Term Life Insurance-Term Life Insurance Rates

fyrechick asked:


I am just trying to gether information and no one in my family has life insurance for me to ask their opinion about it. My husband and I are 43 (him) and 30 (me) and would be looking to make sure if something was to happen the house, car, and bills would be paid at least for a few years. Any recommendations on how much, companies, and type THANKS

Ismael Schmeichel

SF41 asked:


I need to know if I can get reimbursed for the premiums I paid. I own the policy and didnt know it had a waiver of premiums rider due to total disability. The insured has been totally disabled due to a stroke since 2001 and has been on social security disability since that time.. Please help because I think American General is trying to give me the runaround. This is a term life insurance policy

Alyssa

stlblw4d asked:


I am looking at 30 year term life for my husband and myself. Why do they need to come out to take blood to check our cholesterol and liver function tests? We are only buying $500,000 each worth of insurance. Is it the dollar amount or the fact that we are 40 right now? How does life insurance work? What if we both die right away does our son get the entire amount or is there a “waiting period” where you have to pay in for a certain amount of time before they get the money? Also, are there any exclusions such as ******* and is this normal for a policy to have these certain exclusions? The company is AIG and I think they are listed as being a solid company. Thank you in advance for your information it is appreciated.
After the tests have been taken, can we ask for and receive the results free of charge? For example, can we have our cholesterol levels and CBC results? Or will we get the run-around?

Ambrose Bagnall

Term life insurance (term assurance in the United Kingdom) is generally the most inexpensive and often the most effective way to ensure that your next of kin is financially protected. Premiums are usually relatively low, and the terms are straightforward. That said, there are many factors that can affect your own unique premium, such as:

1. Your overall health, as measured by a medical exam carried out by a practitioner hired by the insurance company. While the exam will be fair, this person is usually trained in what to look for as far as term life insurance “risk” goes. There will be no cost to you for this exam which is designed to evaluate the chances you will outlive the term insurance policy (a good thing for both you and the insurance company!)

2. Your age is considered, as well as the life expectation of people in your gender, ethnic group, and region. For example, age more negatively affects men because a woman at a given age is likely to live longer than a man.

3. Specific medical problems in your history will be reviewed by the insurer who will ask for your medical records. For example your cholesterol level will be looked at historically because heart disease is a major problem of men as they get older.

4. Your basic build, usually measured as height vs. weight will be considered. Anyone approaching the level of obesity will pay a higher premium.

5. Your family history might be reviewed. Any close family history of disease such as diabetes or heart disease can lead to a higher term life premium. This will be particularly true for those diseases that have proven to be passed on from generation to generation.

6. Alcohol and drug use will always affect your premium level, and could even disqualify you from term life insurance altogether.

7. Smoking is another issue that could disqualify you from term assurance.

8. Your occupation will be reviewed for risk as well. Most occupations will not register as far as term life assurance, but if you do have an occupation that puts you at risk – such as being a firefighter or pilot, you may have to pay a higher term life premium

Some term assurance companies will give you a chance to reduce your premium if any of the above – your health, job, or substance use situation – improves. This is something to ask your broker about when shopping around for the best term life assurance policy.

Each life insurance company will have different factors they pay attention to when designing premiums. This should lead to your agent or broker to choose the policy that fits your own unique profile best.



By: Alan Jacobson

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Cristina Harootunian

AJ asked:


Few questions about term life insurance:
I am 24 married with a mortgage, and 2 kids.

First the amount of insurance:

I have been told two different ways to look at this:
a)buy as much insurance now as I can because it will be cheaper when you are young and can “grow into it.” When Im older and need more insurance the rates my be higher to purchase a higher amount.

b) buy just what you may need to pay off mtg and put the kids through school. With the thinking that it will be cheaper and put more money in my pocket now, and my needs will change over time and later I can get a great amount of insurance later if needed.

Then the duration:

I have heard just buy 10 year as it is cheaper now and rates will decrease with time and your needs will change, and I dont want to be locked into a higher rate. But what if I am in worse health 10 years from now and the rates are higher?

But others say buy 30 years because you will have the certainty of having the same rate for 30 years.

Thanks

Ashleigh Garofano

drew Kronke asked:


I am 29 years old and have my 401k maxed out and was thinking full term life or roth IRA. Which is better and why?
My financial advisor is recommending me buy a $300,000 full term policy. I still have some college loans that I suggested paying off first then putting this money towards somthing like this. He said, “I would not recommend diverting some of the money that was going towards savings to debt reduction. It is critical to start this contract now at your age, the longer we have it, the more power it provides to the overall planning configuration.” I believe this is him just trying to get this commission. any comments on this

Robby Palme