Life insurance

[carlsbadworker]

AN, that’s way too high if you are young and healthy. You should shop around. I used selectquote.com and the rate is better than AAA.

[ljinvestor]

Term4sale.com is another quote engine that shows many carriers. A 35yo runs approx $450 for $1MM of 20yr term at best class…goes up by almost $200 at next health class down

[Coronita]

AN, disclaimer is that it was close to 6 year ago. But the difference between 1/2million and 1 was about $100-200 for me at the time. I was cheap…so I settled with the 1/2million…. $1million policies were around $400-500 (depending on company)…

Fast forward 8 years… I’m technically not insurable (or it’s prohibitly expensive now)…

[bearishgurl]

[quote=AN][quote=flu]If $400/year for $1million and it’s like $300/year for $500k, what difference does it really make. That’s like two tanks of gas. Or 3 times eating out for 2 at an average restaurant… Don’t see what the big issue is for someone healthy.[/quote]
Where can you get $1M policy for $400/year? I’m quite a bit younger than most on here and for my age, a $1M policy is around $800-$1k, a $2M policy is around $1600-1900. I didn’t check for the $500k policy, but I assume it’s close to 1/2 of the $1M policy, since the $2M policy is about 2x. For the $300 vs $400, I totally agree, but if it’s $400 vs $800, it might stretch some people.[/quote]

I’m paying $564 annually for $250K coverage but I was old when I qualified and even older now (but well preserved, lol).

[an]

[quote=flu]AN, disclaimer is that it was close to 6 year ago. But the difference between 1/2million and 1 was about $100-200 for me at the time. I was cheap…so I settled with the 1/2million…. $1million policies were around $400-500 (depending on company)…

Fast forward 8 years… I’m technically not insurable (or it’s prohibitly expensive now)…[/quote]
Lucky you. There’s no way you can get $1m for $400-500 now. You can’t even get $1M policy for $400-500 3-4 years ago. There must have been a big price increase 5-6 years ago, right after you got it.

[teaboy]

[quote=AN] There’s no way you can get $1m for $400-500 now. You can’t even get $1M policy for $400-500 3-4 years ago. There must have been a big price increase 5-6 years ago, right after you got it.[/quote]

Um, did anyone read my post above, on the 15th?

It went something like this…
[quote=teaboy] MM, I just got $1M life insurance for similar reasons to what flu wrote. Costs were:
$1,000,000- 15 year term-$300.00 Annual
$1,000,000- 20 year term-$440.00 Annual
$1,000,000- 25 year term-$730.00 Annual
$1,000,000- 30 year term-$790.00 Annual
I wasted quite a bit of time getting individual quotes before I found quickquote.com which gave instant online quotes from multiple providers.[/quote]

Btw. I’m 34 & reasonably healthy.
tb

[an]

[quote=teaboy][quote=AN] There’s no way you can get $1m for $400-500 now. You can’t even get $1M policy for $400-500 3-4 years ago. There must have been a big price increase 5-6 years ago, right after you got it.[/quote]

Um, did anyone read my post above, on the 15th?

It went something like this…
[quote=teaboy] MM, I just got $1M life insurance for similar reasons to what flu wrote. Costs were:
$1,000,000- 15 year term-$300.00 Annual
$1,000,000- 20 year term-$440.00 Annual
$1,000,000- 25 year term-$730.00 Annual
$1,000,000- 30 year term-$790.00 Annual
I wasted quite a bit of time getting individual quotes before I found quickquote.com which gave instant online quotes from multiple providers.[/quote]

Btw. I’m 34 & reasonably healthy.
tb[/quote]
I was talking about a 30 years term. My bad in assuming flu’s talking about 30 years term.

[Coronita]

[quote=AN][quote=teaboy][quote=AN] There’s no way you can get $1m for $400-500 now. You can’t even get $1M policy for $400-500 3-4 years ago. There must have been a big price increase 5-6 years ago, right after you got it.[/quote]

Um, did anyone read my post above, on the 15th?

It went something like this…
[quote=teaboy] MM, I just got $1M life insurance for similar reasons to what flu wrote. Costs were:
$1,000,000- 15 year term-$300.00 Annual
$1,000,000- 20 year term-$440.00 Annual
$1,000,000- 25 year term-$730.00 Annual
$1,000,000- 30 year term-$790.00 Annual
I wasted quite a bit of time getting individual quotes before I found quickquote.com which gave instant online quotes from multiple providers.[/quote]

Btw. I’m 34 & reasonably healthy.
tb[/quote]
I was talking about a 30 years term. My bad in assuming flu’s talking about 30 years term.[/quote]

No. I was talking about a 20 year term…That puts me at 50ish.

I felt for me, that was sufficient because my goal was house paid off, 10+ rentals replacing my current w2 income, kid undergrad college paid off via 529 or something similar…

AN, I think I also wrote “20 year term” on my post… Must be that old age finally catching up to you 🙂

[an]

[quote=flu]No. I was talking about a 20 year term…That puts me at 50ish.

I felt for me, that was sufficient because my goal was house paid off, 10+ rentals replacing my current w2 income, kid undergrad college paid off via 529 or something similar…

AN, I think I also wrote “20 year term” on my post… Must be that old age finally catching up to you :)[/quote]
I reread your post just to make sure it’s not my old age… and yes, I’m not old yet. You didn’t mention 20 years, at least not in the post where you mentioned the price difference. I understand where you’re coming from and that sounds like a safe and sound estimate. I was assuming 30 years because that’s what I have.

[Coronita]

[quote=AN][quote=flu]No. I was talking about a 20 year term…That puts me at 50ish.

I felt for me, that was sufficient because my goal was house paid off, 10+ rentals replacing my current w2 income, kid undergrad college paid off via 529 or something similar…

AN, I think I also wrote “20 year term” on my post… Must be that old age finally catching up to you :)[/quote]
I reread your post just to make sure it’s not my old age… and yes, I’m not old yet. You didn’t mention 20 years, at least not in the post where you mentioned the price difference. I understand where you’re coming from and that sounds like a safe and sound estimate. I was assuming 30 years because that’s what I have.[/quote]

I’m just ribbing you AN… I know it was just an oversight….heh heh…
Policies are kinda interesting… The difference between 15 and 20 year term when you’re thirties isn’t that much…But between 20-25 is a jump and between 25-30 not so much difference… At least that’s what I experienced.. I guess it makes sense statistically.. Seems like the magic threshold is around 55years+…..

Also, the slightest change in health makes a huge difference. (Women insurance tend to be less than men, because I guess statistically women live longer lives than men…)…So it’s probably a good idea to get insurance sooner versus later.

For me, to supplement my own insurance, I do participate in the supplemental offered by my company for 3x salary…That’s the threshold before needing a health exam to qualify…That said, it’s not ideal, because the policy isn’t portable..But, that’s the best option for me right now.

Can’t really get rich off of insurance. It’s more peace of mind.

[CardiffBaseball]

We are roughly 14-15 years into a term life product that was 88/month for 500k on both of us.

I honestly didn’t think to shop around. Now that she is getting treated for breast cancer we are kind of screwed. She gets a little through work and I get a little for her from work, but I think we’ll have to wait until this 20 year expires (assuming she’s going to make it) before anyone will insure us. Apparently many are now insuring Stage 2 survivors but you have to wait a couple of years.

[CA renter]

Sorry to hear about your wife, Cardiff. Hope she is doing as well as possible with the treatments, and that she gets better soon. I know it’s a scary time right now, but the odds of her surviving this are very, very high. Wishing your and your family the very best, Cardiff.

[Author]

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