Who's a good Life insurance company?

Question

I'm looking for Life Insurance Company that doesn't require health exam for my husband. He's a tabacco user "Copenhagen Long-cut but a non-smoker". We are looking to get a policy $50,000-$100,000 that is affordable. I see those advertisements on TV saying you can get $250,000 for $30.00. You know what I'm talking about? He's never been sick but he is a little over weight. Come on who isn't? LOL Help, Please for those who know something about Life Insurance policy. Tks.

Answer 1

Those ads on television are so misleading because they are giving you rates for preferred or super preferred non-tobacco persons. You almost have to be an athlete to qualify for these lowest rates. There are lots of A+ rated companies to choose from, I suggest you call a local broker in your area and let him/her run some quotes for you on a 20 year level term, you can get a decent tobacco rate it will depend on your husband's age, the younger you are the cheaper your rate.

By the way if you click on those links some people lead you to, to compare rates you will still be contacted by an agent, and lots of them because they will sell your name, address, and phone number to every insurance company within reach, so please don't shop on the internet. Go and see a local broker in person.

Answer 2

Any company rated A or higher is a decent company to go with.  Despite not being a smoker, he still is a tobacco user.  That being said, it takes 21 days for signs of tobacco to escape the system *hint*

The ones on TV are usually quoting a preferred rating or better on a 10 yr level term product.  For most families, that is not nearly enough coverage or length of time.

It is important to find a company that is rated high, but it is equally important to find an agent that you can actually touch and could consider a friend.

Answer 3

What you described is a simplified issue policy.  Sometimes it is sold as "mortgage insurance" and may require you to have refinanced your home in the last few years.  Sometimes not.  Ask the agent if this is important to you.  There are a number of companies that would write up to $500k or $250k without a medical exam.

The problem is that all the simplified issue companies that I am aware of (Old Mutual, Shenandoah, Mutual of Omaha, Fidelity Life Assoc., etc) will all count any form of nicotine at a smoker rate.  There is normally a small cost associated with an easier process, but in your husband's case, the cost is higher because he forfeits other companies that offer non-smoker rates to tobacco chewers on a full underwriting basis (Prudential being the most notable).  

If you are in NC or FL, I would be happy to discuss this further.

Answer 4

Your best bet is to go through a liscensed insurance broker.  They will be able to find you the best companies with the best rates and will find a company that suits your situation best, instead of squeezing you into a 'one size fits all' mold to suit the product they sell.  As mentioned it is also important to do a financial needs analysis and make sure that you are covering all the financial risks in your life (depending on how old you are, you are more likely to be diagnosed with a critical illness or become disabled, than you are to die).  It's wasy to think that 50 g's is a lot of money and that it will be enough, but if you don't think of something becuase it has never happened, it could leave a mess for your family.

Typically, what insurance companies test for is a nicotine by-product called Cotine.  Cotine can stay in your system for even 30 days or longer, depending on how long and how much you smoked.

Unless a person is severely overweight (AKA 50-75 lbs overweight or more), weight isn't an issue with life insurance.  Wieght is more of a factor in injury and illness (Critical illness insurance, long term care insurance, etc), not life or death for the most part.

One that I know of off hand that you might want to look at is Equitable.  They have a stop smoking incentive where they will refund some of the premiums if you quit within the first 2 years.

Answer 5

I'm a financial representative and providing life insurance is one of the things I do for clients. God forbids if the breadwinner dies, where would the family be without life insurance? Life insurance can't protect you against harm or death, but it can replace your income. The problem is that many families that own life insurance don't have adequate coverage, but they pay lots of premiums for it. That's because they own the wrong type of life insurance. Take a look at the facts and you decide which product is the best:

Whole life insurance

1) Its level term to around age 100 that builds cash value.

2) Since it builds cash value, premiums are higher than term insurance that doesn't build cash value.

3) There is no cash value growth in the first 2 years because premiums are used to pay for the insurance and commissions to the agent.

