30 year term life insurance, $1M (million, Ohio, savings, cancel)

[lenniel]

Me: 45 yr old, non-smoker, preferred plus
Wife: 44, non-smk, preferred.


We each have a 30 yr term life policy for $1M, that we bought about 5 years ago. I think it's about $1300/yr for me, $1200/yr for her.


I'm pretty sure no one can beat those premiums but thought I'd check with you folks.

[leastprime]

Did you shop around for features or for price?
Prices and Insurance needs can change rapidly.

[oespinoza83]

33 y/o, non smoker, preferred plus
I got a 30 yr term life policy for $1M. Premium was ~$750/yr.

I used term4sale and I believe coverage is through Ohio National.

[LISSailor]

Im 32 male. I believe I qualified for Preferred plus, or whatever the second from top is.

30yr Term runs me approximately $1,000/yr per million.

[lenniel]

Originally Posted by oespinoza83

33 y/o, non smoker, preferred plus
I got a 30 yr term life policy for $1M. Premium was ~$750/yr.

I used term4sale and I believe coverage is through Ohio National.

Looks like I'll be calling Term4sale!


Anyone know if your carrier will lower your premium if you find a better deal and threaten to switch?

[lenniel]

Originally Posted by lenniel

Looks like I'll be calling Term4sale!


Anyone know if your carrier will lower your premium if you find a better deal and threaten to switch?

I tried Term4sale, plugged in my info and the lowest annual premium was about $1800. So, I feel pretty good where I'm at....

[jghorton]

As a point of reference, I have paid about $1800 per year for a $500K, 20-year term policy on my then 65-year old wife.

The thing about a limited term policy is, by the time you reach that age, you will have paid 30-years in premiums, yet, will only be in your mid-70's, yet, the cost of adding an additional 10+ years at that point, will be prohibitive. If you are going for it now, I suggest you go for a 40-years or even 35-year guaranteed rate. Your price will never be lower than now.

[TaxPhd]

Originally Posted by jghorton

As a point of reference, I have paid about $1800 per year for a $500K, 20-year term policy on my then 65-year old wife.

The thing about a limited term policy is, by the time you reach that age, you will have paid 30-years in premiums, yet, will only be in your mid-70's, yet, the cost of adding an additional 10+ years at that point, will be prohibitive. If you are going for it now, I suggest you go for a 40-years or even 35-year guaranteed rate. Your price will never be lower than now.

Why would someone add 10+ years of life insurance at age 70+?

[lewdog_5]

30 year old male. $1M/30 year policy for $850/year here.

Savings bank life insurance.

[rjm1cc]

I think your idea of a long term term policy is good.
Yes I would look at the market and your personal assets to see if a change was needed. When you retire you might not need the insurance and can cancel. Maybe a whole life will be useful for estate planning etc.