Term life-is this reasonable price?

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omega
Posts: 84
Joined: Wed Feb 01, 2017 9:38 pm

Term life-is this reasonable price?

Post by omega » Tue May 15, 2018 7:41 pm

I have been searching for term life insurance for quiet sometime. I don't qualify for exceptional rate because of medical reasons. Recently, I got a quote for 135 USD/month with AIG (standard non-tobacco) for 20 years for 1 million. Is this acceptable price?

Thanks for your inputs!

Silk McCue
Posts: 1127
Joined: Thu Feb 25, 2016 7:11 pm

Re: Term life-is this reasonable price?

Post by Silk McCue » Tue May 15, 2018 7:47 pm

What is your age and sex? Without that no one could say.

Cheers

strafe
Posts: 837
Joined: Sat Mar 03, 2007 12:49 pm

Re: Term life-is this reasonable price?

Post by strafe » Tue May 15, 2018 8:25 pm

check term4sale.com

ResearchMed
Posts: 7163
Joined: Fri Dec 26, 2008 11:25 pm

Re: Term life-is this reasonable price?

Post by ResearchMed » Tue May 15, 2018 8:27 pm

omega wrote:
Tue May 15, 2018 7:41 pm
I have been searching for term life insurance for quiet sometime. I don't qualify for exceptional rate because of medical reasons. Recently, I got a quote for 135 USD/month with AIG (standard non-tobacco) for 20 years for 1 million. Is this acceptable price?

Thanks for your inputs!
If you've got medically underwritten rates, it will be very difficult for us to know if the rates are "good", because we don't know the medical details (and you shouldn't post them here).

Have you compared rates with other companies who have the same medical information about you?

RM
This signature is a placebo. You are in the control group.

Eurookat
Posts: 241
Joined: Sat Nov 29, 2014 1:44 pm

Re: Term life-is this reasonable price?

Post by Eurookat » Tue May 15, 2018 9:26 pm

I have a medical condition and I pay 137/month for 30yr term ($1 mil) through AIG.

BruDude
Posts: 2744
Joined: Thu Dec 30, 2010 12:28 am
Location: Las Vegas

Re: Term life-is this reasonable price?

Post by BruDude » Tue May 15, 2018 10:08 pm

omega wrote:
Tue May 15, 2018 7:41 pm
I have been searching for term life insurance for quiet sometime. I don't qualify for exceptional rate because of medical reasons. Recently, I got a quote for 135 USD/month with AIG (standard non-tobacco) for 20 years for 1 million. Is this acceptable price?

Thanks for your inputs!
Without knowing the health details it's impossible to say. I tell all of my clients the same thing before they apply - a quote is meaningless without an offer of coverage from the insurance company. Anyone can quote you standard or preferred plus or whatever, that doesn't mean it's going to be accurate.

You mention that you've been looking for "quite sometime" - were you declined before? Have you applied with other companies? If so, what happened?

soccerrules
Posts: 803
Joined: Mon Nov 14, 2016 4:01 pm

Re: Term life-is this reasonable price?

Post by soccerrules » Wed May 16, 2018 8:14 am

is the "quote" after medical underwriting or before ?
I was "told/quoted" X rate prior to medical underwriting. The rate I was quoted was for Superman, which very very few people qualify for. There are something like 14+ (maybe 19) "levels" of medical underwriting.

Hard to know if that rate is within range without knowing your age, gender and at least general health info. BUT that rate is probably OK if you are 40-45 year old male in decent health.
Don't let your outflow exceed your income or your upkeep will be your downfall.

omega
Posts: 84
Joined: Wed Feb 01, 2017 9:38 pm

Re: Term life-is this reasonable price?

Post by omega » Wed May 16, 2018 9:04 am

Thank you all. My age is 42(male) and the medical condition was one time episode which was 5 years back and no issues after that. My health is overall good otherwise. I was never denied by any insurance companies. But getting higher amount because of one episode. This rate is after underwritten. Few months back Prudential gave me 185 USD/month citing previous condition. Now, AIG gives me 135 USD/month after medical exam. I guess this is good rate. I just wanted to check to make sure this is not outrageous.

Thanks

Glockenspiel
Posts: 522
Joined: Thu Feb 08, 2018 1:20 pm

Re: Term life-is this reasonable price?

Post by Glockenspiel » Wed May 16, 2018 9:07 am

I bought a $750k, 20-year term medically-underwritten policy for $337.50 a year ($28.12/month) at age 29.

Silk McCue
Posts: 1127
Joined: Thu Feb 25, 2016 7:11 pm

Re: Term life-is this reasonable price?

Post by Silk McCue » Wed May 16, 2018 9:11 am

strafe wrote:
Tue May 15, 2018 8:25 pm
check term4sale.com
OP,

I just ran your numbers at term4sale.com and your rate looks good. I didn't know what state you live in so I couldn't set that accurately. I would encourage you to spend 2 minutes there and see for yourself.

Cheers

KT785
Posts: 257
Joined: Fri Jul 11, 2014 2:21 pm

Re: Term life-is this reasonable price?

Post by KT785 » Wed May 16, 2018 10:01 am

OP, I have a non-life threatening medical condition that showed up a couple years ago shortly before I shopped for term life for the first time (I'm currently 30). Though I was in remission (under a year) at the time of underwriting, the best rate class I could get was Standard Plus from United of Omaha; for clarity, I found a broker on Term4Sale.com and he did an anonymous quote with my complete medical history to all the carriers he represents.

A year later, and still in remission, I called my broker and had him do another quote and was able to get a Preferred rate from AIG (I dumped the old policy and got the one with AIG). Several months later, I kept seeing ads for Health IQ targeting me because I'm a long-distance runner. Figured it wouldn't hurt to give them a call and after giving them my complete medical history, they said they could get a Preferred Plus rate with Prudential--I subsequently went through the underwriting process and was approved for that rate class. My otherwise strong health criteria overrode the medical condition which was well-controlled/in remission. Barring a need for additional coverage (all policies have been 30 year - $1,250,000) this will likely be the last policy I have to buy.

Certainly YMMV, but depending on the type of medical condition you have, and if you have any other factors in your favor (runner, cyclist, etc.) Health IQ may be worth a shot in addition to finding one of the brokers through Term4Sale.com.

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