Term Life Insurance-Term Life Insurance Rates

LeteshaSC asked:


My grandmother took out term life insurance on me for 20 years term when I was 1 month years old. Now, I am 23 they told her 3 years ago my term life insurance is paid up. From company “American General Life & Accident”. But, i heard/read that term life if not renewed after my 20 years it will not be affective meaning nothing is owe to my beneficiary once I die. Is this true?

When my 20 years term life insurance was paid up in 2006, my grandmother did not renew. I guess she did not know if she had to renew or was needing to renew. Since she did not renew is my term life insurance, is my insurance still payable to my beneficiary?

Reyes Duffee

asked:


What is the purpose of limited premium payment term life insurance? Is it so that the insurance companies can get hold of your premiums over a shorter period, or does it actually work out cheaper in the longer term for the policyholder? I appreciate that you may chose the premium term to be limited if you are close to retirement, but let’s ignore that case for now.

Denny Nally

ed asked:


It is silly to say term life is better since commission is less. Same with EIUL, as your agent how much percentage he will make on your first year premium. Surprisingly, almost all insurance company will give 100% of the first year premium to marketing/agent.

term is like renting apt. and after 20 yrs there is no cash value. Perm. life is like buying a house, your loved ones will eventually get the “house” unless you don’t have any loved ones.

some companies has guarantee feature, for instance, John Hancock has a program that for a 35 yr old male, you invest ~$600 a month for 10 yrs, it will guarantee $500,000 insurance payout.

What’s more, if you invest in Fidelity or Vanguard, you may lost 30~50% of your investment, but in Equity Index UL, you may not lose a penny. For instance, Transamerica in New York (TFLIC) gives 1% minimal guarantee when you invest in the S&P 500 Index. In other words, last year you would be able to beat market by +38%.

Buy term and invest the difference is an old, old concept, I can’t believe someone still using it. After 80′s it is a mistake if you still use it.

Katharine

pacethegreat asked:


I know this is an age old question, but I really would like guidance on what I should do here. I’m a 28 year old single male with no kids, so I know right there most people say I don’t have a need for life insurance. However, I am really interested in being financially stable when I’m older. I have a 401k plan and will get an IRA (possibly Roth) after I leave my current job next year, but those aren’t going to be available to me until I’m 65-70 and I plan to retire in my 50′s at the latest. Also, those investments are taxable once I withdraw.

I have an uncle who says he’s looking out for me by offering me Custom Whole Life Insurance policies. They are very expensive compared to term policies, but the benefits are that they are self completing in the event of a disability, the values only go up and don’t fluctuate with difficult economic times, and the interest payments to you once they are paid up are tax-free. Two possible scenario’s are below. Any thoughts are appreciated. Thanks!!

1) CWL with $100,000 face amount. Annualized premium of $1,567.08 ($130.59/month) payable through age 55. Potential tax-free annual payments starting at age 56 of $4,179.

2) CWL with $400,000 face amount. Annualized premium of $5908.44 ($492.37/month) payable through age 55. Potential tax-free annual payments starting at age 56 of $16,389.

Loriann Tassoni

i cant think asked:


I know nothing about life insurance or how it even works. 30 year old female, single, with a mortgage. 20 year term policy with with $150,000 death benefit or whole life insurance?

Gordon

lakiesha asked:


there seems to be a million of them on the net; which is considered areliable finder of good term products from good life ins companies?

Pei Edds

asked:


I have seen around the internet that the maximum term life insurance policy allowed for a person in their 20s is usually 20 times their income. However, I was wondering if there are any policies that take into account the combined household income. If a husband and wife both make $40,000 a year, are they entitled to a policy that is based on $80,000 of combined income, or are all policies handled on an individual basis?

Ping Manring

asked:


where is the best site to get term life insurance quotes?

Willy Sadbury

sngrlissy asked:


I can get a better rate on new term life insurance because I do not need a medical exam from AAA but I take a prescription for high blood pressure which has been controlled for many years but my current policy has a red flag in there for it from 20 years ago. Do I have to tell AAA about the prescription for high blood pressure and the fact that I already have a policy now because if I do I fear I won’t get the advertised rate which will kill the savings. Opinions appreciated.

Michelina Lasorsa

marg asked:


How do i find a good company to go with.

Nick Barfield