Term Life Insurance Vs. Whole Life

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Life Insurance Eligibility?

I’m a just-turning-42 year old healthy asthmatic never-smoker male who is switching life insurance policies. To make a long story short, when I applied for my new policy in late 2011 the companies would not give me a quote because I had an outstanding Cat Scan (that was ordered for no bleeping reason by a specialist)…so I got the Cat Scan to appease the LI companies in October and found that I have a small blip on the Cat Scan that proves absolutely nothing positive or negative…so my Primary Care Physician told me to wait 3 months and get another Cat Scan. I got another Cat Scan 3 months later and the blip is still there, no change at all. Ultimately the doctors would like to watch it for about 2 years just in case…and are exremely stumped at what it could be other than a healing scar. Ok…I have no problem with waiting and taking a Cat Scan every 6-9 months to watch it.

So my questions are:

1)Should I contact the LI companies and tell them I had my 2 Cat Scans and let them go through the charts? Will they see the "let’s watch it for 2 years" as a horrible thing and make me ineligible and/or rates astronomically high?

2)Should I just not contact the LI companies, do some more followups, and have all my doctors write letters of "great health" in say June (which they both stated without me even asking for a letter)? My LI exam was in late August 2011…I am not sure how long I have to turn in more medical reports and stuff before they tell me to re-take the tests (which I am fine about) I took in August 2011. If they are going to tell me to re-take that bloodwork and stuff again because it’s already been 5 months, I might as well just wait 6+ months and get extra healthy and eat extra well so my bloodwork is pristine (they said my bloodwork was fine but I’m sure it could have been better since that week we ate out a lot due to a 5-day power outage).

3)If I apply now/in a few months and the rates are crazy, and then I wait 1-2 years and apply again when everything has passed (and granted my Cat Scans show the blip disappears and life is perfect), will they still judge me from my 2011 experiece? I believe the answer is no because you can hop from company to company (especially if your health improves) to get better rates.

I’m not really sure when to contact the LI companies stating "hey, I got both Cat Scans as requested no please give me a quote." I am quite upset at the bizarre timing of me trying to switch LI policies as well as a specialist order me a Cat Scan for no darn reason (he was trying to get a "baseline" of my breathing since I have asthma and the Cat Scan was the last of numerous tests/scans he ordered". I have been very healthy my entire life, very good cholesterol levels and blood work, never hospitalized, etc. Just horrific timing/irony to switch companies.

I would greatly appreciate your help in advance…ESPECIALLY if you work in the life insurance business. This is NOT Term Life.
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1. No. You should be going through a broker, who can get more details on this situation, and help present your case to the insurance companies FOR you, in a manner in which makes sense.

2. Those letters aren’t going to matter AT ALL, so why put your doctors through the excercise? Doesn’t make sense.

3. It will show up, but shouldn’t count much against you. You’ll still have to disclose the testing.

Keep in mind, undiagnosed ANYTHING is really scarey for most insurance companies.

Again. Use a broker.

Is there a significant difference in life insurance quotes between one company and another?

Are the life insurance quotes of one carrier significantly different than the rates of another, or is it like gasoline where the rates are fairly standard from one provider to another.

ABSOLUTELY!

All rates are determined by the law of large numbers, meaning they determine life expectancy and the cost of doing business based on your age, health(including but not limited to illnesses, medical conditions, weight), smoker status, and companies are allowed to profit up to a certain percantage. DON’T just take premium into consideration, consider the policy itself. There’s whole life, universal life, variable universal life, term, etc. When comparing quotes first ensure you’re comparing a quote for the same policy type(all act differently).

Then, review the differences in the policies themselves, ie, exclusions. For example one policy may exclude suicide for one year, another may exclude it indefinately. One may not cover if death is related to a crime(IE death caused by a car accident while driving under the influence). Another policy may exclude death related to pre-existing conditions whereas another company may not.

