Is my term life policy quote too high?

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randomthrowaway
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Is my term life policy quote too high?

Post by randomthrowaway » Sat Jan 24, 2015 8:21 am

I had a whole life policy for about a year and realized it was a poor product about a year ago, so I got rid of it. I recently decided to go through the process and purchase a term policy for 30 years at 1 million dollars. I have a family history of cancer (2 grand parents, both parents, my father passed away in his late 50s from it), so I expected that would influence my rate because everything else with my health was perfect. The broker I work with from 4term suggested Cinn. Life and said they were good company. My quote came back and it is at the preferred rate for 113.00 a month. With my family history, is this a fair quote in your opinion? Should I shop around a little more before committing to this product?

Stats:
33 year old male
Engaged, no kids
Mortgage
No health issues
6'1, 194 pounds
Last edited by randomthrowaway on Sat Jan 24, 2015 9:03 am, edited 2 times in total.

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Rob54keep
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Re: Is my term life policy quote too high?

Post by Rob54keep » Sat Jan 24, 2015 8:30 am

Normally I look at the price per $1000 of insurance. This policy is 0.11 per $1000 of insurance. So is that a good price? Not too bad for a 33 year old. I would expect 0.08 to 0.15 per $1000 of coverage. Check 20 year policy.
Last edited by Rob54keep on Sat Jan 24, 2015 9:20 am, edited 1 time in total.

Impromptu
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Re: Is my term life policy quote too high?

Post by Impromptu » Sat Jan 24, 2015 8:42 am

The 30 year term may make it higher. You are 33, so you are seeking coverage until you are 63. If you went for 20 year term insurance, coverage until you are 53, and self insure after that point, perhaps you will get a much better rate.
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gasdoc
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Re: Is my term life policy quote too high?

Post by gasdoc » Sat Jan 24, 2015 8:49 am

Term life insurance is such a standard policy, why wouldn't you just contact an insurance broker and have him shop lots of companies? They all weigh various factors slightly differently and come up with slightly different prices. IMO, the fact that it is easy to shop around is what makes term life one of the most cost competitive products. Take advantage of this. I also agree that 30 years is a long time for an insurance company to cover. I would check the rates for a 20 year also.

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Cosmo
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Re: Is my term life policy quote too high?

Post by Cosmo » Sat Jan 24, 2015 8:56 am

randomthrowaway wrote:I had a whole life policy for about a year and realized it was a poor product about a year ago, so I got rid of it. I recently decided to go through the process and purchase a term policy for 30 years at 1 million dollars. I have a family history of cancer (2 grand parents, both parents, my father passed away in his late 50s from it), so I expected that would influence my rate because everything else with my health was perfect. The broker I work with from 4term suggested Cinn. Life and said they were good company. My quote came back and it is at the preferred rate for 113.00 a month. With my family history, is this a fair quote in your opinion? Should I shop around a little more before committing to this product?

Stats:
33 year old male
No health issues
6'1, 194
Other questions. Married? Kids? Do you need to insure that your income is replaced should you pass? You may find that you need just 20 years. After my second and final kid was born, I opted for just the 20 year as I figured beyond that, I would have ample savings/assets to help with any college costs, etc. Other ideas I have seen batted around here is getting two policies (say a 30 year at $500K and a 15 year at $500K) to reflect the declining coverage you will require as you age and build up assets and/or as certain expenses decline. Check out some other threads here on this.
Cosmo

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randomthrowaway
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Re: Is my term life policy quote too high?

Post by randomthrowaway » Sat Jan 24, 2015 8:59 am

bkinder wrote:Term life insurance is such a standard policy, why wouldn't you just contact an insurance broker and have him shop lots of companies? They all weigh various factors slightly differently and come up with slightly different prices. IMO, the fact that it is easy to shop around is what makes term life one of the most cost competitive products. Take advantage of this. I also agree that 30 years is a long time for an insurance company to cover. I would check the rates for a 20 year also.

I used 4term to find the broker and to look at different policies. I also decided on the 30 year mark because of the early deaths of my grandfather and father (both before 60). I just don't want to take the risk of passing away like them before I turn 60. I can talk to other companies...I just thought 4term was a great place to start since it was suggested by the forum.

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bottlecap
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Re: Is my term life policy quote too high?

Post by bottlecap » Sat Jan 24, 2015 9:07 am

That seems a little high to me.

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Userdc
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Re: Is my term life policy quote too high?

