LIFE INSURANCE QUESTION. Do I have to make a “down payment” to start my policy?
im looking for a basic term 20 year life insurance. less than a month for maybe 0,000.00 Also what are good life insurance companies, I heard metlife is well known, any others but more important I want to know if i have to come up with a huge downpayment or just start paying the monthy.
June 21st, 2009 at 10:46 AM
First - You will need to pay each month's premium as it comes due, unless you prefer to pay quarterly or annually. (there's usually a small price deduction if you pay annually.) Since you haven't mentioned anything about your age, etc., it's hard to figure - but as an example, I just ran a 20 year $350,000 policy with WRL for a 25 year old male in very good health (one level below their best) and it came up at $23.23. The same policy for the same person, but one who's a "healthy" smoker came up at $56.92 month.
To give you another example - one person who answered here has a 27 yr old healthy son (presumably in good shape); I ran the same $350,000 20 yr term on him again at one level below the top rating) and it came up at $23.54/month. If he were perhaps overweight or a bit less healthy (standard), then it would run at $37.63 month. There are many factors that come into play.
This isn't a solicitation, it's simply an attempt to show you that there are various factors that can impact premium costs. There are also some very, very good companies out there as well as WRL; ING has a good term policy
No, you don't have to come up with a "huge downpayment". I'm not going to go into anything else, since you asked specific questions.
June 21st, 2009 at 10:46 AM
Depends on the company and the policy
June 21st, 2009 at 10:46 AM
Your going to have to pay more than that a month. That's for basic like 50,000 in coverage. Yeah go with MetLife or just go with another company! Just google life insurance quotes and then you will be able to find out!
June 21st, 2009 at 10:46 AM
Good luck finding a $350k policy for $20 or less…
But I just opened a policy for my 27yr old single son, non-smoker, disease free…lol…(they test) for $17 a month ($50,000). My son's premium is locked in for the next 30yrs. After that, he can renew at a higher premium without medical testing for the next 30yrs.
I used Primerica, I've had a policy (for myself, since 1988).
I insured my son because I don't have the means to bury him should something happen to him. I originally wanted a $25,000 policy, but they don't write policies for under $15 (premium) a month. So I bumped it up to $50,000 to bring the premium up to $17 a month.
Good luck. If you want a Primerica agent, the main office in Georgia. They give a couple of agents numbers to call in your area. The only thing I can say about that is, make sure you like the agent on the phone before you invite them to your home. I had a lot of fast talking, hard selling, people on the phone. I hate that. I knew what I wanted and didn't want a used car salesman type personally getting on my last nerve to get what I want….a policy. So get a few numbers and talk with them a bit, you'll be able to tell if that's the sort of person you'll want to deal with or not. By the way, I've skipped other insurance companies all together because the agent got on my nerves.
Oh, I just paid the first premium to start the policy, I wouldn't pay a down on a life insurance policy.
Good luck.
June 21st, 2009 at 10:46 AM
Yes, you have to pay SOMETHING down, to start the policy.
You'd have to be pretty darned young, and extremely healthy to get that much coverage at that price. Generally, monthly payments have up to $10 of each payment, as a finance charge. It's a MUCH MUCH better deal to just pay the annual fee up front.
If you're 30 and perfectly healthy and not overweight, that much insurance is PROBABLY going to cost you closer to $400 a year. Add in service charges, and you're probably looking at $50 - $60 a month.
June 21st, 2009 at 10:46 AM
First, ask the insurance salesperson. If they don't know, you're working with the wrong agent. Get all the fine print before buying.
June 21st, 2009 at 10:46 AM
I dont not depens policy
June 21st, 2009 at 10:46 AM
No. You just start paying the monthly premium. You can use the tool on my website. It quotes 150 different carriers and requires NO personal information to use. You'll get all the information you need and you'll see that with different ages and amounts different carriers will rise to the top as most competitive.
June 21st, 2009 at 10:46 AM
What a shocker…
"But I just opened a policy for my 27yr old single son, non-smoker, disease free…lol…(they test) for $17 a month ($50,000). My son's premium is locked in for the next 30yrs. After that, he can renew at a higher premium without medical testing for the next 30yrs.
I used Primerica,"
I went to Mr. Insurance Pickle's website and received a quote of only $19/month for 5X the coverage. That Primerica sure is great, isn't it? Why would this lady want a $250,000 check when she can save $2/month and get a $50,000 check?
Also, a $200,000 policy was less than the $50,000 Primerica policy!!