Life Insurance Question

[skyepie]

Hi -

I'm 4 years in to a 10 year term life insurance policy, and we met with our agent yesterday who recommended that we switch to a 20 year term. For a variety of reasons, we're doing so, and I'm increasing the amount of my policy. (Worth more dead than alive, <smirk>!) At any rate, I have not yet disclosed that I have a positive diagnosis for Celiac, and my diagnosis came just a year ago, while I was already enrolled in my 10 year policy. Because I'm increasing my amount and adding to the term, I have to have another health screening. I know they're primarily interested in BMI and tobacco, but I also know I'll be asked some health-related questions. From the first time around a few years ago, I recall questions related to diabetes, and other disorders. But I'm wondering if I'd be lying by omission if I didn't mention celiac disease? Will it cause me problems to disclose?

Does anybody have experience with this?

Thanks in advance!

[Lockheed]

Yes. I have a life insurance policy through State Farm and my premium is twice that of a smokers because I disclosed that I have celiac disease. However, if you have it and do not disclose it, that can be grounds for them not to pay out on the policy. So my only recommendation would be to not cancel your old one until you know what the new rate and terms are. Now my agent did state that after 3 years on a gluten free diet and a follow-up colonoscopy with no issues that he would go back to the underwriter and request a rate adjustment. I did that this last spring and there hasn't been a response from the underwriter. I may press the issue next year.

[busymommyofone]

We have been thinking of buying life insurance for me. What do I do now that I have it? How much are we talking about? I was diagnosed last year.

[luvs2eat]

I was just looking at life insurance and noticed the "do you have an autoimmune disorder?" question. As one who works w/ medical insurance policies... your policy can be rescinded or voided if you don't answer these questions honestly.

[debmidge]

Try Metlife as they did a good job for us....

[SEAliac]

I disclosed to Northwestern Mutual when my husband and I were planning to get additional life insurance. My premium would have been about 1/2 again as much because of celiac disease. After 2 years they would reassess but don't promise anything. They also increased my husband's quoted premium due to elevated liver enzymes (he has genetic cholesterol issues). We declined the 20-year term policies with higher premiums because we simply don't think we're a risk due to our young ages and otherwise healthy bodies. We're staying with our existing policies for now and will shop around a little more.

If you don't disclose, they can decline payment later. It's a balancing act whether you want to risk that.

[gwen.8278]

I would definitely disclose your celiac disease to your insurance company, because as Lockheed pointed out you might be sorry later on when they don't pay out part of or all of your money.

My boyfriend has a term life insurance and he also asked for the conditions at his current insurer and other companies now that he is suffering from celiac disease. I am not sure if he stayed with his current insurance company, but it seems it is definitely worth shopping around!

[debmidge]

  Lockheed said:

Yes. I have a life insurance policy through State Farm and my premium is twice that of a smokers because I disclosed that I have celiac disease. However, if you have it and do not disclose it, that can be grounds for them not to pay out on the policy. So my only recommendation would be to not cancel your old one until you know what the new rate and terms are. Now my agent did state that after 3 years on a gluten free diet and a follow-up colonoscopy with no issues that he would go back to the underwriter and request a rate adjustment. I did that this last spring and there hasn't been a response from the underwriter. I may press the issue next year.

Agree....keep old policy in force. You'll never get that deal again if without celiac.

However, let them go through their motions quoting you a policy. Try Metlife, our

experience was that they know what celiac is and what questions to ask.