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life insurance nighmare
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life insurance nighmare
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Hi all, I am a 57 year old who had a brain stem stroke in 2007. Had a remarkable recovery, but acquired type 2 diabetes after said stroke. It has been 5 years, and my health is good, but because of st
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Cat:7a9899c6-bb01-48a5-bd56-e73d9d7e3998Forum:17f83b76-a805-4002-b497-6dbb421b0b8aDiscussion:f669334c-986b-4af1-b63e-af517e73b7bd
Forums » Work & Retirement » Social Security » life insurance nighmare
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life insurance nighmare
posted at July 20, 2012 6:49 PM EDT
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Posts: 3
First: July 20, 2012 Last: July 22, 2012 |
Hi all, I am a 57 year old who had a brain stem stroke in 2007. Had a remarkable recovery, but acquired type 2 diabetes after said stroke. It has been 5 years, and my health is good, but because of stroke and sugar, I am deemed un-insurable. Or, at best, a small policy will run close to $400.00 per month. On a fixed income (mentally impared from swelling of brain and lack of oxygen during stroke) This is very frustrating, need to be able to find affordable term life insurance. |
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Re: life insurance nighmare
posted at July 21, 2012 8:15 AM EDT
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Posts: 1923
First: November 27, 2011 Last: May 18, 2013 |
In Response to life insurance nighmare: Hi all, I am a 57 year old who had a brain stem stroke in 2007. Had a remarkable recovery, but acquired type 2 diabetes after said stroke. It has been 5 years, and my health is good, but because of stroke and sugar, I am deemed un-insurable. Or, at best, a small policy will run close to $400.00 per month. On a fixed income (mentally impared from swelling of brain and lack of oxygen during stroke) This is very frustrating, need to be able to find affordable term life insurance. Posted by cindalu20 Why do you need life insurance? Do you have dependents that rely on your earned income? |
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Re: life insurance nighmare
posted at July 21, 2012 10:12 PM EDT
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Posts: 3
First: July 20, 2012 Last: July 22, 2012 |
In Response to Re: life insurance nighmare: In Response to life insurance nighmare : Why do you need life insurance? Do you have dependents that rely on your earned income? Posted by GailL1 Yes I do. When I had the stroke hospital/re-hab/meds wiped us out. Had to liquidate 2nd property/auto and RV, along with accumulated savings. Because we had assets at time of stroke, could not get assistance with home care. I was paralyed and unable to swallow - no relatives down here, so my spouse had to care for me. No income for 5 months. We are now just getting back on our feet. Because of my illness, we are struggling financially, although spouse is wonderful and never ever complains and works 2 jobs. |
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Re: life insurance nighmare
posted at July 22, 2012 10:34 AM EDT
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Posts: 1923
First: November 27, 2011 Last: May 18, 2013 |
In Response to Re: life insurance nighmare: In Response to Re: life insurance nighmare : Yes I do. When I had the stroke hospital/re-hab/meds wiped us out. Had to liquidate 2nd property/auto and RV, along with accumulated savings. Because we had assets at time of stroke, could not get assistance with home care. I was paralyed and unable to swallow - no relatives down here, so my spouse had to care for me. No income for 5 months. We are now just getting back on our feet. Because of my illness, we are struggling financially, although spouse is wonderful and never ever complains and works 2 jobs. Posted by cindalu20 Thaks for clearing that up. However, because of your health condition, I don't see that you could get a regular life insurance for any great amount without paying through the nose. You maybe able to get a small policy that would serve only for a little more than burial - but again these in comparison are, to me, still expensive. The time to have gotten life insurance was BEFORE your health calamity occurred. Normally, life insurance is put in place to fill a void of income if the provider(s) of that income dies. If your wife is now the main bread-winner of the family, it is her life that needs to be insured. The income that you were making prior to your health problems seems to have already been absorbed by her at this point. In this case, it appears you are her dependent, not the other way around. The rationale is if she died, her income (and her support for you or any other family members)would also go so it is her life that needs the life insurance. I think I am having a hard time following your rationale as to why YOU need life insurance. |
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Re: life insurance nighmare
posted at July 22, 2012 7:54 PM EDT
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Posts: 3
First: July 20, 2012 Last: July 22, 2012 |
In Response to Re: life insurance nighmare: In Response to Re: life insurance nighmare : Thaks for clearing that up. However, because of your health condition, I don't see that you could get a regular life insurance for any great amount without paying through the nose. You maybe able to get a small policy that would serve only for a little more than burial - but again these in comparison are, to me, still expensive. The time to have gotten life insurance was BEFORE your health calamity occurred. Normally, life insurance is put in place to fill a void of income if the provider(s) of that income dies. If your wife is now the main bread-winner of the family, it is her life that needs to be insured. The income that you were making prior to your health problems seems to have already been absorbed by her at this point. In this case, it appears you are her dependent, not the other way around. The rationale is if she died, her income (and her support for you or any other family members)would also go so it is her life that needs the life insurance. I think I am having a hard time following your rationale as to why YOU need life insurance. Posted by GailL1 Because if I die my wife would not have my disability income. And would not be able to fullfill monthly monetary obligations. |
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Re: life insurance nighmare
posted at July 23, 2012 9:56 AM EDT
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Posts: 1923
First: November 27, 2011 Last: May 18, 2013 |
But if she died, you would have even worse financial problems. I'm afraid that life insurance is not gonna be in the cards for you, at least not for any reasonable amount in benefits or premiums. Perhaps it is time to take a good look at the budget and see where there could be cuts to be made. Example: If you have a mortgage, work on paying it off now - that would save a whole lot of debt whomever remains has to carry. Sometimes there is mortgage life insurance that you can get on whomever is carrying the debt; sometimes it is joint. Normally, it is not that great of a deal in the whole scope of life insurance but in your case it could be something to look into, perhaps. I'd still work on paying off all the debt - if you have the money to apply to a life insurance policy, it may be better to apply it to any debt you might have and get rid of it. |
Forums » Work & Retirement » Social Security » life insurance nighmare
