[BJP476]

I Need Help Understanding All The Different Types Of Life Insureance.
Where Can I Find Decent Rates For Being A 36 Year Old Male. The Quotes I Have Received Seem Off The Wall Compared To The Rates My Co-workers Pay.

[Fr_Chuck]

Ok, First I am not a insurance agent , I have previouisly held licence but am not licenced, so this is merely what I do or have

First life insurance is rated by your health, so if you are over weight or to short for your weight, or if you have asthma, or high blood pressure or something else. Or if you are a pilot of a plane you will pay a higher rate than someone else your age.

First there is whole life, which is the largest rip off in america, you pay a price and the policy gains cash value ( but only with about 3 percent interest) , the premiums are higher because it is considered an investment, you should have enouigh of this type of insurance to bury you, but it would be better to merely have enough money to bury you in an investment making higher interest rates

you have term insurance, this can be a one year term, a 5 year term a 10 or 15 or 20 year term. In those you pay a lower price for just the insurance, you don't get the money back unless you die. The police ends at the end of the term. So if you have kids, a wife and house and the such you can buy a term for long enough for most of the money obligations to be over. This is the type most fincial experts recomment

There are a dozen other types for business buy outs, or a combination term/ investment but the first two listed cover about 90 percent of most peoples insurance.

[CaptainForest]

I will make it simple for you.

The BEST type of life insurance you should get is TERM LIFE INSURANCE.

The rest, is a waste of YOUR money.

[RickJ]

I used to sell insurance. CaptainForest is right. Do NOT use an insurance policy to invest money. Buy term life insurance. Call around - and check sites like this and this and these others

Compare any cash value life insurance policy to buying term life insurance and investing the difference in the price between the term policy and the cash value policy and you will find that you can do far better with separate investments.

Commissions on cash value policies are HUGE because the profit is so huge.

[JS711]

To everyone answering that whole life of UL is a waste of money and term is the way to go... answer this question. What happens if he decides as a 36 year old male to take your advice and puchase a 20 year term because it is at the time economically cheaper? Assuming it is used as "insurance", what happens then when the term ends. He is now a 56 year old male... good luck purchasing another term insurance product that is affordable. I would always recommend a Universal Life policy. Yes, it is more expensive at the begnning of the poilcy, but it is a fixed premium for life that accumulates cash value. Sure, there are other investments you may or may not make more money in, but it is more of an investment than term. With term insurance, you use it or lose it (unless you convert to a whole or UL policy early on). Term is not bad, but UL is better.

[juryan26]

Ok, first of I do sell and have for a number of years. The easiest to understand is of course term. But there are pluses and minus' to every product. JS brought up a good point about the permanent product being more expensive but you will not have to worry about it 20 years from now provided you funded the contract properly. But Universal Life is not always better. If term is what you can afford and you believe you will not need the insurance coverage in 20 years, term is the correct answer. If you need the insurance longer buy 30 year term. Many questions should be asked to an agent you choose to work with. My suggestion is that you find an independent agent, by that I mean someone who can and will shop many different companies for you. Not a State farm, Farm Bureau, Northwestern Mutual, etc. agent. These are all captive agencies that although have good product generally do not shop the entire market for insurance products. Also make sure if you do buy a term product that it is fully convertible to many permanent products that company has to offer in case insurabilty becomes and issue and you do want a permanent product down the road. This is prevent you from having to go through the underwriting process in your 50's.

[sharadam]

I am 56 years old male. I want only life insurance for me and my wife either up to 85 or 100 or permanent. The premium should be as low as possibe.

[twinkiedooter]

Everyone totally missed the tobacco usage question when it comes to life insurance. If you smoke cigarettes be prepared to pay a lot more than if you didn't smoke. Smoking cigars to some companies is acceptable and won't jack up your premiums too much.

I worked for an independent life insurance salesman who taught me the ins and outs of how he matched up his clients with over 20 of the "better" insurance companies. He did prefer term policies and would start calling and reminding the client that the term was going to lapse in say 2 years and the policy COULD be renewed for another so many years. If the person waited until the term policy ran out good luck in getting another product in place quickly to cover any lapses. Also remember the better life insurance companies will have you take a quick physical either at your home, office or the examiner's office. They do a blood pressure test, height, weight, urine and blood. If you are in excellent health you should get excellent rates. If you fudge on your perliminary questions such as doctors, etc trust me, they will find out. And also keep in mind that if you do list Dr. So and So as your primary doctor they can and will send for your medical records to determine if you are an acceptable insurance risk. I've seen lots of folks who thought they were shoe ins and actually got turned down by insurance companies. And also one thing that the above folks didn't mention is the fact that the insurance companies actually keep track of folks who have been turned down for insurance and why so don't think that just because you got turned down by say Liberty Mutual you can then innocently apply to say Prudential and not have them know about it. On the better insurance questionnaires to even get insurance you are asked if you've been turned down by another insurance company and why.

If you want a quick "free" medical you can always call up and get an insurance quote and then say that you want the policy and get your free medical. No, with the better insurance companies you don't pay for this, they do. But they get to keep the results in their computers forever and you get a copy. Wait until after you get the results to say you don't want the policy or haven't made up your mind yet.

As for the 56 year old gentleman I would definitely suggest calling up an Independent Life Insurance salesman and ask for a quote and be specific on just what amount of insurance you wish and for how long and give him a rundown of any and all health problems. Some insurance companies only insure extremely healthy people and others are just as picky so don't be discouraged if one independent salesman can't match you up with a good policy right off the bat. And your unrealistic expection of getting insurance at a low premium being that old and for that long is totally out of the picture. Sorry.

[ltimmer31]

I used MWA Quicklife. Www.mwaquicklife.net. I have heard of other quote sites but have no experience with them, I know they are non biased. That's the most important thing to consider. Good experience over all.

[karl123]

You can you Term Life coverage usually comes in 10, 15, 20 or 30 years of coverage with a guaranteed benefit. The affordable premiums are level for the initial policy term that you choose based on your needs. The policy is guaranteed to renew up to age 95.

http://www.termlife.com