A cottage industry of life insurance term quotes has sprung up on line. Your time may be better spent skipping this because: Continue reading “Term Life Insurance Instant Quotes A Waste of Time”
Category: term life
Single Parents: Life Insurance is Inexpensive
Genworth recently did a survey showed 69% of single parents don’t have life insurance. It doesn’t have to be. Term life insurance is inexpensive. You can probably find something for under $20 a month. For example here are a few quotes for male age 45.
Continue reading “Single Parents: Life Insurance is Inexpensive”
Dial-A-Guarantee
Mutual of Omaha uses Dial-A-Guarantee to market their universal life insurance (UL). It’s an apt phrase. You can dial in coverage UL for any age: 90, 95, 100, or whatever to save money. Many carriers offer 30 year term up to age 65, so you can dial in less expensive term to age 95. How long you dial-in coverage is debatable. It’s tough to make it to 100. Then again, recently Fred Buckles, the last U.S. First World War veteran, died at 110. Genworth Life and Annuity’s UL fixed rate maximum is age 110, but has a catch up provision to extend it to age 121. If you do decide to dial-a-guarantee, make sure the coverage has a catch up provision. Stay away from universal life that covers to age 100 and stops. It’s just not necessary when age 120 coverage is not much more. Age 120 UL rates are so good that dial-a-guarantee is generally not worth it. But then again since Genworth’s Term UL has such great rates and a versatile UL extension, you have to take a close look at your options.
Prudential New Product Review
Prudential has introduced “PruTerm WorkLife 65” life insurance which waives premiums for one year if you are unemployed. This is geared for a breadwinner in their 20’s, 30’s or 40’s with a spouse or children to protect.
Good idea Prudential. But at what cost? I ran $500,000 quotes for a male at age 35 and 45 covering them up to age 65, best health rate. Prudential was about 30% higher than Genworth Life & Annuity at age 35 and about 40% higher at age 45.
Conversion with Prudential is to age 65. Conversion means switching the term to permanent without health evaluation. Genworth’s Term UL has a fixed rate conversion to universal life. Prudential, like nearly all other carriers, leaves the conversion’s cost and product selection up in the air, depending on what’s offered at the time of conversion. In the last few years this has proven to be a minefield. Some carriers have severely limited their conversion options in a very unfavorable way. Conversion is the second most important factor to choosing term life insurance after price, and right now, hands down, Genworth is the best for conversion.
Term to permanent: Conversion is Your Ace in the Hole
Often something is better than nothing. If you need life insurance, and can’t decide what to get, or can’t afford a permanent policy as big as you need, get term life insurance. Then at least you can convert the term to permanent, even if you’ve developed a health problem. Term is generally all about lowest price, but conversion options is where quality comes in. Genworth has the best conversion with their new Term UL. It’s a fixed price from the get go, locking in the universal life premium rate to age 105.
I got a 10 year term policy after my first child was born. At that point, I needed the most bang for my buck, in case something happened to me. I’m still healthy so when the term ends I can shop for the best deal. But many people run into health problems, and that’s where conversion comes along. Many people in their 60’s end up converting their term policies.