Life Insurance

Posted on: Sat, 01/04/2003 - 5:54am
MommaBear's picture
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Joined: 09/23/2002 - 09:00

I wonder how anaphylactic food allergies affect one's ability to obtain life insurance and the rates???

Posted on: Sat, 01/04/2003 - 7:41am
Jazz It Up's picture
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Joined: 08/19/2002 - 09:00

Interesting question!
We obtained Life Insurance on our children when they were infants...we found out about our son's peanut allergy @ 10 months of age which was *after* we had his Policy in effect.
I wonder if there *would* be a difference in cost. I never have thought about it.
------------------
Stay Safe!
Connie

Posted on: Sat, 01/04/2003 - 8:35am
Anonymous's picture
Anonymous (not verified)

Momma Bear, I just read your absolutely wonderful post in another thread and I remembered that I had seen this earlier when breezing through the board.
I'll try to find the thread under Living with PA re life insurance. I did a test case with Jesse and Ember (Jesse being PA, Ember not being PA) with Gerber Life Insurance to see if Jesse, in particular, would be denied.
I'm also fairly clear that even though I dealt with a Canadian office, it is offered in the U.S. and to me, knowing nothing about insurance really, it looked like a good policy for a good price.
The most problematic thing with both applications seemed to be their asthma and even that was accepted after their doctor submitted a form.
I'll try to find it for you. I didn't accept the insurance for either child because I was doing it for a test case, but I have thought about applying again, just in case Jesse should be denied in the future.
I'm glad to see you posting again (that other post I just read was just oh so wicked! [img]http://uumor.pair.com/nutalle2/peanutallergy/wink.gif[/img] )
Best wishes! [img]http://uumor.pair.com/nutalle2/peanutallergy/smile.gif[/img]
------------------

Posted on: Sat, 01/04/2003 - 9:39am
MommaBear's picture
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Joined: 09/23/2002 - 09:00

LUKE.........er........CINDY!
COME WITH ME ON THE DARK SIDE OF THE FORCE, um........posting board!!
(sounds of strained breathing through an obviously cheap and unabashedly laquered mask accompanied by an equally cheap black cloak wooshing over a surrealistic futuristic balcony ledge)
hehe [img]http://uumor.pair.com/nutalle2/peanutallergy/wink.gif[/img]

Posted on: Sat, 01/04/2003 - 9:52am
Going Nuts's picture
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Joined: 10/04/2001 - 09:00

Interesting question - I have an arrythmia that is considered to be a "nuisance" and absolutely not life-threatening, yet I have been denied life insurance. I have a feeling it depends on the policy group, and how much of a premium you are willing to pay.
Amy

Posted on: Sat, 01/04/2003 - 10:55am
AlwaysAvoidAnaphylaxis's picture
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Joined: 06/23/2001 - 09:00

I never thought about getting life insurance for our children. it seems like there is insurance for everything.
interesting

Posted on: Thu, 01/09/2003 - 5:48am
MeCash's picture
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Joined: 04/18/2001 - 09:00

Life insurance for children can be an EXCELLENT savings vehicle for college and future protection for them. We purchased $100,000 FlexV policies from John Hancock on my two PA kids before they were dx'd PA, so I can't tell you what difference there might have been in premium. However, if people want, I can ask some of the people in the industry (I'm a graphic artist in the insurance industry) from several different companies what their policy on this is. Just let me know how interested you really are in knowing.
With the $100,000 policy, purchased on say.. my daughter at age 6 months, putting $25 a month into the policy, by the time she is age 20, there will be over $20,000 in cash value loans she can take out against the policy itself for college if the market returns only the guaranteed minimum of 4% interest. Could be more if the market does better. If she keeps that policy in force all her life and pays back the loan (she could use the loan later for a downpayment on a house or a business start up!), it will have a net worth at 4% when she's 70 years old of over $2 million.
Not bad for a little investment on her future as a baby. Plus, insuring babies while they are young make it possible for them to have coverage when you may find out 1,2,3 or more years down the line that they are uninsurable due to unforeseeable medical problem.
My father spent countless months trying to get a policy for my step-son, who was born with aortic valve stenosis and had open heart surgery at 6 days old. He was denied by two companies, and then finally qualified under a Table D (worst case) rating with another company. The premium is outrageous, but the way my Dad (Grampa) sees it is he will NEVER be able to have insurance and his future great grandchildren deserve better than that should something happen to my step-son as an adult father. He pays the premiums and I give him much kudos for such love and forethought! When the time comes, I'll take over payments until my step-son is responsible enough to do it himself. 10 years from now, he would never be able to consider affording the policy himself, nor would he qualify.
So, I hope that answers the question on why someone would buy insurance for their children. I bought it for mine, because I love them and want them to be protected 20+ years from now. It's not for me, it's for them, and it's also a great way to put aside money for college! Once you lump that possible low interest loan option in with their 529 College Savings Plans and Prepaid Tuition programs! What's $15-$25 a month? A movie out? I think I'd rather stay home and put that money into something that will have a lasting effect on the lives of my kids!
Anyway... any of you can email me if you want more specific information on life insurance and what companies will rate or not rate. I can ask and get some real answers pretty quick.
~Melanie

Posted on: Thu, 01/09/2003 - 6:05am
Klutzi's picture
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Joined: 03/10/2002 - 09:00

Going Nuts,
I was curious about your heart arrythmia. I had WPW (Wolfe-Parkinson-White) which is an arrythmia that was considered a nuisance. Fortunately, my insurance covered the surgery & I had an RF Ablation done & now have been symptom free since 1994. Just wondering if WPW was what you have.
Lea

Posted on: Thu, 01/09/2003 - 6:07am
samirosenjacken's picture
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Joined: 09/30/2002 - 09:00

Hey guys! I just posted about this on the other board. I was a life underwriter for over 5yrs with state farm. Basically, I was the one who reviewed applications and medical records and either approved or declined them.
I don't ever remember having any issues with food allergies. I would highly doubt there would be an issue with them but I still have lots of friends in the industry so I'll do my best to find out.
As for getting insurance for your kiddos. I HIGHLY recommend it. I have a rider on my policy which protects all children I give birth to or adopt. This gives them guaranteed insurance. If one of my kids develops some uninsurable or highly ratable condition, my children will always coverage. It is an important thing to consider as we all know how our perfect babies can develop these things out of the blue!!
If you having any questions I'd be happy to do my best to answer them re: life insurance!
Lisa
UPDATE: I just spoke with a superintendent at state farm. Peanut allergies are not ratable (extra premium). So yes, your child is insurable if he/she has a peanut allergy. At least with State Farm.
[This message has been edited by samirosenjacken (edited January 09, 2003).]

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