Any REAL suggestions on the best LIFE insurance company for me to go with?

Question

I'm 31 with three children.

It's time I get a life insurance policy. I've done research but would like to hear REAL advice and suggestions from others who have life insurance. Also, what are your thoughts on Universal policies?

I would like to get a policy in the amount of $350,000-$500,000.

Premiums not exceeding over $90 a month if possible.

***No Googlers, Please***

If any other info is needed to give me a good answer please state so and I will add it as I see it.

Thank you.

Answer 1

Level term life insurance for those amounts is a lot less than $90 a month, according to Insure.com, which surveys 25 leading insurance companies--those with A.M. Best Company ratings of A++ or A+, called "Superior," and those with ratings of A or A-, considered "Excellent"--to find the lowest rates available for level term life insurance by age and gender. The latest survey was taken on November 12, 2007. Insure.com doesn’t survey at the $350,000 level, so I will give you numbers of $250,000 and $500,000. According to this survey, at age 30, you can get a 10-year term life insurance policy with a death benefit of $250,000 for $108 a year, or just $9 a month. A 20-year term life policy worth $250,000 would cost $153 a year ($12.75 per month), and a 30-year policy would cost $228 a year ($19 a month). You asked about the $500,000 level. According to the survey, the lowest prices for a policy with a $500,000 death benefit are $155 for a 10-year policy, $245 for a 20-year policy, and  $325 for a 30-year policy. To qualify for the lowest rates, you have to be in excellent health yourself, have an excellent family history of health, and not participate in any dangerous sports or hobbies.

You ask about universal life. I have put a link to another article below. The issue is what happens after the term life policy expires. Universal life insurance is permanent life insurance; it covers you until death. Many people assume that once their children are grown and independent, there is no need for life insurance. They assume that once the children are grown, the surviving spouse will be able to support himself or herself on a single income. These people believe term life insurance, which provides coverage for a specified number of years, provides all the protection you need. But what happens if the surviving spouse becomes disabled? A disabled person will not be able to support himself or herself if the breadwinner dies. Similarly, a child may become disabled and unable to move out and support himself or herself like other children. With a disabled adult child living at home, the surviving spouse might not be able to meet all the expenses on his or her own.

It is possible for an older person to buy a new term policy, of course. The problem is that insurability is not guaranteed. If a person is overweight, in  poor health, or has had a serious illness, such as cancer, insurance companies can and will deny coverage. Even in ideal health, or if the person has a renewable term life policy that does not require a physical exam, a person will pay much more for term life over the age of 50 than he or she would have earlier, erasing some or all of the savings realized during the term of the first policy. Permanent life insurance—such as whole life or universal life—will not expire and the payments will not go up based on the health, weight, or age of the insured. Permanent life insurance costs more initially, but it is a practical solution for consumers who worry about coverage and insurability later in life.

Answer 2

I would suggest 30 year level term. I can get you a estimate for $467,000 for  $89.88.  I would have to know your state and ask some health questions  to give you a firm quote. The company you want to go with should have a Standard & Poor's rating of A or higher. Equity Indexed Universal life is a safe way to get the benefits of a bull market without the risk of loss of premium or interest. I have one that is averaging  9.18% and that is tax deffered coumpound interest but the premium is higher. You can take advantage of the Universal Life by insuring your childeren for the face amount at a much lower rate because of age and then overfund the savings part. Example : if premium to maintain death benefit is $22.00 you can put $42.00 the $20 difference goes into the savings portion and over time can really build cash value. You can use it for college or teach them the value of saving and they could have significant retirement saved if they choose to maintain policy when they become adults. Feel free to contact me if you have any questions.

Answer 3

term life insurance is a commodity now a days. the companies have been waging price wars.

just get one with a rate u can afford and solid ratings.

used selectquotes recently.

Answer 4

.

You have three children - ages unknown to us.  You are going to 'need' coverage beyond the near future.  Term insurance expires (pardon the pun).   Permanent insurance lasts for a lifetime.  

To obtain that amount of coverage (not knowing your occupational hazards, your health history, or other factors) for only ninety a month is a nice dream.

Why risk anything with a UL policy?   Please consider something more stable for your first policy.  You can, of course, get a base policy that is indexed to the stock market if you like the risk.   Whatever policy you select for the underlying protection, please ask about a 'convertible' term rider.  Later, as you come to realize the need, you can convert the term policy into permanent insurance.

