Announcement

Collapse
No announcement yet.

Life insurance

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Life insurance

    Hi everyone

    Whole or Term? What's best for a 55 yo c6 quad. Fit as a bull... if you discount the SCI, and type2 diabetes thing. Funeral is paid. Just want a little something so the family can go see the MOUSE when i pass.Divorced,and children grown. SSDI @ 18,500 yr.Have medicare and medicaid waiver. House paid in 4 yrs. Son will be benificiary on policy. Can medicare touch this. Sorry i don't post often... but i'm here alot.
    Thanks to all.

    William

    #2
    William ,

    I think 'Medicaid waiver' is the source of concern for resources & eligibility ( rather than Medicare).

    I may be wrong but it looks like at a glance $2,500. in cash surrender life insurance is considered the maximum amount w/out effecting eligibility for Medicaid.

    Others may be on program and have different experience / information. It may be different for Medicaid Waiver program versus ' straight Medicaid'.

    See "resources / pg. 10" : http://www.dcf.state.fl.us/programs/...ifactsheet.pdf

    Ches

    Comment


      #3
      A whole life policy with a cash value may be seen as an asset. A term life policy has no cash value and therefore is not an asset. Also, term life is ALWAYS a better way to go. The only one who really benefits from a whole life policy is the sales person who gets a commission. If you can get an affordable term life policy, go for it.--eak
      Elizabeth A. Kephart, PHR
      mom/caregiver to Ryan-age 21
      Incomplete C-2 with TBI since 3/09

      Comment


        #4
        I've never been able to get life insurance. I'm a T-10 for 17 years now and no one will give me the time of day.
        DFW TEXAS- T-10 since March 20th, 1994

        Comment


          #5
          Originally posted by offroaderswife View Post
          I've never been able to get life insurance. I'm a T-10 for 17 years now and no one will give me the time of day.
          You might be able to pick up a 5 or 10 year term policy if you look around. You'll probably have to pay about three times as much as an AB person though.

          Comment


            #6
            Originally posted by williamc6 View Post
            Hi everyone

            Whole or Term? What's best for a 55 yo c6 quad. Fit as a bull... if you discount the SCI, and type2 diabetes thing. Funeral is paid. Just want a little something so the family can go see the MOUSE when i pass.Divorced,and children grown. SSDI @ 18,500 yr.Have medicare and medicaid waiver. House paid in 4 yrs. Son will be benificiary on policy. Can medicare touch this. Sorry i don't post often... but i'm here alot.
            Thanks to all.

            William
            You are going to have a tough time. My company is trying to get key man insurance on me, they had lined me up for a physical till I guess someone actually read I was a para. Then a bunch of requests for my medical records and silence. All the agent will say that is if they agree to write the policy its going to be "expensive". Insurance is funny, they must have some table that had to do with bowel function, the fact that I have a "neurogenic (sp?) bowel" was a big red flag apparently.

            Comment


              #7
              We had to show that the life insurance we had was term, not whole when my husband applied for medicaid.

              Comment


                #8
                Originally posted by ekephart View Post
                Also, term life is ALWAYS a better way to go. The only one who really benefits from a whole life policy is the sales person who gets a commission. If you can get an affordable term life policy, go for it.
                Yup. Whole life insurance is a waste of money.

                Regardless, SCI will not disqualify you from getting insurance, as long as you are not on disability because of the injury. You may be put into a higher health classification, depending on any residual issues or medication taken due to the injury.

                Comment


                  #9
                  I would suggest that you investigate term life though a company that specializes in life insurance to older Americans (Penn Life comes to mind but there are others). These carriers typically only ask the "Big Three" questions. These are ; Have you been diagnosed with heart disease, cancer or HIV/AIDS. As long as you can answer no and are over 50, you get insurance.--eak
                  Elizabeth A. Kephart, PHR
                  mom/caregiver to Ryan-age 21
                  Incomplete C-2 with TBI since 3/09

                  Comment


                    #10
                    Insurance

                    Thanks everyone.Will study on this some more.

                    William

                    Comment


                      #11
                      It depends on the person

                      Comment


                        #12
                        When you buy Whole Life, you are buying a term policy that also has an investment vehichle. It will cost more, so if cost is a primary issue, term is probably best.

                        Comment

                        Working...
                        X