[BlakeMatt]

I asked this question on a legal board that was pretty much dead in the water as in, it only got responses every few days, and once receiving responses they didn't have an answer.

My question is, is there a way at 17 I could get Term Life Insurance with a pre-eistitng terminal illness?

The reason I am asking is because I have sought out a few agencies on my own but have been turned away for one reason or another, and in the event that something happens to me there is no one in my family that could even begin to afford the cheapest of Funerals/Burials. A funeral director gave me an estimate for one of the simplest Funeral/Burial and it came out to 20k including plots, casket and the whole other nine yards. And I will never have near enough in savings to even cover such things.

By my county I am also considered "emancipated", not sure if that is needed info but figured I would add it anyways.

Any help or direction is appreciated, Thank You.

[mollymae]

I can't imagine an insurance company is going to take on something when it's guaranteed to have to pay out in excess of the payments made. They are after all businesses which are trying to make money.

[Revolutionary]

First, congratulations for thinking about your family at this time, when you could be excused for being very self absorbed.

Blake, the answer to your question will depend on your life expectancy. Mollymae is right. An insurance company won't take on a certain loss. The numbers would have to pan out. My thoughts are that if you do find a company to cover you the risk premium may be unaffordable, but the sums will probably all hinge on the life expectancy term. Try a broker rather than shopping company to company.

Funding the funeral is a money question, and to figure out how to deal with it, you have 4 steps. You've already taken the first:

1. how much will the funeral cost
2. What's your life expectancy
3. How much does the cost work out per month.
4. Brainstorm approaches to reduce the amount required.

some ideas:
. In Australia some of the Health Insurance companies payout a small death benefit. This may also apply in your part of the world. If you have health insurance, it's worth asking the question.
.There may be support funding for those with your illness that could help families cover funeral expenses. Do some research.
. Given this is an expense which is heading for the family, they may be able to start contributing to a fund now. Every bit helps and if you are blessed with a few more years, they may make a fair dint in the final bill.
. If your health allows, you may be able to do some fund raising to raise awareness and contribute to your fund.
People care about those they see trying to make a better world, and standing up to adversity. I think you would receive support.

as you can see term life cover (if available) is only 1 option.

Good luck

[mcmama]

Your illness is pre existing. Are you still affected by it, or is it in remission?

If you are concerned about dying within a short time, insurance may not be the answer - setting aside money for the final expenses may well be. And shopping through a broker makes more sense than doing it on your own for most types of insurance.

What country are you located in?

[Samual]

Some life insurance companies don't require a medical, you could look into those, or you could pay into a savings account or an ISA in yours and a family members name, then if anything were to happen they can access the account. I have to say, I have never heard of a funeral costing that much unless there was a gold coffin or something. You can also inform a funeral director of what you want and pay it off gradually, you don't have to pay the full amount but it would reduce the cost for family.

[BlakeMatt]

Thanks for the quick replies.

To some of the questions, I'm in Pennsylvania, Usa. I'm still affected by the cancer and prognosis is poor.

My place of employment does have health insurance I''m not sure if they have any offers but I'll be sure to call on monday and find out.


I have found conflicting prices for the funeral/burial/casket average seemed to range around 6k, instead of the 20k the one director was telling me. Even at 6k that's not something my family can afford.

Thanks for all the advices and suggestions.

[mcmama]

6K sounds more normal. 20K is prohibitive

When my brother died from AIDS, he had let his life insurance go (long story, not as financially responsibile as you seem to be). The cost for cremation and memorial were taken out of his final paycheck, and various people contributed. He was estranged from me. When they got in touch with me, I sent a contribution of several hundred dollars for them to ship the ashes to me. I then interred the ashes in my church's memorial garden.

If your religion allows for cremation, it is a cheaper way to go. Some religions do not. I don't know what the actual cost of his memorial was, but there was not an expense of a casket.

I think you have other challenges ahead. For one thing, you have some living to do before you die. Meeting each day with quality, strength, and dignity takes effort, but it is well worth it for you and for the legacy you will leave.

That's what is truly under your control. What happens afterward is not, although it is good you are preparing for this and helping your family prepare.

Is your family discussing this with you, or are they telling you that you are going to get better, don't think about this? That happens sometimes with a terminal illness. Family sometimes thinks they are helping you by not dwelling on the negative, while you want to discuss the real consequences of what is happening to you.

If this is what's going on, let them know that having this planned for sets your mind at ease, and makes your life much easier.

[BlakeMatt]

Thank you I hadn't thought about cremation, I will have to go back to the director this week and see what the prices would be if that was in place instead. I have no preferences as to what happens to me after I leave, so right now I'm just looking for the cheaper route to take so as to not place a burden on anyone.

My family is optimistic about the prognosis but they are also realistic enough to know the chances of what is going on that I am being faced with. The issue that comes financially is that just a couple of months ago my Uncle suffered a stroke, his health insurance zeroed out while he was in rehab and family pulled together for him. He is now home and still has a bit of way to go to recover. He cannot go back to work so him and his wife are now suffering from a loss of income, so my family has helped out as much as they can in that area too. Which is what families do and should do so I am not upset about that, I just know that they cannot handle much more of a financial obligation on top of all of that.

My mom barely has enough money for herself as it is (long story there) so I know she couldn't help out in any location. And I have a dad who is very well off but we are estranged from each other and there is no chance of that ever changing. Which is why I was hoping to figure this part out as to help out everyone. I do have a few savings bonds in my name totaling out to $1500 but they won't reach maturity until 2010 which is a ways off. And then there is my car that at kelly blue book has a value of $1200, isn't much but is still something.

Since life insurance doesn't seem to be a reasonable plan I will have to think of something else, I know my place of employment has suggested setting up a fund for me in the past to help cover the cost of medications I was never for that but I'll see if they have any ideas for this situation.

Thanks again to everyone who has offered their advice, it's appreciated.

[mcmama]

I think you are borrowing trouble to worry too much about your own funeral. Your family has been hit with a lot of suffering, and it is expensive. Sympathy for your uncle - my grandfather had a stroke, and I am at risk for one - I am a diabetic, and health insurance companies would just love to see me go. If you lose insurance while recovering from any of these things, getting new coverage is difficult or impossible.

Is your uncle collecting disability, at least? If he was self employed and did not carry the disability insurance, this could be a problem. SSI does not pay a whole lot. Is he eligible for medicare, or has he gone on medicaid? Again, not a whole lot of options for stroke rehab, but at least something. I have a family member in NYC who was on medicaid for a while - even in NYC, finding the doctors who participate can be difficult.

What I would do if I were you is research the options as you are doing now - find what is reasonable and doable on a local basis - possibly pre pay the funeral or a portion of it - and let your family know what you have done and what the final financial obligation is.

But in prioritizing things, really, you have a lot of living to do before you die. And you should do it one day at a time. Don't take the weight of the world, or the family, on yourself - and don't worry about being a burden. You sound like you come from good people who hang together in all sorts of trouble.

As far as your father is concerned - no you cannot rely on him. Not fair, but that is the way it is. With the seriousness of your illness, he may have a change of heart and decide to help in some limited way. Leave that door open.

Savings bonds can be cashed before maturity. You may not get the full face value, but they can be cashed. If they are bearer bonds, it is fairly simple to cash them in. Find out more at the US Treasury Department here. There's a calculator to tell you what your bonds are worth right now.

[yoggi08]

Great post, it actually answered most of my questions without having to ask them

Regards
Nick