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Life Insurance experts, what should the premium be for...?
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amother




OP


Post  Wed, Sep 18 2019, 9:13 pm
Male, 70, no medications, in general good health, 15 year term (rate is locked in for 15 years), for a million dollar policy?

I posted in NY Inquiries because premiums might be different in different locations.
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amother




OP


Post  Thu, Sep 19 2019, 10:56 am
bump
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lavenderchimes




 
 
 


Post  Thu, Sep 19 2019, 11:02 am
This doesn't give exactly what you're looking for, but gives you sort of an idea:Nerd Wallet Life Insurance Rates

If you google "life insurance policy estimate", you can find a lot. Hopefully, someone who knows more than myself will post, soon!
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amother




OP


Post  Thu, Sep 19 2019, 11:08 am
Thanks, but the link you provided only goes to age 60.

When I google Male 70 Term Life insurance, it leads to websites that want your email address, to mail you quotes I guess.

Theres got to be some Imamothers who work in Life Insurance and are familiar with rates.
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amother




Plum


Post  Thu, Sep 19 2019, 12:43 pm
Genuinely curious but why would a 70 year old need or want a million dollar life insurance policy?

It would seem extremely expensive because the odds of a 70 year old - even one who is in theoretically good health - dying would be fairly high.
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amother




OP


Post  Thu, Sep 19 2019, 12:54 pm
amother [ Plum ] wrote:
Genuinely curious but why would a 70 year old need or want a million dollar life insurance policy?

It would seem extremely expensive because the odds of a 70 year old - even one who is in theoretically good health - dying would be fairly high.


Its more common than you think, if a person can get insurance because of relative good health.
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amother




Papaya


Post  Thu, Sep 19 2019, 1:46 pm
amother [ OP ] wrote:
Its more common than you think, if a person can get insurance because of relative good health.


whatever it is - is going to be very high.
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amother




Powderblue


Post  Thu, Sep 19 2019, 4:27 pm
Why don't you just call an insurance agent?
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amother




Plum


Post  Thu, Sep 19 2019, 4:31 pm
amother [ Papaya ] wrote:
whatever it is - is going to be very high.


I guess that is the part I am not understanding - statistically it is extremely likely that a male even the best of health will die by the time he is 85. Some men of course live longer but insurance companies base their premiums on actuarial information so they would have to charge a premium that is almost equivalent to the million dollars they are almost certainly going to be paying out within the next 15 years.

I am just wondering how this is actually something that makes economic sense.

I have heard of course of people at this age purchasing an annuity so they are guaranteed income although that isn't necessarily the best economic decision either.

Just out of curiosity I would love to find out what the premiums would be for such a policy.
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lavenderchimes




 
 
 


Post  Thu, Sep 19 2019, 5:11 pm
amother [ OP ] wrote:
Thanks, but the link you provided only goes to age 60.

When I google Male 70 Term Life insurance, it leads to websites that want your email address, to mail you quotes I guess.

Theres got to be some Imamothers who work in Life Insurance and are familiar with rates.


I know. That's why I said "give you sort of an idea". Obviously, it's going to go up form 60 to 70. Le the do some more research...

JRC says it will be $910.88 per month. This was the only chart I found that had what you are looking for. But I only looked for 5 minutes.
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jd1212




 
 
 


Post  Thu, Sep 19 2019, 6:21 pm
I’m a life and disability insurance broker. I can send you quotes- feel free to PM me.
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amother




Blue


Post  Thu, Sep 19 2019, 9:38 pm
I would expect that most insurance companies will not sell a new life insurance policy to a 70 year old. I could be wrong.
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sleepless




 
 
 


Post  Thu, Sep 19 2019, 10:02 pm
Premium is about 11k/year for best rating. I also do life insurance. You can pm for more info
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amother




OP


Post  Fri, Sep 20 2019, 12:02 am
lavenderchimes wrote:
I know. That's why I said "give you sort of an idea". Obviously, it's going to go up form 60 to 70. Le the do some more research...