Some state’s Department of Insurance provide a tool that you can use. If your state offers it you can go to DOI’s website and use the tool to compare side by side policies of different companies, even their financial stability! (You don’t want to buy a $250,000 policy from a company that only has $1,000,000 in holdings. They’re either guaranteed to go bankrupt or it means they’re good at denying claims, you’d be surprised).

I’d recommend meeting with a State Farm Agent. A good agent will be educated and nice enough to take the time to review other quotes you received, and compare side by side for you to help you make an educated decision, whether or not you choose SF.

And with respect to insurancepickle.com’s response. This is NOT the same money. This isn’t an auto insurance policy you can easily compare side by side with another company. This is a complex life insurance policy that can be significantly different from one company to the next. You want to purchase the BEST policy not the CHEAPEST. Have you ever heard the term you get what you pay for? Would you really want to buy the ‘cheapest’ life insurance policy to protect your family?

Why is my car insurance so high?

The thing is I am 58, have never had a claim in my life and have been driving for 40 yrars!
I went travelling 6 years ago (But remained officially a UK resident) and at the time had full NCB with Direct Line.
Now I am back and have bought an old Peugeot for £900. I want to insure it TP only for limited use (estimate 5000 miles a year) I am not working at present.
I can understand I have lost my NCB but even so Direct line or quoting me £1100 and the best I can get from go compare is about £850.
I have a totally clean license and nothing else I can think of to cause this high rating. Anybody know what I have done to deserve this please?

Hate to say it but without a NCB that sounds about right.
Think about it, with your full NCB of 60-70% that £850 would be about £350…..

Also don’t bother with 3rd party, try for fully comp and forget the online sites, do it the old fashioned way and phone some brokers.

[CANADIAN/ONTARIO LAWYERS & AUTO INSURANCE EXPERTS] Do I still have to tell them that…?

OK.

- A year and a half ago, I was arrested and ‘charged’ with CARE AND CONTROL of a motor vehicle WITH EXCESS BLOOD ALCOHOL.

- My license was suspended for 3 months. After which time I had to pay the MoT to get it back.

- During that 3 month period and for the next 15 months I retained a lawyer and fought the conviction.

- Just yesterday, I was FOUND NOT GUILTY and received A FULL DISCHARGE of my record.

- After the ruling, my lawyer told me, "…you’re not guilty. You don’t have to pay a fine, or lose your license, and your insurance rates don’t have to go up. Congratulations…"

- – - – QUESTION: – - – -

When I try to get a quote from another insurance company…

…do I still have to tell them that my license was suspended and why?

- – - – END OF QUESTION – - – -

NOTE:

IF I DO, then that means that any cop, any where, for whatever reason, can arrest you, falsely charge you, and suspend your license under false pretenses and you still have to PAY FOR IT FOR THE REST OF YOUR LIFE.

The same sort of thing happened when I was 17 (about 12 years ago): I got into an accident; the cop at the scene CHARGED ME!; I fought the charges; which were then dropped (mainly because there were witnesses who said it was the other guy’s fault); I fought the 2 demerit ponts and won; and my insurance rates skyrocketed for the next 7 years.

- – - – QUESTION: – - – -

When I try to get a quote from another insurance company…

…do I still have to tell them that my license was suspended and why?

- – - – END OF QUESTION – - – -

You can proceed as if this never happened. But…… Why wouldn’t you ask your lawyer this question?

As a first time driver at 29 in the UK, how can I get my insurance at a reasonable price?

I am a 29 year old male – I have recently just passed my test and I would like to start driving, but even on a 1.2 t reg corsa worth £500 I get quoted £2700 at the very best for 3rd party only! I have tried changing details etc etc.

1, I have never had a conviction or made any insurance claim in my life
2, I live in M24 postcode
3, I have a good credit rating
4, I have no parents who drive or know anyone who will "front" for me, nor do I feel comfortable doing that.

Can you insurance experts help? Or even at the very least explain why I am being quoted 4x the vehicle value?

Thanks for your time

Make sure you compare prices – use price comparison websites such as confused.com and compare the market

Also try looking for comprehensive insurance quotes – inexplicably these can sometimes be cheaper than third party…

Also see if you’d get much of a reduction diong a ‘pass plus’ course

Basically it’s not about the cost of your car, it’s about the cost of a car you might hit….

