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I am 46 and looking for 10/20 years term. Any suggestion where to buy? What kind of premium am I looking for 250K/500K?

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The challenge is finding a true independent agent. Most who call themselves independent either have a limited pool whom... (more)

dhodson (Aug. 17, 2017 @ 8:24p) |

No upfront cost to you to apply. It's built into their model. Some of course don't purchase but they still get a "free... (more)

dhodson (Aug. 17, 2017 @ 8:26p) |

<blockquote><cite>mak101;19945094 said:</cite><div>I am 46 and looking for 10/20 years term. Any suggestion where to buy... (more)

chislands18 (Sep. 11, 2017 @ 2:54a) |

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It depends too much on your health condition and specific insurers... just go online, google multiple term life insurance quotes. policygenius or term4sale are a good start.

Ballpark? Probably around $50/month for $500k/20 yrs. It's pretty linear so $25/month for $250k/20 yrs. 10-yr term, figure maybe $30/$15 instead for those coverages. But that would be for like no medical conditions, no family history of anything.

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Thanks.

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Term4Sale is best. Rates are pretty accurate depending on medical history of course. For $500k I'd guesstimate that $50-65 per month.
While you're on the site check out a 30 year policy too, sometimes it's only a matter of a few dollars a month, rates constantly change.

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By the way paying yearly is cheaper than monthly.

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dhodson said:   By the way paying yearly is cheaper than monthly.
  
I would pay monthly at least initially. That way, you can let the policy lapse if you find a cheaper rate later on. 

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If you did any reasonable research first then the amount saved by paying yearly will be more than the amount saved by switching companies. Besides you have to undergo underwriting again and who constantly shops term on a monthly basis?

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dhodson said:   If you did any reasonable research first then the amount saved by paying yearly will be more than the amount saved by switching companies. Besides you have to undergo underwriting again and who constantly shops term on a monthly basis?
  
The insurance broker will resubmit the paperwork. There is really no extra work involved on your part. If you are buying a large policy, the savings can be significant. Every $1 you save off your monthly premium is worth $240 in savings for a 20 year term policy. That's why you should keep looking at rates even after you buy a policy because they change constantly. 

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If it's more than a few months you will have to repeat the physical and paperwork and you are way off on pricing both for fractional and how quick term changes.

http://www.glenndaily.com/glenndailyblog3.htm

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dhodson said:   If it's more than a few months you will have to repeat the physical and paperwork and you are way off on pricing both for fractional and how quick term changes.

http://www.glenndaily.com/glenndailyblog3.htm

  I'm not saying you should pay monthly for the entire 20 year policy. Only pay monthly for the first year or two of the policy so you can cancel the policy immediately without forfeiting your premiums if you find a cheaper policy. 

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no reason to think it's going to change for the better in the first few months period. Just bad logic and again after 2 maybe 3 months you need to completely reapply.

Frankly life expectancy is actually slightly decreasing so that isn't helping. Also it will take years of increasing interest rates to budge the needle much unless it was a massive non gradual increase.

Really the only likely reason would be you didn't do good research to begin with and/or went with a bad agent.

You can always change at a year if you wanted.

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dhodson said:   
Really the only likely reason would be you didn't do good research 
 

  
Literally all the research you need to do is look on term4sale and pick the cheapest quote. That's all. Look again in a few months to see if anything has changed. Takes literally a few seconds. 

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avalon6 said:   
dhodson said:   
Really the only likely reason would be you didn't do good research 

  
Literally all the research you need to do is look on term4sale and pick the cheapest quote. That's all. Look again in a few months to see if anything has changed. Takes literally a few seconds. 

  
orgs like USAA cheaper?

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avalon6 said:   dhodson said:   
Really the only likely reason would be you didn't do good research 
 

  
Literally all the research you need to do is look on term4sale and pick the cheapest quote. That's all. Look again in a few months to see if anything has changed. Takes literally a few seconds. 


No you still have to be underwritten again. Much more time.

Clearly you didn't look up the price differences I linked.

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needhelpplease said:   avalon6 said:   
dhodson said:   
Really the only likely reason would be you didn't do good research 

  
Literally all the research you need to do is look on term4sale and pick the cheapest quote. That's all. Look again in a few months to see if anything has changed. Takes literally a few seconds. 

  
orgs like USAA cheaper?


Only if you qualified for super preferred/best rating.

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avalon6 said:   dhodson said:   
Really the only likely reason would be you didn't do good research 
 

  
Literally all the research you need to do is look on term4sale and pick the cheapest quote. That's all. Look again in a few months to see if anything has changed. Takes literally a few seconds. 
  

False. That's okay if you have a spotless health record. Otherwise, you go to an independent agent and they shop your health history around anonymously. Not every insurer is going to give a given person Preferred Plus. I used terminsurancebrokers.com. And the ones who otherwise would might decide not to if they see that a different insurer has officially rated you differently on an actual application.

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my brother is 48, i want to know more informtion for him too!!, Thanks all!

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avalon6 said:   
dhodson said:   By the way paying yearly is cheaper than monthly.
  
I would pay monthly at least initially. That way, you can let the policy lapse if you find a cheaper rate later on. 

  
Most companies refund unearned premium on cancellation.

