Tag Archives: life insurance

I Just Locked In $2M of Term Life Insurance for $2600 per year

I guess I should be grateful that one agency decided to offer me a “standard” policy. Consider this your daily PSA kids–get term life insurance when you are young, healthy, and can qualify.

While healthcare has government regulations in place to assure you aren’t getting completely screwed over, life insurance has none of this. What this means that life insurance agencies can make you pay more for being “risky” or flat-out deny you, and they won’t even tell you WHY you were denied.

While I’m in the overweight (not obese) category, which makes me higher risk to start, that should not prevent me from getting approved for term life insurance. What prevents me from getting approved, shockingly, is my history of depression.  Apparently having a history of depression means that I’m uninsurable.

One agency offered me a quote at “standard” rates… and given I now understand how uninsurable I am, I’m taking them up on a 30 year $2M policy just to be safe for $2600 a year. I might be over insuring at this point, but I can always drop the policy down in the future if I no longer need that much coverage. I look at my son and think, god, what would happen if I get hit by a bus and my family is left without my income. I can’t leave them like that.

I do have a $300k policy through work, but that’s pocket change for what is really needed, and the likelihood of my working for the same company for the next 30 years (or one that offers similar benefits) is very slim to very none. So that’s a “bonus” should I get hit by a bus tomorrow, but we need a real policy to provide coverage in case I kick the bucket a little early.

$2600 a year seems like a lot (heck, it is a lot, especially since we’re now looking into getting my husband who is 37 with medication-treated chronic high blood pressure his own policy, plus a disability policy since as a self-employed person he does not qualify for government coverage should he get insured or sick and not be able to work. I’m expecting our total insurance coverage to cost us around $8k a year, which is shit, but it is what it is.  Better safe than sorry, I guess.

It’s just so frustrating with life insurance that they can charge me whatever they want and not explain why I’m getting charged this. I wish I was approved by more than one company so I’d have options to compare, but my broker reached out to many companies and only one provided a quote (well apparently another table rated me and he said the quote was so high he didn’t bother sharing it with me.) I should be happy to have a “standard” quote. I hope this agency didn’t somehow miss something in my medical history that will disqualify me later, but they all saw the same information and bloodwork results…

It sounds like after two years of paying premiums it’s harder for them to refuse to pay out if you get hit by a bus… which means if I die in the next two years by getting hit by a bus, they’ll probably accuse me of walking into said bus (even if I’m standing on the sidewalk minding my own business and the bus hits me.) That really sucks, because for the next two years I’m paying for coverage but I’m not really covered at all. After that, I’ll be covered, I just have to come up with the $2600 a year to pay for insurance.

So I’m semi kicking myself for not applying for insurance before I got pregnant, but I’m not sure how much of a difference it would have made… a 30 year policy would have lasted 2 years less at that point, and I still had depression on my medical record, just not PPD yet (and my short disability leave due to it.) I’m unclear if the reason these companies denied me was my PPD, or if it was my record of “major depression” or my not taking medication or what. It’s crazy they don’t have to explain why they won’t give you a policy, they can just deny you and that’s that.

And, am I really that much more likely to die in the next 30 years because I’m depressed and going to therapy? You’d think the many people out there who are depressed but not willing to admit it and who are NOT going to therapy are more likely to end up dead than someone who is being treated.

If they actuarially think I’m such a high risk that they won’t insure me at all–that it isn’t even worth taking some ridiculously high premiums to insure me–then should I be concerned? I mean, am I going to die in the next 30 years because I’m depressed? I’d prefer not to.

 

And the Depression Fog Rolls In… How to Cope?

I want to be an organized, has-her-shit-together mom for my son. But let’s face it, just because I managed to squeeze a 7lb human out with relatively minimal complications doesn’t mean I suddenly am I sane, stable individual. Spoiler alert: I’m not.

I’m sitting in my one bedroom apartment living room watching my son finally in a good mood, on his back, in the little empty carpeting in the room, cooing and laughing, looking at… something? It’s nearly 7pm and I don’t know where the day went. We did a lot of me not sleeping as he snacked on my breasts and slept on me. When I tried to put him down for a nap in his pack & play he, as always, freaked out. I put a pacifier in his mouth and he spit it out, then started fussing, then started screaming. And repeat.

