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pumky_2001 | Question about life insurance? |
I have life insurance and went to update my insurance today. In 2003 I became disabled and did not know about the disability clause. Where I don't have to pay the premiums anymore. Can I change my term life to whole life? Will I get back pay from 2003? I want to know this before my agent calls me next week with the answers. Please don't try and sell me insurance for as I won't qualify anyways just the answers please. |
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Insurance Pickle.com
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you should be able to convert the term to whole life and the disability should pay for it. But, you should put your disability claim through first to make sure.
Then your plan will accumulate cash and if set up properly the face value should grow. They will not go back retroactively since you didn't make a claim 'til now and the only downside is if you eventually come off the disability you'll now owe the premium on the whole life plan each month.
hope that helps...
http://www.InsurancePIckle.com |
|
es
 |
No one can answer your questions. No one on this forum knows what your policy says, whether there is a conversion provision, etc. Read your policy and look for the answers in the contract. And trust your agent! You should get the premium waiver going forward if you submit medical documentation. Don't expect a retroactive five year credit. I hope this helps. Best of luck to you. |
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Mr_Blue
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I am not an insurance expert but my experience has been that insurance policies don't automatically have disability clauses. Those are usually extra - at least in old whole policy I had.
So, make sure the policy includes the disability waiver. The disability waiver/rider only suspends or reduces premiums for the length of disability. It does not pay you "back pay". You may be thinking of disability insurance which is an entire different form of insurance.
As for changing from term to whole life - it will a lot more expense for whole life. You have to weigh the benefits and costs. It might be best to stay with term life. |
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Michael M
 |
You'll have to read your policy language to get the answers to your questions, but maybe I can help point you in the right direction.
Many term policies have a conversion option that allows you to convert your term policy into a whole life insurance policy. There is usually a certain age and period of time that you have to do this.
You'll have to read the specifics of the disability clause but most will refund you the premiums back to the time of disability as long as you have something official declaring you disabled in 2003. If you had a medical evaluation declaring you disabled for disability income benefits from your employer or social security back in 2003 that will probably suffice. If you just declared yourself disabled then that will probably not suffice and you will need to talk to the insurance company about what you need to do in order to start having your premiums waved going forward. |
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car253
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If you have a waiver of premium rider on your policy then the premiums would be waived as long as you are disabled.
Changing your policy from term to whole life is a huge decision. Because you would get a lower coverage with more expensive premiums. It probly would not be a smart move. And, you may not qualify for that either. If you are consider doing that you better speak to more than one agent and get several opinions.
My opinion is, "Don't do it".
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duffmanasu
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Nobody on this forum can fully answer your question for you because we don't know what company insures you, or what the conditions of your policy are.
I had a situation last year similar to yours. A gentleman had been disabled a little over a year before making his Disability Waiver claim. My company was willing to go back that timeframe (about 14 months) and retroactively waive his premiums and send him a premium refund after he provided us with medical documentation that he had been disabled for that time period. Your company may not be willing to do this, especially since it's been 5 years. I cannot tell you for sure, I don't think my company would have refunded a full 5 years worth of premiums.
As far as converting your policy, I cannot speak for your company since I don't know who it is, but most companies would not be willing to convert your term policy after you've become disabled. I look into that option for my client last year, and we were unable to do it. Think about it logically, why would the insurance company want to do that? Now they are paying your premiums....much higher premiums, for a longer time (until you die) and they're providing you with a cash value. This makes no sense for the insurance company to do. My company will continue to pay your term premiums (no matter how expensive they get) until the term policy ends. With my company, term policies are renewable until age 85, but the premium goes up every year or set number of years after the original term ends. Therefore, we will waive premiums (even after they get incredibly expensive) for the life of the policy.
It doesn't hurt to ask your agent if they can refund premiums back to the start of your disability or if they can convert to whole life for you (I looked into it for my client...I was even the one who suggested it), but I wouldn't find myself being too optimistic that the life insurance company will play ball. |
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