Term Life Insurance Vs. Whole Life

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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.

Insurance Business Question?

Havensure, LLC, an insurance broker, approached York International to determine whether it could provide insurance to York at a better rate than it currently was paying. York allowed Havensure to study its policies. Havensure realized that Prudential, an insurance provider for York, had a hidden broker fee in its premium that it used to pay the broker universal life resources (ULR) that provided the Prudential policy for York. Havensure told York that it could provide insurance at a lower price, so York had Havensure send requests for proposals to various insurance companies. To keep York’s business, Prudential offered to match the lowest rate quoted, but Prudential told York that it would have to continue to buy the policy through the broker ULR, and not through Havensure. York agreed. Havensure then sued Prudential for wrongful interference with a business relationship (see Chapter 4). The trial court held for Prudential. Havensure appealed. The appeals court held that what Prudential did, by having a hidden fee for a broker, violated its ethical code and may have violated New York insurance law, but Havensure still had no case. Does it make sense that a firm violating its own rules, as well as possibly violating the law, has no obligation for the loss it may have imposed on another firm that is trying to compete for business?

Yes.

You can’t be held liable to someone else, for breaking your own rules. Case and Statute laws apply, not your own internal "rules".

Looking for good company to buy term life insurance?

My husband and I recently purchased a home and have a baby on the way. We are desperately searching for a solid insurance company to purchase a 20yr level term life policy. I have gotten a quote from an independent insurance agent that suggested for Primerica at $95/mo (for both of us with a disability waiver rider) (note: agent is family member), one from SelectQuote for Banner Life (never heard of them) at $64.97/mo for same coverage and waiver, and one from another insurance finder for ING at $72.70. ING has had a good rating but I think they have just been demoted slightly from AM Best and S&P. Any info I find online for customer reviews are all negative for every company I look at (not a single positive review for any). I’m not quite sure how these rates vary so widely. I would rather spend a couple extra dollars a month for peace of mind but I am truly at a loss of what to do. Can anyone make any suggestions or recommendations for a company to go with or look into? Thanks.
I appreciate all of the help. We know exactly the type of policy we want and the only debts we have are mortgage, college loan and 6 months payments on 1 car. Our financial situation is good but neither my husband nor I can live without each other’s income and owe 28 yrs on our mortgage so it is imperative that we get a term policy asap. I’m choosing not to go with Primerica since I have gotten quotes from other companies for around $70 for both of us. I do not wish to pay for services I don’t need. I want a term policy and that is all. I will not be using New York Life either since I told the agent exactly what we wanted, how much, why, and which riders to add and all he did was try to talk me out of it and sell me a whole life policy. I am willing to bypass an agent and deal with the company directly if I continue to be unsuccessful with the agents that I’ve been in contact with. Can anyone recommend an insurance company that I should look into? I’m not interested in any mor

1. Primerica is widely known as the joke of the industry. Their agents are typically, VERY part time and most are more focused on recruiting rather than actually learning about financial planning. Most flunk out of the business within the first year becuase they had no business being in the industry in the first place. The only people that actually believe it’s a good company are the people that work for them, and the only reason they say it’s good is likely becuase they are trying to recruit you into the business so they can make money off their downline or they are trying to sell you a Primerica policy (squeezing a square peg into a round hole), rather than sell you the best policy to suit your need. Jerzey clearly takes his/her manager at Primerica’s word as gold and doesn’t actually research the industry to see what other companies are about (Typical of a Primerica agent from what I’ve noticed of the ones I’ve met). Most of the list of hype things he mentions about Primerica are things that most ther decent companies/agents/broker offer (comprehensive needs analysis, debt reduction strategies, renewal options on policies, disability waivers, etc). Most companies out there realize that providing good value added services helps solidify a relationship with the client…and these companies don’t beef up their insurance premiums to cover these services…

2. Find a good independent insurance broker. A broker will do all the work for you and it won’t cost you anything extra typically.

Looking for good company to buy term life insurance?

