Need Help Getting approved for Life Insurance

[Cyborgian01]

Hello Everyone, I came here to get some information regarding getting life insurance. I'm 26 years old. The reason I want to get my life insured is not because of my health or age, but because of my job. I'm an Uber Driver and I believe the risk of being hit by someone is pretty high especially on nights and weekends when there are many inconsiderate drunk drivers on the road. My problem is. I just got clean from a pain pill problem. (I got on them after being hit and totaled by a drunk driver) I've checked myself into a Methadone Clinic and am now on Methadone paid for by my Health Insurance. I am 100% sober but I'm still part of the Outpatient Rehab Program. Other than this problem I just have some irritable bowel syndrome and other than that I'm in perfect health. I just turned 26 a few weeks ago. I really want to get my life insured to make sure if I'm in a car accident from being hit by some drunk, that my mother will be financially ok, as I pay ALL of my mother's bills. I wanted to get a multi-million dollar policy. I have no problem paying quadruple the amount of a normal person if I have to. I just want to be covered to make sure my family ok. Everywhere I read on Google it says I have to be sober at least 3 years, I just can't accept being uncovered for 3 years while I'm driving 12+ hours a day. I could be hit by a drunk driver next month and my family will be screwed. I am willing to pay 4-5 times what it would normally cost. This whole thing started with me being hit by a drunk driver. So I'm very concerned about being hit by 1 again. Please please someone help.

 

[STIBROKER]

Hello Everyone, I came here to get some information regarding getting life insurance. I'm 26 years old. The reason I want to get my life insured is not because of my health or age, but because of my job. I'm an Uber Driver and I believe the risk of being hit by someone is pretty high especially on nights and weekends when there are many inconsiderate drunk drivers on the road. My problem is. I just got clean from a pain pill problem. (I got on them after being hit and totaled by a drunk driver) I've checked myself into a Methadone Clinic and am now on Methadone paid for by my Health Insurance. I am 100% sober but I'm still part of the Outpatient Rehab Program. Other than this problem I just have some irritable bowel syndrome and other than that I'm in perfect health. I just turned 26 a few weeks ago. I really want to get my life insured to make sure if I'm in a car accident from being hit by some drunk, that my mother will be financially ok, as I pay ALL of my mother's bills. I wanted to get a multi-million dollar policy. I have no problem paying quadruple the amount of a normal person if I have to. I just want to be covered to make sure my family ok. Everywhere I read on Google it says I have to be sober at least 3 years, I just can't accept being uncovered for 3 years while I'm driving 12+ hours a day. I could be hit by a drunk driver next month and my family will be screwed. I am willing to pay 4-5 times what it would normally cost. This whole thing started with me being hit by a drunk driver. So I'm very concerned about being hit by 1 again. Please please someone help.

you can start by running rates here.....
http://m2insurance.com/low-cost-term-life-insurance/

 

[Lewis_FL]

Hello Everyone, I came here to get some information regarding getting life insurance. I'm 26 years old. The reason I want to get my life insured is not because of my health or age, but because of my job. I'm an Uber Driver and I believe the risk of being hit by someone is pretty high especially on nights and weekends when there are many inconsiderate drunk drivers on the road. My problem is. I just got clean from a pain pill problem. (I got on them after being hit and totaled by a drunk driver) I've checked myself into a Methadone Clinic and am now on Methadone paid for by my Health Insurance. I am 100% sober but I'm still part of the Outpatient Rehab Program. Other than this problem I just have some irritable bowel syndrome and other than that I'm in perfect health. I just turned 26 a few weeks ago. I really want to get my life insured to make sure if I'm in a car accident from being hit by some drunk, that my mother will be financially ok, as I pay ALL of my mother's bills. I wanted to get a multi-million dollar policy. I have no problem paying quadruple the amount of a normal person if I have to. I just want to be covered to make sure my family ok. Everywhere I read on Google it says I have to be sober at least 3 years, I just can't accept being uncovered for 3 years while I'm driving 12+ hours a day. I could be hit by a drunk driver next month and my family will be screwed. I am willing to pay 4-5 times what it would normally cost. This whole thing started with me being hit by a drunk driver. So I'm very concerned about being hit by 1 again. Please please someone help.

Yes 3 years is about right plus after that you'll pay a flat extra for a few more years. Get some accident only coverage until you can qualify for normal term insurance.

 

[jboussea]

Yes 3 years is about right plus after that you'll pay a flat extra for a few more years. Get some accident only coverage until you can qualify for normal term insurance.

I never sell Accident only.. do they totally disregard substance abuse, DUI's etc.. and driving record?

 

[Lewis_FL]

Mutual of Omaha's is guaranteed issue. Up to $500k. Some carriers actually do some underwriting. Gerber is guaranteed issue also. Theirs is based on face amount only, not age or gender. Up to $250k. $26.13/mo.

