How Do I Compare Life Insurance Quotes?

[ericchile]

I have just been offered 20 year term life insurance at the follow rate.
How do I tell if this competitive?

Wife (27yr) $250,000 coverage $15.44 month

Me (30 yr) $1,000,000 coverage $42.63 month
$750,000 coverage $36.54 month

We are both in perfect health, don't smoke, perfect perfect...

Supposedly this is preferred-plus ratings with penn mutual...

Should I bite?

 

[LGilmore]

"How do I tell if this competitive? "

Compare it with some other choices.


Look at financials and ratings for companies.

Ask for underwriting rules... alot of "perfect perfects" aren't when put up against underwriting guidelines. A perfect perfect might not be if mom had breast cancer at 50 or if your cholesterol is above 200.. etc.. Compare underwriting standards from your top 3 choices.

Consider this to be your "last" company to buy insurance from.. does it still work?

yea yea I know you'll always be in perfect health and you'll invest the difference and yadda yadda yadda....

now ask yourself "what if I'm wrong?" Is this a company I want to be with? Can I convert my term? Can I extend my term?
Think that this might be the last company that will say "yes" to you. Is it still someplace that will work for you?

Please try and remember this FACT.... insurance agents deal everyday with people who were perfect perfect at one time who after 20-30 years aren't so perfect perfect anymore. The bulk of my business these days are coming from people who basically out smarted themselves when they were young. They missed opportunities to lock up their perfect health classifications and now pay term premiums that stagger what they would have paid for a permanent product before.

There would be alot less worry in the markets today if people would have just taken the approach of "what if I am wrong?" and added that idea to their planning. The problem is both the agents and reps as well as the insureds and investors treat their "ideas" as if they are 100% certainties...

good luck.

 

[Mark]

I have just been offered 20 year term life insurance at the follow rate.
How do I tell if this competitive?

Wife (27yr) $250,000 coverage $15.44 month

Me (30 yr) $1,000,000 coverage $42.63 month
$750,000 coverage $36.54 month

We are both in perfect health, don't smoke, perfect perfect...

Supposedly this is preferred-plus ratings with penn mutual...

Should I bite?

You have to tell us agents which state you are in.
We can only advise you in the states we hold a lic in. We must have an insurance lic in your state, before we can talk about a product or company.

 

[ericchile]

Sorry I am in Utah and it is convertible to whole life... Its kind of hard to compare a rate with another company when it takes so much effort to get a quote right? By the time I research if another company will take us, go through the exam, wait for the quote this offer would have expired..

The thing that also concerns me is that its 20 years, and yes its convertible with out a new underwriting, but at what cost? Would I be better off looking for something at 30 years since I am younger?

 

[moonlightandmargaritas]

I have just been offered 20 year term life insurance at the follow rate.

How do I tell if this competitive?

Term4Sale.com - Term life insurance comparisons (over 125 companies)

 

[insuranceexec]

Term4Sale.com - Term life insurance comparisons (over 125 companies)

Are you licensed in UTAH? According to Mark you must be in order to make that reccomendation. We do not want anybody getting in any trouble.
- - - - - - - - - - - - - - - - - -

Term4Sale.com - Term life insurance comparisons (over 125 companies)

Are you licensed in UTAH? According to Mark you must be in order to make that reccomendation. We do not want anybody getting in any trouble.

Let me guess Mark, You are appointed in UTAH. Am I right!

 

[Mark]

Are you licensed in UTAH? According to Mark you must be in order to make that reccomendation. We do not want anybody getting in any trouble.
- - - - - - - - - - - - - - - - - -



Are you licensed in UTAH? According to Mark you must be in order to make that reccomendation. We do not want anybody getting in any trouble.

Let me guess Mark, You are appointed in UTAH. Am I right!

I personally don't have a lic in Utah and can not business there. So I can not speak to him as an lic agent in his state. I can't hold myself as an agent in his state or do anything that I'm not lic to do in his state.

I've seen agents really get into trouble for doing this. If the ins dept ask you this question and you didn't have a lic in that state and you gave a quote to a person, they would have your head. I'm seen it happen a ton of times.

That is not to say, you can't be friend that tells him what you thought are, just not as his agent. Like giving a quote.

I'm sure someone has a lic in Utah.

I don't think this part of the forum is meant for clients or the general public.

 

[insuranceexec]

I personally don't have a lic in Utah and can not business there. So I can not speak to him as an lic agent in his state. I can't hold myself as an agent in his state or do anything that I'm not lic to do in his state.

I've seen agents really get into trouble for doing this. If the ins dept ask you this question and you didn't have a lic in that state and you gave a quote to a person, they would have your head. I'm seen it happen a ton of times.

That is not to say, you can't be friend that tells him what you thought are, just not as his agent. Like giving a quote.

I'm sure someone has a lic in Utah.

I don't think this part of the forum is meant for clients or the general public.

I have to say that I never thought about it that way. But then again I would never give a quote to a person in a state that I did not have a license.

With that being said; Is this forum known to have DOI personnel on here to try and tempt agents?

Good Point, it is always better to be safe than sorry.

 

[jdeasy]

I have just been offered 20 year term life insurance at the follow rate.
How do I tell if this competitive?

Wife (27yr) $250,000 coverage $15.44 month

Me (30 yr) $1,000,000 coverage $42.63 month
$750,000 coverage $36.54 month

We are both in perfect health, don't smoke, perfect perfect...

Supposedly this is preferred-plus ratings with penn mutual...

Should I bite?

Not particularly for you as I don't don't your details, but, according to Compulife, the best rate in Utah for a 27 year old female would be;

$250,000, 20 yr. term- $11.81/mo-Western Reserve Life
30 yr. term-$15.75/mo.-Banner Life


For a 30 year old male;

$1,000,000, 20 year term-$35.88/mo-Western Reserve Life
30 year term-$59.50/mo Banner Life


What you were quoted seem very competitive with the best rates available in your state.

 

[ericchile]

Not particularly for you as I don't don't your details, but, according to Compulife, the best rate in Utah for a 27 year old female would be;

$250,000, 20 yr. term- $11.81/mo-Western Reserve Life
30 yr. term-$15.75/mo.-Banner Life


For a 30 year old male;

$1,000,000, 20 year term-$35.88/mo-Western Reserve Life
30 year term-$59.50/mo Banner Life


What you were quoted seem very competitive with the best rates available in your state.

It seems I would be better off going with Western Reserve Life ....

1m 20y $35.88 vs $42.63 month, seems like a big difference. The ratings for the two companies seem the same....