Term life insurance

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babyvinny
Posts: 11
Joined: Thu Nov 14, 2019 2:40 pm

Term life insurance

Post by babyvinny » Thu Nov 14, 2019 2:56 pm

Hi all,
I am looking into getting term life insurance, working with a broker right now, and the recommended product doesn't require lab/blood test. I'm healthy, but I didn't fast when I got my last blood test, and my "bad" cholesterol is a little high. I told my broker that and she said it should be fine. In case the company questions, we can request another blood test. I would like to know if anyone has experience with this process and how strict the company was with their minor health problems? Also, my other concern is the broker may not be on my side, and just want to sell same product at a higher premium based on the history given. May be i'm paranoid, but I had somewhat similar experience when getting disability insurance, the agent just wanted to sell, and didn't help me removed a contingency afterward. Is it true that if I submit my application, and later withdraw, it will look bad when I try to apply with another company at a later time?
Thank you for your inputs.

BruDude
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Location: Las Vegas

Re: Term life insurance

Post by BruDude » Thu Nov 14, 2019 4:55 pm

Depends what "a little" high is. Something outside the normal reference range may still be ok for Preferred rating classes, every company has different guidelines, but it depends how far outside of the range it is. See how the underwriting plays out and go from there. Withdrawing an application won't have any effect on your future applications, but you'll have to explain why it was withdrawn as that is a question on just about every application.

NotWhoYouThink
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Re: Term life insurance

Post by NotWhoYouThink » Thu Nov 14, 2019 5:08 pm

the recommended product doesn't require lab/blood test.
Why is this the recommended product? Have you talked to other brokers or looked into term4sale.com?

Most well-priced life insurance is going to require at least a blood test and a check of your medical records. If the product you are looking at does not require that you may pay too much.

Topic Author
babyvinny
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Joined: Thu Nov 14, 2019 2:40 pm

Re: Term life insurance

Post by babyvinny » Thu Nov 14, 2019 5:23 pm

The company is Lincoln, has high rating and price is cheapest.
I asked for quotes from 2 independent brokers, and they are very similar to each other.
The broker said the product is capped at 1M, they simplify the process to cut down cost (something a long that line). They don't require blood test, but still do phone examination.

I need to check on the range later, but thanks for the input.

BruDude
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Location: Las Vegas

Re: Term life insurance

Post by BruDude » Thu Nov 14, 2019 6:10 pm

babyvinny wrote:
Thu Nov 14, 2019 5:23 pm
The company is Lincoln, has high rating and price is cheapest.
I asked for quotes from 2 independent brokers, and they are very similar to each other.
The broker said the product is capped at 1M, they simplify the process to cut down cost (something a long that line). They don't require blood test, but still do phone examination.

I need to check on the range later, but thanks for the input.
Broker is correct, TermAccel has a $1M max and doesn't require an exam. Anything over $1M is a different product that does require an exam. The rates for TermAccel are very competitive, among the lowest for term insurance. I'd just wait and see what you get approved for before worrying about it much.

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Stinky
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Re: Term life insurance

Post by Stinky » Thu Nov 14, 2019 7:56 pm

Lincoln is an excellent company. I would have no concern in buying from them.

OP, please post back and let us know how it goes for you.
It's a GREAT day to be alive - Travis Tritt

BogleMelon
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Re: Term life insurance

Post by BogleMelon » Thu Nov 14, 2019 8:01 pm

I had an excellent experience with Lincoln term life process.. no medical was needed for $750k for 20 years. Also they are strong financially
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

Kaizen Soze
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Joined: Thu Apr 11, 2019 1:47 pm

Re: Term life insurance

Post by Kaizen Soze » Fri Nov 15, 2019 9:24 am

I recently went through this process with Lincoln.

After my phone interview they requested a blood/urine test. My wife only had a phone interview. I have a history of high blood pressure but it's currently in the normal range. So I think they wanted to double check my blood pressure or it was a random audit. We both got preferred plus at the same rates quoted by Term4Sale.

Topic Author
babyvinny
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Joined: Thu Nov 14, 2019 2:40 pm

Re: Term life insurance

Post by babyvinny » Wed Nov 20, 2019 3:32 pm

Thanks all. I’ll update at a later time.

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simplesimon
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Location: Boston, MA

Re: Term life insurance

Post by simplesimon » Wed Nov 20, 2019 3:46 pm

BruDude wrote:
Thu Nov 14, 2019 6:10 pm
babyvinny wrote:
Thu Nov 14, 2019 5:23 pm
The company is Lincoln, has high rating and price is cheapest.
I asked for quotes from 2 independent brokers, and they are very similar to each other.
The broker said the product is capped at 1M, they simplify the process to cut down cost (something a long that line). They don't require blood test, but still do phone examination.

