Q. I started looking at life insurance policies after my wife and I had our daughter. During the screening process, I found out I had testicular cancer. I went through treatments, and the doctors have officially declared me to be in remission. Still, I canâ€™t find a life insurance company that will work with me. I have a small policy through my employer that is equal to double my salary. Do you have any suggestions for finding additional coverage?
A. Itâ€™s great news that youâ€™re in remission. Iâ€™m really happy for you, buddy. I know your wife is thrilled, too.
I would advise conducting a search of every â€śguaranteed issueâ€ť company and policy out there. The term, guaranteed issue, means they donâ€™t do a medical check. The problem is these policies generally run 10 to 20 times more per thousand than those where you qualify medically. So, youâ€™re not going to get a lot during this time.
Check at work, and see if you can buy more and add it to the coverage they already provide. Some employers provide a double-up option if youâ€™re willing to pay for the additional coverage. If you can, and the price is reasonable, do it. If you have a mortgage, call the mortgage company and get mortgage life insurance. Itâ€™s gimmick insurance â€“ and something I donâ€™t normally recommend â€“ but many times you can get it without medical clearance.
Once you get past that three- to five-year window where many insurance companies will work with you again, try to find a good, level term life insurance policy with coverage thatâ€™s 10 to 12 times your income, and drop all this other stuff. In the meantime, pick up anything else you can find â€“ even if itâ€™s those little $10,000 policies banks sometimes attach to your checking account for $20. Pile up those little odds and ends, until you get as much coverage as you can within reason.
God bless you and your family.