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    kokocorn's Avatar
    kokocorn Posts: 25, Reputation: 1
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    #1

    Jul 24, 2015, 03:20 PM
    Term life insurance coming to an end
    My husband is 58 and has had multiple strokes in the past. He had a flap in his brain that was opening and closing which caused the strokes. His blood pressure and cholesterol are excellent. The doctor put in a stent to keep the flap open and now he is fine. He is on meds and is doing very well. As long as he stays on his meds, does not seem like he will have another stroke.

    His insurance agent just told him his term life insurance will expire in 3 years and will not likely be renewed because of his health. Even if it is renewed, the premiums will skyrocket.

    My question - even though he had several strokes, is that considered a "current" illness? To me, the strokes are in the past and he is doing well and I wouldn't consider him currently sick. His agent said he'll check on this but I was wondering if anyone had any advice. We really need his life insurance as if he dies, I will be left will lots of debt and we were counting on his life insurance. He feels awful that his family will not be taken care of.

    Any advice on getting new insurance for someone who has had strokes in the past?
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #2

    Jul 24, 2015, 04:49 PM
    I would look for a new insurance agent.
    Term life through an agent? You can get it online or through a bank or any number of ways, without a commission.
    I haven't heard of term life being renewed. The whole point of term life is that it is cheap but it expires at a certain time.

    You need to explore all the other options available. I personally would not buy any insurance at age 58 (or 62!). It will be too expensive.
    You are better off putting money into something like a Roth IRA.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,272, Reputation: 7690
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    #3

    Jul 24, 2015, 06:41 PM
    A few term life policies have renewal terms, but most require new medical exams and health backgrounds. Some have riders, (things you buy when you get your policy) that can allow renewals.

    Prior strokes are still part of his medical history and life insurance is based on many things, and estimates on how long he will live. Prior strokes are often viewed with the possible of future strokes.

    Any life insurance, even term, will be very costly at 58. Past or present medical issues will cause that price to be higher.

    The issue with it being considered "current" is his taking the medication. The taking of the medication is current, and related to the strokes, so the illness is still ongoing. He has never been "cured" but in reality is still being treated.
    This is at least the way, I have know insurance companies to relate to it.

    Also how much, as noted I have maybe 100,000 though my bank and American Legion that required no medical questions at all (that I remember)
    kokocorn's Avatar
    kokocorn Posts: 25, Reputation: 1
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    #4

    Jul 24, 2015, 07:04 PM
    Thank you for taking the time to respond. Appreciate it.

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