Term Life - Which company to choose?

[STIBROKER]

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.

So will Protective.....look term is just pure life insurance....just like bottled water...why pay more than you have to for it.....in thirty years your life insurance needs will change......the fact is only 1% of term policy's pay because people will typically out live the term plan.......if you want a plan to pay when you die of old age you need to be looking at GUL'S....

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!

Times have changed....life insurance is now moving more to online sales....Health Insurance has been doing this for years......

 

[STIBROKER]

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.

But I have on occasion had to switch company's in underwriting due to health conditions.......getting money back from a insurance company is hard....and no one has died in underwriting.....

 

[VolAgent]

But I have on occasion had to switch company's in underwriting due to health conditions.......getting money back from a insurance company is hard....and no one has died in underwriting.....

No, they issue refunds, no problems. And plenty of people have died in underwriting, it just hasn't happened to you yet.

Sure, it takes time to get a refund, but so what? They wanted to protect their family, but only after the next 30 - 180 days?

 

[STIBROKER]

Sure, it takes time to get a refund, but so what? They wanted to protect their family, but only after the next 30 - 180 days?

It usually takes 2 to 3 weeks to get a policy issued......so I am not sure what your talking about......most of the time I am replacing a policy so they are covered.....

 

[WinoBlues]

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!

That really depends on you and your family. Or it can be both. It also depends on how much and what kind of service you want.

Example: last month I placed a $300,000 GUL with WP and child riders on a client in San Jose. She preferred to do most of everything by text and email. I wrote her Grandmother and mother face to face years ago. If someone dies I will offer to drive out to take care of all the paperwork on all policies. Whether I wrote them or not.

I started out doing everything F2F and evolved with technology to doing a lot by email and text. Met F2F with an 81 year old yesterday that was referred to me by her sister by text. It really depends on how my clients want to work. I do not work leads any longer. I am very fortunate to get a good deal of referrals from my clients. So I tend to really try to accommodate them.

I would recommend having a conversation on the phone then deciding how and with who you want to move forward with. There are a lot of good agents out there.

Lee

 

[WinoBlues]

So will Protective.....look term is just pure life insurance....just like bottled water...why pay more than you have to for it.....in thirty years your life insurance needs will change......the fact is only 1% of term policy's pay because people will typically out live the term plan.......if you want a plan to pay when you die of old age you need to be looking at GUL'S....


Times have changed....life insurance is now moving more to online sales....Health Insurance has been doing this for years......

I understand term fairly well. I wrote my first term case in about 1987ish. Which term, decreasing term, Return of Premium Term, W or WO Living Benefits term? I think I wrote my first GUL about 20 years ago. I think it was with Ohio National. Still on the books.

Why pay more or less for one type of car or truck? This cell phone or that one. In and Out burger v McDonald's cheese burger. $500,000.00 of benefits should at least warrent the same amount of time as picking Starbucks or 7-11 coffee. (I actually like 7-11 coffee).

I am not saying Banner or any other company is good or bad. I am about informed choices.

I understand the industry claim numbers. I personally handle my claims. I also have been the agent counseling my clients when the 20 year term period expires on a policy that I wrote 20 years ago. You are correct stuff changes, plans change.

I am not competing with anyone here. No one here knows what is or is not the "best" person. Male or Female? Smokes weed? What do they think Term Insurance is? Are they looking for lump sum payout or income for the beneficiaries?

This is all speculation on our part.