I am 37, healthy male overall was approved for 300,000.00 life insurance paying 30 dollars monthly with ING from Bank of America. Is this a good company go to insurance with? Any recommendations or bad experience with this company?
There is something in the 1st page where I would be supposed to send the check, which says "the company reserve the right to increase the premiums at any time just giving 30 days notice." This I don’t like it to much?
Please tell me your thoughts. I am being trying to look for site or stories about it on the internet but nothing so far
-
Should I get this Term Life Insurance with ING for 30 years and 30 dollars monthly?
dis_orient_ed 8:05 am on December 23, 2009 Permalink
You are right to be concerned about unilateral rate increases. You should also be concerned about price.
You must also be sure that you are buying what you think you are buying. Your best bet is to shop for three life insurance policies, all term, all with companies that are liscensed to sell life insurance in New York. This is because New York has the best rules for insurance products to protect consumers. If they can’t sell in New York, it’s because they don’t want to so that they can cut corners.
Many of the mailers and envelope stuffers from banks are overpriced accidental death insurance. You don’t need this.
Depending on whether you have children or parents who depend on you for their future well-being, you may not need this much life insurance.
Price term life insurance at 5x your annual income rounded up the nearest 100,000 from A major New York carrier, the insurance company that sells the most term insurance in your State, and your car insurance agent. Add more bids from mutual fund web pages.
Only when you compare the conditions and features can you get an idea of whether you are getting a good deal.
Life insurance is not savings. Price the safety and rate of return of savings vehicles separately from life insurance.
Protege' 8:05 am on December 23, 2009 Permalink
Sounds good. 300,000 is great. 30 dollars is super.
raising the premium is bad.
negotiate with them.
get them to lock it in to 30 dollars.
the money goes to your benefactor.
Precious Gem 8:05 am on December 23, 2009 Permalink
ING is a good company but term life isn’t a good bargin. You pay into your
life insurance but term life ends at
a certain age and then you will be stuck with no insurance at a point in
your life where you can least afford it. Whole life is better because it will last your entire life time. Look closer at the terms of the life insurance. You may be starting out paying $30.00 but how much will you be paying at the age of 40,50,60,etc.
It isn’t that great of a bargin.
http://www.consumeraffairs.com/
This web link is to a web site that compares things
and will tell you how great or lousy a company is.
Check out ING using this web site.