My Husband is a 3 time cancer survivor. We need to get life insurance. He has a small policy that his parents started when he was young. But its a very small amount of coverage and cant be increased.
We need to find a policy that doesnt cost us as much as our mortgage. Any ideas on a company that will offer a reasonably priced policy to someone who is currently cancer free ( yeah!) but does have a history of it?
Northwestern Mutual has a very good track record, as does New York Life. But I gotta tell you, either it's going to be hard to get or it is going to be very expensive. My husband is a financial representative and was recently diagnosed with cancer, so I am speaking from both knowledge and empathy. Good luck.
When I used to sell insurance, the company I worked for did no medical check for policies up to $300K. If that's enough for your family, this may not be an issue. It's not enough for most families, but perhaps you could get two separate policies that fly under the medical check radar (two separate $300K policies for example). Call a local agent and find out.
First... yay on the remission!
Just start making some phone calls. Many companies have a "price point" at which they require extensive blood work and a physical. We just purchased 30 yr term and our financial planner helped us "shop around" for the best options.
See what's out there and make sure that you have separate policies. Yours will be much less expensive than your husbands. Call a reputable company and go from there. Here's what I learned... our financial planner works for MetLife, but she is able to get quotes and arrange policies through any carrier that has an affiliation with MetLife- shockingly TONS of them! We went with ING b/c they had the best quote with the options and "riders" we wanted.
Call the administrator of his current policy. You can sometimes increase coverage with no underwriting with your current company. Other than that, I know State Farm will write a policy once he has been cancer free for 5 years. I'm not sure about any other company.
I worked with all the insurance companies out there and the one I would go with is New York Life cheaper than most companies. And no I don't work for an insurance company
I wish I had an answer for you. All I can say is that I'm in the same boat. I had cancer last year and we had talked about getting term insurance before I was diagnosed and just didn't get around to it. Sure wish we had taken the time to do it now! :-(
On your mortgage, can you get specific mortgage insurance that pays off if he passes? We were offered this years ago but there was a 2 year wait. If he passed before, we would only get the premiums back.
Try AFLAC.
They have been around for years. Even my Grandparents had them.
They have Cancer insurance.
Probably life insurance too.
They have a website.
I have no idea other than perhaps you can ask if you can have a exception put in saying that if he dies of cancer or a related illness they don't have to pay.
