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I would get a 30 year term life policy. For a few million.
I don't know how long you have to have quit before you can say "I don't smoke" to insurance, without lying. It might be worth inquiring and then acting based on that.
For me, the problem with your work policy is what happens if you work there for a while, then you are older and by the time you want to get a new policy somewhere else it is prohibitively expensive.
At age 32, it's a great time to lock in a reasonable rates for a long time.
Your rate is only good because it's basically a 1 year term. At age 32 your chances of dying are very low.
at your age, I think you will find rates to be somewhere aorund $800 per year per 1/million for 30 years.
But it's really, really easy to find out on esurance.com or something like that.
we had that happen with our long term care insurance . we waited and waited and by the time we acted we were not only older but now i was slightly diabetic so i got penalized for that too.
certain insurances are better bought younger because they become just to costly waiting as well as you run the risk of not qualifying .
most are structured so by a certain age regardless of when you start you end up paying in the same thing .
My 78 year old father just got approved for a long term care insurance policy (I don't know what is covered), however my 65 year old mother got denied by the same carrier because of her diabetes and high blood sugar that she doesn't want to control.
they came to our house and not only did full blood and urine tests , but drug testing and hiv too. they then gave us both a bunch of memory tests too. never thought i would pass the memory tests .
they came to our house and not only did full blood and urine tests , but drug testing and hiv too. they then gave us both a bunch of memory tests too. never thought i would pass the memory tests .
You have to be strict. There is a lot of anti-selection that goes on. I'm surprised they would require cognitive testing at your age...but you must be older than I thought.
I have never heard of a LTC Company requiring blood and urine for a policy....unless it was a rider on a life policy. Can I ask who you got your coverage from?
Your life insurance should be based on how much your spouse will need to pay bills and maintain a lifestyle should you die. With a 650K house, thats a lot of money to come up with each month for a mortgage. $1,000,000 will give her about 50K annual income so I'd say you need at LEAST $2,000,000 and yes, get some outside of work. I would get $2,000,000 outside of work and then keep the work policy earmarked to pay funeral/final expenses.
So i reached out to selectquote.
I was shocked to see how expensive things were.
In our case, if i died , my wife will likely move back to india. Where we have a home owned free and clear. Her plan would be to sell the house we have here ( equity of 160k).
Even in india , i suppose my 1.3M, wont get her too far.
Do not forget disability insurance on yourself and life insurance on your wife.
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