Life insurance recs

[red]

Hello! Not sure if this post belongs here or not, but does anyone have recommendations for life insurance companies? Term or whole?

I am currently a 36 yo SAHM for at least a few more years, I used to have a small life insurance through my employer, now I have spousal life insurance through my husband’s employer at 50k, which is not enough if I were to pass and he had to care for our 2 kids, pay for daycare, etc. I’m healthy aside from being overweight, slightly elevated cholesterol. I had gestational diabetes during my pregnancy, not sure if that’ll count against me. I’ll have blood work in a few months to confirm that cleared up.

[quesyrah]

We have our insurance through AAA. The agent we met with said term is the best option for most people so we went with 30 year terms.

I pay $23 a month for $100,000 and $25 a month for $150,000 on my husband.


She explained that you typically need less coverage as you age (unless you want to leave a large inheritance). So most people lower their coverage when they renew at 30 years because at that point they typically aren’t raising kids, paying for college, paying a mortgage, etc.

[simpsongal]

You're in the right place - the general board recommendation is to consult Select Quote. They'll help you find the best deal for your circumstances and health conditions (they work with a variety of companies). The factors you listed may raise your premiums a bit, but the insurance agent should be able to find you the best deal and customize amounts and terms for your needs. You'll almost certainly want term insurance. Whole only makes sense for high earners who borrow against whole insurance or use it for other advantages (I think tax/estate planning?)

DH and I got 20 yr term policies at age 29/30 for $750K each ($305/$360 per year). We recently extended his term and dropped his rate a bit. I was rejected to re-up at the best rate this time b/c I was recently diagnosed with a genetic but non life threatening kidney condition (how annoying re insurance).

[red]

simpsongal- wow, that’s a lot cheaper than I was thinking! Sorry they were stinkers about your condition. Ugh, insurance is the worst. One of our neighbors said his is $125/month for 500k (Ramsay’s I think he said) was but he does chew tobacco which I am sure upped it considerably. I’ll look into that resource your posted.

[noodleoo]

Jun 23, 2022 11:42:40 GMT -5 red said:

simpsongal- wow, that’s a lot cheaper than I was thinking! Sorry they were stinkers about your condition. Ugh, insurance is the worst. One of our neighbors said his is $125/month for 500k (Ramsay’s I think he said) was but he does chew tobacco which I am sure upped it considerably. I’ll look into that resource your posted.

It can vary a lot based on your health assessment. H and I both got 30 year term insurance when we bought our house (ages 29 and 32). His cost double mine because he has a heart murmur. It all depends. Working with an agent can be helpful, they directed us to different companies to get us the lowest rates based on a few factors. Eg. The company mine is through would have been even more expensive for H based on his rating.

[dr.girlfriend]

I did selectquote.com. They were able to tell me not only that I'd get a much better deal with Prudential because of their more "generous" height/weight chart but also exactly what weight I needed to hit to get in their "preferred" class. I thought I'd get a better deal with State Farm because I have them for home and car insurance but they could't come close. This was more than a decade ago (yikes!) but hopefully they are still as helpful.

[farmvillelover]

We also used selectquote. I send all my younger clients and friends to a certain person there but I don't think it matters who you get assigned to.

Lots of people I know also use policygenius.com with good results.

[lessel]

Bumping this a bit because I have a question about the SelectQuote process. I just tried to get a policy going through a rec from our financial advisor and was denied because of "recent weight loss." I had weight loss surgery last year and I guess that's a red flag. What I'm wondering is if the SelectQuote stuff is all online/phone-based or do they send a nurse out to do an exam/bloodwork/etc. too?

[macmars45]

I'm in the process of going through policygenius. It's been a long process for me due to my multiple disabilities and delays getting info from my doctors. I started this process back in mid April. I just got an email yesterday that they finally received all my info from my doctors so the underwriter can review it now.

I'm 36 too fwiw.

[applecrispy]

Jul 7, 2022 11:52:42 GMT -5 lessel said:

Bumping this a bit because I have a question about the SelectQuote process. I just tried to get a policy going through a rec from our financial advisor and was denied because of "recent weight loss." I had weight loss surgery last year and I guess that's a red flag. What I'm wondering is if the SelectQuote stuff is all online/phone-based or do they send a nurse out to do an exam/bloodwork/etc. too?

SelectQuote is an insurance broker so you can do the majority of it online/through the phone but depending on the insurance company they most likely will either send a nurse to your location or you go to one of their facilities to get the testing done. However, I have found that SelectQuote is very easy to work with and since they work with so many different insurance companies they will know who has more lenient/no restrictions on weight loss surgery, etc. My agent was super helpful in that regard. It's definitely worth a call to them to talk about it at least. 

[roseflower]

Jun 23, 2022 19:00:15 GMT -5 dr.girlfriend said:

I did selectquote.com. They were able to tell me not only that I'd get a much better deal with Prudential because of their more "generous" height/weight chart but also exactly what weight I needed to hit to get in their "preferred" class. I thought I'd get a better deal with State Farm because I have them for home and car insurance but they could't come close. This was more than a decade ago (yikes!) but hopefully they are still as helpful.

Oh wow! That is great to know! 

[katb]

We went through Zander to find policies quite a few years ago. My DH ended up with a policy through SBLI and mine is through Banner. It was great becuase after answering the questions, they find the best policy for the best price. The agent came to our house to weigh and take blood, signed forms and we are done.