I have life insurance at work which I believe is good for as long as I work for this company. I was working on cashing in a policy (small one) that my mom had in my name. The representative there said I could not get life insurance after cancer.

Anyone hear have experience or answers around this? Can I still be insured after having a stage oral cancer that apears to be completely removed?

Hi hisnibs,

I work for a life insurance company and have a lot experience in this area. The first thing you need to do is know the kind of policy you have now. Why are you cancelling it? Find out if there are riders on your policy that allow you to increase your coverage with having to prove insurability (no medical) If it's a whole life policy it probably get dividends and they can be used to increase your death benefit also.

It will be much harder to get life insurance with having cancer, there's no doubt. If a company does decide to insure you, you will most likely be rated which will make the policy more expensive. If you like I would be happy to answer questions you have. I do this everyday and I'm very passionate about it. I would hate to see you lose a policy that may be good to have.

I will get some more info. IT was a policy my mom took out in my name. We are not rich people. It was a small 10,000 policy my mom started in 1977. It pays dividends. I will need to look closer to know the type of policy.

I am fairly ignorant and naive about this. There is a about 3000 left in dividends after a loan was drawn on it some years back. Well the 3000 is what it is worth if I terminate the policy.

I would prefer to increase the policy if that is an option. I had hoped that I would be able to leave something to my brother and family one day since I do not have children.

I would appreciate any help you might be able to offer. I just am not good at this.

Thank you.

I am more than happy to help you with this. If you want, look for an annual statement (you should get them every year on the policy anniversary) and we can talk about it. I'm not a licensed agent so I can't advise you but I can tell you what to look for and what to ask about. I definitly would not cancel the policy yet....I would ask some questions first. Also, if you terminate the policy and there was a loan there is the possibility that there will be a taxable event in the year you terminate.

You said the policy does earn dividends. Do you know how they are being used? usually the options are: Cash (you get a check every year) Reduce the premium, reduce the loan, purchase additional insurance, or accumulate and earn interest (interest is taxable) If you want to call me to go over this I'm happy to help. My ph# is 267-261-3405. I'm available from 4:45 to about 8:00. I go to bed early:)

Thanks Suzanne. I have doctors appointment today. I will try to get on this right away.

Again thanks.

Hi hisnibs,

I recently got my license to sell life insurance and we're not even allowed to accept an application from someone who has had cancer within the last five years. It sounds as though Suzanne stands ready to help you, which is great, but should you need me, feel free to send me a message as well.

- Margaret

I have the policies and loan rider here. I am having some pain issues so have not reviewed the policy yet. I think it may settle down by tomorrow and I will get at it. Hopefully there is a way to expand the policy. All I want to do is to leave something for my niece and nephew. I am single. Not wealthy but a new saver, I've put away over 100gs in 8 years trying to catch my retirement options up. Praying that cancer doesn't wipe that out in two weeks.

I'm babbling.... Thank you both.

That's awesome Margaret!! Between the 2 of us we can help. I'm thinking the only way the insurance can be increased is if there is a rider or dividends. I would agree that a new policy is probably out of the picture right now. Hisnibs...whenever you want to go over things let me know.

hisnibs, repay the poan and it should put the policy back to the $ face amount plus interest. THe loan just lowers it to the balance not borrowed. It works this way in Ohio where I was a licensed Ins Agent after being tested on my knowledge of Ins. You can also get in touch with your State Insurance Bureau for advice.

Jim....you were an ins agent?!?!?! No doubt you were one of the nice ones!!!

Thank you all! I apologise for being away from this conversation. (bad time with doctors and pain)

Can I ask? This policy was taken out on me by my 86 year old mom. I think she got it in 1977 after my father died. Can this policy be turned over to me as the owner at this point or not? She is beginning to have trouble managing this kind of business. (I have power of attorney from my mom if that helps)

I have looked at the policy and there is no mention of changing the policy that I can see or better, that I recognise.

I don't think the policy even specifically says what type of policy.

I see a rate class and added benefits = waver of premium and accidental death.

I am blind to this stuf.

Yes, ownership can be changed on the policy. Your mother would need request it but if you have POA you can send probably send a request to the company asking for them to send you the paperwork needed to make the change along with your POA. Make sure you send the entire document and sign the request with your name as POA.

If you look at a statement it should say Whole Life, Traditional, Term, Universal or Variable Universal Life something along those lines. It's usually at the top around the policy number.

The riders are good. Waiver of premium can be applied for if the insured becomes disabled and cannot make the premium payment. Paperwork needs to be submitted by the insured and their doctor then the company reviews it. I'm not as familiar with Accidental Death but I think the company will pay additional money to the beneficiaries if the cause of death is an accident instead of disease..natural causes...ect.

Sorry I took so long to get back to you...my sister moved so I have been busy:)

Hope this info helps and let me know if I can help with anything else.

Thank you Suzanne, It me who has been dragging his feet. I could not find any description telling me the type of policy. I will call them as soon as I catch some things up. I will also ask how I can start catching up on the loan on the policy. The policy is officially been paid up. It was for so many years I think or until my mom was 85. She is 86 now.

Thanks.