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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10172
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I want to correspond with an insurance agent, or a certified

Customer Question

I want to correspond with an insurance agent, or a certified financial planner regarding life insurance with preexisting conditions to ask a more specific question..Thanks
Submitted: 6 months ago.
Category: Finance
Expert:  Lane replied 6 months ago.

Hi nelson,

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How can I help?

Expert:  Lane replied 6 months ago.

I hold a law degree, (concentration in Tax Law, Estate law & Corporate law), an MBA, (specialization in finance & tax), as well as CFP and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.

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While I'm waiting, some general information.

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The underwriting standards from company to company very greatly. But there's one general, call it commonsensical, rule of thumb as staring place.

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Life insurance underwriters will many times take what won't kill ya, where medical insurance (although much of this has now changed with ACA) will exclude what makes you sick.

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As an example disability insurance carriers really don't like back issues, life insurance underwriters could care less.

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And back to the original point, life insurance companies with higher claims contestability ratios (see AM Best) have lower standards for who they'll underwrite, generally (but getting them to pay out, rather than say that you didn't disclose well, and pay the claim, may be the issue)

Expert:  Lane replied 6 months ago.

But again, let me know your specific question, and we can go from there.

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Lane

Customer: replied 6 months ago.

I have a form of leukemia with no treatment yet as watch and wait is applied. It was diagnosed in mid 2014. I also feel well and am asymptomatic except for blood counts. There are I have some life insurance prior to this diagnosos. I want to get additional life insurance at relatively reasonable rates, how can I do this, what companies can I contact and if we correspond futher I can give you an idea of my diagnosis to see if I can get an approximation to a quote. Thanks

Expert:  Lane replied 6 months ago.

As I'm sure you already know ... but to lay a foundation;

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As the Centers for Disease Control and Prevention (CDC) explain, leukemia is cancer of the white blood cells.

It starts in the bone marrow, spreading into the blood and striking other organs. The many types of leukemia depend on how aggressive (acute vs. chronic leukemia) the disease is.

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Acute cases involve immature bone marrow cells, which cannot properly operate. The number of these abnormal cells increases quickly.

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In contrast, chronic leukemia involves more mature cells, which can still perform some of their normal functions.

The most common types of leukemia are acute myeloid leukemia, chronic myeloid leukemia, acute lymphocytic leukemia and chronic lymphocytic leukemia.

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Underwriting for life insurance after you have had leukemia depends on the stage and age that the client was first diagnosed.

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If you were stage 0, under the age of 50, you will most likely see a decline in coverage. If you were stage 0, and over the age of 50, you may be able to qualify for coverage, but will see a table rating on top of the standard rates.

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Getting life insurance after a stage 1 diagnosis will make it difficult to qualify for coverage and each application will be evaluated on a case by case basis. If you do not qualify for a fully underwritten life insurance policy your only option will be a graded benefit plan.

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I would prefer going forward to do this confidentially (this forum is public i.e, the non-allowance of publicly identifiable information.

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I can, however, make what's called an additional services offer here (I'll do so for the smallest amount JustAnswer will allow -$5)

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If you accept, we will then get a private link for sharing email and phone contact confidentially ... and we can go from there

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Lane

Customer: replied 6 months ago.

I am on a premium plan so accepting outside or addtional services option could imply significant expenditure for me(I just pay a flat monthly fee) , can you go into more detail how this would work? Thx

Expert:  Lane replied 6 months ago.

I thought I had made an offer (for only $5) but the system would let me make it - guessing that might have something to do with your subscription?

Expert:  Lane replied 6 months ago.

Ahhh, looks like it "took," (worked) this time

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Once you accept, I can enter my office ohone number and/or email and we can discuss further

Customer: replied 6 months ago.

Ok let's do it tomorrow, after the holiday..thanks

Expert:  Lane replied 6 months ago.

Very good... I'll be here ... I have a meeting at 9:00 (eastern time here) and one at 3:30 ... be around all dayn otherwise

Expert:  Lane replied 6 months ago.

Oh ... just noticed ... now my screen says you've declined the call

Customer: replied 6 months ago.

now I have a question on insurance for an older person (87 years old) who is foreign and wants to come to the country occasionally. What are my options? I haven't had time to do the call but plan to perhaps in a week or so. Thanks

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