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Hey Sanman04, my opinion would be looking into a mutual company as opposed to a stock company. You can spreadsheet the companies and compare, but then you come to a point you are literally comparing rates within just a couple of dollars. I hope that in light of what is going on that more individuals pay attention to the company that they select. I am an independent agent and can sell just about any company, but I have went with Union Central Life for mine. I would do a little research into maybe the top 10 Mutual Insurance Carriers and then go with your favorite. I can find around a dozen companies slightly less than Union Central, but I am splitting almost cents. If you want to throw it out to the wind, some competitive companies in the marketplace are West Coast Life, Genworth, Transamerica, Prudential, and North American Company for Life & Health (NACOLAH). Those are just a handful. But if you do your homework, you will find mutual ins. co. are owned by policyholders (not publicly traded) and stock companies (publicly traded).
Unfortunately, many people, and apparently a few of the posters on this site, view term insurance as a commodity: The lower the premium, the better. That’s only true if every term policy were indistinguishable from any other version. And this is not true!
Keep in mind. For a policy this large, the issuing company will use one or two reinsurance companies to assume part or all of the risk. This is ok if you keep the same policy for 10+ years. If you attempt to replace in 3-5 years or so, you may have problems because the reinsurance companies may not want to insure you. The reason is the cost of selling a policy usually exceeds the first year’s premiums. If you become a migratory policyholder you may become an impaired risk on their books and they may decline to sell you a new policy.
As Denise M mentioned, term policies can have riders. One big item to look at is the renewal provisions rider. Another is disability of waiver premium rider. Some companies are more generous in defining ‘disability’ than others. Also look at the conversion privileges. The future may change and you might find it to your benefit to convert the term policy to permanent insurance. And you may not. At least consider the option. My 2-cents worth. [SIZE=3][/SIZE]
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