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5 Responses to “I need long term life insurance and am a healthy 53 year old, What companies are respected and inexpensive?”
Call an independent agent who can quote it out to many companies. Then call a company who specializes in only Life Insurance. Between the two calls, you will get the best answer to your needs when you compare what they find for you but make sure you are working with someone who has been working as an agent for atleast five years so they have some knowledge and experience…. along with a license to sell life insurance. Sounds strange but some companies do hire unlicensed CSR's to work with new customers.
NO one is going to be "cheap" at your age, and there are THOUSANDS of A rated companies that will do just fine. Start with the guy that writes your house/car insurance, and ask him for a LOCAL referral if he can't help you.
I'm assuming when you mean "long term" you're talking about "whole life" rather than a 20 year term policy.
You can get either a Term Policy or a Permanent Policy.
Term will set you at a fixed amount for a fixed number of years (10, 20, or 30). However, when the time period runs out, you are re-evaluated at your age then (so 63, 73, or 83). at 73 or 83 you might not even be able to get insurance.
Permanent Policies will be most costly, but will lock in that rate for the rest of your life! These policies will also build cash value that you could borrow against later in life.
Call your Auto Insurer. Chances are they could get you a discount on your Car policies because you've got another type of policy with them.
I've got my Universal Life Policy (a type of Permanent Policies) with State Farm.
Most life insurance companies are good. They have to be to stay in business. They seldom really go belly-up because the other companies come in to rescue the policyholders - usually.
Term insurance is not considered "long term". Do you smoke? It won't be cheap then but I think you knew that.
There are so many factors to consider here. Without knowing your status I would recommend a basic "burial" policy of maybe $20,000. I would then buy a 20 year term policy for whatever more your dependents need. If your dependents are taking care of themselves, take your money and go on a cruise instead!
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February 11th, 2009 at 1:08 PM
Call an independent agent who can quote it out to many companies. Then call a company who specializes in only Life Insurance. Between the two calls, you will get the best answer to your needs when you compare what they find for you but make sure you are working with someone who has been working as an agent for atleast five years so they have some knowledge and experience…. along with a license to sell life insurance. Sounds strange but some companies do hire unlicensed CSR's to work with new customers.
February 11th, 2009 at 1:08 PM
I would suggest Transamerica.
February 11th, 2009 at 1:08 PM
NO one is going to be "cheap" at your age, and there are THOUSANDS of A rated companies that will do just fine. Start with the guy that writes your house/car insurance, and ask him for a LOCAL referral if he can't help you.
I'm assuming when you mean "long term" you're talking about "whole life" rather than a 20 year term policy.
February 11th, 2009 at 1:08 PM
How much coverage are you looking for?
You can get either a Term Policy or a Permanent Policy.
Term will set you at a fixed amount for a fixed number of years (10, 20, or 30). However, when the time period runs out, you are re-evaluated at your age then (so 63, 73, or 83). at 73 or 83 you might not even be able to get insurance.
Permanent Policies will be most costly, but will lock in that rate for the rest of your life! These policies will also build cash value that you could borrow against later in life.
Call your Auto Insurer. Chances are they could get you a discount on your Car policies because you've got another type of policy with them.
I've got my Universal Life Policy (a type of Permanent Policies) with State Farm.
February 11th, 2009 at 1:08 PM
Most life insurance companies are good. They have to be to stay in business. They seldom really go belly-up because the other companies come in to rescue the policyholders - usually.
Term insurance is not considered "long term". Do you smoke? It won't be cheap then but I think you knew that.
There are so many factors to consider here. Without knowing your status I would recommend a basic "burial" policy of maybe $20,000. I would then buy a 20 year term policy for whatever more your dependents need. If your dependents are taking care of themselves, take your money and go on a cruise instead!
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