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  • Life insurance question?

    Im 38 yo male physician non smoker.. no medical issues.   Im increasing my life insurance coverage to a 5million policy and it seems the best quote that I had received for a 20 year Principal policy was around $3100 annually.   Just checking to see if that's a reasonable premium ...  I attached the quote.

  • #2
    There are some rate variances so you know based on the state you live in and your exact date of birth as most carriers go by nearest age and not current age.  What that means is since today is April 4, if you have a birthday of October 4th or earlier then you are now considered nearer your next age rather than your current age thus the carriers will charge you based on your 'nearest age'.  Now you can always backdate a policy for up to 6 months but that also means you have to start paying from that backdated date.

    On a 20 and 30 year rate certainly American General, Banner, and Protective are very competitive in pricing.  Be mindful that the Protective product is build on a UL chassis and thus IF you did get down to the end of the policy and NEEDED (due to health issues and wanting to maintain coverage) to convert it in order to maintain the policy you can't do it since it is already a UL policy.  However rare or unlikely that might be to you just be aware that is the deal with the Protective policies.  As a rep I am perfectly fine using the product but I make sure everyone is fully aware of that wrinkle in the policy compared to other plans.
    Scott Nelson-Archer, CLU, ChFC
    303-953-0263 Direct / [email protected]

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    • #3
      By the way I am showing it should be around $2,300....not $3100.
      Scott Nelson-Archer, CLU, ChFC
      303-953-0263 Direct / [email protected]

      Comment

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