November 19th, 2007 | 
Author: 
redmouse asked:
which company do you use? Any suggestion to good ones out there?
Odis Mcratt
which company do you use? Any suggestion to good ones out there?
Odis Mcratt
Posted in Insurance | 
Tags: Insurance, Insurance Company, Suggestion, Term Insurance, Term Life Insurance
I would quote three general sources, and try to get the best price:
1) Your home/auto insurer. These guys will probably have a higher price, but they may give you an auto/home discount that makes up for the difference.
2) An independent insurance agent who can quote many companies. Alternatively, you can use one of the quoting websites like insure.com.
3) Ameritas direct:
Ameritas is (to my knowledge) the only true no-commission life insurer. Other life insurance companies will sell direct, but will still charge the commission. Ameritas Direct takes the commission off your price. You will not see Ameritas on sites like insure.com because they don’t pay commissions, which means insure.com would get no money.
In term life, price is almost the only thing that matters.
- No investment component, so you don’t care how well the ins co’s investments are going.
- You can’t argue over whether someone is dead, so they won’t deny a claim for lack of proof.
- You can’t argue over the benefit amount. It’s 100% if dead, 0% if not dead. Not like home/auto where you sometimes haggle over how damaged something is.
- Almost every insurer has A- or higher financials. If they drop lower than that, dump the policy.
Personally, for me, I went with option #2, and my independent agent won with Genworth Life and Annuity. Ameritas actually had a lower price overall, but Genworth was cheaper for me because they had looser cholesterol underwriting restrictions.
–>Adam
The number one company out there is Metlife and behind that Newyork life. I would go with one of these, they have been around forever and are the most trusted. Metlife will allow you to convert your term policy into a permanent policy at anypoint within the first ten years and you will not have to go through underwriting. With the conversion they also offer a credit toward your new policy.
Mine is with Jacksonville National. Fat lot of good that does you. You need to get multiple quotes, and as long as they’re A rated and have the endorsements you’re requesting (like guaranteed renewable and convertable), you can shop strictly by price.
My wife and I have our policy through Primerica. I ike them because they allowed us to band together- saving us an extra $75 for having separate policies. We can also add our children under one rider, all children present and future. Before term is up, we can continue the policy we have without requalifying. We have it for 30 years and it is level term with 10% increasing benefit rider for 10 years, meaning we will have double the coverage after ten years. Sure the premium goes up but only for the first ten years then it levels out. We will NOT change to a whole life policy. It is not even in our plans.
Talk to an insurance broker who works with several companies and can find the best rate for you. To find a broker, log on to a website like and fill out a form requesting a free quote. Your information will be sent to a broker in your area who will contact you.
You want to shop around for quotes that are accurate for you based on your specific health information.
Once you have your quotes in hand you can compare the rates, quality of the companies, conversion options available and choose the company that is best for you.
I found interesting information about your answer here.
I am an Independent Insurance agent and decided to do some comparisons on Ameritasdirect.com, what I found is that they are charging the same premium as lowest premium available with the agent commissionable policy. The difference is the company that they gave me rates for, wasn’t as highly rated as the commissionable policy company. I would not have anyone to service my policy. Why would you buy a policy that costs the same but you have no one to service your policy or assist you. I suggest you go with someone who can give you several quotes and who will be there when you need advise, why not? You’ll be paying the same price!