The link below gives the best ways to get best value insurance

Why was Life Insurance denied for PSA 3.0?

My husband is 58 and he got rejected for 2 combined reasons: "high PSA" and "smoker." But for his age, PSA of 3.0 is within normal range so why couldn’t he get a quote for smoker rate instead of being denied?

Depends on the amount he was applying for and what type of life policy.

Every level of coverage has a different definition of risk. The more coverage, the more permanent the coverage (number of years on force), the less risk an insurance company is willing to take on.

As a former life and health insurance underwriter, I can tell you a 58 yr old male smoker with a higher than normal PSA of 3.0 would be a decline for many types and amounts of insurance.

As for not smoking for 2 weeks prior to an exam, not a good idea, actually, it’s an ignorant and dangerous suggestion. Sure, he’ll pass the exam, but keep in mind, first, he’s been declined coverage. Guess what happens now….this information goes into the MIB (Medical Information Bureau) for all future insurance companies to see. The MIB is just like your credit report, except it applies to your medical history. Next, his medical records will be ordered. I can guarantee you any underwriter will notice the doctors notes identifying your husband as a smoker. As a matter of fact, they’ll specifically be looking for that. Finally, if everything else is missed or overlooked (highly unlikely), if your husband passes away within two years of the date of the application, an investigation into the cause of his demise will be conducted and all of this information will come to light. The claim will be denied.

My advice is for your husband to stop smoking for his health, not to pass a test, and seek the advice of a doctor who is willing to tell him the truth about his elevated risk of developing prostate cancer.

Is it true universal life insurance quote makes sense for us over term?

We are in the process of getting life insurance quotes. Married, wife is 23 and husband is 27 (he is a pilot so has horrible rates). Just looking at the cost per month and that after 30 years we’d be out the 170 dollars/month with nothing to show except peace of mind vs. after 30 years paying 200 dollars/month having a bunch of money guaranteed to us (another form of retirement savings although with high fees), would it be dumb to choose a term policy because of our weird rates? Which should we pick (I am still shopping around to make sure I cannot get a better deal on term but this is going through our family’s agent)? Thanks!

I recommend you this site where you can compare quotes so you can find the best option for you

http://Best-Life-Insurance-USA.info

Does universal life insurance quote make sense for us over term?

We are in the process of getting life insurance quotes. Married, wife is 23 and husband is 27 (he is a pilot so has horrible rates). Just looking at the cost per month and that after 30 years we’d be out the 170 dollars/month with nothing to show except peace of mind vs. after 30 years paying 200 dollars/month having a bunch of money guaranteed to us (another form of retirement savings although with high fees), would it be dumb to choose a term policy because of our weird rates? Which should we pick (I am still shopping around to make sure I cannot get a better deal on term but this is going through our family’s agent)? Thanks!

I recommend you this site where you can compare quotes so you can find the best option for you

http://Best-Life-Insurance-USA.info

term life and term life with return of premium?

Hello, my husband and I are in the market for life insurance now. If you could enlighten me about the following I would appreciate it very much.

Are most term policies the same (I can just compare premium quotes, or are there differences that I should look into? If so what?).

With an online quote system, some of the best quotes (=cheapest) for term life came from Beliastar life insurance co/ING, Genworth life and annuity insurance co, West coast life/protective life corp, American General Life, Transamerica Life/AEGON. I’ve never heard of any of them. Do they seem like credible companies? They are all rated as A or above by “A.M. Best” (according to the website).

Also, what do you all think about return of premium term life policies? Do we typically actually receive ALL of the premium, or are there any fees etc. subtracted from the refunded amount?

We still have almost 30 years of mortgage, and 20 years of raising our son. In this case, would you try to get a 20 year term policy and then if no death occurs, buy another coverage for 10 years (remaining mortgage years) for smaller amount covered? Or would you buy 30 year term although you wouldn’t need that much towards the end of 30 years? (We’re 40-45 years old right now.) Or buy 25 year return of premium term policy and pay 5 more years of mortgage using the money we receive from return of premium?

