I know there is another thread on this already but its more than a year old so I'm resubmitting the theme.
I have a 13-year old son who is diabetic and I'm shopping for life insurance for him. Has anyone out there had any luck getting life insurance for their diabetic kids? If so, which companies and how much coverage were you able to get?
I'm getting small glimmers of hope and will submit applications to three companies this week. I will report back on what I learn during this process.
My parents got me life insurance when I was 16 and I think it's the best thing they ever did for me. Because I was 16 I didn't need to take a medical exam. It's a whole life policy through Met Life. The inital policy was for $250,000. I say "inital" because every few years the policy automatically offers me more coverage without an exam. At this point, I have a total of 9 policies stemming from that one policy giving me over $600,000 in whole life insurance & I've never taken a medical exam.
I never appreciated what they did of it until I became a parent with a house/mortgage, etc....
Good Luck
@krbwalker Why are you getting life insurance for your child? Life insurance is supposed to "replicate" a person's wages when they die.
Is it because of the diabetes, and you think it will be hard for him to get insured later on?
Btw, Here's a nice article about whether to buy Life Insurance for your kids.
http://www.bankrate.com/brm/news/insurance/kids-life1.asp
[quote user="Lia Hollander"]
@krbwalker Why are you getting life insurance for your child? Life insurance is supposed to "replicate" a person's wages when they die.
Is it because of the diabetes, and you think it will be hard for him to get insured later on?
[/quote]
Lia, In my opinion, it's not a bad idea for a child who is diabetic if it's a policy that will carry on into adulthood. The medical exams look at the person's control, complications, etc. Who knows what will happen in the future! My parents got me one as a child (post diagnosis). It's for a small amount, but I still have it now that I'm adult and DO have a family to support, mortgage, etc.
When my son was little, we signed him up for a policy -- no pre-existing conditions at age one. After getting T1 at age 4, I knew you never can tell what can happen, so I did it then.
Mine is through AXA, and I actually had a medical exam about 5 years ago to increase the amount. But, it's through an insurance agent, who could point you in the right direction. It's expensive, but better than nothing...
My parents got a life insurance policy on me after I was born as well. I don't think it's that uncommon, actually, from what I know. What if the child passes away? Life insurance could help pay for the funeral expenses.