Life Insurance

[dougmug]

Hey all,
I am a Realtor and doing pretty well financially. I want to protect my family as well as my current and future investments by having proper life insurance. The problem is no one will insure me due to past cancer and attempted suicide and drug problems. I don't even have health insurance for myself. Any suggestions would be greatly appreciated!
Thanks,
D

 

[T-Matt]

Hey all,
I am a Realtor and doing pretty well financially. I want to protect my family as well as my current and future investments by having proper life insurance. The problem is no one will insure me due to past cancer and attempted suicide and drug problems. I don't even have health insurance for myself. Any suggestions would be greatly appreciated!
Thanks,
D

Well, Doug, to be frank with you, it is going to be EXTREMELY difficult to get insured due to your previous cancer, attempted suicide, and drug problems. It really all depends on your age and your current situation. Your premium is going to be a bit higher due to these factors, however, I am pretty sure that if you're in good health now and your blood work comes back fine, Western Reserve Life of Ohio (the main insurance company I use) will, in fact, insure you.

A good figure for insurance is approximately 10 times your annual income.

Some people will say go with Term insurance and invest the difference, however, I don't believe in this simply because term provides no cash value. Cash value in a life insurance policy is everything, because anytime you want to access the money it is tax free income.

Anyhow, I suggest that you do a little research on WRL and hit me back with a PM and I"ll be more than happy to point you in the direction of someone in your area who will take care of you!

T-Matt

 

[Creepusmaximus]

Hey all,
I am a Realtor and doing pretty well financially. I want to protect my family as well as my current and future investments by having proper life insurance. The problem is no one will insure me due to past cancer and attempted suicide and drug problems. I don't even have health insurance for myself. Any suggestions would be greatly appreciated!
Thanks,
D

I wouldn't insure you.

 

[BNG]

Hey all,
I am a Realtor and doing pretty well financially. I want to protect my family as well as my current and future investments by having proper life insurance. The problem is no one will insure me due to past cancer and attempted suicide and drug problems. I don't even have health insurance for myself. Any suggestions would be greatly appreciated!
Thanks,
D

Tmatt is pretty much on the money. I'm also a life & annuities agent with LSW and in your situation you may find the insurance for you to be quite expensive. You may consider a term or whole life policy for yourself but EIUL policies for your family members. If you're the policy owner you still have tax free access to the accumulated monies if needed. (as long as you avoid MEC) We also offer some annuity options that allow flexible contributions and reflect the S&P 500. Look for gauranteed minimum interest rates.