JRC says it will be $910.88 per month. This was the only chart I found that had what you are looking for. But I only looked for 5 minutes.


OP here.

Thanks!

Thats the ballpark figure I got, 1,000 a month.

The company is Mass Mutual. How do you, Life Insurance professional Imamothers, feel Mass Mutual is, reliability-wise, compared to the other companies on the chart (William Penn, Prudential, Lincoln, Hancock, Principal, Securian, Transamerica)?
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jd1212




 
 
 


Post  Fri, Sep 20 2019, 12:05 am
Mass Mutual has the highest financial ratings of the list- extremely stable and strong company. Principal and Prudential are my next go-tos from there.
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amother




cornflower


Post  Fri, Sep 20 2019, 12:13 am
jd1212 wrote:
Mass Mutual has the highest financial ratings of the list- extremely stable and strong company. Principal and Prudential are my next go-tos from there.


Not OP, but we have SBLI. Are they good?
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jd1212




 
 
 


Post  Fri, Sep 20 2019, 12:38 am
amother [ cornflower ] wrote:
Not OP, but we have SBLI. Are they good?


SBLI has lower ratings relatively- wouldn’t be my first choice on that factor alone- it’s 6th out of the scale of 20 ratings vs Mass Mutual at 2nd.

However, ratings aren’t the only factor in picking an insurance company. Many times certain companies price different health histories more favorably, and it makes to apply with certain companies over others because of that. For example, a smoker is much cheaper with William Penn.

Some companies have superior policy features that could give you more flexibility down the road if you end up wanting to extend coverage into a permanent policy without new health underwriting, called convertibility.

It’s also sometimes the case where in a situation where every cent counts, it could make sense to pick the absolute cheapest company available that’s of moderate quality, without considering other value factors. I’m happy to take a look at what you have if you’re curious to have another pair of eyes.
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amother




cornflower


Post  Fri, Sep 20 2019, 7:05 am
jd1212 wrote:
SBLI has lower ratings relatively- wouldn’t be my first choice on that factor alone- it’s 6th out of the scale of 20 ratings vs Mass Mutual at 2nd.

However, ratings aren’t the only factor in picking an insurance company. Many times certain companies price different health histories more favorably, and it makes to apply with certain companies over others because of that. For example, a smoker is much cheaper with William Penn.

Some companies have superior policy features that could give you more flexibility down the road if you end up wanting to extend coverage into a permanent policy without new health underwriting, called convertibility.

It’s also sometimes the case where in a situation where every cent counts, it could make sense to pick the absolute cheapest company available that’s of moderate quality, without considering other value factors. I’m happy to take a look at what you have if you’re curious to have another pair of eyes.


But CVS if one of us needs them, they will come through, I assume? We each have a 500 K policy.
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jd1212




 
 
 


Post  Fri, Sep 20 2019, 8:59 am
amother [ cornflower ] wrote:
But CVS if one of us needs them, they will come through, I assume? We each have a 500 K policy.


It’s not regulated to the same level as the $250,000 guarantee of bank deposits under the FDIC. Life insurance companies going belly-up is, BH, a pretty rare occurrence, but it happens. About 10 in the last 10 years.

There are state guarantee groups that all insurance companies need to be members of to do business. They’re supposed to step in if one member goes under, but in most states, they’re only responsible for covering $300,000 of death benefit for each life insurance policy. So that covers 60% of yours- a bigger problem if your policy is $2,000,000.

These groups also aren’t pre-funded, so it could take years for all the companies to pony up the money. So the answer is, most likely you’d eventually get the money. But it’s not guaranteed. Choosing a company that has strong ratings mitigates a lot of this risk.
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amother




OP


Post  Fri, Sep 20 2019, 12:35 pm
OP here. Can the experts please tell us what we should be asking about that’s in the fine print of the different policies that those who are not life insurance experts are clueless about, that could be a difference in a claim ch”v.
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