ot. how much is enough life insurance…

[ljinvestor]

Been in the insurance industry for 15 years and at your age a 20yr term for $2100 would mean they are giving you the Pref Best health rating. MetLife, AIG, Banner, & Protective are some of the most competitive for that term, age, health class, & amount.

If you feel that’s what you need then take it. Most policies allow you to lower the death benefit later on if necessary. You could also consider 15yr term and save $500-$600 year off the 20yr.

[CA renter]

[quote=bearishgurl][quote=FlyerInHi]I don’t have life insurance because I have nobody to give the money to.

But if you buy life insurance early, say in your 20s, is it cheaper and is the term longer?

Also, if you don’t go hot air ballooning now, but go later and die of the balloon falling to the ground, does the insurance pay up?[/quote]

FIH, I bought term life insurance from age 25 forward (to supplement the 3x pay coverage I had at work, which wasn’t much). When you’re younger, your term life premium typically goes up every five years on a level-term policy (ex: age 20, 25, 30, 35, 40, 45). At age 50, the term ends. If you want a 20-year level term policy (typically from age 50-70), you will need to submit to a physical exam (with the CARRIER’s chosen provider) and sign a release for your medical records, in order to get properly priced. Once all that is completed, you will be offered policy terms and premium levels …. or you will be declined. At age 50, I applied to and kept the same carrier I had since age 25, but you are free to make application with other carriers.

If you answer that you do NOT go hot-air ballooning (or skydiving) on your application for term coverage (your premium was priced for a non-ballooner/skydiver) and then you later die in a ballooning/skydiving accident, your carrier will not pay out. If you answered that you DID go ballooning/skydiving on your app for coverage, the premium offered you will reflect that preference OR your app will be declined (depending upon carrier).

If you don’t have any dependents who will be your heirs, then you probably shouldn’t bother with paying life insurance premiums. Whoever will settle your estate will not be personally liable for any debts you leave behind that your estate cannot pay, and, in any case, life insurance proceeds are generally not part of your estate.

Please consult an estate planning attorney on this issue as I am not giving “legal advice” here.[/quote]

We had health exams both times we got new policies, at age 34 and age 44. I thought that every insurance company required it. Interesting to learn that this is not the case.

[FlyerInHi]

Not too bad for life insurance. for $1 million, the cost of internet and cable TV.

[bearishgurl]

CAR, the insurance rep came to our home and signed us up when I was 25 (many moons ago). As I recall, he did ask us questions and took some notes, but did not weigh us or take any photos. I was renewed every five years until age 50, at which time I had to convert to a different product (which required a physical exam) if I wanted to stay with that carrier.

The premium for the term life offered by my carrier automatically went up every five years, starting at age 25. It was a plan open to active duty and retired military and their families and DOD personnel but I was allowed to apply to the same carrier at age 50 (even though I was no longer a military dependent) because I was not a new customer. Essentially, I “converted” from regular term life to a 20-year level term policy with them at that time (but had to “requalify” for it, as did every current policyholder who aged out of their regular term life program).

I don’t recall my insurance company offering 15-year term policies at age 50 (as ljinvestor posted). And I always had just $200 – $250K of coverage (which was actually a lot of money back then, lol). Actually, that might have been the most term life they offered back in the day.

It was so long ago that I signed up initially that it is possible that life insurance companies selling large term life policies now require a physical exam of every applicant, regardless of age. Maybe ljinvestor knows the answer to this question.

[scaredyclassic]

I am actually slowing down with age. I am not as peppy as I was at 42. Based on that, I can see how it might be possible that some day I do actually die.

If our consciousness ultimately becomes download able will insurance companies be able to avoid payment? I better check how death is defined

[bearishgurl]

[quote=scaredyclassic]I am actually slowing down with age. I am not as peppy as I was at 42. Based on that, I can see how it might be possible that some day I do actually die.

If our consciousness ultimately becomes download able will insurance companies be able to avoid payment? I better check how death is defined[/quote]

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