I applied for Life Insurance and was turned down. I’m a 42 year old woman diagnosed with Schizoaffective disorder, High Blood Pressure, and Pre Diabetes. The latter two are typical for middle aged SZ’s. Have you been able to get Life Insurance coverage and through whom? I had no idea that i would not qualify but the letter stated that the decision was based on my history of prescriptions. Has this been a problem for you…please help. Any suggestions of companies that might approve me?
I’ve been turned down for supplemental health insurance because I take psychotropic drugs. The insurance companies keep a keen eye on their bottom line. Everything is about dollars to them. In my case, Obamacare might help.
I have health insurance through Obamacare. Its Life Insurance that i’m asking about to take care of Funeral Costs, debt, and family.
@koolbreeze72, do you benefit from SSI? If you do there is an Life Insurance Cap, which you can get around using PASS Savings and possibly, if the Social Security Administration deemed you eligible for benefits before age 26–and until NAMI succeeds in having this restriction reversed, the ABLE Act. The ABLE Act has a 100,000 Cap that I understand can be used for specific needs, allowing you to allocate your other resources differently.
If you are not receiving SSI and you do not receive the feedback you are looking for, remember to check out all possible companies.
http://www.schuermaninsurance.com/lifeinsurance/how-to-choose-insurance-company.asp
http://blog.nami.org/2015/01/a-new-act-will-help-those-affected-by.html?m=1
You can get guaranteed whole life protection insurance. In my case I have MetLife policies run from 2,500-20,000of coverage and have a fixed monthly payment to the age of 99
Sapphire
You get life insurance when you are young and have young kids to protect.
As soon as you are middle age, the companies have to protect themselves.
On TV there are companies that accept all at a high price but low amount if you’re just worried about burial. Some credit cards like discover offer payoff insurance if you’re worried about that.
One more suggestion about shopping around, Wealth Pilgrim contributors suggest using a Google search for cancer survivor life insurance–from accepting companies-- if you do not find a match of your own and calling your state insurance commissioner for a list of companies.
I do like MetLife.
Thanks everyone. This is very helpful. I was concerned i would be limited to pre burial insurance. I will look into the resources you listed here.