Exhaustion has new meaning with a newborn. I’m so grateful that I bailed on my plan to go back to work after 6 weeks and with my depression was able to get a disability extension (something I didn’t want to have to do, but I give up) and I have an extra eight weeks, plus another six that will be semi paid that is usable next year, and six weeks unpaid if I want them. The amount of stress I’ve dealt with just managing the guilt and logistics of orchestrating my maternity leave has been immense. I still don’t know how I’m going to go back to work, and then take my 6-12 weeks off throughout the next couple of months. While those weeks are “job protected,” the time in between them is not… which means my company could decide to let me go before I get to use this time off. I hope they don’t, but every single day I will be extra paranoid that I have to prove my worth and then some to maintain my employment…

That’s not good because I already feel like I don’t know what the heck I’m doing, as always. I mean, I am in a better spot in this job than others I’ve had before… but I’m by no means in the clear. I’m scared, and much more scared now that I have a kid. We have a cushion and all, but I need to work. I need to work full time for a long time to afford being a mom. And while I WANT to work, I also want to see my child grow up. I don’t have a choice either way. It’s challenging to hang out with other moms who are changing their minds about going back to work and deciding to quit their jobs and stay home. I don’t want to do that, but then again, part of me does. I can’t, and so that makes it an easy decision for me. But being that I can’t, I also can’t lose my job. And my husband get so annoyed at me when I constantly say I’m going to get fired–and I know that’s not the most productive thing to tell myself, but I just feel so lost and hopeless. I’m almost 35 and I haven’t the faintest idea how to do my job well. Fortunately my boss seems to like me, but that can change at the drop of a hat. If I make her look bad, even by accident, even if I try my best, why would she like me anymore?

Being this exhausted is not ideal for returning to a job that I don’t know how to do. I’ll just hang in as long as I can… which may be months and may be years… and try to save as much as possible. But I’m on a whole different wavelength of reality than my husband right now, which isn’t good. He earns $85k a year without benefits, and I’m making somewhere between $170k and $300k, and I carry the family benefits as well. If he lost his job, it wouldn’t be great, but we could survive. If I lose my job, that’s another story.

The stress was added to this week when I found out it’s unlikely I can qualify for term life insurance because of my history of depression. That’s plenty to be depressed about. I’m not sure how much life insurance I should get, but I was thinking a $3M policy… $150k for my son’s college, plus 30 years at $300k of salary. I could probably do less than that, but it doesn’t matter since I can’t qualify. I’m screwed because I tell my doctor that I occasionally think about killing myself. How am I supposed to get help if I can’t tell my doctor things like this when they ask me? Thank goodness we have a ban against refusing healthcare for pre-existing conditions these days (though who knows if that will last) but life insurance has no such rules. I feel like such a failure for my son and my family.

Meanwhile, I don’t know how to get into a routine of being a mom. I want to give my son a good childhood, I want to engage him and help him develop, and right now I’m not working and my husband is, so that’s really on me. But we barely sleep at night… I’m lucky if I get 4-6 hours of non-consistent sleep which isn’t even good sleep because of my son’s grunting and whimpering. It’s getting. little better but it’s still not good, and it won’t be for a long time. How on earth will I be able to be a great employee on this little sleep? I’m already daydreaming about the catnaps I’ll take in my office parking lot at lunch after pumping.

I’m not complaining here because this is a choice I made, and I’m so lucky to have more time off and protected than many other women in this country. And for now I only have ONE kid to take care of… I can’t imagine what it’s like with more than one (though I’d like to have at least one more when I’m ready–and by then maybe I can do the stay at home mom thing for a year or two? Wishful thinking.)

My kid does get to stay home with my husband’s parents while I’m at work and not go off to a daycare at this young age, which would be much harder. Still, I’m missing the opportunity to be my son’s mother, or that’s how it feels. But, then again, as I glance at him now fussing on the floor, clearly over this once nice position for solitary play time, coos, and giggles, I also think how grateful I am that I will be going back to work and that this isn’t going to be my full time life. So clearly, I’m torn. I just don’t know how to do both, or even this alone, but I’m going to have to figure it out.