Life Insurance?

[jamilea]

Hi There,

I'm 26 years old. I thought it would be a good idea to get a life insurance plan. Also, what are those things called that you decide who makes medical decisions if you are unable?

How do I go about doing this? I have a husband and I suppose I just recently started thinking about this kind of stuff being important just in case.

Thanks if you have advice.

[Des]

Good thinking, jamilea! If you haven't been dxd with MS yet, this would be a good time to get life insurance. If you have been dxd, getting life insurance can be hard to do because insurance companies seem to think that MS is a terminal illness.

I think you mean a medical power of attorney, which is a good thing to have. My DH and I had ours drawn up by an attorney. We wanted to have them done ahead of time so we wouldn't have to make decisions in emergency situations.

We gave copies to our doctors so they'd know we didn't want to be kept alive artificially for more than a few days. We aren't Rumpelstilkins and wouldn't want to wake up and find 20 years have gone by.

[MacFan78]

Just to give you a suggestion... I recently went through Lincoln Heritage and got a Whole Life plane through them and when I said I had M.S. the only problem they had with it is certain medication you might be on, They did not charge me more or deny me simply because I had M.S. And the prices are very reasonable.

[Jules A]

You are a smart cookie!

I get a small amount of life insurance at work and buy up to the maximum without a health exam which only puts me to about $70,000 but it is cheap and would come in handy for DH if I croak. We also have three houses as investments. You have to think outside the box with MS sometimes.

I have an advance directive which states that I do not want any life saving measures at all and my husband is in charge of my medical power of attorney should I become unable to speak for myself.

Some people might think this is morbid but I get a feeling of control knowing that I am prepared for the worst although I still hope for the best.

[Steelerfan09]

I actually was denied life insurance last week with our new insurnace company. American family insurance said that i will be monitored for the next year and to see if i have complications due to the ms. if not, then they will give me the life insurance. im 28 and i was blown back alittle bit. but i knew it coming into this. but at least they said its early in my dx that they are willing to give me a second chance after a year

Joe

[earnellzwifey]

best to get it asap

I put off getting life insurance and now I know it will be harder. It is good to have at any age regardless of health. So many things can happen.

I do have a medical directive stating that I do not wish to receive blood transfusion, but it does list alternative measures that are exceptable.

I give it to all my drs and I keep a copy in my purse in case of emergency.

Its not morbid to prepare for death, it happens might as well be ready so the family don't get stuck with to many bills.

[NCSteven]

I am in the life insurance process

now. I actually applied for it right before I had my MS symptoms ("MS-free"). I was hit with right arm and hand numbness after I had applied and before I was approved. The insurance company called back with my quote (~$880/year for $1MM policy for a healthy 30yo male). I had to tell them I had a Dr.'s appointment which put my application on hold. I was diagnosed with MS a few weeks ago, and just got my updated life insurance quote back. It went up to ~$4500/yr, for this non-lethal disease! Now I am trying to weigh my options of lessening the coverage, shopping around, and skipping insurance altogether and just putting that money in other investments. This was through Amica.

[Jules A]

I had to tell them I had a Dr.'s appointment which put my application on hold. .

WTH? Are you sure you were obligated to disclose this?

[NCSteven]

They asked me if I was having any

medical issues, etc. I could have said no and they probably wouldn't have known any better. I did not think much of it at the time because I had had similar numbness before (but in my side) and my PCP diagnosed shingles and it just went away on its own. Even if it was going to be MS I had no idea that the rate would jump so much since my life expectancy isn't really affected by the diagnosis. Silly me.

[wkikta]

If you don't tell them of any medical problems or concerns the most you will get is a refund of premiums paid, less expenses of course.

[DeniseM]

It’s great that you’re thinking of getting life insurance. Getting life insurance is very important to safeguard the financial well being of your family when you’re no longer around.
If you have multiple sclerosis, getting a traditional life insurance policy may be a little more difficult for you. However, that doesn’t mean you can not get a life insurance policy. You just need to do some research on the companies that offer life insurance to people like you. Don’t get dissuaded if your application gets declined by a couple of companies. You can always approach another carrier because policies differ from one carrier to another.

I would also urge you to evaluate how much coverage you need. If it’s not a lot, you can also consider getting guaranteed issue life insurance. Although more expensive, this type of policy guarantees acceptance without the need to take a medical exam. However, the face amount is pretty small.

That’s why I say, evaluate your needs carefully and shop around when you start looking for life insurance policies.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.

[jessiesmom]

Legal documents

You are looking to obtain two completely different types of legal documents. You seem to be interested in a Power of Attorney for Healthcare and perhaps also an Advance Directive. While it is never a bad idea to get legal advice, these are really very simple documents and in my opinion you do not need a lawyer to draw them up. You can easily find templates for these online. An Advance Directive states what your personal wishes are if you have a medical crisis. The Power of Attorney gives the person authority to make medical decisions on your behalf if you become incapacitated. Generally speaking the person to whom you gave the Power must follow the guidelines you made in the Advance Directive.

[Maggie1234]

Will they know if you have it even if you say you don't? Because I have been thinking about getting this too and I haven't been officially diagnosed, but neuro's have put it down for prescriptions because they were worried about insurance company denying my medication. So I wonder if I say I don't have it and they see that in my file what would happen.

[lchoppel]

IMPORTANT: One thing that you really must do if you suspect that you may have multiple sclerosis, is to get your financial house in order immediately, at once and without delay. Ensure that you have adequate Health, Disability and Life Insurance prior to turning up for any examinations or tests. If any health professional tips you off that he/she suspects MS, request that no mention is made of this in any notes until you have sorted out the insurance issues. What MS treatments there are, are expensive and if you are forced out of the workplace you will need a source of income. Once a diagnosis is made it will be too late.

[jskmssss]

LIVING WILLS /POAS

Hi Jamilea,

If you are interested a have blank living wills & POAs. If you are interested, I could fax them to you. Just email me your fax number. If I get it before I go to bed, I can send it to you in the morning.