Purchasing Life Insurance with Possibly Converting

None of this matters until you have an offer of coverage by the insurance company. You've already been declined once, and this affects your medical records and other insurance companies will also notice.

Generally, companies may give more favorable underwriting decisions for permanent insurance than term. This is because of the growing cash reserves that helps to lower their risk.

Apply for something and get your coverage. What type... is secondary at this point.

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Btw, please tell me that you were quoted at least at a STANDARD underwriting class, right?

If you've been quoted anything "preferred" prior to a medical exam, then you should be prepared to pay more for the coverage you are considering.

Thanks for the feedback.

Yeah, I believe it is standard. I know for sure I would not be a preferred plus. I will keep my options opened, so I am not gonna put all my eggs in one basket. SBLI may be another choice in case I can't get coverage through NWM.

I have a medical exam next week so I'll know for sure what will happen. But wow, a lot of negative feedback from people about NWM. AIG and PAcific Life were gonna charge me much more, so to me, this is a bit more reasonable, assuming the price illustration has not changed.
 
" have a medical exam next week so I'll know for sure what will happen. But wow, a lot of negative feedback from people about NWM"

There is absolutely nothing wrong with NWM that these agents can really cite. They are basically pissing in the well trying to maybe churn you off towards them. NWM is a highly rated company with a long and solid track record. I don't sell their products, I compete against them with just as strong of carriers with solid track records.

The real difference is NWM uses "career agents" and doesn't use independent agents to sell their products. That is their business model as it is for some others too. That has nothing to do with the quality of the company or the products they offer. I sell through an insurance company that works with independent agents, which is my choice to be.. independent. Again none of what I do makes NWM a bad company. I just can't sell them.

Most likely you will be a table rated insured if offered at all. As another agent posted the most important thing for you is to "get" coverage somewhere before you worry about what kind it is.

The thing is with one decline on your record, you might want to have your NWM agent run a pre screen offer for you. Those don't go on your record. I have a feeling you may have a new agent as you're most likely not a standard rate either. If the agent didn't discuss substandard risk with you, they have done you no favors.

You might try pre screening with prudential. You might need an independent agent in this case, not because NWM is bad, it has more to do with your health. Don't do anymore applications until you have a company that after reviewing your health will give you an idea of things.

You're right about WL though, I am totally uninsurable at this point in my life. Could have been dead for two years now, but I am not. One thing I certainly am though is uninsurable. So I have my whole life policies with their costs locked in and they can't change or end or anything unless I do it. They can't cut my legs out from underneath me. You're in similar shoes and you know how important that is. Good luck, remember pre screen your underwriting first. No app in until that is done.
 
NWM is ok. While they may not the best right now performance wise, its not like they are a bad co with bad products. There are just others that give a little more. They are a quality company with quality products and stellar ratings.

The main issue you have is GETTING covered. Yes, whole life, or even GUL... if you are considering perm.
As mentioned, the decline will hurt your chances going forward. If it was me, I'd be pushing hard to find out how they handle applicants with your illness. Going through the process fully again, and getting another decline... wouldn't be good.
 
" have a medical exam next week so I'll know for sure what will happen. But wow, a lot of negative feedback from people about NWM"

There is absolutely nothing wrong with NWM that these agents can really cite. They are basically pissing in the well trying to maybe churn you off towards them. NWM is a highly rated company with a long and solid track record. I don't sell their products, I compete against them with just as strong of carriers with solid track records.

The real difference is NWM uses "career agents" and doesn't use independent agents to sell their products. That is their business model as it is for some others too. That has nothing to do with the quality of the company or the products they offer. I sell through an insurance company that works with independent agents, which is my choice to be.. independent. Again none of what I do makes NWM a bad company. I just can't sell them.

Most likely you will be a table rated insured if offered at all. As another agent posted the most important thing for you is to "get" coverage somewhere before you worry about what kind it is.

The thing is with one decline on your record, you might want to have your NWM agent run a pre screen offer for you. Those don't go on your record. I have a feeling you may have a new agent as you're most likely not a standard rate either. If the agent didn't discuss substandard risk with you, they have done you no favors.

You might try pre screening with prudential. You might need an independent agent in this case, not because NWM is bad, it has more to do with your health. Don't do anymore applications until you have a company that after reviewing your health will give you an idea of things.

You're right about WL though, I am totally uninsurable at this point in my life. Could have been dead for two years now, but I am not. One thing I certainly am though is uninsurable. So I have my whole life policies with their costs locked in and they can't change or end or anything unless I do it. They can't cut my legs out from underneath me. You're in similar shoes and you know how important that is. Good luck, remember pre screen your underwriting first. No app in until that is done.


Good points.

However, just because you have a DECLINE with one company on your MIB, it won't have an impact trying to find coverage with another company.

If your health profile fits a companies underwriting guidelines, then you can qualify. One company can decline, while many others can extend an offer.

With the clients health profile, NWM will not be the most competitive carrier. Nothing wrong with paying more for term coverage, as it's a person's choice to do so.
 
What ... 650 wants is to take a term with NWM to benefit himself from the lower price condition in the conversion to permanent 90 years. As early as he can.
However I do not think they will qualify him as he is thinking because of his chronic condition.
His agent should verify the true raiting on the carrier he choose, he should make a permanent policy. NWM is not the best In WL.
 
