Who do you recommend? I currently have Cincinnati Life but I hate my agent.
Thinking of getting Catholic Life to quote me. Any others who can do $1.5+mil?

Term or Whole? If latter, popcorn.

If former, use a broker and they will find the best deal for you. Term life is plug and play.

I was satisfied dealing with Prudential appx 8 years ago when I set up a 20 year term.

far and away best rate I found was USAA.

I mainly do Property and Casualty, but I can easily quote Term Life for you. I have access to a wholesale broker in Dallas who quotes with like 30 different life companies.

Feel free to shoot me an email anytime and can give you a quick easy estimate

Matt@Dimitexas.com

I specialize in term life and can get you a quote for as much as you need, as long as you live in Texas.

Text me at 979-820-2271

I have term life with Fidelity. It was significantly less expensive than a few other quotes I'd received (I have a medical condition that inflates the premium). About $100/mo for $1mil, 20yr policy.

Does anyone do life insurance through work.

I have not paid much attention to the details but I get 10x my income for a pretty reasonable rate. I get that if I lose the job then I'd need to find different coverage but any other negatives? I also get spousal coverage for a lower amount. My company is pretty young so I think we get pretty good rates.

harge57 said:

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Does anyone do life insurance through work.

I have not paid much attention to the details but I get 10x my income for a pretty reasonable rate. I get that if I lose the job then I'd need to find different coverage but any other negatives? I also get spousal coverage for a lower amount. My company is pretty young so I think we get pretty good rates.

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If it's cheaper than what you can get on your own then I would do it. I did it through work for a bit.

harge57 said:

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Does anyone do life insurance through work.

I have not paid much attention to the details but I get 10x my income for a pretty reasonable rate. I get that if I lose the job then I'd need to find different coverage but any other negatives? I also get spousal coverage for a lower amount. My company is pretty young so I think we get pretty good rates.

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This is a more complicated question than you might think. Some general things to watch out for:

• As you stated, if you change jobs, your new employer may not offer life coverage
• If you're in worse shape than average life-expectancy-wise, or have a negative health change, life coverage at work may be cheaper than what you can get yourself outside of work. This also goes for smoking or engaging in "dangerous" hobbies like skydiving, diving, some types of travel to third world countries, pilot a private plane, etc.
• If you're in great health with no personal or family issues that impact your life expectancy, you can still usually get your own coverage at a cheaper rate, and you do away with the issue of "portability" when changing jobs

Let's say you want 10x your salary in term life throughout your working career. I'm a proponent of getting your own coverage for a basic level (maybe 3-5x of the 10x?), at least. Doesn't cost anything to get a quote - compare cost between alternatives. Then you have at least that much taken care of, regardless of change in health or employers. Then use the work offering for the extra amount, especially if you have personal or family history of shorter life expectancy. Use the same process for your spouse - comparing rates for their coverage alternatives.

The characteristics of the type of work you do can impact your rates, as well. I think CPAs and other low risk occupations often get better rates than construction work, for example.

I got a 20 year plan for $1.5MM and my wife got a $750k (I believe) 20 year plan a couple years ago from Pacific Life. It was the best deal we found shopping around. Thought it was pretty cheap at 37 years old. It didn't require any type of physical or anything either.

I have life insurance through company as well, it's completely paid for by company, but I think only like 2x my salary.

harge57 said:

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Does anyone do life insurance through work.

I have not paid much attention to the details but I get 10x my income for a pretty reasonable rate. I get that if I lose the job then I'd need to find different coverage but any other negatives? I also get spousal coverage for a lower amount. My company is pretty young so I think we get pretty good rates.

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My uneducated assumptions is that the majority of people who have life insurance only have it through their employer. It's also my assumption that the vast majority of people are underinsured.

I use my work life insurance to "pad" the policy I bought 10 years or so ago. As mentioned, it's pretty cheap but like having something that will travel from job to job in case I don't qualify in the future.

There may come a point in your financial journey that you have enough liquid assets saved up that you don't need life insurance. Still may not be a bad idea if it's cheap enough, but I'm assuming within the next 5 years or so we'll have a big enough nest egg saved up that if one or both of us passed, the surviving partner/kiddo would be financially secure with their inheritance.

We'll still continue to hold our term life until its expiration, but sure won't be buying any supplemental insurance.

I had what was considered a lot when first married and I added to it thru employer insurance...then I retired. And a few Paid Up At 65 policies aged into unaffordability and if I died tomorrow I'd have maybe $30K from a declining military SGLI conversion, $50k from a very old USAA term policy, and a $5k policy Bk of America gave me when I retired. Since I already have a spot in a military cemetery that $5k might cover my cremation if my kids pick the cheap guys. But my stock portfolio already has them making plans.

