Life Insurance - Who/What do you have?

This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.

Parks 788

Sharpshooter
Special Hen
Joined
Oct 13, 2010
Messages
3,105
Reaction score
2,915
Location
Bristow, OK
I know a fair amount on here will speak up against having life insurance but I still need to get a new policy.

Wife and I got ours just before our son was born. We were way over insured, especially me and I believe I have a whole life policy. It's been so long since I've looked at the policy that I don't remember much about it but do know that the price per month is getting up there. My wife's Term policy and expires this month. SHe is getting various quotes through Select Quote and they seem very reasonable for her age, etc. I need to cancel mine and get a reasonable term policy but My situation is a bit different. We want the life insurance as we still have a son in college and want the added money so the surviving spouse would have a comfortable cushion in the event one of our salaries dissappears.

Here's my deal. I'm 51 years old, about 55 lbs over weight, had A-Fib about 10 years ago and got an ablation to remedy it, and chew tobacco. The funny thing is that for my employers health benefits we get a $600 reduction in premiums if we do a full health assessment. I did it in December and as far as blood work goes and all the metrics involved the only glaring problem was that I'm obese; of course. All only other thing that was marginally out of the recommend levels was my good cholesteral. All other blood work was in normal range.

I really don't want to have to get a full physical and blood work done again. So, I went online and did some basic prelimenary term life quotes. Looking to get $750K in term life coverage and if I put in all the info accurately the cost was sky-high. From about $450-700 per month. If I fudged my stats on weight and non tobacco use the monthly cost got down to about $150-$190 per month. Dropping this down to $500K was marginally better.

For those that have a term life policy, who do yo use and if you don't mind what's your coverage and monthly nut? Any intel you can provide would be helpful. Thanks.
 

HMCS(FMF)Ret.

Sharpshooter
Supporting Member
Special Hen Supporter
Joined
Jun 13, 2010
Messages
2,866
Reaction score
1,746
Location
Norman, Oklahoma
Just for your reference, I don’t have term insurance, I just have Veterans Group Life Insurance. I’m 57 and have $450,000 in insurance (the maximum I can get) and I pay $270 a month. I believe once I hit 60 it about doubles and keeps increasing every 5 years. Luckily I married a woman 11 years older than I am, so she won’t need as much as someone a lot younger than me. Also I’m lucky I don’t need a physical or I wouldn’t have life insurance. I know nothing about insurance but $150-$190 sounds good. You really need to quit tobacco though. Seriously. I started smoking when I was 13 and quit when I was 34 after having multiple heart attacks and almost dying twice. First thing I thought about in the ICU was how my wife was going to survive on what I was leaving her and my daughter. Not judging you, just sharing.
 

FullAuto

Sharpshooter
Special Hen
Joined
Nov 14, 2008
Messages
2,302
Reaction score
560
Location
Choctaw
State Farm, $1.25M, 20 year term, $100/month, started when I was 37. Sagicor, $400k, 20 year term, $45/month. The Sagicor is a non-med policy I purchased a few months prior in case some disqualifier showed up in my blood work. I was already free of personal debt and only had commercial debt when the policies were purchased. By the time they expire, all my commercial debt (rentals) will have been paid off years prior and provide steady passive income.
 

CHenry

Sharpshooter
Special Hen
Joined
Feb 12, 2009
Messages
21,421
Reaction score
13,028
Location
Under your bed
Term ins. is crap. Keep your whole life. I dropped mine after a divorce because your life ins. is only to protect your wife or kids, whomever you provide for.
I had $260,000 for $12 a month through my work but I dropped it. Some use it for an investment but you'll never see it yourself.
 

trickormate

Sharpshooter
Supporting Member
Special Hen Supporter
Joined
Mar 4, 2008
Messages
1,612
Reaction score
340
Location
Tulsa
I know a fair amount on here will speak up against having life insurance but I still need to get a new policy.

