Wedding Woes

Friday, Friday, Gotta Get Down with Friday!

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Re: Friday, Friday, Gotta Get Down with Friday!

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    Most workplace insurance policies are only AD&D* (Accidental Death and Dismemberment).  Which for people like you all who are younger, might be okay.

    But if one of you is diagnosed with a major and/or terminal medical condition, workplace policies won't cover a death resulting from that.  Even if it is more on the "major" side, but not fatal, you'll probably have a hard time buying a term or whole policy or it will be insanely expensive as compared to what it would be to buy it now.

    A lot of people don't recommend a policy for children, but what I just described is a good argument for it.  My parents bought one of those Gerber Life policies when my sister and I were babies.  And, at least for me, THANK GOD they did.  I was diagnosed with Type I Diabetes when I was only 20.  That Gerber policy is the only life insurance I have (other than an AD&D at work) or ever will be able to have.  Technically, there are a few companies who would currently sell me a policy, but the rates are completely outrageous.  The last one I looked at was $178/month for a $37K 20-year term.  PUH-LEEZ.  I'd be paying $10K more than the actual coverage over the entire 20 years.  Without the diabetes for a woman my age, that probably would have been $20-$25/month.

    *I've also heard horror stories (from a friend who is a life insurance agent, no less) that if a person is in a car accident but doesn't die on the scene.  However, they die in the ambulance or later at the hospital from their injuries, NOPE, even that's not covered in many AD&D policies.  The person has to literally die at the moment/scene of the accident.  Not later on from their injuries.

    At any rate, some caveats and things to think about while shopping for insurance.  Insurance of any kind is always hard to figure out.  Because you're often weighing the gamble of something unlikely to happen vs. being SOL if "X" event happens vs. real money FOR SURE coming out of your pocket every month for the gamble.  It's a bit maddening! 

    I'm not really sure what you are saying as most employer policies are going to be a Life and AD&D policy.  The Life portion is pretty straightforward payment upon death and the AD&D portion may pay additional benefits to dependents (education or daycare expenses) or will pay when you suffer a partial lose or coma in addition to death due to accident (with certain exclusions). 

    We don't have any clients that offer only AD&D policies for employees. There are additional AD&D policies/amounts an employee can purchase on top of what is already offered. 
    cupcait927charlotte989875ShesSoColdOliveOilsMom
  • ShesSoColdShesSoCold bend over and I'll show ya mod
    Moderator 5000 Comments Fifth Anniversary 500 Love Its

    I definitely agree with S&S and Charlotte regarding life insurance.

    You can have a child rider added to most policies (even term) for a minimal cost.

    I used to work in life insurance and we'd do permanent policies for babies for like $100 a year for $100,000. Then the baby would have this coverage and tiny little premium forever.

    Also, I haven't done it yet, but my company offers legal coverage through a company called LegalShield and they do wills. You can sign up and cancel any time so our plan is to enroll, get our will done and cancel it. Individual, non-group rates are only like $25 a month.

    Most insurance companies don’t recommend insuring children under 18. My work insurance covers accidental death of anyone in our family up to a certain amount and anything else we could convert the RESP for. 


    Interesting! I never heard of that and I never had a problem getting a policy issued for any child, although the riders were much more common in my experience.

    My work has life and AD&D, plus voluntary coverage for crazy cheap. I have that, plus a small permanent policy so I could lock in the rates while I'm young and healthy because I'm betting (and hoping) I won't be working when I die.

    Image result for someecard betting someone half your shit youll love them forever
    charlotte989875
  • I definitely agree with S&S and Charlotte regarding life insurance.

    You can have a child rider added to most policies (even term) for a minimal cost.

    I used to work in life insurance and we'd do permanent policies for babies for like $100 a year for $100,000. Then the baby would have this coverage and tiny little premium forever.

    Also, I haven't done it yet, but my company offers legal coverage through a company called LegalShield and they do wills. You can sign up and cancel any time so our plan is to enroll, get our will done and cancel it. Individual, non-group rates are only like $25 a month.

    Most insurance companies don’t recommend insuring children under 18. My work insurance covers accidental death of anyone in our family up to a certain amount and anything else we could convert the RESP for. 


    Interesting! I never heard of that and I never had a problem getting a policy issued for any child, although the riders were much more common in my experience.