I need to check on the range later, but thanks for the input.
Broker is correct, TermAccel has a $1M max and doesn't require an exam. Anything over $1M is a different product that does require an exam. The rates for TermAccel are very competitive, among the lowest for term insurance. I'd just wait and see what you get approved for before worrying about it much.
Would someone with a condition qualify for this policy at a higher rate?

BruDude
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Location: Las Vegas

Re: Term life insurance

Post by BruDude » Wed Nov 20, 2019 3:52 pm

simplesimon wrote:
Wed Nov 20, 2019 3:46 pm
BruDude wrote:
Thu Nov 14, 2019 6:10 pm
babyvinny wrote:
Thu Nov 14, 2019 5:23 pm
The company is Lincoln, has high rating and price is cheapest.
I asked for quotes from 2 independent brokers, and they are very similar to each other.
The broker said the product is capped at 1M, they simplify the process to cut down cost (something a long that line). They don't require blood test, but still do phone examination.

I need to check on the range later, but thanks for the input.
Broker is correct, TermAccel has a $1M max and doesn't require an exam. Anything over $1M is a different product that does require an exam. The rates for TermAccel are very competitive, among the lowest for term insurance. I'd just wait and see what you get approved for before worrying about it much.
Would someone with a condition qualify for this policy at a higher rate?
Possibly but it's not a "guaranteed no exam" policy, Lincoln can request an exam if they feel it is necessary. Certain medical conditions will automatically trigger an exam requirement. SBLI is a company that will guarantee up to $500k with no exam and will go all the way up to a Table 8 health rating (usually the max before someone gets declined).

bene1
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Re: Term life insurance

Post by bene1 » Fri Nov 22, 2019 10:16 am

Had a similar experience recently. I went with Banner Life via term4sale.com.

I missed the need to fast for the lab testing, and afterward received an offer of coverage at the Preferred classification, with a higher premium than Preferred Plus. When I asked my broker about it, I was able to obtain the test results and found out that the cholesterol value was a 4.8. The reference range was up to 4.5. As it happened, I had a routine physical with lab work scheduled with my own doctor and the cholesterol came back at 4.5. The broker encouraged me to forward the results for submission to the insurance company. They reissued the policy at Preferred Plus with the lower premium.

Wife also applied for coverage and the testing showed something off with the urine sample. The insurance company requested 2 additional tests on different days. Those came back OK and she was offered coverage at Preferred Plus.

My takeaways were that, thankfully, the broker was working for us, and one test doesn't have to make or break the policy. This all played out over about 2 months so required some patience.

MangoMama
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Re: Term life insurance

Post by MangoMama » Fri Nov 22, 2019 10:34 am

Unrelated to your question, but just wanted to throw my 2 cents in about Lincoln. I applied for a TermAccel policy via local broker. Filled out the paperwork electronically and to do a phone call with a rep. They automatically denied my policy due to a medical condition. Neither I nor the agent knew what the heck happened since I didn't have any conditions. And they wouldn't give us a reason. Weeks later I got the denial letter.

Turns out they automatically denied it due to me going in for a sprained ankle months back where I thought I might had a stress facture (but didn't). They wanted to know how this medical condition was being treated......ummmm Tylenol?

It took 6 months of the agent badgering them to finally approve the policy, and in the end I got the highest rated quote. What a pain in the you know what. Not impressed, at all.

FrugalConservative
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Joined: Thu Aug 17, 2017 9:44 am

Re: Term life insurance

Post by FrugalConservative » Fri Nov 22, 2019 3:30 pm

If you arent taking a blood test you arent getting the best rate, period.

BogleMelon
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Joined: Mon Feb 01, 2016 11:49 am

Re: Term life insurance

Post by BogleMelon » Fri Nov 22, 2019 4:20 pm

FrugalConservative wrote:
Fri Nov 22, 2019 3:30 pm
If you arent taking a blood test you arent getting the best rate, period.
That is not true. You are confusing (no-exam) with (Guaranteed issue) policies. I was for example able to get the quoted preferred plus rate without going through the blood work or any tests.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

BruDude
Posts: 3073
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Location: Las Vegas

Re: Term life insurance

Post by BruDude » Fri Nov 22, 2019 4:52 pm

FrugalConservative wrote:
Fri Nov 22, 2019 3:30 pm
If you arent taking a blood test you arent getting the best rate, period.
Underwriting has changed, you can definitely get Preferred Plus without an exam from many companies these days. Exam requirements depend on your age and health.

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