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Where did you buy your term life policy?

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  • #31
    I understand what you are saying about upping the amount, Vlad.  I want my family to be able to live comfortably and kids to go through schooling if I weren't there.

    I also understand what you are saying about some comments disappearing...I have had it happen already too.  (Don't know what happened)

    Anyways, we upped the amount several million and here is the process we used (straight from WCI website):

    term4sale -----> picked the companies listed who deal in my area -----> called those people for quotes ------> took medical physical for " preferred" standing (or not) ----> made final choice

    We use MetLife.

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    • #32
      Is there any advantage (or disadvantage) to using an individual broker as above, vs a generic online site life lifequotes.com or similar?  Or all about the same anyway?

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      • #33
        We refer clients to get a competitive quote from John Ryan, Ryan Insurance in Greenwood. CO when they are shopping around. http://ryan-insurance.net/ He is a NAPFA member and specializes in term insurance. To answer the question about whether there is an advantage to using a specific broker versus an online resource, you may find an advantage in having a relationship with someone you can get personal financial advice from. John is at most NAPFA conferences and has always appeared to be genuinely interested in helping his clients make the best decisions as opposed to simply selling them something. If you call the number he lists on his website and he doesn't answer, his message gives his cell number. They also sell LTCI and disability, I believe. My clients seem to be happy with his company. (I receive nothing from John except occasional phone calls to say thanks  )
        Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #34
          If you purchase your policy online, you are actually still buying your policy from an agent and they are earning commissions from the sale of the policy.

          I would look for an agent that is knowledgable, represents multiple companies and is familiar with which one(s) will allow you to pay the lowest premium based upon your age, gender, height/weight, medical history and family history.

          I would also want to work with someone that has been in the industry for many years and was able to help structure your coverage based upon your individual needs, goals and budget.
          Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF
          www.physicianfinancialservices.com

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          • #35
            Not sure if I understand the math. 150k is roughly 4% of $2M --- how is that getting calculated? Isn't it just $80k, maybe some tax consideration not taking into account?

            Also trying to figure out the "optimal" insured amount.

            Seems some just add all potential expenses they want it to cover (debt, college, etc...) and just add that up in a lump sum.

            Others seem to be calculating what the annual cash flow needs to be using the 4% rule to determine the size of the egg.

            For me, was thinking a $3M amount at 4% rule would yield about $120k, which should sustain our lifestyle on-going.

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            • #36




              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.

              Click to expand...


              Thanks a lot, RJ - I really enjoyed working with you and your wife and thank you so much for the kind words!!

              WCI has a wealth of information, and I'm happy to be a part of the community.
              Jason P. Veirs - Life and Disability Insurance Broker located in San Diego, CA - Owner of www.InsuranceExperts.com
              Office Direct: (619) 334-2400 | Email: [email protected]

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              • #37
                Ok--i need some help.

                several months ago, i received a quote for Metlife term insurance (1 million, 20 year)

                My agent who i purchased life insurance from before, has since dropped the ball. I had the physical, was approved, but never signed the paperwork. He has since gone MIA for the past 1 month.

                 

                Thoughts on what i should do? do i have to start all over again?

                 

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                • #38




                  Ok–i need some help.

                  several months ago, i received a quote for Metlife term insurance (1 million, 20 year)

                  My agent who i purchased life insurance from before, has since dropped the ball. I had the physical, was approved, but never signed the paperwork. He has since gone MIA for the past 1 month.

                   

                  Thoughts on what i should do? do i have to start all over again?

                   
                  Click to expand...


                  Hmm... That's a very odd story, especially if you were already approved and through underwriting? Does your current agent own his own agency/brokerage, or does he work in a call center sort of type setting? If it's the latter, he may have left the company, or had an issue with family, or the law or something? In addition, if he/she is with MetLife, then there's a possibility that he/she is a captive agent, which is never a good thing for the consumer, as they are handcuffed to one company, and typically can't sell other carriers products.

                  I'm not sure if you're aware, but MetLife has actually since rebranded their life insurance side to "BrightHouse Financial", which isn't a problem, but their rates have also not been the most competitive as of late. Are you positive your current agent shopped the entire market, as there's a good chance that MetLife/BrightHouse Financial not be the most competitive as far as price? Underwriting is also very important, which is why we always try to obtain the best health class (Preferred Plus Non-Tobacco), as it is usually the least expensive.

                  Either way, you could either call the existing company and try to get in touch with someone there, who can have the carrier issue and print the policy so that you can sign the Final Delivery Requirements, or you can give me a call and I can let you know if MetLife/BrightHouse Financial would be the best option for you. If you have your DOB and state, then I can give you an idea of the best carriers available for you at the best Preferred Plus Non-Tobacco health rating.

