My husband is the primary breadwinner in our family and he's uninsurable. Does anyone know of any alternatives for people who can't get life insurance? The obvious is that we just have to save a lot of money and become self insured, but that will take a while, as we don't make much and therefore can't save a lot.
There are a few final expense policies that don't require underwriting. These policies are just enough to cover the cost of burial. It looks like you're in NY from your sig. NY has different insurance laws and regulations than the rest of the company. I know that a lot of people don't like insurance agents, but they can be very helpful assessing your situation.
Why exactly is he uninsurable? It seems like you could find some sort of policy that would be better than having none at all. Have you absolutely exhausted all of your resources? It would be pretty bad if something happened to him and you didn't have any insurance whatsoever.
I don't think it takes too much to be considered 'uninsurable'. A little different kind of insurance but...my sister was telling me about one of her friends who could not get medical insurance because she was considered 'uninsurable'. At some point in her life, she had severe depression and spent 2 weeks at a mental hospital. She also takes a really expensive anti-depressant, $600 a month! I guess I can understand why an insurance company would not want to pay for the anti-depressant, but gees, one stay in the hospital and that makes a person 'uninsurable'. I think once one company rejects you, if you apply at other places, they will ask you if you have been rejected by another company. IMO, insurance companies are getting WAY too big for their britches and are able to ask questions that are way too personally invasive. It's ridiculous to think that only people with perfect genetic backgrounds should be able to have medical care or life insurance. There are no such people!
1. Max out your group life insurance at work Group life insurance allows you to purchase life insurance no matter what your health condition, up to a certain amount. Some employers offer a "free" basic life insurance amount (where the company pays the premium), such as an amount equal to one year's salary, 2. Convert your group life policy to an individual policy Group life insurance usually allows you to convert your group policy to your own individual permanent policy, without going through the underwriting process. Your premiums are based on your age only. This assures you a lifetime of coverage even if you leave your job. 3. Buy a survivorship life insurance policy that insures both spouses Under a survivorship (also called second-to-die) policy, a husband and wife are insured together and the benefit is paid only only after the death of both. This kind of policy is commonly used by couples who want to provide funds for their heirs to pay sizeable estate taxes.
