My husband is only 24 but was just diagnosed with Hep C.

 

  • Denise 1:05 am on March 11, 2010

    Whole life insurance is lifelong cover, and is usually linked to a cash value component, because of which the premiums can be quite high. On the other hand term life insurance covers you only for a fixed period, and has no cash value component attached to it, on account of which premiums are more affordable. Accidental death policies cover only accidental deaths, and not deaths caused by natural causes or illness. Given your husband’s age, term life insurance is the best option. He is probably in the early stages of his career, has a mortgage to pay, and if you have kids, you have their college education to think about too.

    Coming to your husband’s recent Hepatitis C diagnosis. Whether or not he qualifies for life insurance is dependent on several factors. While being younger is always an advantage for general life insurance buying, unfortunately it is the opposite when someone with Hepatitis C is buying life insurance. This is probably the biggest hurdle you are likely to face, as your husband’s age will mean that the underwriters will review his application more strictly. Also, life insurance companies prefer that an applicant with Hepatitis C has been diagnosed since some time, and his health is relatively stable. They also scrutinize your lifestyle and it will help if your husband doesn’t consume any alcohol, is smoke-free, exercises regularly and is not overweight.

    Premium rates would also depend on the acuteness of the Hepatitis C.

    There are several life insurance companies that do look favorably on Hepatitis C cases, especially if the disease is mild or under control. These companies will offer much better rates. The best way to find these companies is to get online and search for quotes. You can be sure that you will get a choice of quotes that are customized to your requirements, and are affordable too. Medical records will of course be scrutinized and if they find that your liver is only slightly damaged, the chances of getting insured at lower premiums is higher. Lastly, chronic Hepatitis C patients will find it more difficult to get insured, as opposed to someone with a history of successful treatment of acute viral hepatitis.

    Denise at AccuQuote
    Disclaimer: I work for AccuQuote and this is my personal opinion.

  • jlf 1:05 am on March 11, 2010

    Go to Yahoo Personal Finance and read the life insurance section.

  • car253 1:05 am on March 11, 2010

    Accidental is no good because it only pays for accidents. Whole life costs a lot more money.

    Call some local insurance agents and get some quotes.

  • StephenWeinstein 1:05 am on March 11, 2010

    "Accidental" covers only death resulting from sudden unnatural causes, such as a car crash. It does not cover death from any disease, or from heart attacks, strokes, etc. If he dies of Hep C and has only "accidental" coverage, it will not pay a penny.

    Term lasts only for a limited number of years and builds no cash value. If the person does not die within that number of years, then all the money is lost.

    Whole life builds cash value and can be kept until the person dies (if you keep paying the premiums) or redeemed for the cash value. However, it is very expensive and is usually not the best deal, unless you will need the coverage for longer than any available term policy lasts.

    It is unlikely that an life insurance company would be willing to insure the life of someone who has already been diagnosed with Hep C or any other potentially fatal disease. It is probably no longer possible to insure his life.

  • Mr. Prefect 1:05 am on March 11, 2010

    Forget accidental.
    Term is for a specified term, 10, 20, 30 years, where you won’t pay a lot, but in the end of the term, if you are still alive, won’t get anything. It’s like renting.
    Whole life you pay for your whole life, and you will pay up to 9 times the amount of an equivalent term policy. You will get dividends accumulated which won’t amount to anything especially the first 10 years, but at any given point down the road, should you wish to drop the policy, you will get something back, but not much.
    Moral of story: Buy term, but a level term as far out as you can for as much as you can afford.

  • mbrcatz 1:05 am on March 11, 2010

    Wow. You probably need a broker to help you out with this. It’s going to be difficult and/or very expensive to insure him.

    Anyway. Term life, is when the rate is set for a certain period of time, and the policy eventually expires. It can be 1, 5, 20, or 30 years. It’s the CHEAPEST insurance.

    Whole life, isn’t set to ‘expire’ until you die – even if you’re 90 when that happens. It’s much more expensive.

    Accidental life, is a ripoff insurance, it ONLY pays out, if you die, because something outside your body – like a piano – hits you and kills you. If you survive, and then die of an infection from the wound – not covered. VERY VERY few people die via an accident – so that’s why this coverage is CHEAPEST.

    So. Set the goal first – what do you want the insurance to ACCOMPLISH for you? Then get prices for the appropriate products – and see if INSURANCE is actually the most cost effective way to reach your goal.

  • Greg H 1:05 am on March 11, 2010

    mbrcatz is right.

    You’ll find that every insurance "professional" has an axe to grind. Some will say "only buy term," some "only buy whole life," and some "only need accidental."

    Nonsense.

    You have to decide what you want the insurance FOR, then find the insurance that does it.

    If you want a guaranteed death benefit, no matter what, whole life is the only option
    If you want protection in case of premature death only, term might be the best fit
    Yes – accident insurance is nonsense.
    There are also ways to combine insurance products that MIGHT work for you – i.e. universal life, permanent insurance with a term ‘rider,’ etc.

    I hope you have success in finding somebody who will insure him with a condition like that. I would suggest you talk to a life-only company like Northwestern Mutual, New York Life, or Mass Mutual and see what their agents can do and what their underwriters say about hep c. Most of these companies will send your application to dozens of other companies if they fail to insure you themselves.

  • conim2002 1:05 am on March 11, 2010

    I owned an insurance agency for over 18 years. My husband and I represented over 24 different insurance companies. There are so many more policy types then the three that you mentioned.

    My advise is to talk to an insurance agent who has been in the business for longer then just a few years. . He should be able to create a portfolio that will fit your specific needs.

    Talk to the brokers. They write for many different companies, and their loyalties are not tried to one specific insurance company. In other words, there are Insurance Agents out there who represent one company. They are limited to only the products that their company sells. Their products may not be the best products for you.

    Whole life insurance can be your best bargain, if you purchase it while you are still young. Once you buy whole life insurance the premium will never go up as you age. Whole life premiums are cheaper the younger you are.

    Example: A 21 year old who is in good health, can purchase approx. $100,000 of whole life insurance for around $30.00 a month.

    This is a great deal if you hang onto this policy until you are older. You will still be paying thirty dollars a month when you are 80 yrs. old…… where other people at that age will be paying $300-$400 a month for the same amount of insurance if purchased at the older age…..and that is assuming that they are in good enough health to even be able to get the insurance at 80 yrs. old.

    Bottom line: Whole life insurance is a great bargain if you purchase it at a young age.

    People with Hep C are issued insurance policies everyday. Your premium will be a bit higher, but you are still with in the guide lines of being insurable.

  • leff 1:05 am on March 11, 2010

    I can help you, but it will take more time than we have here. Call me and I can give you some straight answers with no sales pressure.

  • crons79 1:05 am on March 11, 2010

    Accidental Life – Only pays out a death benefit if insured dies in an accident (not if they die of medical issues)

    Term Life – Lots of coverage, for a period of time (expires after 10, 20, 30 Years)

    Whole Life – Permanent coverage that build cash value,

    With Hep C there are very few companies that will cover your husband. It’s like a child playing with blocks and he is trying to put the right shapes in the right holes. You need to apply to a company that will most likely accept that condition. Contact an independent agent who has dealt with this type of thing before and can provide professional advice.