I remarried a couple years ago, and have a baby now. I need to get some more term . I’m 42, probably 10-15 pounds overweight, don’t smoke/drink. The catch is… my birthday is coming up in a few weeks, and right after that, I’m travelling outside the country. I thought I read somewhere that getting new/more just before travelling jacks-up the price, and I know the older you get, the more it costs. My question is: should I get it now (and pay extra coz I’m travelling, but pay less coz it’s before my birthday), or get it when I return (and pay less coz the travel is done, but pay more coz I’m 1 year older)?? Maybe another choice is to wait even longer til I get rid of the extra wait (to put me in a lower risk category?). Hope there’s some agent/broker out there who can answer or set the facts straight that I’ve got wrong. Thanks for your time and assistance…

 

  • we_build_champions 5:02 am on February 13, 2010

    Your focus should be on what if with all this traveling, being overweight, getting older etc, you die. Is your family taken care of the way that you would want them taken care of? If you have a new baby, the death benefit is more important than the premium. Otherwise, it does not make sense to get the insurance at all. If you think that your risk factors will improve, then you should get a 5 year term now and when the factors change, then get a longer term. Work with a broker that represents all of the major companies.

  • mbrcatz17 5:02 am on February 13, 2010

    The birthday isn’t going to affect your rates – you get rated on the age closest to your birthday – ie, you’re going to be rated as a 43 year old anyway.

    Also, at 42, it’s not going to go into effect instantly anyway – you’ll fill out the application then the company will set up a medical exam for you – draw blood and some such – and they *might* be contacting your doctor for medical history. So even if you start the process right now, you might not be accepted for a month or six weeks . . .

    I would NOT wait to get the ball rolling.

  • Celeste E 5:02 am on February 13, 2010

    Life insurance will never be cheaper than it is today. Buy now, don’t wait. The cost can only go up the longer you wait.

  • obe231 5:02 am on February 13, 2010

    Since you are already insured, you do not need to provide proof of insurability (no matter what condition you are in). If you want more coverage, you should ask yourself, do I really need more or should I lower it? Financial experts say the amount of coverage you need should be 10 times your annual gross income (before taxes). Since you have term, I hope you are putting away some money each month toward retirement. That’s good that you are thinking about your family’s needs, but at the same time you should be thinking about your retirement too. Do you want to retire broke or retire wealthy?

    Now to answer your question: You should definetly get more coverage now. Not after you come back from vacation. Anything can happen from the time you finish reading this to the time you walk out of your home. "We can’t predict death, but accidents do happen."

  • tigertiggerii 5:02 am on February 13, 2010

    Where are you going to be traveling too? If it is to one of the "hot zones" no insurance company will want to insure you, not at regular rates anyway. New mortality tables came out January 2005 which insurance companies are now applying. It would be worth looking into what the new costs are at these new rates, and add the additional benefit you are needing. While you are insurable, jump on this now. Being 10-15 lbs over weight is really not an issue. There are several companies that have liberal guidelines. It is still possible to get a preferred rating. If you are interested, you may call me at 888-425-4466. My company Denver West Insurance Professionals, Inc. recruits, trains and looks for Insurance companies to meet individual needs such as yours. Ask for Matt.