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Help me with life Insurance - Part 2
Old 07-01-2012, 08:58 AM   #1
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Help me with life Insurance - Part 2

Hello folks,

This is me, with part 1. First of all, thanks to everyone that chimed in with their suggestions and opinions. Now I have quotes for 1M for DW and 500K for myself (due to pre-existing conditions, quotes are lot higher than that of DW's).

I am here to get your opinions on the companies I/we should go with. We have quotes from TransAmerica, ING, Prudential and William Penn (only for DW). The quotes we recd. are as follows.

DW for 1M/yr, 30 years term insurance -
TransAmerica - $760
William Penn - $755
ING - $768
Prudential - 665

Quote for me for 500K/yr, 30 years term insurance -
TransAmerica - $1020
William Penn - Denied
ING - $1948
Prudential - ~$1600

All these companies have minimum rating of A in Moody's and AA in S & P's list, so I am confused which one to go with. I really don't have much option for myself as TransAmerica quote beats the price of the others but I can choose the best company for DW. I understand that the quotes can vary after underwriting, still I am here to ask about opinions and experiences about these companies. Is there any that you would like to stay away from for a reason or two (like I heard that William Penn is little strict with their underwriting and its a smaller company compared to the others, not too sure how far this is true).
Is there any other company that you would like to suggest me to look into?
Just today morning going through this forum postings, I came across USAA where the poster mentioned that some of their products are available for non-military folks, do you think its worth giving a try to them?

I would also like to know your take on 'return of premium' term policy. In all honesty, there is a reasonably good chance that I will be led to rest by 65-70 (now 35) but DW will be strong till 80 (due to our genetic factors) so I am looking into that too.

Many thanks in advance.
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Old 07-01-2012, 11:30 AM   #2
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In my view Pru is the best company on the list, but they are all ok. How did you get that set of companies?

Do you or DW belong to any professional associations what have an affinity relationship with a carrier for term insurance? Those programs tend to have pretty attractive rates but are only yearly.

If it were me, I would be looking at the mutuals (Northwestern Mutual, Mass Mutual, Minnesota Life, National Life, NY Life, Guardian) since I like their philosophy better than the stock companies. The mutuals are owned by their policyholders similar to a credit union or savings bank.
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Old 07-01-2012, 11:37 AM   #3
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term4sale.com

it will make this entire process 100 times easier. and use an agent you like and can trust. if you don't like the one you are talking to, hang up and dial the next guy/gal on the list. there are too many of them to fuss over the ones you can't stand.

I also second mutual companies. Guardian being my favorite. Are you shopping for a disability policy as well?
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Old 07-01-2012, 12:40 PM   #4
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Thanks folks,

I used selectquote, intelliquote, accuquote, zander and findmyinsurance.com to finalize this list (actually all of these websites gave me quotes for only these companies)

@pb4uski,
None of us have any professional affiliations to qualify for better rates and so we are trying all possible resources to get better deals (but not end up with something useless). I don't know about these mutuals, thanks for pointing it out. Is there any website that will get quotes for these mutuals too?

@ ronocnikral,
How did term4sale.com made it easy?
I don't know any agents nearby so I went online.
I can't really shop for disability insurance as I am on visa and disability insurance is available only to the US citizens and green card holders.

Can someone comment on USAA idea and 'Return of Premium' term insurance?

Thanks in advance.
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Old 07-01-2012, 01:50 PM   #5
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Quote:
Originally Posted by noelm View Post
Hello folks,

This is me, with part 1. First of all, thanks to everyone that chimed in with their suggestions and opinions. Now I have quotes for 1M for DW and 500K for myself (due to pre-existing conditions, quotes are lot higher than that of DW's).

I am here to get your opinions on the companies I/we should go with. We have quotes from TransAmerica, ING, Prudential and William Penn (only for DW). The quotes we recd. are as follows.

