- Staff
- #11
and if you want to apply with banner I sent you a application link... all my clients apply online with a 10 min application......
Term Life - Which company to choose?
- Thread starter Izmeeh
- Start date
and if you want to apply with banner I sent you a application link... all my clients apply online with a 10 min application......
- 5,932
- 24,934
Way to broad of a question.
Best to have a conversation with an experienced Independent Life Insurance agent. Price of course is important and you can get anyone to quote the lowest cost. Value is personal to you and what your wants and needs are.
However, based on the limited information we have here is my thought.
Banner is probably the cheapest. However, I have been in business long enough to see what happens at the end of the 20 or 30 year term period. My pick would be Protective. With Banner the premium will BLOW UP at age 75. Maybe 10 to 20x the current premium. $800 to $1,600 per month. I have a 72 year old who's premium went up last month from $550mo to over $7,500mo. We are trying to secure new coverage for him now. - Protective's premium would be about $85 today, at age 75. The coverage will start a slow decrease. I would suggest at least looking at your options side by side. See if the $4. difference makes sense or not for your family. Protective also has some benefit pay out options that can bring the premium below the other companies.
Just food for thought.
PS... Not try to write you. Just trying to answer your questions and giving you my thoughts
Lee
Pss .... Protective has a good Waiver of Premium.
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- Thread starter
- #14
Thank you! This is exactly why I'm asking. This is my first time looking at life insurance so I'm pretty clueless in term of what to look for in a policy. I'm not looking for the lowest rate. I'm looking for the best value from a company that will be there when I need it.
- 24,934
That is wise. There are thousands of quote engines online. All powered by a small number of companies. The difference is going to be the agents. And there are some really good service oriented agents and there are a lot of just salesmen. Find someone that is willing to speak with you and find out what you want to accomplish. They then should offer you their recommendations based on true experience. Once you have gone over the options they need to give you what you decide is best for you.
Again, we are all just throwing out numbers based on a very small amount of info. We have not asked your goals for the coverage. Business, personal, mortgage or maybe to cover a permanently dependent child. We are also quoting you preferred or better rates without a clue if you fit that. Preferred swings pretty wide from company to company. Example: X build may be Preferred with company A and only Std with company B. Then family history plays a role in rates as well. Online quote engines are for getting agents leads. They are not agents.
Please do not take any of what I am saying as anti agent. I am not. I have been doing this for decades.
You have an idea of what the pricing is. Really ought to look at the disability waiver of premium. Most people do not just wake up dead. Dieing can be a long and costly process. Imagine fighting Cancer for a year, being dropped from your job, then having to drop the life insurance before you die. Waiver is just a few dollars At least look at it. Also, does the plan have Accelerated Death Benefit built in at not additional cost? We have had many of these claims.
While term is not as simple as some may think it really is not that confusing once an agent boils down the options for you. Make them earn their money. If someone gets commission breath and trys to close you or put you into the process to soon you may want to slow them down. It is your money, your insurance and your beneficiaries' future.
All IMohsoHO,
Lee
- 24,934
Scott very well maybe the guy for the job. I have recommended him before. However, how in the world did you decide Banner is the right company for this person? And yes, I do write Banner as well. The Client I mentioned is in underwriting with Banner now. They are the right company for him. He, his wife, business partner and his wife have been clients for 20 years. And it still took a bit to find the right company for the job.
Wino Wisdom!
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- Thread starter
- #17
To avoid misunderstanding of products/services, do you recommend finding a local agent or this process can be done effectively over the phone/online? I'm in San Jose.
Thank you!
Let a life guy like STI or Wino help You. It’s not my forte
- 5,932
Term is simple - not a lot of moving parts. So easy even a Caveman can do it . . .
Just dealing with the Carrier's underwriting department is the pain.
Get an Agent.
- 15,041
You should change that and always conditionally bind coverage, particularly if they don't have coverage already. The company will always return it if the offer is other than applied for and the insured doesn't want that.
Conditionally binding coverage is one of the most powerful options to life insurance consumers out there.
