Where do you suggest I go to buy some term life insurance (specifically I’m looking at 10YT)?
I get my P&C through statefarm. It would be convenient to get it through them.
I have some WL through Thrivent. It would also be convenient to get it through them.
I work for a life insurance company. I should see if they have any employee deals.
fwiw, according to…
…I need another 5x my annual salary in life ins.
If it matters, I’m hoping to qualify as a standard risk, but it’s possible Judy in underwriting will mark me down as substandard given my weight and some other health stuff going on right now. I think preferred is out of the question. I am NS, though, no doubt about it.
I could just google “buy 10 year term life insurance” and I know I’d get a boatload of links, but they’re all sketchy to me. GoA posters usually know their stuff. I hoping one or more of you have some good advice on how to go about this.
I’ve worked in Term insurance a couple of places. It’s really just a shop around to find the lowest price situation. Do NOT let it rollover to another 10 year term with the same place unless you like getting ripped off for sport.
Ask for Gordon Conwell III. You can use my name - I’ve worked with Gordon across roughly 2 decades. He’s knowledgeable, and can get you looked after over the phone (he’s licensed in pretty much all the states).
Life insurance products are fixed - term 10 from Company A is term 10 from Company A no matter what broker you use. The difference is in knowing whether to use Company A or Company B, and being able to educate consumers (or actuaries) on the intricacies of the policy and the application process.
I found that the employee discount through my employer was the best deal.
You could also look into buying additional life insurance through your employer’s group plan, particularly since you don’t expect to qualify for a preferred rate. But that’s not a fixed term rate. However, your income might go up enough as you age to cover the additional premium, so this might not be such a big deal.
That said, I’m a few pounds overweight and still managed to qualify for the Select Nonsmoker rate. Ask for their height/weight chart and you can probably figure out for yourself where you’d fit.
I finally have the policy in force. I tell ya’ those insurance companies…they’re slow & nit-picky.
Somehow, he was able to get me a select rate with the ABC insurance company…saves me more than $500/yr over the standard rate from the XYZ insurance company.
Whether that was him doing his agent-magic I DO NOT WANT TO LOSE THIS DEAL! THANKS! or just the ABC ins co just doing their thing of offering insureds better rate classes I don’t know, but I’m a happy customer.
It’s been a while since I have life-insurance shopped.
The two questions that I was taught
Is the company A Rated or better by AM Best?
Is the company licensed to do business in the state of NY?
I once had a brief stint with an insurance company (not a life insurer) that had a sister company (life insurance) that was licensed in 49 states (not NY).
Hey, let’s say a person is in poor shape. Health issues, etc. I would expect that person to pay more for life insurance than a guy in good shape of equal age and equal policy value.
But let’s say that those two guys are looking to buy an annuity for retirement purposes, instead of buying life insurance. The unhealthy guy is going to likely die sooner. Is his annuity payment going to be more because his life expectancy is less?
When annuity shopping, are you best off by portraying yourself as unhealthy as possible?
Pretty sure individual annuities are priced with the assumption that only healthy individuals are likely to self select for an annuity. But I could be wrong.
I don’t understand the 2nd question and why it was ever relevant. There are many large, solvent and reputable companies that are licensed in 49 states only (and typically have a NY sub to sell insurance in NY)
As I understand it New York is by far the most difficult state to get licensed in. So the thought is if the company can get licensed in NY it must be “good”. Or something like that.
My understanding is that in order to be licensed to sell insurance in NY, the company must be domiciled in NY. (They want the company headquarters in NY - and all the associated tax revenue)
I don’t think this is correct either. My understanding is that New York takes the position that “if you sell insurance here we are allowed to regulate you everywhere.”
So if you are a California insurer selling a policy in Hawaii, New York can stick their nose in and say you can’t sell it. And when you do your valuation filing with New York you’d have to include all of the policies from the other 49 states. So it’s easier to just not get licensed in New York. That way New York can’t regulate the CA insurer selling a policy to a HI insured. Then you can choose to have a NY sub if you want to sell in NY because it’s a big market… or don’t bother if you don’t want to deal with the hassles.
If you yourself are not in NY then I wouldn’t worry about a company that lacks a NY sub either. I think the rating makes a lot of sense, but NY doesn’t.
