WWYD? (Insurance-related!)
DH's family purchased a pretty expensive life insurance policy for him when he was 6 years-old. He's a type-1 diabetic, and they knew it would be near impossible for him to get life insurance when he got older. The policy covers a lot, but it's about $3,000/year.
DH now works for a college that pays for a life insurance policy. It's just as good as the one he pays for privately. We asked this new life insurance company about what happens hypothetically if DH leaves the job/gets fired/starts to work for another college that doesn't offer life insurance, and they said that DH can continue his policy privately WITHOUT having to take a physical of any sort--which is great (and VERY rare)! The only reason DH would not have to take a physical is because he's already approved through the school. When we asked how much it would cost per year if he stopped working at the school, they said they can't give an exact estimate, but it would be less than what we're paying privately already. It makes me nervous that they can't give us an estimate, but all of our calls have been recorded and documented when we discussed it with this company.
Here's my question: Would you feel comfortable NOT renewing DH's private life insurance policy for the 2011 year? $3,000 is a lot to spend, especially considering that he already has a second policy; also, we would get a large chunk of change from the private policy if we cancel (since so much moved was invested into it). However, his family has been putting money toward this for well over 20 years, and I feel uneasy canceling it. I know it's DH's decision (and mine) ultimately, but I just wanted to get some other opinions out there.
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DH now works for a college that pays for a life insurance policy. It's just as good as the one he pays for privately. We asked this new life insurance company about what happens hypothetically if DH leaves the job/gets fired/starts to work for another college that doesn't offer life insurance, and they said that DH can continue his policy privately WITHOUT having to take a physical of any sort--which is great (and VERY rare)! The only reason DH would not have to take a physical is because he's already approved through the school. When we asked how much it would cost per year if he stopped working at the school, they said they can't give an exact estimate, but it would be less than what we're paying privately already. It makes me nervous that they can't give us an estimate, but all of our calls have been recorded and documented when we discussed it with this company.
Here's my question: Would you feel comfortable NOT renewing DH's private life insurance policy for the 2011 year? $3,000 is a lot to spend, especially considering that he already has a second policy; also, we would get a large chunk of change from the private policy if we cancel (since so much moved was invested into it). However, his family has been putting money toward this for well over 20 years, and I feel uneasy canceling it. I know it's DH's decision (and mine) ultimately, but I just wanted to get some other opinions out there.