I am 37 years old; turning 38 in December

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For example, a 20 year term at 500K will cost about 657 annually (assuming that price is still in tact)

20 year, 1,000,000 term would cost nearly 1,200 annually

90 life, would cost me a little over 1,600 annually.

You're working with an amateur. I don't blame the company. I blame the agent.

I just ran a quote for Assurity based on age 38 (insurance age closest to birthday):
- 20-year term for $1,000,000 at table 2 rating: $2,490 per year.
- Whole life for $1,000,000, table 2 rating: $17,915 per year.

No additional riders, paid up additions... nothing. Just base policies.


I would be EXTREMELY surprised if you get coverage from NWM for anything close to the premiums you've posted.

Most insurance companies are priced "about the same" for similar coverage. Northwestern Mutual's age 90 policy means that premiums are guaranteed for the given death benefit to age 90. Assurity's Whole Life goes to age 100... so Assurity should be a little less than NWM. Unless this is a very basic policy with guaranteed premiums only, late cash values in the policy, it's blended with a base whole life + term in the same policy, (or you just left off a zero from your post)... I wouldn't expect to pay $1,600 per year for a $1,000,000 whole life policy.
 
Well, there is still inflammation with my Chron's. I had a partial colectomy back in 2013, so most of my colon is gone. How long have you had UC? It's a big time struggle when, but I try to deal with it.

The quote I got with AIG was pretty expensive, more than NWM offered.

Yeah, I was thinking of getting term insurance since it's the only one i can afford. I know there are other options out there, but most agents i talked to work with companies like AIG, and Prudential, Pacific Life. In fact, Zander ran a quote from both AIG and Pacific Life, and it was way more expensive. Their site gave me a 2,000 estimate, but the agent i talked to showed the price doubled (maybe i should talk to another agent that can give me a lower quote next time).

Yeah, there's no debating if someone dies, but sometimes companies do a wrap around and try no to pony up the money that was set up for beneficiaries trying to collect. I watched a video on Youtube on some insurance companies refusing to pay out claims. That is the number one thing I want to avoid. Its messed up these companies look for excuses to pay out. Someone passed away and are in financial need, and they decide not to keep their end of the bargain.
 
Well, there is still inflammation with my Chron's. I had a partial colectomy back in 2013, so most of my colon is gone. How long have you had UC? It's a big time struggle when, but I try to deal with it.

The quote I got with AIG was pretty expensive, more than NWM offered.

Yeah, I was thinking of getting term insurance since it's the only one i can afford. I know there are other options out there, but most agents i talked to work with companies like AIG, and Prudential, Pacific Life. In fact, Zander ran a quote from both AIG and Pacific Life, and it was way more expensive. Their site gave me a 2,000 estimate, but the agent i talked to showed the price doubled (maybe i should talk to another agent that can give me a lower quote next time).

Yeah, there's no debating if someone dies, but sometimes companies do a wrap around and try no to pony up the money that was set up for beneficiaries trying to collect. I watched a video on Youtube on some insurance companies refusing to pay out claims. That is the number one thing I want to avoid. Its messed up these companies look for excuses to pay out. Someone passed away and are in financial need, and they decide not to keep their end of the bargain.

It is a very rare situation that an insurance company doesn't pay out. The policy is a contract so they can't just decide not to pay. Yes, sometimes certain policies are graded, sometimes there is fraud when applying, or a person dies from an excluded activity, and other things. If you die within 2yrs of taking the policy they will look into it for sure (to make sure the policy was not taken out fraudulently), but a quality carrier will not just welch on their end of the deal (because they don't want to pay) - they can't. The few cases here and there that are online, most likely there was a valid reason they didn't pay out. You don't hear much about the billions in claims that do get paid out every year.

As mentioned, the $1600 on the WL... that is definitely not an accurate quote for $1m WL - unless possibly its a monthly payment or substantially lower face.
 
To the OP, hey you need to snap out of it.

You're not a standard risk, you will be a table rated if anything at all. You're getting off on tangents that simply have nothing to do with you. You don't need to research you tube for stories, you need to talk to an agent that will pre screen you with carriers and give YOU an actual answer for YOU.

Your health determines what price, if any at all will be offered. Instead of worrying about if a company will pay your claim, worry about being covered at all. That's all you should be worried about, finding coverage. It seems like you've gone about this poorly. Could be dumb luck, but has any agent you spoke with talked at all about pre-underwriting your case?

Expect it to cost, it's going to. You may not be able to afford a million, it might be 250k that you can afford.

The thing that makes me nervous as I read your posts is you're setting yourself up for failure at this and are trying to blame insurance carriers. Find an agent that will help you rather than promise you rates you will never see. This whole thing seems to be headed towards a bad ending.
 
Hard to believe I am complimenting Zander...

The reason the rates from Zander were higher is that they are quoting table rated premiums. The guy at NWM is almost certainly quoting standard. NWM is not known as being a generous underwriter, the odds of you getting standard with any company, much less NWM, are very slim.

The rates you saw from Zander are almost certainly much closer to reality.

This is the problem with comparing quotes, particularly if there is anything impacting insurability. The agent is just picking a rate class and showing it to you, it isn't worth the paper it is printed on. I could show you rates at preferred plus that would blow away NWM, but you'd never get it. I would get your attention and then I'd have to try to sell you on the real rate when it came in. That is probably the game the NWM agent is playing. He wants to reel you in, get you so invested that when he gives you the real rate, you won't bother looking around any more. That or he is clueless and has no real idea what your Crohn's has done to your insurability.
 
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