In reading various websites, I saw posts in Kiplinger about having term to cover mortgage or education cost, and then have a permanent policy for a smaller amount you may need for retirement years. I’m still not clear why you need life insurance for retirement, after kids are independent and mortgage are paid off. Is this "perm life for retirement years" idea for the money for my spouse to receive after I die, or for me to pull out to live on after retirement?

Thank you for your help!
Thank you so much for your responses! If someone could suggest finding a list of A+ rated companies that work in my state, that would be greatly appreciated. What do people think of State Farm for term/term ROP life insurance?

Also, does ROP term insurance give you investment returns in addition to the amount of premium you paid?
Thank you!

I found the following list that’s supposed to be the best life insurance companies at this website.

http://www.lifeinsurancestar.com/lifeinsurance/company-ratings.php

* New York Life: A++, stable outlook
* Mass Mutual: A++, stable outlook
* State Farm: A++, stable outlook
* Geico: A++, stable outlook

Does this mean I should probably check out these companies? And that’s State Farm is a good company for life insurance? I also thought Geico didn’t offer life insurance. I was led to LifeQuotes page from Geico, that’s actually where I received my online quotes (and list of companies that I listed above). Does this mean that this list is not reliable?
Sorry to have so many questions. I’ll organize remaining questions and re-start a fresh question later, but this additional question for now. I was using some calculator online (Kiplinger, Life Foundation?) to calculate how much coverage I need, and they both returned figures like 1+ million. How can this be? Is 1 million life insurance common these days?

We only have 170,000 in remaining mortgage balance (actually I only included half of that in calculation), and I calculated monthly living expense to be 2000-3000 (depending on if our child is still with us)/month with my spouse’s income to be 2000/month, and also included college cost. Does this seem reasonable that this will add up to be million dollars in 30 years, with inflation?

Thank you, you knowledgeable folks!

For the most part, term policies are the same. What’s different, is any "rider" you might add to the policy. For example, MY term life insurance, has a "guaranteed renewable" rider, and a "guaranteed convertable" rider.

Online quote systems are basically designed to give you a "bait rate", best case scenario. They make money, by harvesting your personal information and selling it as leads, to insurance agents. HUNDREDS of insurance agents. Your phone will not stop ringing for months. Or, they give false ‘best rates’ to steer you to ONE company, and get paid for every hit that company gets from their website. You can ALWAYS check with your state insurance department website, to see that they’re licensed to do business in your state.

Most of those life insurance companies, I’ve heard of – but here are the AM Best financial strength ratings for each, for your consideration:

Beliastar – no such name listed
Ing Life & Annuity – A
Genworth Life & Annuity – A
West Coast Life – A+
American General Life & Accident – A
Transamerica – A+

And those are just the tip of the iceburg. MY life insurance is with Jackson National, for example (A+) and you’ve probably never heard of them, either.

I think return of premium life insurance companies are a ripoff. You’re giving the insurance company a 30 year, interest free loan, at a premium price. IF you keep the policy and pay for it the entire 30 years, you get your money back. If your premium is $1,000 a year, after 30 years, you get $30,000 back. You’ve LOST over $28,000 in earned interest, at only 4%. If you use an 8% rate of return (below stock market average for any 10 year period), you’ve lost almost $96,000 in interest.

Compare the cost of straight term, to ROP term, using this calculator: http://www.msfinancialsavvy.com/calculators/monthly_deposit_savings_calculator.php and make your own decision. Particularly look at investing the DIFFERENCE between the two premiums, to see how far ahead you come out, buying straight term, and investing the difference.

There are two different kinds of people who need life insurance after retirement: Either really broke people, who can’t come up with the cost of a funeral for a spouse, or really wealthy people, who want to pass money or parts of their estate to heirs, tax free. And if you’re one of the latter, you’re better off working with an estate planner, to move your assets into a trust before you die . . . so your kids can be the beneficiary of the trust, after you pass.

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