of mine have suffered from cancer and heart surgery and I believe new policies they've considered require a two or more year exclusionary period.  If you're eligible for any group coverage, that may be the best option available.