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Again Term insurance help
Old 08-24-2012, 02:43 PM   #1
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Again Term insurance help

Hello folks,

A while ago, I posted a couple of messages regarding term insurance. Thanks everyone for commenting.

Now, out of 4 companies that we applied to, 2 have gotten back, namely NY Life and Prudential. Other 2, Guardian and Transamerica could take 4 more week now.

The client is 33 years old female, perfectly healthy, no family history of any disease or condition whatsoever. She (DW) has gotten the best rates (preferred plus or something like that) at both the places. $390 and $380 per year resp. from NY Life and Prudential for $500K coverage for 30 years.
The question that I am here with is, do these numbers sound reasonable to you folks, especially those who have worked or are working in this industry. Honestly, I do not want to take any decision until all companies get back to me with the numbers. The NY Life agent is pushing me a lot and suggested that he can not keep a contract more than a week. If I don't make any decision then he has to return the contract. He has also offered another policy with disability premium waiver for $445 per year (this looks really good to me as it waives premium after 6 months of disability. DW is a physical therapist, professionally there is very little chance of disability but I am really worried about car crashes. Although, she is a pretty good drivers, NY is not known for the best drivers, esp. close to NYC).

I am not too sure if he is speaking truth or just pressurizing me in getting it signed. If the numbers look reasonable then I might as well sign the contract but otherwise, I would like to wait.

Any comments?

Thanks in advance.
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Old 08-24-2012, 03:07 PM   #2
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Quote:
Originally Posted by noelm
The client is 33 years old female, perfectly healthy, no family history of any disease or condition whatsoever. She (DW) has gotten the best rates (preferred plus or something like that) at both the places. $390 and $380 per year resp. from NY Life and Prudential for $500K coverage for 30 years.
That looks quite reasonable to me based on what we pay for DW at USAA.
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Old 08-24-2012, 11:05 PM   #3
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Originally Posted by noelm View Post
DW is a physical therapist, professionally there is very little chance of disability but I am really worried about car crashes. Although, she is a pretty good drivers, NY is not known for the best drivers, esp. close to NYC).
Hypothetically she could still get injured on the job by a falling patient or a problem with the occupational gear. But if there's a specific vehicle risk then your auto insurance policy might have a competitive quote for disability or medical benefits.

Quote:
Originally Posted by noelm View Post
The NY Life agent is pushing me a lot and suggested that he can not keep a contract more than a week. If I don't make any decision then he has to return the contract. He has also offered another policy with disability premium waiver for $445 per year (this looks really good to me as it waives premium after 6 months of disability.
I am not too sure if he is speaking truth or just pressurizing me in getting it signed. If the numbers look reasonable then I might as well sign the contract but otherwise, I would like to wait.
Any comments?
Yeah, my heart bleeds for agents whose business model depends on fast quotes, high-pressure sales tactics, and decisions made without adequate information.

Actually, in his case, you might have enough information to make a decision right now.
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Old 08-25-2012, 12:26 AM   #4
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try this QuickQuote: Term Life Insurance Quotes and Insurance Resources
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Old 08-25-2012, 07:11 AM   #5
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Pricing looks attractive to me if I was 33 and in the market for insurance and both companies are solid players. I would lean towards NY Life as I prefer mutual companies over stock companies but since term doesn't pay dividends it really doesn't matter.
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