Announcement

Collapse
No announcement yet.

Where did you buy your term life policy?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Jason Veirs
    replied




    My wife and I got our policies from Ohio National. $750K for me and $250K for her. My wife’s premium costs as much as mine because she got “standard” rates. The reason is a history of post-partum depression 2 years prior (which was managed appropriately). I was surprised that was something they would use to increase your premium, because outside of that, she is as healthy as it gets!

    Now our family size has grown, and I’m a resident with an income, so I’ll probably add another 1.5mil 20yr policy in the next little while. Thanks to those contributing to the discussion, as it was informative to me!
    Click to expand...


    Hi AMedStudent - Ohio National is a VERY conservative carrier, especially when it comes to underwriting depression, therefore, your wife may even be able to replace her existing Ohio National $250k policy with a new policy today, while saving money and extending her term (depending on her age and how long ago she took out the policy). This is where working with a broker who is familiar with underwriting is key, as like any other risk, insurance carriers view depression differently.

    Since postpartum depression is typically a situational thing, carriers will view it differently after 2 years of stability, and if it's no longer in the picture, then that would be even better in your case. When it comes to underwriting depression, you can usually obtain Preferred NT rates with some carriers, even while on 1-2 medications, especially if stability is noted in the medical records, with no hospitalizations or bodily harm. If she was/is only on 1 medication, then a few carriers will even offer the best Preferred Plus NT health class, assuming it was/is a mild depression.

    We always write cover letters when submitting higher risk applications, as it really helps paint the picture to the underwriter, and oftentimes, results in a much better underwriting offer/price - This is also why it's extremely important to disclose your full medical history with your broker, as it's only going to help you in the end.

    For example, we just submitted an application for a 27yo male, whose father passed away when he was 17 and in high school. Unfortunately, the applicant never mentioned this to me when I was pre-qualifying his health, as it was over 10yrs ago. Pacific Life saw that he took depression medications 10yrs ago and also saw that he was seeing a psychiatrist at that time and they offered a him a Standard NT rating, which is a little ridiculous! I immediately contacted Pacific Life after contacting the client and explained that he was only taking depression medications and seeing a psychiatrist due to his father's passing, when he was 17yo. I explained to the UW that his was a COMPLETELY NORMAL reaction for a 17yo who was in high school, and that it was no longer an issue at this time. Because of this, we were able to get him bumped up to the Preferred Plus NT rating. Had the client of told me this initially, I would've written a Cover Letter in order to fully explain the situation to the UW, but sometimes it just takes a little bit of work on the brokers end.

    Hope this helps!

    Leave a comment:


  • AMedStudent
    replied
    My wife and I got our policies from Ohio National. $750K for me and $250K for her. My wife's premium costs as much as mine because she got "standard" rates. The reason is a history of post-partum depression 2 years prior (which was managed appropriately). I was surprised that was something they would use to increase your premium, because outside of that, she is as healthy as it gets!

    Now our family size has grown, and I'm a resident with an income, so I'll probably add another 1.5mil 20yr policy in the next little while. Thanks to those contributing to the discussion, as it was informative to me!

    Leave a comment:


  • Jason Veirs
    replied
    No problem, pdoc. Please let me know if AMA says that the "Pure Term Life Insurance" product is a Level Term policy, or if it's an Annual/Yearly Renewable Term, as I'd be interested to know. Thanks and happy to help.

    Leave a comment:


  • pdoc
    replied
    Thank you, Jason.

    Leave a comment:


  • Jason Veirs
    replied




    Thank you.

    I compared the rates. At the AMA website, they offer a “Pure Term Life insurance” up to 1 million that costs almost 2/3 rd of the quotes on Term4Sale.com.

    I am not sure if “Pure Term Life Insurance” means something different/limited coverage etc. The quotes for “Level Term Life Insurance” are comparable, however.

     
    Click to expand...


    I would definitely check with AMA beforehand, as it appears that their "Pure Term Life Insurance" is an Annual/Yearly Renewable Term product and not a Level Term product.

    Please watch this video screencast that I made below, which goes over all of the details, and let me know if you have any questions.

    Leave a comment:


  • pdoc
    replied
    Thank you.

    I compared the rates. At the AMA website, they offer a "Pure Term Life insurance" up to 1 million that costs almost 2/3 rd of the quotes on Term4Sale.com.

    I am not sure if "Pure Term Life Insurance" means something different/limited coverage etc. The quotes for "Level Term Life Insurance" are comparable, however.

     

    Leave a comment:


  • Jason Veirs
    replied
    Sorry, I didn't mean to say USFL, I meant United States Life Insurance Company.

