Can anyone recommend a good Term Life insurance company? (blood, doctor, cheap)

[user9430961]

Now that I’m getting older (58 years old), I figured it was about time that I start looking into getting some term life insurance, since I keep getting offers from my credit union, my bank, AAA Automobile Club, AARP and a few other term life insurance companies.

Since I’m not well off and since I’m getting older, it would be nice to know that there is a little money left after I expire, so there will be enough money left to cover my funeral expenses, to pay my remaining bills, and to pay off my mortgage. Though I am single and I have no children, most of all, I love my family and we all get along, so I would like to leave them a little something.

I’m looking for about $50,000 - $100,000 worth of coverage. However, I can’t afford whole life insurance, since the monthly premiums would be too high.

Most of the term life insurance monthly premiums (with several companies) I have found, are less than $20 difference for my age bracket. Most don’t require a medical exam (I just have to answer a few medical questions), some require a blood and urine test, and some require a basic doctor’s office visit medical exam.

Ideally, I would like a low monthly premium AND something with the least amount of medical exams/medical requirements.

So if you have term life insurance, who do you might recommend, and how invasive or easy were the medical requirements?

[terracore]

I think most of the policies are underwritten by a few giants so there isn't much difference in wholesale price. Your best discount is going to be through an affinity program like the one's you've mentioned. The last time I got life insurance I think I just filled out a questionnaire but at my age I couldn't get these prices without going through a real medical screening.

When my wife had hers it was a questionnaire and she also had to go to a clinic for a free screening. It was just checking vitals, weight, and a blood draw. A friend of mine in the business suggests abstaining from alcohol for several days before the tests so there isn't anything to negatively influence the liver panel.

Generally the companies that do the medical screenings can offer the best prices.

[user9430961]

Originally Posted by terracore

I think most of the policies are underwritten by a few giants so there isn't much difference in wholesale price. Your best discount is going to be through an affinity program like the one's you've mentioned. The last time I got life insurance I think I just filled out a questionnaire but at my age I couldn't get these prices without going through a real medical screening.

When my wife had hers it was a questionnaire and she also had to go to a clinic for a free screening. It was just checking vitals, weight, and a blood draw. A friend of mine in the business suggests abstaining from alcohol for several days before the tests so there isn't anything to negatively influence the liver panel.

Generally the companies that do the medical screenings can offer the best prices.

Hello there, terracore. I appreciate your help and advice. Thank You.

[Texas Ag 93]

You should do a search in the Personal Finance forum. Lots of threads about life insurance there.

[FrankMiller]

Keep in mind with term life insurance that you won't get anything if you die after the term expires. That's why it's cheaper; you might not get anything back from it at all. Generally you use Term to take care of people who are dependent on you and would need assistance if you die young. Are you matching the Term to your remaining mortgage?



Also note that term premiums increase with age unless it is Level Term.


Term insurance is basically commodified so the biggest difference between companies is probably customer service quality.

[user9430961]

Originally Posted by Texas Ag 93

You should do a search in the Personal Finance forum. Lots of threads about life insurance there.

Thank you, Texas Ag 93. I'll take a look in the Personal Finance forum. I appreciate your help.

[user9430961]

Originally Posted by FrankMiller

Keep in mind with term life insurance that you won't get anything if you die after the term expires. That's why it's cheaper; you might not get anything back from it at all. Generally you use Term to take care of people who are dependent on you and would need assistance if you die young. Are you matching the Term to your remaining mortgage?



Also note that term premiums increase with age unless it is Level Term.


Term insurance is basically commodified so the biggest difference between companies is probably customer service quality.

Thank you FrankMiller. I appreciate your help and insight. In my case, I would have enough insurance to pay off my mortgage, that way my family could get my house free and clear, as I will stipulate in my will how all the money is to be used.



Thank you again for your help.