4) After first 2 years, you are guarantee a rate of anywhere between 1-4% (varies between companies)

5) If you wish to take money out from the cash value, you have to borrow it and pay loan interest of 6% to 8%.

6) If you die someday, the insurance company keeps your cash value, but pays the death benefit. Death benefit will be reduced by any loans you taken from the cash value.

Universal life insurance

1) Annual renewable term until around the age of 100 that builds cash value.

2) Flexible premiums as long as there's enough cash value to pay for the insurance.

3) While premiums may remain level in the beginning, the internal cost of the insurance goes up every year. That means less and less of your premiums goes into the cash value. Eventually, the premiums you pay will be insufficient in the future to pay for the cost. What would happen is that you would either have to pay more premiums or a portion of your cash value will be used to pay for it.

4) Same cash value features as whole life.

Term insurance

1) Various of level term products to choose from (from 1 year to 35 years).

2) It does not build cash value, so premiums are initially lower than whole life and universal life.

3) Most term insurance are guaranteed renewable to around the age of 95 to 100 without providing a proof of insurability. If your health was to decline because of old age, you can renew your policy without any hassle.

4) When you renew, premiums will be based on your current age. So premiums will go up after the initial level term.

Those are the facts.

Personally, I have sold term insurance 100% of the time. Why? Its because my clients can get lots of coverage for low amount of premiums. Since premiums are low, I help setup investment accounts for my clients so that they can build wealth. If you had lots of money saved right now, would you still need life insurance? Probably not. But you probably don't have lots of money saved right now and if something were to happen to you, would your family be financially ok? As you get older and continue to invest, you may or may not need life insurance when it is time to renew the term insurance. If you were to invest $200/month for the next 30 years and the average rate of return in your portfolio was 12%, you would have about $700k saved for retirement. That's probably not enough to live on, but at least its better than having money sitting in a life insurance policy. If you were to die during the term, your family gets the death benefit and all your savings and investments. If you die after the term, at least you will leave money behind to your family. With the cash value life insurance, in most policies, your beneficiary will only get the death benefit, but the insurance company keeps the cash value.

Answer 6

I have met this sort of situation before,here is the resource I found helpful.http://health-insurance.onlinebestoffer....

Answer 7

Any life insurance company with an "A" or "A+" rating with  A.M. Best.

A.M. Best is an independent rater of insurance companies.

You can call your Department of Insurance and ask for names of companies with these high ratings.

The ratings are on the companies claims-paying abilities. A high-rated company will pay claims.

What you should consider is calling an agent to do a Financial Need Analysis to help you determine how much life insurance you actually need. You should also consider purchasing disability income insurance, to provide an income if you are sick or hurt and can't work.

Call the agent who insures your cars and home. I'm sure he or she can help.

Answer 8

I think it's really different for everyone. Life insurance companies look at a number of different factors to determine your rate so its hard to give a more specific answer without knowing more about your husband.  The fact that he uses tobacco is probably going to make it a bit harder for you to find cheap insurance.

There might be some life insurance companies out there that do not require a health exam but in order to find them, you will need to do your research.  The site below is a great resource because it allows you to compare quotes for all of the life insurance companies in your area for free so you can find the one that is the best fit for you and your husband.

Good Luck!

Answer 9

try globe life in oklahoma city or colonial penn there good too .

Answer 10

Try RBC select Term.  fair to good rates.  No medical underwriting.  I think they will write up to 250k of term insurance.

Answer 11

A Google search for "life insurance without a physical" or "no exam life insurance" would provide you with a long list of companies selling no exam life insurance in the face amount range you are looking for.

HSBC, RBC, and Garden State Life are reputable companies with good ratings that offer affordable simplified issue term products that you can buy online. I work for Garden State Life as a disclaimer.

You will pay a little more for the convenience of not taking the physical exam than you would for a medically underwritten product.