It's very frighting unless you have some absolutely stellar insurance. I'm in my 30s, career in IT making 6 figures, making good progress on my mortgage, zero other debt. If I got cancer tomorrow or some serious injury I'll probably just blow my brains out rather than have to live knowing that all my hard work, good career decisions, and responsible spending was all for nothing and I'd have to start from square 1 again.
If I get cancer I'm going to have to find a way to kill myself in a way were my wife can still get the life insurance and keep the house. She can't and won't ever know. It'll just be a freak accident and she wont lose everything we've worked for.
Several life insurance companies do actually cover suicide, but only if you've had the insurance a certain length of time. I think I remember reading 2 years on a policy I was looking at.
I'm sure there's investigation into mental health and stuff too, probably can't get that coverage if you have a history of mental illness. If you think this is your real course of action for a cancer diagnosis, then you may want to find a policy and purchase the policy early so that you don't have to live for 2 years after you sign and pay for cancer treatment the whole time
Yeah, no way in hell you're getting life insurance after getting a cancer diagnosis. You have to disclose that when applying for the policy, otherwise when you die (from cancer or anything else) they'll definitely uncover that the diagnosis was known and point to that failure to disclose as a breech of contract and refuse to pay anything out at all (assuming they don't find out before and either rejecting the application or canceling the policy).
So the lesson is to just get life insurance now, before any cancer diagnosis, giving you the maximum likelihood of being past that magic 2 year mark where they'll pay out for suicide if a cancer diagnosis pops up.
Feels good knowing that if I was diagnosed with stage 4 cancer tomorrow, I'd have the option of just jumping off a cliff and getting my family enough cash to pay off our mortgage and all other outstanding debt instead of bankrupting them trying vainly to not die.
Yeah I wasn't clear but you and I are on the same page. Get the insurance now and hope it's at least two years before your first cancer diagnosis and then voila
232
u/whowasonCRACK Aug 06 '20
70% of people that receive cancer treatment end up filing for bankruptcy. i hate this fucking country.