DW for 1M/yr, 30 years term insurance -
TransAmerica - $760
William Penn - $755
ING - $768
Prudential - 665

Quote for me for 500K/yr, 30 years term insurance -
TransAmerica - $1020
William Penn - Denied
ING - $1948
Prudential - ~$1600

All these companies have minimum rating of A in Moody's and AA in S & P's list, so I am confused which one to go with. I really don't have much option for myself as TransAmerica quote beats the price of the others but I can choose the best company for DW. I understand that the quotes can vary after underwriting, still I am here to ask about opinions and experiences about these companies. Is there any that you would like to stay away from for a reason or two (like I heard that William Penn is little strict with their underwriting and its a smaller company compared to the others, not too sure how far this is true).
Is there any other company that you would like to suggest me to look into?
Just today morning going through this forum postings, I came across USAA where the poster mentioned that some of their products are available for non-military folks, do you think its worth giving a try to them?

I would also like to know your take on 'return of premium' term policy. In all honesty, there is a reasonably good chance that I will be led to rest by 65-70 (now 35) but DW will be strong till 80 (due to our genetic factors) so I am looking into that too.

Many thanks in advance.
The bold is pretty important. Nobody has offered you a policy yet. All you know is their published rates, based on a portion of their underwriting standards. TransAm could say, "Upon careful review of your application ..."
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Old 07-01-2012, 02:05 PM   #6
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Quote:
Originally Posted by noelm View Post
Is there any other company that you would like to suggest me to look into?
Just today morning going through this forum postings, I came across USAA where the poster mentioned that some of their products are available for non-military folks, do you think its worth giving a try to them?
Yes. Call USAA and tell them you want life insurance quotes. Call them today. Now. I know it's Sunday but all of their staff are available and it's a good day to ask questions.

This seems like a big busy board, but it's not as busy as the more general discussion boards at places like Yahoo! or MSN. I appreciate that getting three or four responses without answering all parts of your question might make it look like posters aren't paying attention. However many posters only check this board daily, or even less often than that, so you tend to get a better response if you give everyone at least 24 hours to see your post. And if you think a specific poster can help then it's worth mentioning them by name (so that they'll find your post when they search for their name being used) or sending them a PM.
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Old 07-01-2012, 06:40 PM   #7
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Quote:
Originally Posted by noelm View Post
Thanks folks,

I used selectquote, intelliquote, accuquote, zander and findmyinsurance.com to finalize this list (actually all of these websites gave me quotes for only these companies)

@pb4uski,
None of us have any professional affiliations to qualify for better rates and so we are trying all possible resources to get better deals (but not end up with something useless). I don't know about these mutuals, thanks for pointing it out. Is there any website that will get quotes for these mutuals too?

@ ronocnikral,
How did term4sale.com made it easy?
I don't know any agents nearby so I went online.
I can't really shop for disability insurance as I am on visa and disability insurance is available only to the US citizens and green card holders.

Can someone comment on USAA idea and 'Return of Premium' term insurance?

Thanks in advance.
use term4sale.com. It does not make a commission off of your sale. If you find a quote you like, it will give you agents in your area you can call (or send an email with your quote from term4sale which asks them to call you, and believe me, they will call). if you don't like what you see, you never have to enter personal contact information to generate the quotes.

i did not know about disability insurance only being available to green card holders and citizens.

Quote:
Originally Posted by Independent View Post
The bold is pretty important. Nobody has offered you a policy yet. All you know is their published rates, based on a portion of their underwriting standards. TransAm could say, "Upon careful review of your application ..."
all the more reason to have an agent you like, imo. a GOOD agent can, once you go through underwriting, help to find better prices with other companies if something goes awry. for example, i was underwriting with guardian for life and disability. guardian frowns upon a hobby of mine and the life insurance premium went up to $15000/yr. my agent went out, shopped other carriers, got them to accept the physical exam i had just went through with guardian etc. you pay no more for an agent, so why not use them if you can find someone you like? mine even met me at my home and at my work to sign papers, deliver contracts etc (never got lunch out of the deal though...)

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