Post by Userdc » Sat Jan 24, 2015 9:21 am

I have no idea if that is a good rate, but I would shop around.

I had similar stats when I got my $2 million 20 yr policy, and i pay under a hundred a month.

BruDude
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Re: Is my term life policy quote too high?

Post by BruDude » Sat Jan 24, 2015 1:38 pm

Pacific Life looks ok at Preferred Plus, same with Banner. Pacific = $775 annually, Banner = $780

awval999
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Re: Is my term life policy quote too high?

Post by awval999 » Sat Jan 24, 2015 1:40 pm

No way he's going to get Preferred Plus with a family history of cancer.

Go to term4sale.com and play around with the website and you can get a ballpark. I'm getting ~$80s/month for you with $1MM, 32 years old with a "preferred" rating.

When I change the rating to "Regular Plus" that is where I see the $110s/month" so you must have received that health rating. And unfortunately you really can't fight the ratings.

Honestly this is why I got my $1MM policy right after marriage before children at 28. You never know what health issue might find you. And the thousands of health questions, exams, etc, to trip you up. I doubt I would qualify now for the preferred plus rates because I went to the doctor several times this year for different conditions.
Last edited by awval999 on Sat Jan 24, 2015 1:47 pm, edited 1 time in total.

BruDude
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Re: Is my term life policy quote too high?

Post by BruDude » Sat Jan 24, 2015 1:46 pm

awval999 wrote:No way he's going to get Preferred Plus with a family history of cancer.

Go to term4sale.com and play around with the website and you can get a ballpark. I'm getting ~$80s/month for you with $1MM, 32 years old with a "preferred" rating.

When I change the rating to "Regular Plus" that is where I see the $110s/month" so you must have received that health rating. And unfortunately you really can't fight the ratings.
Sure he can. I just plugged in one parent died of cancer age 58 (anything under age 60 will be the same) and there's about 5 companies that will do Preferred Plus.

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Re: Is my term life policy quote too high?

Post by awval999 » Sat Jan 24, 2015 1:49 pm

BruDude wrote:
awval999 wrote:No way he's going to get Preferred Plus with a family history of cancer.

Go to term4sale.com and play around with the website and you can get a ballpark. I'm getting ~$80s/month for you with $1MM, 32 years old with a "preferred" rating.

When I change the rating to "Regular Plus" that is where I see the $110s/month" so you must have received that health rating. And unfortunately you really can't fight the ratings.
Sure he can. I just plugged in one parent died of cancer age 58 (anything under age 60 will be the same) and there's about 5 companies that will do Preferred Plus.
He's obviously not getting preferred plus quotes right now.

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Re: Is my term life policy quote too high?

Post by BruDude » Sat Jan 24, 2015 1:51 pm

awval999 wrote:
BruDude wrote:
awval999 wrote:No way he's going to get Preferred Plus with a family history of cancer.

Go to term4sale.com and play around with the website and you can get a ballpark. I'm getting ~$80s/month for you with $1MM, 32 years old with a "preferred" rating.

When I change the rating to "Regular Plus" that is where I see the $110s/month" so you must have received that health rating. And unfortunately you really can't fight the ratings.
Sure he can. I just plugged in one parent died of cancer age 58 (anything under age 60 will be the same) and there's about 5 companies that will do Preferred Plus.
He's obviously not getting preferred plus quotes right now.
That's because the agent is doing it wrong. I'm a life insurance agent,he can definitely get P+ if that's the only issue.

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randomthrowaway
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Re: Is my term life policy quote too high?

Post by randomthrowaway » Sat Jan 24, 2015 4:17 pm

The broker, per our conversation on Friday, said that he might be able to get me a dollar difference if he shopped around. I emailed agents from State Farm and Northwestern Mutual this morning, and they both said they could do better. I imagine NM can, but I think their product is different in that it isn't locked in to a certain rate 20 or 30 years. I am hesitant to go with the Cinn. Life because 113 just seems too high at the moment; even with my family history.

BruDude
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Re: Is my term life policy quote too high?

Post by BruDude » Sat Jan 24, 2015 5:22 pm

Don't use State Farm or NWM. Both are captive companies with tough underwriting. Pacific life and banner life will be the two lowest prices you're going to find anywhere.

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Re: Is my term life policy quote too high?

Post by brad.clarkston » Sat Jan 24, 2015 5:35 pm

I wish I could get it for that.

43, non smoker, blood pressure med = $143.00 a month for $600k 20yr term.

