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RE: [IP] Life Insurance Advice needed



Kim,

To answer your question, I BELIEVE the policy will/should explicitly state
the maximum premium amount ($xx.xx/month, etc.) that you will be charged
during the life of the policy.  Therefore, your agent should be able to give
you a VERY good idea of what you'll be paying 20 years from now.

Personally, I would keep the low-yield policy with this company and then see
about getting a completely separate policy with another company.  Keep this
existing policy not as an investment but as protection for your family.  The
new policy can serve as your combined investment/protection plan.

Sadly, I did not have the foresight to maintain the life insurance policy
that my mother took out for me shortly after I was diagnosed at the age of
five.  So, three years ago at the age of 28 I went through the process of
getting a $100K universal life policy in order to supplement what I had
through my job.  I was/am in good shape, passed the physical with flying
colors - except for the small pager-like item with the plastic tubing that's
clipped to my belt - and I went with a large, national (US)
company...According to the agent, my premiums are the same as what chronic
smoker's pay.  So, I received the policy, but my quarterly premiums are
almost enough to cause the policy to be paid out to my beneficiaries.

Hope this helps,

Dean

-----Original Message-----
From: email @ redacted
[mailto:email @ redacted]On Behalf Of Kim Chaloner
Sent: Wednesday, April 17, 2002 11:15 AM
To: email @ redacted
Subject: [IP] Life Insurance Advice needed


Dear Pumpers,
I realize there was just a thread about this issue, so if I repeat
anything please excuse me!
I have had an insurance policy (now held by Mass Mutual) since I was 8 y.
I was diagnosed with Type 1 at 16y.  Recently my insurance agent called to
ask about updating my policy to a Penn Mutual one (from a low yeild to a
high yeild).  Everything sounded fine and dandy until the health questions
started pouring in.  The agent would not tell me how being a Type 1
diabetic would affect a new policy.  He just kept saying, "Let me bounce
this off-a my guy in medical..."

My question: if I get a new policy with my current health information on
it, will it be subject to change over the years in a different way than
the one with my fabulous 8 yr. old health record?  (now I'm 31,
coincidentally)  Now, of course I'll look at the numbers and compare that
way, but I wonder if there is something I don't know how to look for.  Do
any of you have advice?  If not about the insurance than about the company?

Thanks
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