    Leave a comment:


  • Jason Veirs
    replied
    USFL is the branch of American General (AIG), for the state of NY. American General is an 'A' A.M. Best rated carrier, but we do a ton of business with them and they're a great company. There's a good chance that there may be other 'A+' A.M. Best rated carriers that may also be cheaper than AMA, so be sure to check www.Term4Sale.com to compare. Let me know if I can help with anything.

    Leave a comment:


  • pdoc
    replied
    I am in the process of purchasing term life insurance for myself and my wife and a friend of mine mentioned purchasing a policy off the AMA website (there is a discount if you are a member of AMA. We are not but still the online quotes are reasonable). When I checked online, they only allow you to purchase life insurance up to 1 million. The policy is issued by the United States Life Insurance Company.

    "Policies issued by The United States Life Insurance Company in the City of New York (US Life). Issuing company US Life is responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG). Products may not be available in all states and product features may vary by state. Policy #G-610,429, Form #G-19000."

     

    Anyone have any experience/opinion about this?

    Leave a comment:


  • Jason Veirs
    replied
    Yeah, I totally agree that it's always good to diversify. Also, when applying for life insurance the carriers place a TON of emphasis on your lab results from your medical exam. Meaning, if your liver function testing, cholesterol, blood pressure, etc., or something else is not WNL on the exam and you haven't seen a physician in the past few years, then they have no way of verifying that the skewed results are just an anomaly, and they will penalize you for it. If something does happen to pop up in your medical exam, then the carriers will usually want to see your last 5 years of medical records in order to get an idea of the full picture.

    It sounds like when you applied with Ohio National your labs were perfect, therefore, there was no need for the carrier to question your mortality risk, or investigate any further. It also sounds like you had absolutely no health conditions going on if you got the top Preferred Plus Non-Tobacco health class with Ohio National, as they're rather unforgiving when it comes to underwriting.

    Oddly enough, I've had the exact same thing that you experienced happen with other physicians that I've worked with, as physicians oftentimes tend to treat themselves, which can make it rather difficult if the carriers have a concern and there's no medical records available in order to rule out any larger issues.

    Leave a comment:


  • AR
    replied
    I can vouch for Ohio National's Stringent underwriting requirements.  When I called up an agent, he said that I shouldn't bother w/ Ohio National since I hadn't seen a doctor in over 5 years.  At that point I explained that I was one, and that was part of the reason why I never felt the need. He said that he'd run it by underwriting, but he didn't think that it was worth the effort.  He was quite surprised when I was approved despite that. I got their lowest rate (forget what they called it exactly) as everything else in my record was pristine.

    The only reason I got Banner also was a hedge against Ohio National not being able to pay out for some reason. I know the risk is super low, but diversifying is good and this was very easy.

    Leave a comment:


  • Jason Veirs
    replied




    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.

     

     
    Click to expand...


    Rest assured, both Ohio National and Banner Life are great carriers, in addition to being 'A+' A.M. Best rated and extremely financially stable. We have worked with both of these carriers for many years and you have absolutely nothing to worry about. Ohio National and Banner Life are also routinely among the top 10 lowest-priced carriers on the market.

    With that being said, Ohio National typically seems to have a bit more stringent underwriting guidelines (ie: less favorable cholesterol/family history guidelines), which could possibly preclude you from qualifying for the lowest priced Preferred Plus Non-Tobacco health class, but if you're extremely healthy then this usually isn't even an issue. Ohio National also has great conversion options (not that you will probably ever use/need them), but it's something to note.

    Lastly, I always encourage that people check to see if they can possibly lower their existing life insurance rates, by comparing their current policy to what is available today. A good broker should easily be able to tell you as to whether this is possible, especially if you have all of the information for your current policy on-hand. For instance, I just saved a guy $600+ a year on his $1.5MM 30yr term policy, by shifting to another carrier who viewed his health situation more favorably. He originally took out a policy through Prudential 2yrs ago and he was rated as a Standard Plus Non-Tobacco, due to his HDL cholesterol ratio of 6.78. At the time, this was the best he could do with any carrier, as he refused to take any statins to lower his cholesterol. He has since gotten his cholesterol down, and we just replaced his Prudential policy with a new $1.5MM 30yr term with Banner Life, as we were able to get him to Preferred Non-Tobacco rates, which is going to save him over $18k over the full 30yr term.

    Hope this helps.

    Leave a comment:


  • nfldoc
    replied
    My wife and I just bought term life from Ohio National.

    Leave a comment:


  • AR
    replied
    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.

     

     

    Leave a comment:


  • Jason Veirs
    replied




    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.

    Leave a comment:

Working...
X