 

[Cyborgian01]

I'm in California, I looking for something atleast 5 million in coverage, I don't mind paying up to 400 dollars a month for it either. The reason for the high amount is my mother has no retirement and I'd like her to have enough to survive the rest of her life (she's 65) on, considering 3% annual inflation. And the pain killers I was taking was off the street, not from my doctor. It started from my doctor until my I had a problem with my health insurance and they stopped my medication for like 3 months cold turkey so I went to the street to prevent the violent withdrawal. But I'm in rehab and sober now, But yea I'm in California and don't mind paying over 400 a month for something over 5 million. Is this possible? Hell I'll pay 500 I just want my mother to be safe and not on the streets if something happens to me. thank you everyone

 

[DHK]

$5 million? How did you come up with that figure? Why would an insurance company cover you for $5 million?

Life Insurance companies don't just say "pay us for whatever you want for coverage". They must justify why they are insuring you for that amount. And it's not based on your "wishes" for what you want for other people, but based on your Human Economic Life Value. Your earning potential is what is being insured, not your wishes for others.

For most companies, the most they will issue you for is 30x your annual income based on your current age. You did not list your annual income. However, for a $5 million policy, your income would need to be documented at least at $167,000 per year (30 x $167,000 = $5 million). I think we can safely assume that you're not earning that as an Uber driver.

So, the maximum you can be considered for, is 30x your income. Assuming $50,000 per year, that would be $1,500,000 policy... assuming you can qualify for it.

As Lewis_FL said - I would look into accident only coverage. Accident means violent and external to the body. (So, if you die from a stroke, it won't cover you - but it will cover you in the event of an accident. You have to "die the right way" for it to work.) I've seen coverage as high as $250,000 for as little as $30/month. Generally only an HIV health question - last I remember. Assurity life and Mutual of Omaha both offer accident-only policies.

Here's the link for Mutual of Omaha: Accidental Death Insurance from Mutual of Omaha Insurance Company

Read it carefully though. The $1 million plan only pays out $300k for auto/pedestrian. It's still better than nothing.

No, I don't sell it, but I'm sure there are others who do - even in California.

 

[Cyborgian01]

$5 million? How did you come up with that figure? Why would an insurance company cover you for $5 million?

Life Insurance companies don't just say "pay us for whatever you want for coverage". They must justify why they are insuring you for that amount. And it's not based on your "wishes" for what you want for other people, but based on your Human Economic Life Value. Your earning potential is what is being insured, not your wishes for others.

For most companies, the most they will issue you for is 30x your annual income based on your current age. You did not list your annual income. However, for a $5 million policy, your income would need to be documented at least at $167,000 per year (30 x $167,000 = $5 million). I think we can safely assume that you're not earning that as an Uber driver.

So, the maximum you can be considered for, is 30x your income. Assuming $50,000 per year, that would be $1,500,000 policy... assuming you can qualify for it.

As Lewis_FL said - I would look into accident only coverage. Accident means violent and external to the body. (So, if you die from a stroke, it won't cover you - but it will cover you in the event of an accident. You have to "die the right way" for it to work.) I've seen coverage as high as $250,000 for as little as $30/month. Generally only an HIV health question - last I remember. Assurity life and Mutual of Omaha both offer accident-only policies.

Here's the link for Mutual of Omaha: Accidental Death Insurance from Mutual of Omaha Insurance Company

Read it carefully though. The $1 million plan only pays out $300k for auto/pedestrian. It's still better than nothing.

No, I don't sell it, but I'm sure there are others who do - even in California.

I came to the figure of 5 million by calculating someone (my mother) living off 2000-2500 dollars worth for 30 years at 3% inflation per year, I used an inflation calculator to see how much it would cost 30 years from now to have the same standard of living that 2000-3000 a month can buy today and the calculator gave me around 4-5 million to carry the same standard of living that 2-3k can buy in today's money over 30 years. So I can have peace of mind my mother won't be elderly homeless. I wish she saved for retirement. It's giving me alot of stress. My mom is not from here (Asian) and barely speaks English and has no idea about finances at all. At all...... Which is what is scaring me how is she gonna survive without me...

I thought I could get what ever amount as long as I paid the monthly premium required....I didn't know my income mattered, I thought the insurance companies only care about how much you can afford to pay... :( Thanks for the info, I do appreciate it, would I be able to get multiple policies? Like an accidental insurance from mutual of Omaha and regular life insurance from elsewhere at the same time? I really need to find a way to make sure my mother is ok if something happens to me.

 

[DHK]

would I be able to get multiple policies?

All existing and applied for policies (and even GROUP insurance policies) would need to be disclosed on the application. All policies would need to be coordinated - meaning that you cannot be insured for more than the insurer would otherwise allow.

 

[paytoplay]

If you are worried about getting hit by a drunk driver, have you considered the possibility that you will not die but will live and have lifelong injuries. You may want to make sure you have adequate uninsured motorist coverage on your auto policy. Plus some companies allow the addition of extra uninsured motorist coverage on an umbrella policy.

And then don’t forget disability insurance which would provide coverage if you cannot work due to an injury or illness.