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Where did you buy your term life policy?

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  • Where did you buy your term life policy?

    Just signed up for the blog, so testing the waters with a fairly basic thread:

    So I already have a 1 mil term life policy and another 1/2 mil from employer, but feel like I need more and looking to buy another (like 20 year) policy.  Wondering who to use as a broker.  I got my first policy via lifequotes.com which I found through Geico.  Can certain use them again, but wondering where most people go.  Does it matter?

    I realize one has to go through a broker anyway, but what specific companies are considered to be most reputable these days?

    Thanks!

  • #2
    Remember, life insurance is there to replace your income and take care of those that need taking care of. It's not a lottery ticket. I can't imagine you'd need more than 1.5 million on coverage. Sorry for not answering your question, but I think it's worth reconsidering what your goal is. Consider your debt, number of children and human capital of your wife when calculating this figure.

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    • #3
      This is weird, for some reason my replied to my own post are either not going through or not showing up... Hmm.  Can other seem them?

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      • #4
        I only see your original post and this question.

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        • #5
          Going to try one more time, this is strange...

           

          So what I was saying is that a mil would pay my debt but would not leave too much to live off for the family, and my wife is not a high earner.  If I had another two mil, that would allow them to general an income of say 150k a year if invested, maintaining the same lifestyle.

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          • #6
            I used term4sale.com and just found a policy that covered what I needed.  I'm lucky I don't have a million in debt, but I can understand wanting to leave enough for your spouse to live off.  I just assume the money I'm paying for insurance is going to be thrown away, so I think getting the minimum needed makes the most sense.

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            • #7
              quan, what do you mean by money being "thrown away"?  I think my spouse is responsible enough to invest the 2-3mil wisely and live off what that continues to earn for her and her part-time income, hopefully even leaving that principle of 2 mil for the kids.  Even if I did not have a significant mortgage, a one mil is just NOT enough to live off!!  It simply won't last for the next 20-30 years.  Tell me what I am missing.

              Yeah I think term4sale is likely rather similar to lifequotes

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              • #8
                My wife had a good experience using Zander Insurance, the company that advertises on Dave Ramsey's radio show. Unfortunately due to being a disabled veteran I was uninsurable through their insurers. USAA will write policies for disabled vets, but it was five times as much money for half the coverage. I passed on that, and instead am taking advantage of the no medical underwriting offered by her hospital and later the Air Force SGLI. At that point we anticipate being effectively self insured in the event I die before her.

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                • #9
                  I used Larry Keller, who is an advertiser on this site.  He was great for both term life insurance and disability insurance.

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                  • #10
                    Bought 30 year term for my wife and I last year (she also a physician). Went through a lot of options and finally used this guy:

                     

                    Jason P. Veirs

                    Insurance Experts Solutions

                    353 E Park Ave, Ste 201 | El Cajon, CA 92020

                    Office (619) 440-7778 x7011 | Direct Dial (619) 334-2400 | Fax (619) 440-0650





                    Good experience overall.

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                    • #11
                      Is there any advantage to using a specific broker as opposed to an online place like lifequotes.com?

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                      • #12
                        I just found some random agent on term4sale.com and chose a 30 year term, $2 million policy with Banner Life for almost exactly $100/month. This amount makes me comfortable for a stay-at-home wife with a kid on the way ($80k/yr if using 4%). I will be about 60 years old when my policy ends and I hope to be self insured by then.

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                        • #13




                          I just found some random agent on term4sale.com and chose a 30 year term, $2 million policy with Banner Life for almost exactly $100/month. This amount makes me comfortable for a stay-at-home wife with a kid on the way ($80k/yr if using 4%). I will be about 60 years old when my policy ends and I hope to be self insured by then.
                          Click to expand...


                          I did the same. term4sale and was contacted by an agent.  I'd have to dig up my policy, but I believe mine is 20 yr / $2 mil for $800ish/yr?

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                          • #14
                            term4sale. got a prudential 30 year $2 mill policy for $2150 yearly. ************************ cardiac history in the family made me higher risk, and some companies wanted as high as $4500 yearly.

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                            • #15
                              Thanks guys.  I guess I will go back to lifequotes.com, as I used them before and it was good.  Another 20 year 2 mil policy should be around $80-90/month for me, last time I checked.

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