Life insurance

Discussion in 'Life After Brown' started by over9five, May 15, 2009.

  1. over9five

    over9five Senior Member Staff Member

    Here's a subject I know very little about.

    First, I do have life insurance. $200,000 on me, $100,000 on wifey. This is through the NE Teamsters FCU, and costs $90/quarter.

    Lately I've been thinking that if I kick the bucket, $200,000 really aint that much.

    So how do y'all get life insurance? How much do you have, and how much are you paying? Who you getting it from?

    I'm thinking $500,000 would be a nice amount.
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I have had a 20 yr Term Life Policy valued at $500K for 7 years now and I pay $48.56 per month. It will cover me until I am 61 or about 3 years after I retire. I also have a Long Term Care policy which I just took out this past year.

    Term life policy premiums are based upon age so yours may be lower as I think I have a few years on you.

    I would stay away from Whole Life or Universal Life policies.

    Google "Term Life Insurance" and you will get all the answers you are looking for. Dave.
  3. sano

    sano New Member

    Also, check pricing. I have a policy that I purchased before I worked for UPS. When I received the information about the Teamster policy, I found the price to be significantly more than what I pay.
    I just thought of it now though, the policy I have was purchased when I had a office job. Would UPS as an occupation raise the premium? Shouldn't, I am in better shape now than when I was driving a desk.
  4. over9five

    over9five Senior Member Staff Member

    I called Selectquote the other day and priced out a $500,000 policy. The best deal they could find was $55/month on a 15 year policy with West Coast Life. 20 years would have been $72/month.

    I decided to stay with my CUNA NE Teamsters FCU policy instead. I raised it to $500,000, and it's $75/month. This is a family deal, $500,000 on me, $250,000 on wifey, and $100,000 on each kid. Also, it stays the $75 forever, but payoff reduces by half at age 70.
  5. over9five

    over9five Senior Member Staff Member

    Does that make you 48? I'm 46. I answered all the questions honestly, the difference in price may be that my father died of a heart problem at 65. The agent said that would affect the rate.
    Sounds like you have a very good deal!
  6. Dagoof

    Dagoof Member

    I have a million on me 300k on my wife with 25k on both my kiddos. It cost us just under a hundred a month. We use USAA but you or your wife has to have been military to go with this company.
  7. jimstud

    jimstud Banned

    why don't you go to wal-mart?
  8. over9five

    over9five Senior Member Staff Member

    Lol! If I had known they sell insurance....!
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    They do--it's the same kid who stocks the flip flops.
  10. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Your math skills are as sharp as ever--I am 48.

    I have had my policy for 7 years so the premium was based on me being 41, non-smoker, with no major health history. You are correct in that your health history can affect your premium. I actually had an in-home "physical" (think DOT physical but even less comprehensive, if that is possible) in order to qualify for the policy.
  11. over9five

    over9five Senior Member Staff Member

    Yup, I actually had that in-home physical set up, but canceled when I decided to stay with CUNA.

    BLACKBOX Life is a Highway...

    This is a great idea. If you don't have it get it, it will save you from a lot of grief should you need to recover from something traumatic.

    I got mines from METLIFE. Policy premiums will be based on your physical. You need LTC supplement.