That's a good rate (for me) I shopped around. For those that bought term for under $90 a month how many years ago was that? I'm betting 5+ as ObamaCare helped raise prices a couple of years ago.

The problem with Bogleheads is they demand Cadillac service for Ford/Chevy money.

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Re: Is my term life policy quote too high?

Post by BruDude » Sat Jan 24, 2015 6:14 pm

brad.clarkston wrote:I wish I could get it for that.

43, non smoker, blood pressure med = $143.00 a month for $600k 20yr term.

That's a good rate (for me) I shopped around. For those that bought term for under $90 a month how many years ago was that? I'm betting 5+ as ObamaCare helped raise prices a couple of years ago.

The problem with Bogleheads is they demand Cadillac service for Ford/Chevy money.
Why so high? Genworth would be $656 annually at Preferred Plus with BP meds assuming good control. It sounds like you were given a substandard risk class.

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Re: Is my term life policy quote too high?

Post by brad.clarkston » Sat Jan 24, 2015 8:14 pm

BruDude wrote:
brad.clarkston wrote:I wish I could get it for that.

43, non smoker, blood pressure med = $143.00 a month for $600k 20yr term.

That's a good rate (for me) I shopped around. For those that bought term for under $90 a month how many years ago was that? I'm betting 5+ as ObamaCare helped raise prices a couple of years ago.

The problem with Bogleheads is they demand Cadillac service for Ford/Chevy money.
Why so high? Genworth would be $656 annually at Preferred Plus with BP meds assuming good control. It sounds like you were given a substandard risk class.
I broke the magic 40yr mark and I have a permanent med. No one is giving a "preferred plus" exceptional health plan to someone with med's or family history now that Obamacare has kicked in. I checked out 10 different providers and every one of them put me in the "Regular" average health plan status.

I was quoted a bunch of great prices from multiple venders at the start but when it came time to sign the $ amount changed. I'm not basing my opinion on old data or assumptions I literately shopped the markets with 10 different providers about 6 months ago. The only one I didn't talk to that I regret now is TIAA-CREF that might be a good option to look into.

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Re: Is my term life policy quote too high?

Post by randomguy » Sat Jan 24, 2015 8:58 pm

brad.clarkston wrote:I wish I could get it for that.

43, non smoker, blood pressure med = $143.00 a month for $600k 20yr term.

That's a good rate (for me) I shopped around. For those that bought term for under $90 a month how many years ago was that? I'm betting 5+ as ObamaCare helped raise prices a couple of years ago.

The problem with Bogleheads is they demand Cadillac service for Ford/Chevy money.
Obamacare raised life insurance prices? Thats a new one to me:) Heck I would expect people getting better medical care to lower life insurance rates as people live longer. More likely poor returns (2007-9, lower interest rates). Rates can very drastically between providers but in general as the end time of the period gets north of 60, the rates start going up drastically.

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Re: Is my term life policy quote too high?

Post by awval999 » Sat Jan 24, 2015 9:11 pm

28 years old, 30 year term, $1M, $58.xx/month TransAmerica. Preferred plus. 2014.

dhodson
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Re: Is my term life policy quote too high?

Post by dhodson » Sat Jan 24, 2015 9:12 pm

That's putting it too kindly.

There isn't any reason to believe Obomacare has changed life insurance rates.

bluemarlin08
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Re: Is my term life policy quote too high?

Post by bluemarlin08 » Sat Jan 24, 2015 9:25 pm

Not a good rate. Some companies won't penalize for cancer family history. Find a new agent.

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Re: Is my term life policy quote too high?

Post by Ron Ronnerson » Sat Jan 24, 2015 10:24 pm

I have a $1M 30 year term policy. I got it 3 years ago when I was age 37. Rate is $78/month (Super Preferred Rate through ING/Voya).

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Re: Is my term life policy quote too high?

Post by Anon1234 » Sat Jan 24, 2015 10:39 pm

My father died of cancer in his late 50s. I got term insurance from Columbus Life at age 35 (Columbus life has Comdex 95 rating, ie 95th percentile of insurer strength). I had no health issues and average BMI at the time I applied. I bought it through LLIS.com as the agent. LLIS is non-captive and recommended Columbus Life. They had some cheaper options, but I wanted 95+ Comdex rated insurer.

700k 20 year annual price $435.00
300k 30 year annual price $383.00

total
$1M 20+ year annual price $818 (equals 68.17/month)

Also, my spouse has a history of cancer and got insurance through Amica at very good rates.