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dhodson said:   If it's more than a few months you will have to repeat the physical and paperwork and you are way off on pricing both for fractional and how quick term changes.

http://www.glenndaily.com/glenndailyblog3.htm

  
You would need new underwriting, but the exam and labs are valid for 6-12 months depending on company.  Every carrier accepts exams done for a different company.  This is a good reason to use an independent agent.  He will know which companies are best for your situation, and he will have copies of everything to shop or move a case elsewhere if needed.

And as I seem to repeat in every one of these threads, there is no downside to using an independent agent.  By law, you pay the exact same premium however you buy the policy.  There is no such thing as do it yourself life insurance.  Even when you buy online, you are actually buying through an agent behind the scenes. 

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Do I need to get rating or insurance company will get this done for me? Will there be any cost involved?

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RBirns said:   dhodson said:   If it's more than a few months you will have to repeat the physical and paperwork and you are way off on pricing both for fractional and how quick term changes.

http://www.glenndaily.com/glenndailyblog3.htm

  
You would need new underwriting, but the exam and labs are valid for 6-12 months depending on company.  Every carrier accepts exams done for a different company.  This is a good reason to use an independent agent.  He will know which companies are best for your situation, and he will have copies of everything to shop or move a case elsewhere if needed.

And as I seem to repeat in every one of these threads, there is no downside to using an independent agent.  By law, you pay the exact same premium however you buy the policy.  There is no such thing as do it yourself life insurance.  Even when you buy online, you are actually buying through an agent behind the scenes. 


The challenge is finding a true independent agent. Most who call themselves independent either have a limited pool whom they are contracted with or have an incentive structure to favor some companies. Now I still think you should use an independent agent but it's far from a slam dunk that you will get good pricing.

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mak101 said:   Do I need to get rating or insurance company will get this done for me? Will there be any cost involved?

No upfront cost to you to apply. It's built into their model. Some of course don't purchase but they still get a "free" underwriting.

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<blockquote><cite>mak101;19945094 said:</cite><div>I am 46 and looking for 10/20 years term. Any suggestion where to buy? What kind of premium am I looking for 250K/500K?</div></blockquote>    

I own an independent life/disability and long-term care insurance brokerage, located in San Diego, CA, and we are licensed in most all 50 states. We are a family-owned brokerage, who has been around since 1973 and we work with over 60+ of the nation's top "A" or better A.M. Best rated carriers on the market. We are fully unbiased and we only focus on these specific lines of insurance. We are also listed as a broker/agent on www.Term4Sale.com and represent virtually all of the carriers that you see on that site, with the exception of AAA, Northwestern Mutual, and a few others.  

As others have previously mentioned. Go to www.Term4Sale.com in order to get an idea of ballpark rates. T4S has all of the top competitively-priced carriers on the market, therefore, you will not find a lower rate than what you see on T4S - I actually am friends with the owner, Bob Barney, and any carrier who is competitively-priced will WANT to be listed on T4S, as it's great exposure for them. Carriers like Northwestern Mutual used to list their rates on T4S, but have since taken their rates off of T4S, as consumers were able to go on and see just how much more expensive their rates were. T4S is all about transparency for the consumer, and that is why Bob created the site - He was an agent himself, and was tired of consumers getting ripped off by other "captive agents" who were only trying to push Whole Life policies from a single insurance carrier. I'm sure we all can agree that there is not 1 particular company who happens to be the best at everything in any particular industry, that's why it's important to work with an unbiased broker, who has multiple carriers at their disposal.

Also, USAA is typically not the least expensive, but you should be able to compare the rates that you see on T4S with the rates that you see on USAA 's site and compare for yourself. In addition, USAA 's underwriting is typically pretty tight, which means that you may have a more difficult time in qualifying for the top/best Preferred Plus Non-Tobacco health class. We actually regularly beat out USAA, as we represent virtually all of the carriers that you see on T4S. USAA is a great company, but just not typically the least expensive.

Once you get an idea of the price, contact a broker that you find on T4S and see which one you like working with best. Just so you know, the rates are all the same no matter what broker you purchase the policy from, and it's key to just make sure that the broker you're working with represents all of the main players, and not just 2-4 carriers. Also, if you have any health issues (ie: high blood pressure or cholesterol, weight issues, sleep apnea, diabetes, depression, family or personal history of heart disease or cancer, etc.), then this is where it's really important to work with a broker who is extremely familiar with underwriting, as a bonehead broker who doesn't know what they're doing can cost you a lot of money over a 10-30 year term - Meaning, if you get a Preferred or Standard Plus NT health class, over a Preferred Plus NT health class, then you will be paying more than you should for the life of the policy.

The reality is, that getting your insurance license is extremely easy, and like many real estate agents, there are a lot of insurance agents who frankly do not know what they're doing. Of course, these agents are usually out of the industry within about 6-18 months, but they can sometimes do quite a bit of damage in that time period. It's just a matter of doing your due diligence as a consumer and shopping around. When consumers come to us from T4S and tell us that "they're just shopping around", we tell them that we represent most all of the carriers on T4S, with the exception of about 2-4, so they can just take their pick. T4S essentially puts the consumer in the drivers seat, which is why we stand by it wholeheartedly.

Hope this helps!

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