If you discover your days are extremely numbered due to a surprise medical condition, but you have employer sponsored life insurance (min level). Can you increase it up to max, and expect your family to get paid out when you die of the medical condition? I know that non-employer plans would do everything they could to deny it as a pre-existing condition. But if you're already involved with the employer plan, and they never did any screening for medical beforehand... then what happens? It'd be pretty obvious that you cranked the benefits up to max as a direct result of knowing you were going to die, in order to increase the payday to help your family. Would payment get denied?
OP, are you okay? Also, TC or GTFO.
Probably. We'll see if it comes back, which would be another 2 years from now. My odds of being fine are like 80%, but planning ahead is always wise. 240k TC
Thank you, OP. We wish you well, and I hope you got the answers you we’re looking for.
Typically (or at least at my company) beyond a certain basic amount, they require a medical exam, but if your company doesnt.....?
TC first
they would ask for medical
You can't buy multiple tiers above default option without medical declaration. They require doctor certificate where your condition will be disclosed.
Ah, interesting. Good to know
Not without a life changing event like a new kid or getting married. Gotta wait for the next enrollment. And maxing your life insurance requires you to complete a health questionnaire. Lying on it can disqualify you for payment. You can’t scam insurance. They’ve been doing this a long time and have made it an artwork to make money off of you. You pay the piper in advance to hedge your bets. And nothing is stopping you from buying more health insurance on the open market. Who says you need to stick with the limited term life your employer gives you.
Assuming you are speaking to life insurance buy up. Most employer plans will allow for buy up with no medical question to set amount (ex $5,000 or $10,000) assuming you purchased the additional voluntary life over the employer provided basic life at the initial enrollment. I would ask HR about it. You do not have to disclose why.
Note buy up at open enrollment
I don't know the answer unfortunately, but I hate that you have to ask this question.