DH can't get life insurance :(

green*eyes

This sucks.  DH has been trying to get life insurance since we were expecting.  The stupid companies give him a great quote, then jack it WAY up once they review his medical history (up to 8-10 times what they'd quoted).  He has a heart murmur which has never caused him any ill effects, but which *may* in the future require surgery.  They don't take into account that he exercises every day, is a vegetarian and has superb cholesterol & other blood levels.

Not sure whether we should just pay it, or settle for a lower amount of coverage.

futrkingsley

That sucks.  DH's rates got jacked up based on a random blood test that his doctor said had no significance to his daily health.  We ended up getting a policy with a lower payout (still sufficient but not quite what we wanted) so we could get an affordable premium.  I figured some coverage is WAY better than none.

 

Mrs_Shmoopie

Wow, I'm so sorry.  No advice, I'm afraid.  I'm just sorry that our health care system is so stupid. 

tiki_t

Can he check with his employer's HR department? I know mine has different levels of life insurance as part of our benefits (and if he doesn't see it available doesn't mean that his company can't go and negotiate for the coverage). The lower payout levels do not require a medical examination or a review of medical records to sign up for the lower price.

green*eyes

Yeah, he does have the one through his employer that's 1 year's salary.  So, I'm being a little overly dramatic to say he can't get it at all.  Still annoying though. 

 And the first company he tried took blood samples and gave him results that were significantly worse than his own doctor's, taken just a couple of weeks later.  Makes me a little suspicious of these companies in general. 

tiki_t

Another option is to get the lower payout plan (just to cover his rear end) and then instead of paying high premiums to a life insurance company for the better policy, use the money that you would have otherwise paid out to set aside in a savings account. You earn interest on it and if your name is on the account, you would have instant access should a bad situation come up and you need the money.

My dad's life insurance company took forever to pay out when he passed away so most of the funeral expenses came out of my mom's savings. Insurance companies are in the business of making money so they do everything to avoid paying out when the time comes (probably not all companies but that happened to my mom where she had to go after them).

My.ABC.Life

  I have no advice.

tiki_t

I just thought of something else. Can you find out if the insurance premiums are tax deductible? If they are, maybe an adjustment to your tax withholdings will make them more affordable.

we-love-to-try

babesrus

Deal with a broker.  They can do the health screen and then shop the actual results around to find what is available for the actual circumstances.

edsbaby

Get what you can afford.  Something is better than nothing.  don't rely solely on a work policy as if things change he can lose that.