Hi,
I'm hoping I can get some good advice here after being disappointed with what my previous broker was trying to sell me. I've moved on to a new broker (who I do like very much, but I'm still not sure if my needs are being met, not because of competence or integrity but because at this point I'm not sure that they are familiar or representing some of the products that I feel may best meet my needs (or at least that I think may)...so it could be me, probably is. Example is that they are not differentiating between the 3 or 4 offerings they have with regards to conversion terms or indicating anything better could be out there. Yet many firm names (e.g. ONL, Mass Mutual, Penn, Guardian, NYL etc.) are not mentioned. AND I WOULDN"T KNOW WHERE TO GO!
So, bottom line is I am looking for some names of companies that I should check with that have favorable terms for high value term policies with favorable conversion features for a healthy (preferred) N/S 44 YO male.
I'm thinking (strategy 1) a $2.0 or 2.5M 20 Year term policy and also a $500K to $750K 30 year term policy (e.g. to stack them). Possibly convert the one of the policies at some point (but not right now or in the next few years) to whole life.
Alternatively (strategy 2), to stack some $500K policies (e.g. 10 yr, 15, 20, 25, and 30) and to at some point convert a portion to whole life.
From searching the forums, it appears Ohio National is about the only one really highly regarded still for conversion terms. I saw some reference to Midland, but some other concerns about Midland lately are a bit off-puting.
One thought I had recently was that I saw Ohio National recommended, but they don't seem to offer a 30 yr term at all so that might or might not be good. So that brings me to (strategy 3) Maybe get a 750K 20 yr from them for possible conversion purposes to whole and another 2.5M 20 yr from someone else like AG)? By doing this, I could get 5 to 10 yrs down the road and do a conversion to whole at that point should financial conditions be more favorable, or much later should health reasons justify.
I want to stick to term for the bulk as it's primary purpose as I am going to be starting a new business and not ready to commit 30K a year in funds for something like an over-funded VUL (which is something else that was suggested).
I'd like to have coverage like I described should something happen in the next 20 years, and with some additional protection going for years 20 to 30, with not less than $500K of life insurance to leave no matter when I pass. (Hopefully additional at that point will be via other assets).
The strategy of stacking (or laddering I think it's called) seems like it makes sense to me as it may allow for some economy while considering the financial need should decrease. So comments on this idea are appreciated, but what I think I really could use is some guidance as to other carriers. I've already looked at qualitytermlifedotcom and term4saledotcom and as mentioned had some quotes for a previous broker, but many of the carriers that may be better able to meet these needs don't seem to be listed.
It also allows me to limit the amount I have to spend right now when I am also trying to get a new business going.
My current broker is suggesting American General for the term as their rates seem to be quite good, but it doesn't seem like their conversion terms are all that great. Obviously I want maximum flexibility on where, when (e.g. to what age and with what maximum flexibility), and to what product I can do the conversion, maximizing credit for premiums paid to that point.
So long questions, but can the esteemed professionals offer some suggestions? Regardless of what strategy makes the most sense, finding a company with good convertible products (and not just now, but likely in the future) seems to be an issue.
To make matters worse, I saw that even ONL's langauge which can allow for conversion to any permanent offering currently offered (at the time of conversion), ...well who knows what quality of policies will be available years down the road!
It seems that many of the products out there are not going to be indicated by an agent that only deals with a handful of products, so I really need some help as to a shortlist of what companies to check out.
The rest goes without saying, no crappy companies, bad faith, not stable etc.
but most importantly, Thank you.
I'm hoping I can get some good advice here after being disappointed with what my previous broker was trying to sell me. I've moved on to a new broker (who I do like very much, but I'm still not sure if my needs are being met, not because of competence or integrity but because at this point I'm not sure that they are familiar or representing some of the products that I feel may best meet my needs (or at least that I think may)...so it could be me, probably is. Example is that they are not differentiating between the 3 or 4 offerings they have with regards to conversion terms or indicating anything better could be out there. Yet many firm names (e.g. ONL, Mass Mutual, Penn, Guardian, NYL etc.) are not mentioned. AND I WOULDN"T KNOW WHERE TO GO!
So, bottom line is I am looking for some names of companies that I should check with that have favorable terms for high value term policies with favorable conversion features for a healthy (preferred) N/S 44 YO male.
I'm thinking (strategy 1) a $2.0 or 2.5M 20 Year term policy and also a $500K to $750K 30 year term policy (e.g. to stack them). Possibly convert the one of the policies at some point (but not right now or in the next few years) to whole life.
Alternatively (strategy 2), to stack some $500K policies (e.g. 10 yr, 15, 20, 25, and 30) and to at some point convert a portion to whole life.
From searching the forums, it appears Ohio National is about the only one really highly regarded still for conversion terms. I saw some reference to Midland, but some other concerns about Midland lately are a bit off-puting.
One thought I had recently was that I saw Ohio National recommended, but they don't seem to offer a 30 yr term at all so that might or might not be good. So that brings me to (strategy 3) Maybe get a 750K 20 yr from them for possible conversion purposes to whole and another 2.5M 20 yr from someone else like AG)? By doing this, I could get 5 to 10 yrs down the road and do a conversion to whole at that point should financial conditions be more favorable, or much later should health reasons justify.
I want to stick to term for the bulk as it's primary purpose as I am going to be starting a new business and not ready to commit 30K a year in funds for something like an over-funded VUL (which is something else that was suggested).
I'd like to have coverage like I described should something happen in the next 20 years, and with some additional protection going for years 20 to 30, with not less than $500K of life insurance to leave no matter when I pass. (Hopefully additional at that point will be via other assets).
The strategy of stacking (or laddering I think it's called) seems like it makes sense to me as it may allow for some economy while considering the financial need should decrease. So comments on this idea are appreciated, but what I think I really could use is some guidance as to other carriers. I've already looked at qualitytermlifedotcom and term4saledotcom and as mentioned had some quotes for a previous broker, but many of the carriers that may be better able to meet these needs don't seem to be listed.
It also allows me to limit the amount I have to spend right now when I am also trying to get a new business going.
My current broker is suggesting American General for the term as their rates seem to be quite good, but it doesn't seem like their conversion terms are all that great. Obviously I want maximum flexibility on where, when (e.g. to what age and with what maximum flexibility), and to what product I can do the conversion, maximizing credit for premiums paid to that point.
So long questions, but can the esteemed professionals offer some suggestions? Regardless of what strategy makes the most sense, finding a company with good convertible products (and not just now, but likely in the future) seems to be an issue.
To make matters worse, I saw that even ONL's langauge which can allow for conversion to any permanent offering currently offered (at the time of conversion), ...well who knows what quality of policies will be available years down the road!
It seems that many of the products out there are not going to be indicated by an agent that only deals with a handful of products, so I really need some help as to a shortlist of what companies to check out.
The rest goes without saying, no crappy companies, bad faith, not stable etc.
but most importantly, Thank you.
