i just called select quote and got a quote for a fixed 30 year insurance plan for 500,000 at /month. do you all think that’s a good rate? they don’t charge me anything if i choose to discontinue the insurance. i wanted to get some feedback from you all. i was interested in it bc i just had my son and wanted it "just in case." in your experience is the deal i got good? i calculated it and if i paid 38 dollars/month for 30 years and nothing happened to me it would be over 13,000 down the drain. but i guess that’s the purpose of insurance. please let me know your thoughts.
and, i got the quote over the phone and may have lied about my weight, etc. the rep told me later in the convo that a nurse practitioner will be coming by my house to take a physical and will want my doctor’s info to get my medical records. what are your experiences with that?
Goofy 11:01 am on September 30, 2009 Permalink
They have a nurse check you out to make sure you didn’t lie about things such as diabetes or other bad medical problems. I don’t know how much over you lied about your weight but usually that isn’t a problem unless you’re morbidly obese. I even passed one after I was diagnosed with cancer. I decided not to purchase it though for other reasons.
I used to have an insurance policy that "built up cash" in case I wanted to turn it in at some point in the future. I paid 50$ a month and over a few years when I turned it in I got a few hundred back (I only had it about 4 or 5 years at the most and was pressured by my family to cancel it because they don’t believe in life insurance and thought I was wasting my money). In time you could borrow against it to but I never did. I think that might be the better way to go if you could get one like that. In case of an emergency you could cancel it and get some money back. But the price you were quoted isn’t too bad a price either. I just never liked term insurance because at the end you’ve paid all that money and get nothing (unless of course you die during it haha). Then you have to get another one and the rates will be a lot higher because you’re 30 years older than you were at the beginning of the old policy and they might refuse you coverage due to something that recently comes up. If I were to get life insurance again it would be forever or nothing. I don’t want to renew it only to hear "sorry you’ve been turned down after 20 years with us because of your high blood pressure (for example)" then I’d have to scramble for coverage and pay twice as much.
Thuha H 11:01 am on September 30, 2009 Permalink
Sounds like a reasonable deal to me but if you don’t tell the truth and a claim is made, if something happened to you, then the insurance company would not pay out. They will always try to find the slightest cause not to pay out, believe me. So even if you lied about your weight and said you were just 10lbs less than you are, it would still invalidate your insurance. Be careful!
mabeckh 11:01 am on September 30, 2009 Permalink
The rate you were quoted on the phone was given to you based on your answers about your general health. If you weigh more than you said or if you have health problems that you didn’t disclose, the insurance company will offer you insurance at a different (higher) price or decline to offer you a policy at all. You can either accept the higher price or just not get the policy. They will not just issue a policy and then try to screw you once you make a claim like the other person answered.
$38 is a good price from $500,000 of coverage but it will probably be higher once your physical is done..