Really Confused About Life Ins.

Nov 19, 2015

  1. gribur
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    gribur New Member

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    I am male 40yrs old non smoker had heart surgery but now am fine, wife smoker also 40, 3 children 7,8,9yrs old. We do not own a home, we rent and I just want something so if anything happens to me or my wife that the others will be set for a long time. I do not want any investments, I just want to pay x dollars a month and that's it. We have never had insurance and I keep seeing how it is so easy to get scammed into paying huge amounts and ending up with squat. I think it is Term insurance we want, until our youngest reaches about 23 so 20 yr term? And I want that to be used towards whatever we switch to after the term runs out. I do not want to be giving an agent a bonus for selling us what they want, I just need piece of mind for us.
     
    gribur, Nov 19, 2015
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  2. STIBROKER
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    STIBROKER Like My post and enter the DRAWING,,,, Moderator

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    run rates here.............

    TEXAS LIFE & HEALTH INSURANCE- INSTANT ONLINE RATES AND APPLICATIONS
     
  3. WinoBlues
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    WinoBlues Guru

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    As Stibroker said you can run rates on his site or any other site. The problem is you do not know if the companies will take you are the rate you are quoting yourself. One company may give you Preferred rates while another may only give you Standard rates. You want to have a good chance of getting what you apply for.

    You really should talk to an agent. Do it by phone or email if you prefer. They can ask the questions and shop out the term plans for you. 20 year term is probably the most popular term period.

    Agents do not get bonus' for selling a certain plan over another that I know of, outside of a captive agent. And I have been doing this for 30 years.

    The ""I want that to be used towards whatever we switch to after the term runs out"" is a big deal. Wanting to switch to something and being allowed to are two different things. Some companies have great conversion options others have horrible conversion options. There are also different types of 20 year term plans.

    It all sounds confusing, however it can be explained easily. If term is what you want buy term. But talk to an agent that represents most of the competitive term plans and can give you the pros and cons of each. The plan that is the cheapest may or may not be best for your family. There are some good agents here and most are independent.

    Lee
     
  4. Mattschmidt
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    Mattschmidt Guru

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    always run quotes from your upline or from ninjaquoter

    dont waste your time with other sites
     
  5. LGilmore
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    LGilmore Guru

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    What quotes should he run? He has had heart surgery, he didn't say how long ago or what for or how complex it was. Or what meds (blood thinners) he may be on.

    I think he doesn't understand he's probably table rated (sub standard risk for the OP) and can't pick and choose what he wants, because with the heart issue it will become a matter of who'll take you as a butt load of companies won't or will charge you extra for the health risk.

    I suggest you find a local agent whom you can give your information upfront to so they can pre-underwrite your case so you can see cost and who will even make an offer.

    Ran into several like this over the years, all yours guys.
     
    LGilmore, Nov 19, 2015
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  6. gribur
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    gribur New Member

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    ty for the help everyone. I am just trying to get a feel for what to watch for and any tips you may have for me. I had an aortic valve replaced about 3 years ago, I am on warfarin and it is under control, other then that healthy guy. No other issues with the family. cheers and thanks again.
     
    gribur, Nov 20, 2015
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  7. GoPokes
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    GoPokes Guru

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    I think you are on the right track. Find a 20 year term, that is convertible (if you want to switch later like you mentioned).

    I think the rule of thumb for the amount of insurance is to get 10x your annual income. Of course thats not always in the budget.

    An agent told me once there are 2 times when you think about buying life insurance, now and when it's too late. Dont wait much longer.

    I kind of like the return of premium rider, you might ask the agent if there's one available
     
    GoPokes, Nov 20, 2015
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  8. NinjaNic
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    NinjaNic Guru

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    Based on your health history, IF INSURABLE, you are both a sub standard rate as well as with a hefty flat extra, or extra dollar amount of premium per $1000 of coverage for traditional coverage. Any consumer facing online quoter will be completely inaccurate. You need to chat with an agent, fill out a lengthy health questionnaire and hope for the best. Feel free to PM me--I can refer you to an impaired risk agent.
     
    NinjaNic, Nov 20, 2015
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  9. UW Guy
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    UW Guy Super Genius

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    Who in their right mind throws a flat on cardiac histories? Aortic valve replacement isn't good by ant strerch but it's not cancer.
     
    UW Guy, Nov 20, 2015
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  10. NinjaNic
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    NinjaNic Guru

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    taking cadaver or pig valve and replacing someones heart valve with it often times carriers a flat extra for a few years. Likely outside of that window now, but still with young age assuming pig valve, it is 350 debits...
     
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