My husband and I recently purchased a home and have a baby on the way. We are desperately searching for a solid insurance company to purchase a 20yr level term life policy. I have gotten a quote from an independent insurance agent that suggested for Primerica at $95/mo (for both of us with a disability waiver rider) (note: agent is family member), one from SelectQuote for Banner Life (never heard of them) at $64.97/mo for same coverage and waiver, and one from another insurance finder for ING at $72.70. ING has had a good rating but I think they have just been demoted slightly from AM Best and S&P. Any info I find online for customer reviews are all negative for every company I look at (not a single positive review for any). I’m not quite sure how these rates vary so widely. I would rather spend a couple extra dollars a month for peace of mind but I am truly at a loss of what to do. Can anyone make any suggestions or recommendations for a company to go with or look into? Thanks.
I appreciate all of the help. We know exactly the type of policy we want and the only debts we have are mortgage, college loan and 6 months payments on 1 car. Our financial situation is good but neither my husband nor I can live without each other’s income and owe 28 yrs on our mortgage so it is imperative that we get a term policy asap. I’m choosing not to go with Primerica since I have gotten quotes from other companies for around $70 for both of us. I do not wish to pay for services I don’t need. I want a term policy and that is all. I will not be using New York Life either since I told the agent exactly what we wanted, how much, why, and which riders to add and all he did was try to talk me out of it and sell me a whole life policy. I am willing to bypass an agent and deal with the company directly if I continue to be unsuccessful with the agents that I’ve been in contact with. Can anyone recommend an insurance company that I should look into? I’m not interested in any mor

1. Primerica is widely known as the joke of the industry. Their agents are typically, VERY part time and most are more focused on recruiting rather than actually learning about financial planning. Most flunk out of the business within the first year becuase they had no business being in the industry in the first place. The only people that actually believe it’s a good company are the people that work for them, and the only reason they say it’s good is likely becuase they are trying to recruit you into the business so they can make money off their downline or they are trying to sell you a Primerica policy (squeezing a square peg into a round hole), rather than sell you the best policy to suit your need. Jerzey clearly takes his/her manager at Primerica’s word as gold and doesn’t actually research the industry to see what other companies are about (Typical of a Primerica agent from what I’ve noticed of the ones I’ve met). Most of the list of hype things he mentions about Primerica are things that most ther decent companies/agents/broker offer (comprehensive needs analysis, debt reduction strategies, renewal options on policies, disability waivers, etc). Most companies out there realize that providing good value added services helps solidify a relationship with the client…and these companies don’t beef up their insurance premiums to cover these services…

2. Find a good independent insurance broker. A broker will do all the work for you and it won’t cost you anything extra typically.

Which company gives the least hassle when settling Term-life Insurance claims ?

I was in the market for some Life Term Insurance shopping.
I received nearly similar quotes (give or take a few $) from 5 companies which seem quite reputable.
But I wanted to know which one is the best when it comes to settling claims, if such a need ever arise.
I would want my dependents to have the least hassle getting that which is rightfully theirs, if such a need ever arise.

Their Rate quotes are almost comparable, but I want to pick the one with the highest integrity & customer friendliness in terms of settling claims.
So just trying to get opinions or end-User personal experiences.
Please pick one

•ING
•AIG
•TransAmerica
•MetLife
•New York Life
Do either of these companies have some kind of crazy-clauses in their policy? Something that I need to watch-out for. I understand "suicide etc." are standard escape clauses but do any of them have something crazy like e.g. "no payout for death due to ski-related accident etc" <just an example> Just want to make sure.
And also is there a 100% chance that these companies are gonna be around for the next 40+ years?
Are some of them are at a risk of closing their business before 2050.
I just looking for your gut feel, not any detail analysis.
If you were to pick one, which company would you go for?
The agent is giving me a min-max quote range for each company.
Where I will fall between the min & max depends on my health-check.
Each company relies on it’s own health-checks (the whole blood/Urine/cholesterol thing)
As I don’t want to do 5 separate health-checks, but just 1…my question now is…all things being equal which of these 5 companies makes the least fuss over health-check figures.

I don’t want to pick a company and complete their health-check, only to find that for just a slightly higher reading, my quote has now jumped to max in the min-max range.

Like you know…. which one of the above 5 is the most lenient with results of a health-examination ?

When you are applying for life insurance, there will be a series of risk-related questions such as health, activities, are you in the military, and so on. I don’t know about those particular companies, you mentioned, but I know that many life insurance companies have no war clause. This means if you die in war or by terrorist act, they won’t pay.

I have term life insurance through Primerica. The only clause they have is the suicide clause in which if you kill yourself in the first one or two or three years (depending on your state law), they will not pay death claim. Instead they will refund your premiums to your beneficiary. They provided me a free financial needs analysis and help me plan for my financial future. I also open a Roth IRA there and invest $400/month. They also show me how to pay off all my debts in the fastest way possible. I only had a student loan and car loan totaling around $40,000 and I was able to pay that off in 5 years instead of 20 years. I don’t work for Primerica. I’m just telling you what this company has done for me. As for their ability to pay death claims, I don’t know. Their website say they pay an average of $2.5 million in death claims per day, so I think they pay out pretty quickly when all the paperwork has been received.

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