Please Educate Me on how to Shop for Life Insurance

[Guest]

Just how many exams are you willing to do to get one policy?

A life insurance quote generally isn't worth the paper it is printed on. It is based upon assumptions which are based upon incomplete information. Pulling an MVR for an auto quote is easy, for a life policy, an exam and lab work are much more involved.

When I started this quote, I never had the intention to go to multiple places, I filled out a form online, they called asked a few questions gave me an approximate number and thought the number wasn't so bad based on my current financial condition. But second thought, it isn't about my financial condition, it's what I would get for my money. Hence I came here. Hopefully that clear up some of the flames

 

[moonlightandmargaritas]

OK, $500K to 1.25 million. Where does the amount come from? How did you decide on those numbers?

 

[VolAgent]

When I started this quote, I never had the intention to go to multiple places, I filled out a form online, they called asked a few questions gave me an approximate number and thought the number wasn't so bad based on my current financial condition. But second thought, it isn't about my financial condition, it's what I would get for my money. Hence I came here. Hopefully that clear up some of the flames

Thus my question, how many exams are you willing to do? Each time you fill out an application, you are going to be doing an exam. You should be pretty set on where you want to go and what you want before doing the exam.

 

[sman]

Thus my question, how many exams are you willing to do? Each time you fill out an application, you are going to be doing an exam. You should be pretty set on where you want to go and what you want before doing the exam.

And that's where the experienced independent agent makes it all worthwhile. I mean something as simple as family history can make a difference from one carrier to the next. As can so many other variables.

 

[VolAgent]

And that's where the experienced independent agent makes it all worthwhile. I mean something as simple as family history can make a difference from one carrier to the next. As can so many other variables.

Didn't you get the memo? We're all a bunch of lying crooks who don't know anything.

 

[ChoiceInsurance4U]

Life Insurance is very different than auto insurance. In any area where you don't have much knowledge or experience, it is always good to talk to an expert. Most online applications for ANY line of insurance ask general questions, but you likely have specific needs. Because you are trying to protect what is most important, your family, you should not buy until you fully understand all of the terms and conditions, and feel comfortable and at ease with your purchase. Just from the tone of your query, it does not seem like you have that comfort level. I wish you well

 

[kgmom219]

Oh geez.

He's a young guy (I'm assuming) and he's looking for some guidance. Cut him some slack. No wonder he doesn't want to deal with an agent. He thinks they are all going to treat him like this.

OP...

1. Find an agent. You obviously don't have one, start with your P&C person. They probably know someone. Alternately,you can start with a financial planner. Call the local office of New York Life, Northwestern Mutual, Guardian, Mass Mutual, etc. Look at MDRT or LIMRA sites. Usually a broker (who can sell multiple companies) is your best bet.

2. You need to find someone who will sit down with you an explain the options. And there are A LOT of them. Do you want cheap term to get the kids through college? Convertible term in case there is a bad diagnosis? Half and Half? ROP term? Decreasing term?

3. There's a BIG difference between $500K and $1.25 million. You need someone to explain the difference between what you need and what you can afford

4. Is your wife getting insurance? Why or why not? SAHM's need coverage, too

5. Who is paying for this? Are you employed? Self-employed? Is there a buy-sell agreement in place? Do you really want to deal with your partners widows new spouse?

6. If both you and your wife die, there needs to be a trust set up, so the judge doesn't decide where the money goes

There's more. This isn't something you buy on the internet.

These are things (and more!) an agent will discuss with you. Find one.

Good luck!

 

[Larry Tew]

And here we go again...

This concerned consumer registered over 2 years ago for the purpose of getting free advice on an auto claim. Now it's life insurance. He sought out a boiler room operation to buy life insurance and then comes here for free servicing.

This is like eating a McDonald's Big Mac for lunch but going to Burger King to pay for it.

 

[goillini52]

And here we go again...

This concerned consumer registered over 2 years ago for the purpose of getting free advice on an auto claim. Now it's life insurance. He sought out a boiler room operation to buy life insurance and them comes here for free servicing.

This is like eating a McDonald's Big Mac for lunch but going to Burger King to pay for it.

Or going to Best Buy to look at electronics and having them tell you the pluses and minuses......then you go online and buy it from Amazon.

 

[KidsGotHeart]

OP what is your profession?