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Old 11-09-2018, 08:06 PM
 
Location: Saint John, IN
11,043 posts, read 4,009,173 times
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That's dirt cheap! You probably wouldn't be able to get that much life insurance anywhere else for that amount. Life insurance gets more expensive as one gets older and after 50 it can get quite pricy! If you feel you need it, get it!
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Old 11-09-2018, 09:04 PM
 
605 posts, read 189,962 times
Reputation: 643
Quote:
Originally Posted by pvande55 View Post
I heard a life insurance salesman say that if he brings in a request for a million dollar policy, the underwriter is immediately suspicious. Some hidden health issue? Considering suicide?
The underwriter probably decided it wasn't worth the risk and deep-6ed it.
For most people that would seem fishy. Others who are wealthy, not so much.
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Old 11-09-2018, 09:06 PM
 
605 posts, read 189,962 times
Reputation: 643
Quote:
Originally Posted by CGab View Post
That's dirt cheap! You probably wouldn't be able to get that much life insurance anywhere else for that amount. Life insurance gets more expensive as one gets older and after 50 it can get quite pricy! If you feel you need it, get it!
They wouldn't give me a price on how much it is as one ages, unfortunately. Everything is "personalized" so kept hush hush except for your own rate. Makes you wonder if everyone is being charged a similar price for their age.
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Old 11-09-2018, 09:44 PM
 
Location: New York
831 posts, read 657,572 times
Reputation: 1536
Make sure that policy extends if you leave/retire from the job. Some company insurances only cover while on the job. Secondly, how much insurance do you need? Believe it or not 100,000 isn't a lot after funeral costs and all.
If you have dependents who rely on your salary, then you need 10 times your salary. 100000 doesn't seem so big anymore.

I got term insurance for 1,3 million. I was younger and pretty healthy at the time. I got a 20 year term for about $700/year, till I am about 61. At that point kids will be gone, and Investments will be well over 1,000,000.
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Old 11-09-2018, 09:52 PM
 
605 posts, read 189,962 times
Reputation: 643
Quote:
Originally Posted by grouse789 View Post
Make sure that policy extends if you leave/retire from the job. Some company insurances only cover while on the job. Secondly, how much insurance do you need? Believe it or not 100,000 isn't a lot after funeral costs and all.
If you have dependents who rely on your salary, then you need 10 times your salary. 100000 doesn't seem so big anymore.

I got term insurance for 1,3 million. I was younger and pretty healthy at the time. I got a 20 year term for about $700/year, till I am about 61. At that point kids will be gone, and Investments will be well over 1,000,000.
Thank you. I'll check on that.
In total, with the company provided life insurance, it comes to 125K of coverage. Last year I tried to get $150k but the insurance company never called me. It's a requirement you get something from your doctor, a note about your health, if you desire more
than 100K. That's alot of work

Last edited by BumbleBeeHunter; 11-09-2018 at 10:49 PM..
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Old 11-15-2018, 07:01 AM
 
Location: New York
831 posts, read 657,572 times
Reputation: 1536
Look at companies like William Penn. they have pretty good rates for term. Yes they will come to your house and take a blood test, etc. If you have a spouse or children who rely on your salary, don't play games with their well being. Figure out how much they will need and get it. Remember, we pay for car insurance, homeowners insurance, this may cost you less that you pay for those items.
Good luck!��
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Old 11-15-2018, 08:36 AM
 
3,926 posts, read 2,762,158 times
Reputation: 7235
I would never pay for life insurance through an employer, you should have your own policy that's not dependent on your job. Maybe you can convert this if you quit or are fired, but would you know what the rate would be and if you would have guaranteed insurability?
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Old 11-15-2018, 06:56 PM
 
26,060 posts, read 33,064,041 times
Reputation: 32325
Quote:
Originally Posted by BumbleBeeHunter View Post
They wouldn't give me a price on how much it is as one ages, unfortunately. Everything is "personalized" so kept hush hush except for your own rate. Makes you wonder if everyone is being charged a similar price for their age.
Then I would definitely not sign up. That's a big ol' red flag right there.
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