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Author Topic: Life insurance peeps: is this a good price?  (Read 531 times)

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Offline 1KPerDay

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Life insurance peeps: is this a good price?
« on: April 14, 2020, 03:41:48 PM »
Is $2585 billed annually for a $2M policy 20 year term for 48 year old male non smoker a reasonably good price?

$1M would be $1365 annually or $117/mo billed monthly.


Please LMK ASAP if that’s a good deal. Thanks mucho gassy burrito
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Offline Stu

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Re: Life insurance peeps: is this a good price?
« Reply #1 on: April 14, 2020, 03:49:51 PM »
Seems a bit high.

I've got a $1MM 20 year term life policy that is $455 per yr.  Although I got it about 15 years ago, so was about 35, non smoker etc.

Note this is a TERM Policy.... the only kind I would consider..... anything else is a waste of money... (but good commission to the agent!)

Offline Max Wedge

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Re: Life insurance peeps: is this a good price?
« Reply #2 on: April 14, 2020, 04:45:07 PM »
I'll see if I can get Mrs. Wedge to chime in, she sold the stuff for a year.
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Offline 1KPerDay

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Re: Life insurance peeps: is this a good price?
« Reply #3 on: April 14, 2020, 05:43:23 PM »
thank you.
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Offline 1KPerDay

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Re: Life insurance peeps: is this a good price?
« Reply #4 on: April 14, 2020, 05:44:16 PM »
Oh, I'm fat.  :facepalm:
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Offline Max Wedge

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Re: Life insurance peeps: is this a good price?
« Reply #5 on: April 15, 2020, 07:07:06 AM »
She said it sounded a bit high, but was not much help as to what is more reasonable.
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Offline Leanintree

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Re: Life insurance peeps: is this a good price?
« Reply #6 on: April 15, 2020, 08:13:53 AM »
Oh, I'm fat.  :facepalm:

Join the old guy club. all those years I smoked, I'd see the Doc and he'd say "you need to quit smoking!". So I quit smoking. Then as soon as I go to the Doc he says, "you're a fat bastard!". I swear there's no pleasing those guys...

LT
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Offline minimac

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Re: Life insurance peeps: is this a good price?
« Reply #7 on: April 15, 2020, 10:23:18 AM »
It's tough to beat the rates from SBLI. Check your bank/credit union. A word to the wise- don't be worth more dead than alive.
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Offline 1KPerDay

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Re: Life insurance peeps: is this a good price?
« Reply #8 on: April 15, 2020, 12:26:43 PM »
A word to the wise- don't be worth more dead than alive.
too late


Going to renew this policy at $2M for at least the next year... fingers crossed I die soon!
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Offline chornbe

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Re: Life insurance peeps: is this a good price?
« Reply #9 on: April 16, 2020, 11:10:21 PM »
The thread is a trick question. I don't know any two people regardless of the plethora of similarities in life style, job, age, health, etc., who've gotten comparable quotes, nor has anyone in the history of insurance gotten the same quote twice.

Good luck :)
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Online zer0netgain

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Re: Life insurance peeps: is this a good price?
« Reply #10 on: April 17, 2020, 04:10:50 AM »
Honestly, should have used a broker who gets multiple quotes.  Is the carrier a nonprofit or not-for-profit entity?  Those tend to have lower rates as they don’t have shareholders to satisfy.

Of course, I currently pay $241.33 every quarter for $250K of term coverage w/cost of living rider (adds value to policy based on inflation).  51, non-smoker, no serious health issues.  Got my policy around 1999-2000 with TIAA-CREF when working at a university.

Also, do you really need $2 million in coverage?  Insurance is to put you in the ground and pay off any outstanding debts that would hurt your heirs.  As you get older, you shouldn’t need all that coverage, but I don’t know your financial situation.
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Offline Leanintree

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Re: Life insurance peeps: is this a good price?
« Reply #11 on: April 17, 2020, 09:17:18 AM »

Also, do you really need $2 million in coverage?  Insurance is to put you in the ground and pay off any outstanding debts that would hurt your heirs.  As you get older, you shouldn’t need all that coverage, but I don’t know your financial situation.

1K is my favorite Utah friend...  ;)

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Offline 1KPerDay

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Re: Life insurance peeps: is this a good price?
« Reply #12 on: April 17, 2020, 09:53:13 AM »
 :twofinger:
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Offline Leanintree

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Offline Mr. Whippy

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Re: Life insurance peeps: is this a good price?
« Reply #14 on: April 27, 2020, 03:59:52 PM »
Honestly, should have used a broker who gets multiple quotes.  Is the carrier a nonprofit or not-for-profit entity?  Those tend to have lower rates as they don’t have shareholders to satisfy.

Of course, I currently pay $241.33 every quarter for $250K of term coverage w/cost of living rider (adds value to policy based on inflation).  51, non-smoker, no serious health issues.  Got my policy around 1999-2000 with TIAA-CREF when working at a university.

Also, do you really need $2 million in coverage?  Insurance is to put you in the ground and pay off any outstanding debts that would hurt your heirs.  As you get older, you shouldn’t need all that coverage, but I don’t know your financial situation.

This. You're better off getting just what you need and put the rest of what it would have cost you to get more insurance into retirement investments.

And yes, whole life is a total rip off.