    My work has life and AD&D, plus voluntary coverage for crazy cheap. I have that, plus a small permanent policy so I could lock in the rates while I'm young and healthy because I'm betting (and hoping) I won't be working when I die.

    ditto never heard of it. We have a lot of clients with specific dependent voluntary life policies and those policies are only available for under 18. My work automatically provides $2,000 dependent life and $3,000 spousal I think
  • cupcait927cupcait927 Western NY wine country member
    Seventh Anniversary 2500 Comments 500 Love Its First Answer
    kvruns said:

    I definitely agree with S&S and Charlotte regarding life insurance.

    You can have a child rider added to most policies (even term) for a minimal cost.

    I used to work in life insurance and we'd do permanent policies for babies for like $100 a year for $100,000. Then the baby would have this coverage and tiny little premium forever.

    Also, I haven't done it yet, but my company offers legal coverage through a company called LegalShield and they do wills. You can sign up and cancel any time so our plan is to enroll, get our will done and cancel it. Individual, non-group rates are only like $25 a month.

    Most insurance companies don’t recommend insuring children under 18. My work insurance covers accidental death of anyone in our family up to a certain amount and anything else we could convert the RESP for. 


    Interesting! I never heard of that and I never had a problem getting a policy issued for any child, although the riders were much more common in my experience.

    My work has life and AD&D, plus voluntary coverage for crazy cheap. I have that, plus a small permanent policy so I could lock in the rates while I'm young and healthy because I'm betting (and hoping) I won't be working when I die.

    ditto never heard of it. We have a lot of clients with specific dependent voluntary life policies and those policies are only available for under 18. My work automatically provides $2,000 dependent life and $3,000 spousal I think
    Working in employee benefits, I have also never heard that it's not recommended to get life insurance for children. We actually get a lot of traction with the child life. We also never offer just AD&D insurance, it's life insurance and usually there's automatic AD&D or the option to purchase AD&D in addition. We have LOTS of employer groups with that provider employer paid life insurance and give their employees option to buy voluntary term policies. What's nice about a term policy through an employer is that typically the rates are cheap and most times you can get coverage without any underwriting if you enroll as a new hire or during an open enrollment period (at least in NY).
    kvrunsShesSoColdcharlotte989875OliveOilsMom
  • I have a pre-existing condition and I don't pay more than $45/ month for my life insurance. I pay more than FI does because he doesn't have any family histories or pre-existing conditions. It really depends on your insurance company and broker. We have a really good financial advisor. 
    100% yes! With M's former job, I wasn't covered under insurance with an ulcer - I wasn't on meds at the time - but I was covered under my own later on. It was the same friggen company!

    Although not life insurance, I had a hilarious argument with a CSR for medical insurance I had many years ago.  That was back in the days (in the U.S.) where your work's medical insurance would generally not cover a pre-existing condition for the first year if there had been a break in coverage for longer than either 30 or 60 days (I forget which).

    I quit one job for another one.  Fortunately, their policy put all new employees on the medical coverage on Day One.

    Coincidentally, they happened to have the same medical insurance company as the one at the job I'd just had.

    I went to see my endocrinologist for one of my typical appointments.  I get the form letter in the mail that I need to show proof of my prior insurance with the less than X days in coverage or they won't cover that visit.

    I call to see if that is really necessary.  Since they were my prior insurance also.  Seemed like they could just look me up.  I started the phone call by explaining the letter I got, that I had just switched jobs, no break in coverage, and they were my insurer with both of those companies.  I know I was very clear.  She obviously hadn't listened to what I said, assumed what she thought I was asking, and gave me the legal and their policy explanation on why they need this letter from my prior carrier.  B**ch, this is not my first rodeo with a pre-existing condition clause, lol.  (I did not really call her a name)

    I explain my situation again.  And again.  Trying to phrase/explain it a little differently each time.  At one point, she kept swearing she knew what I was saying, but still needed the letter from my prior carrier.

    (Shrug) maybe she does understand and I still need the letter from a different department.  So I then ask her, "Okay, sure.  If you need me to get that letter from a different department, fine.  But can you give me their extension or transfer me?"

    Now she is super exasperated, "NO!!!  You have to get that from your PRIOR insurance company."

    Me:  "YES!!!  I FULLY understand that.  YOU ARE my prior insurance company.  Like I've been telling you this whole time."

    Her:  "Oh.  Let me try to look up your previous policy."  And, just like I suspected, that was all they needed to do to take me off the "pre-existing condition" category, smh.

