ULPT: Feel like there might be something wrong with your health, but haven’t been to see the doctor about it yet? Take out a life insurance policy and critical illness cover. You will lock in a good rate as your medical records will show you as still healthy at the time you took out the policy
Posted by Bombadombaway@reddit | UnethicalLifeProTips | View on Reddit | 28 comments
Just did this for myself, literally covered for the same day. Less anxious about making that doctor’s appointment now, knowing me and my family’s life is taken care of if the worst happens.
Azure4077@reddit
This won't work. There is usually a waiting period before coverage for major or catastrophic things- sometimes a year or more.
SunOnTheMountains@reddit
My dad has a rare blood clotting disorder and had a minor stroke at 39. He purchased multiple term life policies without disclosing it, thinking he was scamming them. He is 85 now. So much money wasted.
Bombadombaway@reddit (OP)
So much wasted, but a lifetime of peace of mind. He is lucky he never had to use it
SunOnTheMountains@reddit
No. Term life has increasing rates. He canceled the policies in his 60s because the payments became unaffordable. He might as well have flushed the money down the toilet.
lummilu@reddit
Whole life insurance is generally the bigger ripoff in terms of long term net value. Term is cheaper but has a narrow reasonable application— it should only be used for the limited period of time that income replacement is crucial to the beneficiaries. I have term now, because I’m a single parent and sole provider to young kids— currently without enough savings to provide for them if something happened to me. I’d never have any life policy if I didn’t have dependents, and I’m happy to decrease the benefit or totally ditch it as my net worth increases and/or dependents grow up.
Bombadombaway@reddit (OP)
Oh that really sucks. I only know about the fixed rate ones, didn’t realise there are types that increase too! ( more than inflation)
beautifulsouth00@reddit
Except when they go to cash out the policy if something were to happen to you all changes within 5 years are reviewed by lawyers and whether or not the beneficiary pays out depends on what happens to you for the next 5 years now.
Your rates may be low but if something medically catastrophic happens and is diagnosed within 5 years all of that rate is getting paid to The ether and nobody will ever see a scent of it if you passed away.
Happened to my dad. He was pretty sure he was going to get diagnosed with cancer, so he got an additional life insurance policy. 3 years later he was diagnosed with cancer and dead a year after that and the insurance policy didn't pay out. he was just basically throwing cash at nothing by paying for the life insurance policy.
SophieBean420@reddit
Most term policies have a 2yr contestation period. After that you’re clear.
Silveroo81@reddit
I feel like the insurance co’s did you wrong. It’s their job after all. Maybe they were bluffing for a lawsuit.
mrenglish22@reddit
Insurance does everybody wrong.
davy_the_sus@reddit
This is not unethical
Bombadombaway@reddit (OP)
I suppose it’s not but it’s a moral grey area as you suspect something, but haven’t investigated it yet. Therefore your medical records will show as blank even if you think it might be cancer.
But I’m from the UK so things might work differently here.
ChikaraNZ@reddit
Most insurance policy applications will ask you not only if you've been diagnosed with anything, but if you're had any symptoms as well - regardless if you've seen a Dr or not about them.
If you say no, and they somehow find out you did, you'll be declined and most likely blacklisted. And if you make a claim soon after getting a policy, they will investigate quite closely - especially if it's something that does usually has symptoms. So you better hope if you really did have something wrong, you never mentioned you were feeling unwell to anyone at all before being diagnosed.
Medium_War6594@reddit
Insurance companies have investigators and HIPAA really doesn't apply. Because Insurance fraud is a thing and you signed off on it when you signed the forms If you saw a doctor and they were concerned about something there is a note somewhere.
They could find the name of your dentist at the age of 6 and know how many cavities they have.
Medium_War6594@reddit
Yeah but many insurances have loop holes that will get them out. My mom took out additional life insurance in late 2018. In February she fortunately had a heart attack and they checked everything. In April she was diagnosed with cancer. Passed in May
Because the Feb exams showed she didn't have cancer we were able to cash in those policies.
But it took 6 months for them to pay
VixenTraffic@reddit
Sure wish I had done this. Haven’t felt well in a bit.
I’m offered insurance through employer every year but decline it.
Last week I was diagnosed with an untreatable, incurable, terminal illness. I guess It doesn’t matter as much that I didn’t save for retirement, but I do wish I had at least some money to fall back on.
CookieWifeCookieKids@reddit
Won’t they ask you to do a medical exam first so they know what they are getting into?
Dutchboy347@reddit
Lol insurance are meant to find ways to normal pay you. Just get off reddit stop trying to market insurance policies to cover your quota
Bombadombaway@reddit (OP)
lol how the hell would that even work if I was trying to fill a quota 😂
Dutchboy347@reddit
You tell me you're the one trying to market from the UK.
Bombadombaway@reddit (OP)
I’m not an insurance salesman, don’t fancy it
Dutchboy347@reddit
Yea ok sure you're not.
Bombadombaway@reddit (OP)
You can literally look at my comment history and see that I’m an accountant 😂
We are unsocial creatures who shy away from the anxiety of working with the general public
mazamatazz@reddit
Just be careful. I’m my country, even if you had documented symptoms that could be found to be related to a bigger issue, the claim would get denied.
Bombadombaway@reddit (OP)
Yes that’s why I mentioned to do it before any documented symptoms - for me, I haven’t had anything on my record the last 2 years, so I should be good to go
BeKind999@reddit
When I took out a sizable life insurance policy they sent a doctor to my residence to draw blood and give me a mini-physical (height weight and vitals). This was in the U.S.
AmeliaBlack90@reddit
Is this an ad for health insurance because I'm unsure how it's unethical, it's how health insurance works? Living in a socioeconomic system where we need to pay for health insurance our whole lives to survive in case.we're every sick is the real ethics dilemma.
Bombadombaway@reddit (OP)
Well I’m talking about life insurance specifically, but I’m from the UK so we don’t have to worry about health insurance as we have the NHS as a minimum.