Ask Terry Questions Too sick for Life insurance?

Too sick for Life insurance?

By Terry Savage on October 10, 2018 | Insurance & Annuities

My husband is type 1 diabetic. He also is taking medication for a heart attack he had in 2000. Other than the medication he just got a clean bill of health from his carodiologist. I have spoken to an insurance broker and she tells me that he is too big a risk due to a certain medication for life insurance. What do i do? I’m willing to pay what ever monthly premium. Why cant we get him life insurance?

Terry Says

Life insurance companies are smart about risk. They know we are ALL going to die sometime — but pricing the risk typically depends on age and health. Some health conditions are just too risky for them to underwrite at all. I suspect your husband falls in that category. And if a company were to write this policy, it would be so expensive. You may be better off saving those premiums and building up a self-insurance fund. Just set the money aside for the eventuality that he will predecease you.
Of course, you could try another insurance broker, and some do specialize in high-risk situations. But then you will have to decide whether you really, really want to pay all that money on a bet against your husband’s longevity!



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