Thursday, July 13, 2006
Got denied for no-medical-exam life insurance...
Wow, do they know something about my future that I don't? I filled out a form on DealBarbie for a life insurance quote (one of those no-medical-exam ones for old people) and even though I did in fact put my real age, and that I have none of their diseases and don't smoke, basejump, or drink and drive.. they told me they could not give me life insurance. This makes me a little nervous...
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9 comments:
Do they only insure "older" people? You are under 30 right?
I think that you could possibly get cheaper insurance else where and they don't want to mess with it.
-d
They did refer me to another life insurance agency, but I mean don't they want to take my money? I don't know what premiums should be like but they quoted me about $15 a month for $150k, 20 year term.
And I am 22, my boyfriend suggested that maybe their actuarial tables just don't go down that far. ;)
Your boyfriend may be right. Or they may just be making a niche for themselves.
I see you are looking for term. I have had a Universal Policy from State Farm, since I was 19. It only cost me then and now $19 a month or $228 a year. It now pays for itself. Has a loan option and generally I am happy with it. I was able to raise the amount of insurance with the birth of my children - this may be something you are interested in. The tests were simple. If I remember correctly.
Also, since my 2nd marriage, I have acquired another policy which is through Hartford. It also builds a cash balance which can be withdrawn when I hit retirement age in the form of loans off the policy. This will not be taxable income to me.
I hope this helps. You are young, make the long term decisions that will help you to a better place, not just the easiest.
Good Luck
-d
Oh, I didn't actually want to BUY life insurance. I just filled out the form to get the $2 from DealBarbie. =)
But yeah, I definitely plan on buying probably way more life insurance than I need once I have kids or a house. I'm a big fan of covering my ass. I'd rather get term though because I would rather put my retirement money in a Roth.
Lock in now, and it can eventually pay for itself as d said.
It is another place to keep money after you have maxed your Roth (maybe not the best) + plus there is a death benefit for your heirs along with the fact that you have it if you are not easily insurable later in life.
Something to consider, if you have the extra $20 and change monthly (or pay annually to save more).
I don't think my risk (and the cost) is going to change significantly before I get to 30 or 35.. and at any rate I don't think anybody sells 55 year level term life insurance ;)
I do plan to buy some long term care insurance as soon as I can though, because that cost will DEFINITELY skyrocket the closer you get to the age of needing it.
why do you need life insurance?
I said before in the comments that I don't actually want to buy any, I just filled out the form to get a bonus from DealBarbie. It just creeped me out that they wouldn't sell me any. =)
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