Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Life Insurance Questions
Old 12-06-2006, 05:45 PM   #1
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Life Insurance Questions

This goes with my health insurance thread. Some things have happened in my family recently that made me realize i need to be on the ball. My next thread will be about a will!

I want to get a small (150k) life insurance policy. i want it to be for at least the next 15 years (by then, the house is paid in full and i'll put the old lady on the deed).

I dont want to have to get blood drawn, a physical, etc etc for personal reasons. Im not terminally ill or anything, but i just dont want it.

Is there any plans out there that will cover you based on a questionnaire and no phyical?



Thanks

thefed is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Life Insurance Questions
Old 12-06-2006, 05:57 PM   #2
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
Re: Life Insurance Questions

I think that there are a number of insurance companies who will insure young people like you without requiring a physical exam, especially if you aren't getting a lot of insurance. But, they still may require a blood and urine test.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Life Insurance Questions
Old 12-06-2006, 07:28 PM   #3
Dryer sheet wannabe
 
Join Date: Apr 2005
Posts: 17
Re: Life Insurance Questions

I work in the financial services industry...and blood and urine tests are required for all policies that we sell.
Rollie is offline   Reply With Quote
Re: Life Insurance Questions
Old 12-06-2006, 07:34 PM   #4
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: Life Insurance Questions

thanks. a simple google search revealed seveal no med exam term policies for 150k that would cost maybe 20/month for me....not too bad. i'd like a policy though that builds some cash value, so i'll keep looking
thefed is offline   Reply With Quote
Re: Life Insurance Questions
Old 12-06-2006, 10:52 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,483
Re: Life Insurance Questions

Can you buy group coverage through work? No evidence of insurability, but no portability either........

Zurich Life has 10-minute underwriting, and can close a smaller policy in minutes.........not sure if they have cash value life........

Just curious why you want a cash value policy.........expensive, and the dividends are pretty much eaten up by agent's commissions in the first 5 years or so..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Life Insurance Questions
Old 12-07-2006, 06:20 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2003
Posts: 18,085
Re: Life Insurance Questions

thefed, if you don't want to give blood, urine, etc. you can almost certainly find a policy that will fit your needs, but you will pay more for it than otherwise.

Don't bother with a cash value policy or a "return of premium" policy. They are ripoffs. Just buy a 20 year level term policy.
__________________
"All animals are equal, but some animals are more equal than others."

- George Orwell

Ezekiel 23:20
brewer12345 is offline   Reply With Quote
Re: Life Insurance Questions
Old 12-07-2006, 10:37 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,483
Re: Life Insurance Questions

Some companies will do a saliva swab in lieu of blood work. Just curious, if you don't have any medical issues, why not get blood drawn??
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Life Insurance Questions
Old 12-07-2006, 10:50 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
Re: Life Insurance Questions

Quote:
I dont want to have to get blood drawn, a physical, etc etc for personal reasons. Im not terminally ill or anything, but i just dont want it.
You may be able to find a company that deals in high-risk cases to insure you, but expect to pay dearly for avoiding an exam and blood draw.

Your refusal to be examined or give blood (a very common, easy practice), is a red-flag for any life insurer. Here's a concept that you may have discounted, insurance companies are in business to make money and not having to pay a death claim is the main way that they make money. They will only accept applications from those that will not die soon. Answering simple medical Q's and giving blood sample is the main way that you will get approved for coverage.

It is that simple.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Re: Life Insurance Questions
Old 12-07-2006, 10:55 AM   #9
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: Life Insurance Questions

why is it that whole life, or ROP policies are regarded as trash? I had a rep out here explain the process to me, and supposedly if i didnt croak, and didnt miss any payments, they'd give me all my $$ back at the end


whats the disadvantage? Sure it was 10 bucks more/month....but it seemed to make sense to me.
thefed is offline   Reply With Quote
Re: Life Insurance Questions
Old 12-07-2006, 11:03 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2003
Posts: 18,085
Re: Life Insurance Questions

Quote:
Originally Posted by thefed
why is it that whole life, or ROP policies are regarded as trash? I had a rep out here explain the process to me, and supposedly if i didnt croak, and didnt miss any payments, they'd give me all my $$ back at the end


whats the disadvantage? Sure it was 10 bucks more/month....but it seemed to make sense to me.
If you spreadsheet either of these products (paying attention to the fine print), they are inferior to buying term and investing the rest of the money in CDs. ROP specifically sucks because you typically get nothing back until you have held the policy for many (10+) years. Do you know how many of the policies will be cancelled by then? The vast majority, and all the extra money os down the rathole.

Just look at term, and seriously consider going the blood/urine test route.
__________________
"All animals are equal, but some animals are more equal than others."

- George Orwell

Ezekiel 23:20
brewer12345 is offline   Reply With Quote
Re: Life Insurance Questions
Old 12-07-2006, 11:25 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,483
Re: Life Insurance Questions

Quote:
Originally Posted by thefed
why is it that whole life, or ROP policies are regarded as trash? I had a rep out here explain the process to me, and supposedly if i didnt croak, and didnt miss any payments, they'd give me all my $$ back at the end


whats the disadvantage? Sure it was 10 bucks more/month....but it seemed to make sense to me.
I did an in-depth examination of the IRR (internal rate of return) for 65 life contracts from the 12 largest insurance companies in the US. What I found was the real IRR in these contracts was between 1.5-2.0 percent, and this was at a time whe all the companies were trumpeting 8-10% dividends......... :P

Look closely at a policy illustration on a CV policy............you'll see how LITTLE is put into the CV part in the first 6-7 years...........agent compensation being the main reason.

As a wealth transfer vehicle for large estates, CV can work pretty well. For most folks, a large amount of term to get them through the "scary years" is a better idea............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Re: Life Insurance Questions
Old 12-07-2006, 02:27 PM   #12
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Re: Life Insurance Questions

Quote:
Originally Posted by brewer12345
If you spreadsheet either of these products (paying attention to the fine print), they are inferior to buying term and investing the rest of the money in CDs. ROP specifically sucks because you typically get nothing back until you have held the policy for many (10+) years. Do you know how many of the policies will be cancelled by then? The vast majority, and all the extra money os down the rathole.

Just look at term, and seriously consider going the blood/urine test route.
i never thought of that (investing the 'extra' i'd put into another type than term)

thanks
thefed is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
MEGA Health and Life Insurance Co. CybrMike Health and Early Retirement 4 03-31-2007 08:37 PM
Live in Tucson? Free $50K life poilicy could be yours mickeyd FIRE and Money 2 11-10-2006 10:45 AM
Irrevocable Life Insurance Trust PsyopRanger FIRE and Money 9 10-25-2006 07:45 AM
buying life insurance Bimmerbill Other topics 34 04-24-2006 12:03 PM
Role of life insurance Arif FIRE and Money 78 12-10-2005 08:31 AM

» Quick Links

 
All times are GMT -6. The time now is 08:48 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.