I have Whole right now
I think I pay around $2400 a year for $1 or $1.5 on my spouse

Yep, I'm letting my $1M policy lapse when it's done and won't be renewing. It's cheap though. Only $50 per month.

My work policy eventually became more expensive than just buying term for the same benefit.

hammerhead said:

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Have been in the life insurance business for 38 years. Some carriers will make it easier than others to get coverage, ie..exams, blood, etc..

If one of the guys that have already given out there contact cannot help just message me, I am in 46 different states.

PS...and I know you have coverage, but happy to see you have taken care of it. It pains me to see people that pass away (and many that get talked about on TexAgs) and the first thing you see is..hypothetical...a 38 year old with 2 kids and there is a go fund me set up. A 1M 20 year term for a 38 year old at the second best rate class is $44 +/- a month. Almost every one on the site will spend that just driving home today.
Please get the coverage you/your family needs.

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I can't PM. Would you mind posting other contact info?

Life insurance takes away the stress of having family financial commitments (if I wasn't here). For a long time I feared death for that reason - got term policy way before COVID and it's a huge peace of mind. Encourage everyone to have depending on your situation.

And I would assume you couldn't renew at the same premium, can you? It's been a couple years since I purchased ours, so can't remember details. But I imagine a term life policy would be much more expensive in your 50s vs your 30s.

is this a term policy? I would imagine the price would increase quite a bit, assuming you wrote it close to 20 years ago.

Yes, it's a term policy. I'm 51. I got it when I was around 45 because that's when I left corporate. I actually do not recall how long a term it is. I'm going to look this up because I got it and then promptly purged all the particulars from my memory. I'll report back.

I have to assume it will cost more when/if I re-up.

YouBet said:

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Yes, it's a term policy. I'm 51. I got it when I was around 45 because that's when I left corporate. I actually do not recall how long a term it is. I'm going to look this up because I got it and then promptly purged all the particulars from my memory. I'll report back.

I have to assume it will cost more when/if I re-up.

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It will definitely go up a substantial amount (maybe 5x - 10x, and worse every year), and unless you're in a really bad situation health-wise (in which case you might actually want to keep it), you're better off getting a brand new new term policy.

If you have a 20-year term that expires when you're 65, you may want to get an additional 10 or 20 year term sometime between now and then, UNLESS you feel like you don't need it after 65 (you'd in essence be self-insuring at that point, which is fine if you have sufficient assets). Term life is usually used primarily for income-replacement during your working years, and if you're set financially post-65, I'd argue it's served its' purpose at that point.

Yeah, I wouldn't renew, but not sure I'd let it lapse either. $600 annually is nothing for a $1.5MM payout.

txaggie_08 said:

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Yeah, I wouldn't renew, but not sure I'd let it lapse either. $600 annually is nothing for a $1.5MM payout.

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If that's his current premium, his renewal at age 65 will likely be $4,000 - 10,000 a year. (I think mine renews at over 10x the initial premium). Still a good deal? Maybe, if he's terminal or has significant health issues. Otherwise, he can probably do better elsewhere.

I bleed maroon said:

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txaggie_08 said:

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Yeah, I wouldn't renew, but not sure I'd let it lapse either. $600 annually is nothing for a $1.5MM payout.

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If that's his current premium, his renewal at age 65 will likely be $4,000 - 10,000 a year. (I think mine renews at over 10x the initial premium). Still a good deal? Maybe, if he's terminal or has significant health issues. Otherwise, he can probably do better elsewhere.

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And by the way, renewing or lapsing are your two options. You can't renew it for another year without paying the premium.

EDIT: To clarify, once a level term period (i.e. 10,20,30 year) is finished, the policy becomes renewable annually only, at the price the company sets at that point in time. That price will go up substantially each year. You cannot "renew" for another 10,20,30 years - that's considered applying for a new policy (at much higher rates, because you're a lot older). If you don't pay the next annual premium due and priced at that time, your policy automatically lapses.

Correction: my term life policy is a 20-yr policy for $500k. Got in 2021 when I was 47. So, it ends in 2041 at 67.

Hank the Grifter said:

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hammerhead said:

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Have been in the life insurance business for 38 years. Some carriers will make it easier than others to get coverage, ie..exams, blood, etc..

If one of the guys that have already given out there contact cannot help just message me, I am in 46 different states.

PS...and I know you have coverage, but happy to see you have taken care of it. It pains me to see people that pass away (and many that get talked about on TexAgs) and the first thing you see is..hypothetical...a 38 year old with 2 kids and there is a go fund me set up. A 1M 20 year term for a 38 year old at the second best rate class is $44 +/- a month. Almost every one on the site will spend that just driving home today.
Please get the coverage you/your family needs.

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I can't PM. Would you mind posting other contact info?

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Sorry I missed this...reach out if you still have questions.

512-Seven99-Four471