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Re: Is my term life policy quote too high?

Post by Deepsea » Sat Jan 24, 2015 11:44 pm

Pay annually instead of monthly. Guaranteed about a 5% savings = no brainer

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Re: Is my term life policy quote too high?

Post by MossySF » Sun Jan 25, 2015 12:37 am

The policy does look high compared to my policy but I only got a 20 year one.

I should have spent a month dieting and exercising to improve my test numbers before signing up for the policy as my cholesterol was just a tiny bit above the Preferred Plus band. That would have saved dozens of dollars every year!

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Re: Is my term life policy quote too high?

Post by itstoomuch » Sun Jan 25, 2015 1:07 am

Don't know.
When I was looking for DS. There was considerable price differences between term policies. We opted for an agent sold policy with renewability and convertibility (another term) without health underwriting other than the initial exam. There are No exclusions to "Acts of War," Terrorism, or death in the Armed Forces. About $30/month, $300k, inflation rider, disability waiver, 15yr term, purchased in 2002. Sorry I don't know the exact cost since DS pays, I own the policy. Preferred.

I just looked at the policy. One of the qualifying questions concerns if your parents died before 65 from cancer, cardiovascular disease.

I bought DS policy when he was heading off to college at age 17 (I had loss of control issues :? ). I had a diagnosis of "pre cancer cells" at age 52. Prostate removed at age 62. DS's outdoor activities may exclude him from getting more preferred insurance.
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Re: Is my term life policy quote too high?

Post by Impromptu » Sun Jan 25, 2015 2:30 pm

35 yo m, nonsmoker, elevated BMI, $1 Million 20 year term is $61/month. John Hancock.

My wife, 29 yo f, nonsmoker, normal BMI, $2 Million 20 year term for $61/month. John Hancock.

She gets 2X as much coverage as mine for the same price, because she is not overweight.
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Re: Is my term life policy quote too high?

Post by BruDude » Sun Jan 25, 2015 4:23 pm

brad.clarkston wrote:
I broke the magic 40yr mark and I have a permanent med. No one is giving a "preferred plus" exceptional health plan to someone with med's or family history now that Obamacare has kicked in. I checked out 10 different providers and every one of them put me in the "Regular" average health plan status.

I was quoted a bunch of great prices from multiple venders at the start but when it came time to sign the $ amount changed. I'm not basing my opinion on old data or assumptions I literately shopped the markets with 10 different providers about 6 months ago. The only one I didn't talk to that I regret now is TIAA-CREF that might be a good option to look into.
I can 100% guarantee that there are several insurance companies that will allow Preferred Plus rates with blood pressure meds. There must be more to the story if you were given a substandard rate with normal BP readings and medication. Under normal circumstances, someone with BP treatment should be no worse than Preferred with most companies.

ERISA Stone
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Re: Is my term life policy quote too high?

Post by ERISA Stone » Sun Jan 25, 2015 4:53 pm

It feels a little high to me but I stacked mine to reduce the coverage as I get older. Also, my mother had lymphoma and I was still able to get preferred plus with Transamerica, but it does depend on the company according to my broker. I am 37, non-smoker:

20 year, $750k - $413
30 year, $250k - $268

IIRC, a straight 30 year $1 million policy would've run between $800-900 annually.

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randomthrowaway
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Re: Is my term life policy quote too high?

Post by randomthrowaway » Mon Jan 26, 2015 5:28 am

ERISA Stone wrote:It feels a little high to me but I stacked mine to reduce the coverage as I get older. Also, my mother had lymphoma and I was still able to get preferred plus with Transamerica, but it does depend on the company according to my broker. I am 37, non-smoker:

20 year, $750k - $413
30 year, $250k - $268

IIRC, a straight 30 year $1 million policy would've run between $800-900 annually.
I like the idea of stacking the quote. I am going to call around today and see what type of products are available.

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Re: Is my term life policy quote too high?

Post by Carl53 » Mon Jan 26, 2015 7:42 am

Impromptu wrote:35 yo m, nonsmoker, elevated BMI, $1 Million 20 year term is $61/month. John Hancock.

My wife, 29 yo f, nonsmoker, normal BMI, $2 Million 20 year term for $61/month. John Hancock.

She gets 2X as much coverage as mine for the same price, because she is not overweight.
Part of it is that she is a woman.

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Re: Is my term life policy quote too high?

