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Life insurance question?

I have a Ins policy for my husband at work, 25,000.. my husband has had some health issues in the past, but is in pretty good health now... i would like to purchase another 25,000 form a outside source, only because i only plan to work for another few years, and im worried his health could possibly get bad again... can i purchase another policy now without getting rid of the other...

Jul 22, 2015 by jerri in  |  Flag
6 Answers  |  8 Followers
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Peter C. Karp Level 20

Hi Jerri,

Thank you for reaching out and sharing your concerns about your husband’s health. We at Karp Capital strongly believe that having adequate coverage is paramount and it will be our pleasure to answer your question. The answer is yes you should be able to purchase another policy; however, this is contingent upon the qualification of your husband given his medical condition. If you have any further questions, please contact us at (415) 345-8185.

Disclosure: The posted information is for informational purposes only. This message does not constitute an offer to sell or a solicitation of an offer to buy any security. All opinions and estimates constitute Karp Capital's judgment as of the date of the report and are subject to change without notice. Accordingly, no representation or warranty, expressed or otherwise, is made to, and no reliance should be placed on, the fairness, accuracy, completeness or timeliness of the information contained herein. Securities offered through Infinity Securities (a registered broker-dealer, member FINRA, SIPC). Infinity Securities and Karp Capital Management are not affiliated companies.

Comment   |  Flag   |  Jul 29, 2015 from San Francisco, CA

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Rich Winer Level 20

Assuming he's insurable, you should be able to purchase another life insurance policy without getting rid of the existing policy. If his health is substantially better now than when you purchased the original policy, you might want to look into the cost of replacing the existing policy and buying a new $50,000 policy. It may be more expensive due to his being older now, but you never know. Sometimes companies offer special rates for various reasons. A good agent can steer you to a company that might be best for his age and health issues.

1 Comment   |  Flag   |  Jul 22, 2015 from Woodland Hills, CA
Rich Winer

I should add that I'm not advocating replacing your existing policy, just comparing your options and choosing the best, most appropriate one.

Flag |  Jul 22, 2015 near Woodland Hills, CA

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Sung T Chang Level 4

Don't cancel, until you have fully replaced with another policy. If there is a medical history, the rating for a new policy, may not be better than the usual smoker/standard rating of the workplace policies. In addition, don't forget driving record and age are other considerations on possible full underwriting of a new replacement policy.

Comment   |  Flag   |  Jul 22, 2015 from Atlanta, GA

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Brian Kuhn CFP® Level 17

Hi Jerri thanks for posting your scenario on the site. It looks like you have already received some guidance from the other posts. I would just agree and say you can have multiple insurance policies on one person. For the amount of $25,000 there are some policies in the marketplace that don't require medical underwriting. Hope you get the answers for which you are looking.

Comment   |  Flag   |  Jul 22, 2015 from Fulton, MD

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Jeri, May I first suggest that you review the existing policy and see if there is a clause in it that will allow you and your husband to purchase additional coverage from the issuer of your present coverage. There is an outside chance that such a clause is in the contract. Lacking that clause, there are numerous online sites that you can use to shop for coverage. I agree that you should not let the existing policy lapse until the new coverage is in place. If you are not comfortable shopping for new/additional coverage online, find a general agent who sells for more than one insurance company to help you find new coverage and guide you and your husband through the purchase process.

Hope everything works out for you and your husband.

1 Comment   |  Flag   |  Jul 22, 2015
Troy Austin Riemer

I'm not sure how to directly respond to the post, so I'm responding here. There are a few things that you need to consider: 1. Is the work policy portable, meaning, when your husband leaves work will he be able to take the policy with him? 2. How long ago were the health issues? Typically insurers will look at the medical history of an application for the previous 5 years. 3. Does the work policy price adjust with age? I have seen these incrementally increase every few years, which MAY make an outside option more cost affordable. Hope this helps!

Flag |  Jul 23, 2015

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Richard P Taylor Level 17

Jerri, I agree with all of the above answers. The short answer is yes. Just be aware there are many different avenues, costs, structures you can use under the life insurance umbrella. It might be wise to sit down with a financial professional in your area to determine what makes the most sense. Good luck.

Comment   |  Flag   |  Jul 23, 2015

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