Suggestion:  Get an old phone book.  (I save mine in my garage.)  Open the oldest book you can find.  

This method, incidentally, can be used for finding a swimming pool contractor, auto mechanic for your Mazaratti, or any other person when you cannot afford a mistake.

In that older phone book, look under INSURANCE for a listing of the CLUs.  These are Chartered Life Underwriters.  [Those of us who have completed this strenuous series of exams are supposed to know more than others.]  Call a listed number.  

If the number is good, you have a very experienced person to assist you.  If the number is not good, then there is one family that discovered the value of life insurance.

Answer 5

New York Life is the best company out there for Life Insurance because:

Ratings

A.M. Best (A++)

Standard & Poor's (AAA)

Moody's (Aaa)

Fitch (AAA)

13 Billion Dollar Surplus while the surplus average of the top 25 insurance companies is 7.3 Billion

They have been around for over 160 years which means they back their promises to pay and are not a commodity company that will be sold like Primerica.

Finally their agents are the best trained in the industry.  They receive training weekly for the first 3 years of their time in the business.

Answer 6

Good job on thinking about some life insurance.

There are any number of companies you can choose from.. MetLife, Prudential, NewYork Life, Northwestern, etc. As many will no doubt recommend, you might want to check out a local independent agent, as they can check many different carriers.

Myself, ( 50 year old male, single, no younger children), I have a $50,000 universal life policy thru TransAmerica that I've had for almost 20 years. I also have a 20year term with Zurich Kemper (sold recently to Chase I believe) for $150,000. Both have an accidental death benefit rider, which is very inexpensive, that would pay double in the event of an accidental death. The term is to cover the remaining amounts on my mortgage and any left over will go to my family. The universal I purchased, to always at least have immediate dollars available for my burial. My recommendation to you, would be something very similar.

Look at getting somewhere between $50 to $75,000 of permanent life insurance. You will  NOT retire on the cash value, you will NOT send your children through college.. but you will have a base of coverage you can count on with a level premium, and a little bit of extra savings building as well. If you do decide down the road you don't even need this, then you can cancel the policy and get your cash back. UL policies do have a surrender charge, which simply means in the first 10 years ( any longer than that, look at a different policy), you would only get a portion of whats accrued. It's generally a sliding scale, meaning for example..the first year I'd get nothing back, 2nd year, 10%, 3rd year 20%, and so on. Remember, this is designed to be a longer term policy.. not like term.I would then add a child's term rider to this policy for around $10,000. This is very low cost, one cost per rider to cover as many children as you have,  and will help you out if, God forbid, one of your children were to pass. Usually these types of riders also allow for the child to convert to a much higher level of coverage when they reach 23-25.. without any medical questions asked. The agent might want you to do separate policies for each child, which might be ok.. but then you'd be looking at a higher overall premium.

I would then look at a term policy for the remainder.. $350-450,000. Get a 20 year.. on just yourself. And make sure the premium is GUARANTEED level for that 20 years. Some term policies, even thought they state are for 15, 20, 30 year term, are only guaranteed level the first 5 years or so. The insurance company could then, if they wanted to, raise rates.. up to a specified amount listed in your policy. Generally this doesn't happen, but why take the chance.

You don't say if your married, but probably the main thing you want to do, is make sure of who you name as a beneficiary. If, for whatever reason, you don't want the children's father to get the money, make sure you name someone you trust would do the right thing. That way you'll know the money will be available for your children.

Answer 7

My wife and I have our policy through Primerica. The company is competitive in price but coverage is awesome!!!

With one policy, you can cover yourself and the children with children as a rider. The child rider is paid only once and covers all children those present and those yet to be born. Face amount for children would be 10-15k, roughly 10 bucks per month. As for you, are you married? From the above, I will guess not.

Do you have a mortgage? How much total debt do you have, minus mortgage? Income- take your yearly income, multiply by 10. That is the minimum that you will need. Do you want to send children through college? And finally, funeral expenses- do you want thempaid for? Add 10k.

What is really cool about the policy is for the first ten years you can have your face amount increased by 10% a year for ten years. You will effectively double your face amount in ten years and there is NO MEDICAL requirements as it increases. At the end of whatever term you get, you can continue your policy without medical qualifications- guaranteed renewability. Premiums adjust to current age but that is the same with all policies from every company. Should you have a terminal illness, you can take out part of your benefit to be used any way you want.

What I like most is that we have one policy that covers the entire household- wife, me and children. Policy fees are kept to a minimum that way.