Life insurance

[A&Ds Mommy]

DH recently got a new life insurance policy through work and he was talking with the rep about Dylan having diabetes and they suggested we get a term life insurance policy for him now because when he becomes an adult it will be difficult for him to get his own policy because of the diabetes.

Has anyone else heard this or gotten their DS/DD a policy just in case?

[zimbie45]

We applied for life insuracen for charlize and sean.. charlzie was denied due to diabetes, and we where told to re-apply after age 10

[Adinsmom]

Wouldn't it be better then to get a whole life policy? If my understanding is correct a term policy expires when your child is an adult. So wouldn't that null his reasoning?

[Brensdad]

I was able to get a whole life policy for $400,000 based on my good A1C score. I pay $58 per month, which is higher than most people by far, but it's pretty reasonable for someone with T1.

[mmc51264]

I managed one for Zach through work. It's only 25K, but that may be all he'll ever get.

[A&Ds Mommy]

Wouldn't it be better then to get a whole life policy? If my understanding is correct a term policy expires when your child is an adult. So wouldn't that null his reasoning?


Maybe I misunderstood DH and the rep said a whole life insurance policy, it is all new to me the different types of policies.

[Twinklet]

I was under the impression Emily was uninsurable. I think I'll make some phone calls today!

[CAGrandma]

Do you really want life insurance for him? Term life is a great buy for an adult who has a family,etc., cause it is the least expensive way to provide funds if the person dies. Whole life provides funds if the person dies and is also advertised as a way to save money that can be borrowed against if the person needs it during their lifetime - problem being that it is an expensive way to force yourself to save. An ordinary savings and investment plan will be more profitable.

Key question is if insurance you buy for a child with Type 1 diabetes (assuming you can get it) will remain in place throughout his life - so that when he is grown and has his own family he can protect them. If they can't guaranty that, it is pretty much worthless.

[A&Ds Mommy]

Key question is if insurance you buy for a child with Type 1 diabetes (assuming you can get it) will remain in place throughout his life - so that when he is grown and has his own family he can protect them. If they can't guaranty that, it is pretty much worthless.

This was the reason we were going to look into it. We want to make sure he has some kind of coverage when he gets older and has his own family.

[Twinklet]

Do you really want life insurance for him? Term life is a great buy for an adult who has a family,etc., cause it is the least expensive way to provide funds if the person dies. Whole life provides funds if the person dies and is also advertised as a way to save money that can be borrowed against if the person needs it during their lifetime - problem being that it is an expensive way to force yourself to save. An ordinary savings and investment plan will be more profitable.

Key question is if insurance you buy for a child with Type 1 diabetes (assuming you can get it) will remain in place throughout his life - so that when he is grown and has his own family he can protect them. If they can't guaranty that, it is pretty much worthless.

What do you recommend for a child with T1D? I understand that term will expire at some point--is that point a specific age, or can the term policy cover a (long) number of years, enough to take her well into adulthood?

Or is it better to bite the bullet and purchase whole life, if available? :confused:

[Budapest]

Thanks for everyone for raising this issue. With our 2-yr old I was not even thinking about it, but it is important.

Could adults with life insurance, please explain how they got it, what they can get and what not.

Thank you.

[beckybuckley]

Ditto -- I hadn't even thought about this yet! Along those same lines -- what about just basic health insurance? Will these kids be able to get health insurance with this pre-existing condition?

[Twinklet]

Ditto -- I hadn't even thought about this yet! Along those same lines -- what about just basic health insurance? Will these kids be able to get health insurance with this pre-existing condition?

That is an excellent question, and a situation we will be facing in 2 years (job and insurance change). I believe the HIPPA laws dictate that a person with a pre-existing condition be covered by the new insurance, as long as there's no lapse. In other words, no days of being uninsured. I am not 100% on that, though.

Perhaps someone who has switched insurances will be able to respond with their experiences!:cool: