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term life recommendations
Old 08-23-2006, 04:36 PM   #1
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term life recommendations

We've decided to purchase term life on my son-in-law. Their two kids (our grandkids) are 4 and 2 and while they are doing OK, they are not insured other than for 1 year of his salary. I figure a 15 or 20 year term life for about 500K would at least provide a safety net til the kids are launched. We'll own the policy as an added layer of protection just in case there are remarriages or other complications in the unlikely worst case scenario. Figure this also protects us a bit in FIRE since I am sure we'd be called upon (and glad to) come to the rescue.

Anyone recommend a good life insurance company or two for this? Nothing fancy needed, just solid, reasonably priced, no hassles if possible. I know Brewer has spoken well of TIAA-CREF. Any others come to mind?
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Re: term life recommendations
Old 08-23-2006, 04:40 PM   #2
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Re: term life recommendations

Quote:
Originally Posted by Rich_in_Tampa
We've decided to purchase term life on my son-in-law. Their two kids (our grandkids) are 4 and 2 and while they are doing OK, they are not insured other than for 1 year of his salary. I figure a 15 or 20 year term life for about 500K would at least provide a safety net til the kids are launched. We'll own the policy as an added layer of protection just in case there are remarriages or other complications in the unlikely worst case scenario. Figure this also protects us a bit in FIRE since I am sure we'd be called upon (and glad to) come to the rescue.

Anyone recommend a good life insurance company or two for this? Nothing fancy needed, just solid, reasonably priced, no hassles if possible. I know Brewer has spoken well of TIAA-CREF. Any others come to mind?
I am using select quote for a policy 10 year term.

They sent me Banner Life and it seems so far the best quote. Now I am still waiting for the underwriters to check my medical records. I guess when you are 50 its a bit different than at 30 for coverage. But man I run 10 miles a day and am in better shape than most 30 YO men!
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Re: term life recommendations
Old 08-23-2006, 04:40 PM   #3
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Re: term life recommendations

DH and I have 10-year term policies with TransAmerica. *They were reasonably priced when we got them, and we've had no screw-ups in billing since we did (about four, five years ago).
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Re: term life recommendations
Old 08-23-2006, 05:02 PM   #4
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Re: term life recommendations

Look at Zurich Life. They are based out of Chicago...........they have the most term life written in the US, have been around a long time, and have helpful agents.

They even offer 30-year term, and return of premium term..............

And they are CHEAP!!!!!!!
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Re: term life recommendations
Old 08-23-2006, 05:40 PM   #5
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Re: term life recommendations

Quote:
Originally Posted by Rich_in_Tampa
We've decided to purchase term life on my son-in-law. Their two kids (our grandkids) are 4 and 2 and while they are doing OK, they are not insured other than for 1 year of his salary.
This is an interesting idea. I understand the risk you are trying to insure against. But man, when I put myself in the Dad's shoes, it doesn't feel good. OTOH, he may be a lot more mature than I.

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Re: term life recommendations
Old 08-23-2006, 06:33 PM   #6
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Re: term life recommendations

Quote:
Originally Posted by HaHa
This is an interesting idea. I understand the risk you are trying to insure against. But man, when I put myself in the Dad's shoes, it doesn't feel good. OTOH, he may be a lot more mature than I.
Yes, we thought about that. In the end, the importance of him being insured will never be greater, and for the gkids' and DD's sake we figured it was a risk worth taking. Phrased it as "our way of saying thank you for being such a great dad." Seemed to go over OK.
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Re: term life recommendations
Old 08-23-2006, 06:42 PM   #7
 
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Re: term life recommendations

Quote:
Originally Posted by Rich_in_Tampa
We've decided to purchase term life on my son-in-law. Their two kids (our grandkids) are 4 and 2 and while they are doing OK, they are not insured other than for 1 year of his salary. I figure a 15 or 20 year term life for about 500K would at least provide a safety net til the kids are launched. We'll own the policy as an added layer of protection just in case there are remarriages or other complications in the unlikely worst case scenario. Figure this also protects us a bit in FIRE since I am sure we'd be called upon (and glad to) come to the rescue.

Anyone recommend a good life insurance company or two for this? Nothing fancy needed, just solid, reasonably priced, no hassles if possible. I know Brewer has spoken well of TIAA-CREF. Any others come to mind?

Yes, I would have to agree with Ha on this - If I were the SIL I would feel a bit ashamed. - A good talk though would 'smooth' things over.

That said - we took out a policy about 4 years ago and John Hancock came in with good rates!
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Re: term life recommendations
Old 08-23-2006, 07:02 PM   #8
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Re: term life recommendations

Rich, other than TIAA-CREF, the companies I would look to do business with if I needed another term life policy at a reasonable cost would be USAA, Ameritas Direct, and Protective Life. All are solid companies that will sell you a policy without an agent getting a cut, and all are usually quite competitive. All but Protective are mutual.
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Re: term life recommendations
Old 08-24-2006, 12:42 AM   #9
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Re: term life recommendations

If your SIL is a member of a professional society he can probably get very low group rates through it. I found that term insurance through the American Chemical Society (NY Life) was half the price of the term insurance I was getting through work, and that was cheaper than anything I could find on my own.
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Re: term life recommendations
Old 08-24-2006, 09:50 AM   #10
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Re: term life recommendations

Quote:
Originally Posted by newguy888
I am using select quote for a policy 10 year term.

They sent me Banner Life and it seems so far the best quote. Now I am still waiting for the underwriters to check my medical records. I guess when you are 50 its a bit different than at 30 for coverage. But man I run 10 miles a day and am in better shape than most 30 YO men!

And you might be.... but, you hear every once in awhile where this 'healthy as a horse' person just drops dead because of some .... whatever... it is that whatever they are looking for...
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