Do Insurance Companies Use OSA to Jack Up Rates?

[PerChancetoDream]

Has anyone tried to get term life insurance with sleep apnea?  I went thru a roto-rooter of my past medical history a few years ago, and never got the coverage because they doubled the rates after I said I had gestational diabetes for the first of my two pregnancies. (I did not have it for my second, nor do I now).  I got so mad at the absurdity. 

Should I even bother applying?

[Sleeprider]

Life insurance will schedule a higher rate for any risk factor, even if it is not a condition you currently have. I was scheduled higher risk because I asked my doctor about a liver enzyme test I had in my 30s for which I was unsure of the results. That question was enough to increase my rates, even though my tests came back normal. I learned not to ever discuss anything with the doctor you don't want to end up in some insurance company files.

Your need for insurance is really dependent on who is depending on you. People with young children have the most obvious need. Life insurance becomes less important as you become vested in retirement plans, savings and investments and can provide post-life planning for your loved ones. The nightmare scenario is an injury, stroke or chronic illness that leaves you disabled and in need of long-term care. Life insurance does not pay out if you're still alive, but once a person is in this situation, their assets are required to be depleted before Medicare/Medicaid assumes any responsibility. This can leave you and your loved ones without savings, assets, employment income etc. In my opinion, a better investment than life insurance, is to discuss your financial planning with an attorney, including a will and living will. Understanding strategies to shelter assets and protect yourself and your loved ones against financial ruin, is IMO more important than insuring against sudden death. With long-term care, the life insurance you bought to protect your loved ones, becomes just another asset that can be seized to pay your medical bills, and insurance companies will cancel a term life policy by any means possible if you are affected by a significant change in health.

[grubstake]

Not sure about life insurance, but some years back I was rejected entirely for health insurance simply on account of it. In writing.

Tim