541-How to Protect Your Family From Your Death When You Can't Qualify For Life Insurance
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 19 April 2018
⏱️ 79 minutes
🧾️ Download transcript
Summary
I recently worked with a consulting client who had this problem: because of a previous (serious) cancer diagnosis, he is unable to qualify for life insurance. How can he protect his family in case he dies soon?
I thought it a really interesting challenge. And since I've thought a lot about this particular problem, I thought I'd go ahead and share my thoughts with you.
Enjoy!
Joshua
- Please support RPF on Patreon: www.radicalpersonalfinance.com/patron
- Episode 204: High Risk Life Insurance Underwriting
- Art Robinson's story
Transcript
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| 0:00.0 | Welcome to Radical Personal Finance, the show dedicated to providing you with the knowledge, insight, skills, and encouragement you need to live a rich and meaningful life now while building a plan for financial freedom in 10 years or less. |
| 0:12.0 | Today on the show we tackle a thorny financial |
| 0:14.9 | planning problem. This week I was working with a consulting client of mine, |
| 0:20.1 | someone that I have worked with here and there over the years. |
| 0:24.0 | And this particular client is a very young man. |
| 0:28.0 | He is financially competent, and he was unexpectedly diagnosed with a very sincere, very significant and serious form of cancer in his middle 20s. |
| 0:40.0 | He originally wrote to me after his initial diagnosis |
| 0:43.2 | and said that he wished he had taken my advice |
| 0:46.0 | to buy more disability income insurance, |
| 0:47.9 | but that he thought it really would never relate to him. |
| 0:50.7 | So he had chosen not to. But after so I tell that to you if you have heard |
| 0:56.3 | me give advice or if there's something in your personal financial plan that you know you should |
| 1:00.4 | do as in by disability insurance, by life insurance, get it done because this |
| 1:05.4 | particular young man was diagnosed with this serious and aggressive form of cancer in his |
| 1:10.6 | early 20s. |
| 1:11.6 | For the last few years he has battled the cancer and at present the prognosis is good. |
| 1:16.6 | The cancer has gone into remission and he has recently married his gong time girlfriend who was |
| 1:22.4 | with him through the medical trial, they have |
| 1:24.3 | recently married, and are now building their life together as a married couple. |
| 1:29.0 | But of course, this particular type of health diagnosis and this particular type of health history changes the |
| 1:35.8 | normal tone of a relationship a little bit. It brings mortality much more |
| 1:40.3 | quickly into view, causes a more intense seriousness, and much more |
... |
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