How to research Term Life Insurance

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Topic Author
bawaso
Posts: 60
Joined: Wed Mar 25, 2020 6:47 pm

How to research Term Life Insurance

Post by bawaso »

Hi there,

My wife and I are both in our late 30s, and I was thinking of getting some life insurance quotes, but wasn't sure which is the best place to start and what to expect? We are generally both in good health, with a few chronic conditions (e.g. back problems, sleep apnea).

Is there a recommended one-stop-shop place to shop around OR any specific recommendations on companies who are the best? Also, anything in the policies worth looking out for?

Thank you.
Last edited by bawaso on Sat Jul 02, 2022 12:47 am, edited 1 time in total.
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JoeRetire
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Re: How to research Term Life Insurance

Post by JoeRetire »

bawaso wrote: Fri Jul 01, 2022 5:53 pm My wife and I are both in our late 30s, and I was thinking of getting some life insurance quotes, but wasn't sure which is the best place to start and what to expect? We are generally both in good health, with a few chronic conditions (e.g. back problems, sleep apnea).

Is there a recommended one-stop-shop place to shop around OR any specific recommendations on companies who are the best? Also, anything in the policies worth looking out for?
I've had good luck with AccuQuote: https://www.accuquote.com/
This isn't just my wallet. It's an organizer, a memory and an old friend.
exodusNH
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Re: How to research Term Life Insurance

Post by exodusNH »

bawaso wrote: Fri Jul 01, 2022 5:53 pm Hi there,

My wife and I are both in our late 30s, and I was thinking of getting some life insurance quotes, but wasn't sure which is the best place to start and what to expect? We are generally both in good health, with a few chronic conditions (e.g. back problems, sleep apnea).

Is there a recommended one-stop-shop place to shop around OR any specific recommendations on companies who are the best? Also, anything in the policies worth looking out for?

Thank you.
You want level term life. It's essentially a commodity product and very competitively priced among the different insurers.

Term4sale.com has been recommended often around here.

Don't let anyone talk you in to permanent, cash value, whole, or any form of universal insurance
Gradient Descent
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Re: How to research Term Life Insurance

Post by Gradient Descent »

Regularly suggested on this forum is this site: https://www.term4sale.com/

This site put me in touch with several local agents. The rates should not vary much between agents if you have perfect health. However, you may want to ask for advice from a few of those agents if you have any health conditions that would disqualify you from the best rates. They may be able to help identify providers more likely to insure your condition.
Chardo
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Re: How to research Term Life Insurance

Post by Chardo »

Back problems are irrelevant, but sleep apnea is a significant issue for insurance underwriting. You need to work with an experienced independent agent to find the appropriate plans for you at the best rates. You can seek all the online quotes you want, but they are meaningless when you have a health issue, especially one as complex as apnea. Regardless of health, there is literally no such thing as DIY life insurance. Rates are identical no matter where you buy, by law. Online sources are actually just an electronic face with an agent behind the scenes. A knowledgeable independent agent can find the right company for your situation, and save you time and money.
Chardo
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Re: How to research Term Life Insurance

Post by Chardo »

Gradient Descent wrote: Fri Jul 01, 2022 8:53 pm Regularly suggested on this forum is this site: https://www.term4sale.com/

This site put me in touch with several local agents. The rates should not vary much between agents if you have perfect health. However, you may want to ask for advice from a few of those agents if you have any health conditions that would disqualify you from the best rates. They may be able to help identify providers more likely to insure your condition.
Rates don't vary at all between agents. By law.
MrsBDG
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Re: How to research Term Life Insurance

Post by MrsBDG »

Rates don't vary, but pre-underwriting quotes do, depending on the experience and optimism of each agent.

Term4Sale.com will connect you with three agents in your ZIP code, talk to them all, learn from their experience. Sleep apnea can be a big deal, to get the best quotes, get your sleep study and ask the agent to shop it to companies.
Topic Author
bawaso
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Re: How to research Term Life Insurance

Post by bawaso »

Thank you everyone.

