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Term Life Insurance - Best Deal?
Old 04-15-2019, 12:41 PM   #1
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Term Life Insurance - Best Deal?

Hi. I'd like to buy some term life insurance on my DH. He's basically healthy except for ulcerative colitis/Crohn's, which nearly killed him 5 years ago. He turns 58 in August.

I'm overwhelmed by all the choices when I try to research where to buy this. Does anyone have a decently-priced policy, say $250K-$500K, that they could recommend? Would prefer to use a vendor that doesn't require medical exam, to make it easier for hubby, but if we have to, that's ok.

I already have a term life policy on mySELF that I took out several years ago for my sibs, with Banner Life, to leave each of them 50K when I kick the bucket. It's $435/year. I imagine I'll have to pay more now that I'm older.

Suggestions? Thank you.
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Old 04-15-2019, 02:25 PM   #2
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I would try an online service like quick quote or select quote. They both provide multiple quotes from several carriers. Pick a carrier with an A+ rating. At your husband's age, I suspect you will have trouble getting a policy without at least a blood test or medical history. If it is available, it will cost more than a rated policy for a healthy person. I looked at 10 year level term on quick quote for a 58 YO male with a $500k policy. The premium was about $105 per month. I think select quote requires your name to provide a quote. You can model policy pricing on quick quote without entering your contact info.
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Old 04-19-2019, 01:52 PM   #3
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I went through Select Quote last summer at age 54 for 300k, twenty year term life. They did all the blood work testing on me. I passed fine. My premium is 1200 a year. I got dinged by about 200 a year more because I suck on nicotine mints all day. I warned them so they knew and it came up positive. But that is a lot cheaper than a smoker premium was. Different companies rate differently. For my situation Prudential was the cheapest. If I was not a nicotine user it would have been a different company a bit under a 1000.
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Old 04-19-2019, 02:48 PM   #4
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Agree SelectQuote process went smoothly for me, $100k, 20year, at 57 cost me $696, with a prior history of having been on pre-diabetes meds (Metformin) though not for years, and under the ‘wire’ for A1c. Obtained policy for kids from prior marriage.
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Old 04-19-2019, 05:36 PM   #5
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OP - Perhaps you can educate me, as to why would you do this ?

Besides the fact that insurance companies will try to weasel out of this when payment time comes, do you expect to die soon ?

Is it because you have no savings, so if you die, you want to leave something to others so they will benefit from your death ?

I let my term life insurance drop a few years ago, so my kids that are now older have no reason to wish me dead, it makes Christmas dinners a lot more relaxing
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Old 04-22-2019, 07:22 PM   #6
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Quote:
Originally Posted by Sunset View Post
OP - Perhaps you can educate me, as to why would you do this ?
I'm about the same age, and have bought a life insurance policy within the past 18 months. I took a 10 year term, but think the real need is 6-7 years.

Reasons:

1. Our child was still in college, now working full-time, but may still need parental help.
2. DW was far enough from Social Security (even as a widow) to make us uncomfortable with the retirement account draws it would take to get her there.
3. Current house has been something of a money pit, and getting out of it without maintenance skills/ability would be expensive.
4. Even though it lasts until I'm 65, the year's salary of insurance provided from work looked insufficient to meet reasons 1-3.
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