                  Hope this helps!
                  Jason P. Veirs - Life and Disability Insurance Broker located in San Diego, CA - Owner of www.InsuranceExperts.com
                  Office Direct: (619) 334-2400 | Email: [email protected]

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                  • #39
                    I'm having the same issue with Metlife and my independent agent (worse yet he was recommended on this site by WCI), but this thing has been drawing out for almost 6 months now, with doing underwriting etc. My emails and calls are never returned. Finally 2 weeks ago was told I was approved at the highest rating and that they will be emailing me the forms. Now 2 weeks later, again, still waiting, with no phone calls, messages or emails being returned by agent. I figure if this is how they treat clients then I don't want to deal with either of them anymore and want to change. I just can't afford to go through the whole underwriting process again. Getting disability insurance approved through Mass Mutual was much easier and smoother and I'm thinking of just going through them, even though I know they'll be more expensive. I'm just really put off with how slow, careless MetLife/Brighthouse and my agent at insuringincome.com have been this whole process.

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                    • #40
                      DMAL - That's too bad, and although I can't speak for the actual broker, it's pretty rare that a policy should take 6 months to be issued - Either way, the broker should at least return your phone calls and emails and let you know what's going on. Also, sometimes carriers can be behind with processing, which can slow the process time, but your broker should keep you in the loop.

                      Usually, when it takes this amount of time, there are multiple physicians involved (ie: PCP, Urologist, Cardiologist, Dermatologist, etc.), where they initially get your records from your PCP and then find out that you have other health issues going on, which requires them to then obtain your medical records from that specific specialist. It can also be drawn out if you have interim doctors appointments while your application is in underwriting, as the underwriter will typically want to get all of your most recent records, which can be problematic and time consuming.

                      Since the biggest hang up with life/disability insurance is obtaining medical records, we always ask what doctors are treating you, and then get the appropriate HIPAA Releases signed beforehand, as we know that we are always at the mercy of the ROI Department of the health organization - Some healthcare organizations typically take about 3-6 weeks just to process medical records, which is the bane of my existence.

                      With that being said, you can always ask your existing broker for a copy of your medical exam, and then submit it with a new application through another broker, but I'd recommend that you just complete the process with your existing broker, as you are already approved. Also, once the policy is in-place, you can do what's called an Agent/Broker of Record Change (AOR/BOR), where you have another agent service your existing policy, and you can deal directly with that specific agent, moving forward. The new AOR/BOR will not receive any commission (it will still be paid to the old agent), but you will just be dealing with them moving forward. If you'd like us to help with anything, please let me know.
                      Jason P. Veirs - Life and Disability Insurance Broker located in San Diego, CA - Owner of www.InsuranceExperts.com
                      Office Direct: (619) 334-2400 | Email: [email protected]

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                      • #41
                        Does anyone have any experience with Forester Financial (Independent Order of Foresters)? They are now routinely the cheapest provider on Term4Sale with AM Best rating of A. I noticed that they just started showing up after starting to offer products in the US a few months ago, usually a Canadian company?

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                        • #42
                          Did John Hancock direct a Long time ago.

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                          • #43




                            Does anyone have any experience with Forester Financial (Independent Order of Foresters)? They are now routinely the cheapest provider on Term4Sale with AM Best rating of A. I noticed that they just started showing up after starting to offer products in the US a few months ago, usually a Canadian company?
                            Click to expand...


                            We work with Foresters Financial and although they are a bit smaller in size than most carriers, they are definitely a great company. They actually just released their "Your Term" product that you see on www.Term4Sale.com back in April 2017, and the pricing has been really competitive (usually top 5 on T4S).

                            One of the really nice features about Forester's "Your Term" product is that it includes Chronic, Critical and Terminal Illness benefits already priced into the product. These "Living Benefit" sort of policies are becoming more and more popular, as you don't necessarily have to pass away in order to access the death benefit. Many carriers market these policies as "life insurance that you don't have to die to use", and the benefits are only triggered if you choose - As I mentioned, there is also no extra cost associated with the pricing, which is good.

                            Here are the specifics when it comes to the additional Chronic, Critical and Terminal Illness benefits, that are already priced into the product. Let me know if I can help with anything.

                            Chronic Illness (the same parameters that trigger a Long-Term Care claim) - The insured is unable to perform, without substantial assistance from another person, at least two (2) of the activities of the six (6) daily living (ADLs - Bathing, Dressing, Eating, Transferring, Toileting, and Continence) for a period of at least 90 days, due to a loss of functional capacity, OR the insured requires substantial supervision by another person to protect the insured from threats to health and safety due to the Insured’s severe cognitive impairment (ie: dementia or Alzheimers).

                            Critical Illness - You would receive access to the death benefit in any of the following cases • Life Threatening (Invasive) Cancer • Myocardial Infarction • Stroke • Advanced Alzheimer’s Disease (before the insured’s 75th birthday) • End Stage Renal Failure • Major Organ Failure • ALS

                            Terminal Illness - Means the Insured has a non-correctable illness or physical condition which is reasonably expected to result in death within 12 months of diagnosis.
                            Jason P. Veirs - Life and Disability Insurance Broker located in San Diego, CA - Owner of www.InsuranceExperts.com
                            Office Direct: (619) 334-2400 | Email: [email protected]

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                            • #44
                              I've got one Banner policy and one Ohio National Policy.  Haven't seen anyone mention the latter yet, but at least when I was looking they were the best option for me.  Now I'm wondering if they're no longer a good choice for some reason.

                               

                               

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                              • #45
                                My wife and I just bought term life from Ohio National.

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