I've had my auto and renters insurance through AAA, and they keep sending me offers for term life insurance as well, promising no health check up or anything. Any idea on how legit these offers are and if worth pursuing?
BruDude
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Re: How to research Term Life Insurance

Post by BruDude »

MrsBDG wrote: Sat Jul 02, 2022 12:32 am Rates don't vary, but pre-underwriting quotes do, depending on the experience and optimism of each agent.

Term4Sale.com will connect you with three agents in your ZIP code, talk to them all, learn from their experience. Sleep apnea can be a big deal, to get the best quotes, get your sleep study and ask the agent to shop it to companies.
Many agents on term4sale do not live in the zip codes they’re listed in. Agents pay for the zip codes that aren’t taken by local agents already. Some agents buy hundreds of them to be listed in as many places as possible.
BruDude
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Re: How to research Term Life Insurance

Post by BruDude »

bawaso wrote: Sat Jul 02, 2022 12:43 am Thank you everyone.

I've had my auto and renters insurance through AAA, and they keep sending me offers for term life insurance as well, promising no health check up or anything. Any idea on how legit these offers are and if worth pursuing?
I would very highly recommend using an independent agent as mentioned earlier in the thread. Why do the leg work yourself when someone experienced in the industry and familiar with underwriting at many insurance companies can do all of that for you for free?
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Stinky
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Re: How to research Term Life Insurance

Post by Stinky »

bawaso wrote: Sat Jul 02, 2022 12:43 am Thank you everyone.

I've had my auto and renters insurance through AAA, and they keep sending me offers for term life insurance as well, promising no health check up or anything. Any idea on how legit these offers are and if worth pursuing?
I wouldn’t regard AAA as a top tier writer of term life insurance. I wouldn’t bother reaching out to them.

As others have suggested, go to term4sale.com to get in touch with local agents. And make sure that they shop around for the best rates, especially with apnea.
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
Chardo
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Re: How to research Term Life Insurance

Post by Chardo »

bawaso wrote: Sat Jul 02, 2022 12:43 am Thank you everyone.

I've had my auto and renters insurance through AAA, and they keep sending me offers for term life insurance as well, promising no health check up or anything. Any idea on how legit these offers are and if worth pursuing?
It's a legit offer, but one that might not be successful for you. They offer a no exam electronic application. While you complete the questionnaire, they are running a background check. They're checking your credit, your application history, prescription history, and other things. If there are no red flags, they issue the policy. Your apnea may or may not be a problem, depending on severity and treatment. Regardless, that rapid issue policy (several companies offer them) will typically be more expensive than a traditional policy. They are taking on more risk, and that uncertainty is priced into the rates. You pay for that convenience.
Topic Author
bawaso
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Re: How to research Term Life Insurance

Post by bawaso »

Thanks all. Re:medical history, do we have to reveal everything to the agent ? If there is something we don’t mention does the underwriter eventually find out ?
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Stinky
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Re: How to research Term Life Insurance

Post by Stinky »

bawaso wrote: Sat Jul 02, 2022 2:52 pm Thanks all. Re:medical history, do we have to reveal everything to the agent ? If there is something we don’t mention does the underwriter eventually find out ?
You’ll be posed with a list of questions. You should answer them fully and truthfully.
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
Chardo
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Re: How to research Term Life Insurance

Post by Chardo »

bawaso wrote: Sat Jul 02, 2022 2:52 pm Thanks all. Re:medical history, do we have to reveal everything to the agent ? If there is something we don’t mention does the underwriter eventually find out ?
The underwriter will usually find out everything. And if they find something you didn't disclose, it's a major red flag. If you get away with it and they issue the policy, don't die for 2 years. They won't pay the claim.

Why wouldn't you tell everything to the agent? Full disclosure to the agent is in your best interest. Their job is to find the best company for your situation, and they cannot do that if you keep secrets.
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