Wife and I got ours just before our son was born. We were way over insured, especially me and I believe I have a whole life policy. It's been so long since I've looked at the policy that I don't remember much about it but do know that the price per month is getting up there. My wife's Term policy and expires this month. SHe is getting various quotes through Select Quote and they seem very reasonable for her age, etc. I need to cancel mine and get a reasonable term policy but My situation is a bit different. We want the life insurance as we still have a son in college and want the added money so the surviving spouse would have a comfortable cushion in the event one of our salaries dissappears.

Here's my deal. I'm 51 years old, about 55 lbs over weight, had A-Fib about 10 years ago and got an ablation to remedy it, and chew tobacco. The funny thing is that for my employers health benefits we get a $600 reduction in premiums if we do a full health assessment. I did it in December and as far as blood work goes and all the metrics involved the only glaring problem was that I'm obese; of course. All only other thing that was marginally out of the recommend levels was my good cholesteral. All other blood work was in normal range.

I really don't want to have to get a full physical and blood work done again. So, I went online and did some basic prelimenary term life quotes. Looking to get $750K in term life coverage and if I put in all the info accurately the cost was sky-high. From about $450-700 per month. If I fudged my stats on weight and non tobacco use the monthly cost got down to about $150-$190 per month. Dropping this down to $500K was marginally better.

For those that have a term life policy, who do yo use and if you don't mind what's your coverage and monthly nut? Any intel you can provide would

I know a fair amount on here will speak up against having life insurance but I still need to get a new policy.

Wife and I got ours just before our son was born. We were way over insured, especially me and I believe I have a whole life policy. It's been so long since I've looked at the policy that I don't remember much about it but do know that the price per month is getting up there. My wife's Term policy and expires this month. SHe is getting various quotes through Select Quote and they seem very reasonable for her age, etc. I need to cancel mine and get a reasonable term policy but My situation is a bit different. We want the life insurance as we still have a son in college and want the added money so the surviving spouse would have a comfortable cushion in the event one of our salaries dissappears.

Here's my deal. I'm 51 years old, about 55 lbs over weight, had A-Fib about 10 years ago and got an ablation to remedy it, and chew tobacco. The funny thing is that for my employers health benefits we get a $600 reduction in premiums if we do a full health assessment. I did it in December and as far as blood work goes and all the metrics involved the only glaring problem was that I'm obese; of course. All only other thing that was marginally out of the recommend levels was my good cholesteral. All other blood work was in normal range.

I really don't want to have to get a full physical and blood work done again. So, I went online and did some basic prelimenary term life quotes. Looking to get $750K in term life coverage and if I put in all the info accurately the cost was sky-high. From about $450-700 per month. If I fudged my stats on weight and non tobacco use the monthly cost got down to about $150-$190 per month. Dropping this down to $500K was marginally better.

For those that have a term life policy, who do yo use and if you don't mind what's your coverage and monthly nut? Any intel you can provide would be helpful. Thanks.
I'm a broker and can help you. I'm contracted with multiple companies and will find the right fit for you. Send me a PM and let me help you.
 

JD8

Sharpshooter
Supporting Member
Special Hen Supporter
Joined
Jun 13, 2005
Messages
32,901
Reaction score
45,994
Location
Tulsa
Find a broker. Let him shop the markets for you, because there are some carriers are more friendly to tobacco and A-Fib than others. You also might find some hybrid policies that work for you better than straight term.
 

HFS

Sharpshooter
Special Hen
Joined
Sep 8, 2009
Messages
2,622
Reaction score
2,955
Location
Shangri-La
OP:
I have no business lecturing anybody else but would encourage you to lose the excess weight.
Not just for overall health but for quality of life. It really does make a huge difference.
I cannot help you with the life insurance question however.
Good luck!
 

Aku

Sharpshooter
Supporting Member
Special Hen Supporter
Joined
Dec 19, 2012
Messages
1,407
Reaction score
2,411
Location
Del City
Going through the process now. 58, former smoker, blood issues, hypertension. Just did the medical exam with ExamOne. Going through Symetra for 20 year term at $100,000. Not sure how much a month yet. proposals say around $50 to 60/month. Mutual of Omaha, was $100/month. Policygenius on the net had me at $200/month.
Never thought much about life insurance until I got older. Or old.
 

Latest posts

Top Bottom