Post by Carl53 » Mon Jan 26, 2015 7:47 am

I've not used term4sale.com. 12 and 5 years ago, I used intelliquote.com and selectquote.com to purchase term policies. No real difference as far as I could see between the sites. I did find it interesting to play with the input information as to length of term and quantity of coverage to see how the companies quoted prices changed. One might be 10% cheaper at 15 years, but 20% higher at 20 years. By coincidence I ended up with Banner insurance both times.

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Re: Is my term life policy quote too high?

Post by Rupert » Mon Jan 26, 2015 10:09 am

bluemarlin08 wrote:Not a good rate. Some companies won't penalize for cancer family history. Find a new agent.
This is the best answer. There are a handful of insurance companies who will give you a Preferred Plus rate if one of your parents died of cancer before age 60, but only a handful. You need to get quotes from those companies. I used Accuquote. The very first thing my Accuquote agent said to me when I called them was, "Oh, there are only about three companies who will give you their best rate as a result of your family history." If your agent didn't say that to you, get another agent.

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Re: Is my term life policy quote too high?

Post by Boglegrappler » Mon Jan 26, 2015 10:14 am

I ran your numbers in the fidelity investments term quote program. It shows $86 monthly as a standard rate, but possibly $43 monthly as a super preferred depending on cholesterol, etc. They only quote up to 20 years, but I'd take a look at that. Their quote program is anonymous, but I suppose it could be a "come-on" rate that changes. Be sure you look at fidelity investments and not just fidelity life, which is different.

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Re: Is my term life policy quote too high?

Post by rkuklinski » Mon Jan 26, 2015 10:36 am

A couple of suggestions:

Shop SBLI as well if your broker does not have a quote from them for you. Initially they had the lowest rate for me ( 33 yo, Male, 1 million 30 year term).

I happen to have my Auto and Home/Umbrella policies with Amica so I received a Life quote from them as well. I received a quote for their second cheapest tier (Preferred?) and purchased the policy.

Simultaneously I was shoppoing SBLI and they came in cheaper so I called Amica and threatened to cancel the policy. Amica agreed to give me their equivalent of Preferred plus for an annual premium of 760 along with the slight Auto discount (maybe 5% or so?) :moneybag

Amica offers a nice rider that increases the benefit (along with a nominal increase of premium) in an effort to mitigate inflation.
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Re: Is my term life policy quote too high?

Post by BruDude » Mon Jan 26, 2015 11:23 am

rkuklinski wrote:A couple of suggestions:

Shop SBLI as well if your broker does not have a quote from them for you. Initially they had the lowest rate for me ( 33 yo, Male, 1 million 30 year term).

I happen to have my Auto and Home/Umbrella policies with Amica so I received a Life quote from them as well. I received a quote for their second cheapest tier (Preferred?) and purchased the policy.

Simultaneously I was shoppoing SBLI and they came in cheaper so I called Amica and threatened to cancel the policy. Amica agreed to give me their equivalent of Preferred plus for an annual premium of 760 along with the slight Auto discount (maybe 5% or so?) :moneybag

Amica offers a nice rider that increases the benefit (along with a nominal increase of premium) in an effort to mitigate inflation.
SBLI won't give Preferred Plus rates with family history of cancer. I would be surprised if Amica did.

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Re: Is my term life policy quote too high?

Post by batpot » Mon Jan 26, 2015 2:38 pm

I also have a family history, and broker steered me towards Prudential and Voya.

Prudential only looks at deaths before the age of 60, and only asks about immediate family, (siblings and parents).

Rates from other companies were WAY higher due to my family history, so definitely shop around.

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Re: Is my term life policy quote too high?

Post by BruDude » Mon Jan 26, 2015 3:23 pm

batpot wrote:I also have a family history, and broker steered me towards Prudential and Voya.

Prudential only looks at deaths before the age of 60, and only asks about immediate family, (siblings and parents).

Rates from other companies were WAY higher due to my family history, so definitely shop around.
Almost every company only cares about immediately family and before age 60. Cancer and heart disease are the only conditions that will impact the underwriting. History of heart disease is more serious than cancer, and there's only one company I know of that will give Preferred Plus rates to someone with a parent that died of heart disease before age 60. There's about 5 or 6 with most types of cancer.

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Re: Is my term life policy quote too high?

Post by technovelist » Mon Jan 26, 2015 3:58 pm

Try SelectQuote, as someone else suggested. I know it is possible in some cases to get P+ with BP medications with Prudential (one of the companies they carry), maybe even if there are a few other minor issues/medications.
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