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    kvrunsShesSoColdcharlotte989875OliveOilsMom
  • Re: Insurance.  We got life policies pretty soon after we were married.  Through work, I also buy low cost life and AD&D through work.  I think I even have child policies that would essentially cover burial ($5k or $10k).  

    I'm so glad it's Friday.  I went to bed before 10 last night.  I was sleeping so hard that I didn't even hear DH get up for the gym this morning. 

    DH and the kids are going to FIL's tomorrow to start demoing his kitchen.  I have plans to get some housework done and watch all the Netflix.   
    MissKittyDangercharlotte989875OliveOilsMom
  • mrsconn23 said:
    Re: Insurance.  We got life policies pretty soon after we were married.  Through work, I also buy low cost life and AD&D through work.  I think I even have child policies that would essentially cover burial ($5k or $10k).  

    I'm so glad it's Friday.  I went to bed before 10 last night.  I was sleeping so hard that I didn't even hear DH get up for the gym this morning. 

    DH and the kids are going to FIL's tomorrow to start demoing his kitchen.  I have plans to get some housework done and watch all the Netflix.   
    What's in your queue?
  • mrsconn23 said:
    Re: Insurance.  We got life policies pretty soon after we were married.  Through work, I also buy low cost life and AD&D through work.  I think I even have child policies that would essentially cover burial ($5k or $10k).  

    I'm so glad it's Friday.  I went to bed before 10 last night.  I was sleeping so hard that I didn't even hear DH get up for the gym this morning. 

    DH and the kids are going to FIL's tomorrow to start demoing his kitchen.  I have plans to get some housework done and watch all the Netflix.   
    What's in your queue?
    So far, finishing "Wild Wild Country" and watching season 2 of "The Stand-ups" and maybe finishing "The Mortified Guide."
    charlotte989875
  • kvruns said:
     


    Most workplace insurance policies are only AD&D* (Accidental Death and Dismemberment).  Which for people like you all who are younger, might be okay. 

    I'm not really sure what you are saying as most employer policies are going to be a Life and AD&D policy.  The Life portion is pretty straightforward payment upon death and the AD&D portion may pay additional benefits to dependents (education or daycare expenses) or will pay when you suffer a partial lose or coma in addition to death due to accident (with certain exclusions). 

    We don't have any clients that offer only AD&D policies for employees. There are additional AD&D policies/amounts an employee can purchase on top of what is already offered. 
    I apologize, I probably shouldn't have said "most".  My life insurance friend warned me that work life insurance polices are often only AD&D policies and I should double check mine.  I'd really never thought about it, but that was kind of how the life insurance through my work sounded like to me.  TBH, I found it confusing and am still not sure.  All the wording super focused on accidents and then had a long list of exclusions that were accident/unusual incident related.  Plus "flat fee" payouts for injuries like losing a leg or going blind (not sure if those are only related to accidents).  It didn't discuss dying from an illness or old age, either way.  But then, there was also a clause that talked about the payout would double if the death was from an accident.  Which, I guess, implies that it does pay out for other types of death?  One of these days, I'll have to ask HR.  I've just never worried about it, because my actions would be no different either way, since I can't buy reasonably priced insurance outside of them. 
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  • ShesSoColdShesSoCold bend over and I'll show ya mod
    Moderator 5000 Comments Fifth Anniversary 500 Love Its

    I shouldn't keep making fun of DLE. I'm clearly not any smarter.

    I just super glued a crack in my nail. And to check if it was dry, I gently wiped it across my lip. It was not dry and now I'm scraping super glue off my effing lip.

    Image result for someecard betting someone half your shit youll love them forever
    charlotte989875OliveOilsMom
  • I shouldn't keep making fun of DLE. I'm clearly not any smarter.

    I just super glued a crack in my nail. And to check if it was dry, I gently wiped it across my lip. It was not dry and now I'm scraping super glue off my effing lip.

    at least it's friday?
  • @short+sassy certificates can be super confusing to read as they jump around. Most of the stuff you described is AD&D but I bet there is a normal life payout for most kinds of death. It is usually a pretty small part of the certificate since it is pretty straightforward whereas the AD&D portion has a bunch of caveats and payout terms so it takes up more space in the cert. 

    @shessocold LOL.  Errr.....owwww
    short+sassy
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