got some good news on life insurance application

[Goldy1]

Me and DH applied for life insurance through AAA. WE took long phone and in person redundant interviews on our health and had a medic take our vitals and blood. We found out he was healthy enough to get the preferred non smoker rate which is the second highest you get get(the super preferred is rarely given I was told if over 25 and he is 37)

Just waiting on my results now which should be fine too.

[MonkeyMama]

That's great!

We got the super preferred rate around age 29. It's a good reminder to lock in good term rates when you are young and healthy! & rates are cheaper in your 20s anyway.

If you get life insurance that young all I can say is over-estimate though. I felt like we got talked into more than we needed at the time, and now I am pretty happy with our coverage. IT's only been 3 years so I wonder if it will still be enough when we are 40.

[snafu]

Our research convinced us that term life was the most practical no matter how much the sales rep tried to sell other products

[SavingsDad]

Congrats! My wife and I just got insurance and we both got the super-preferred rate. You don't necessary have to be in the 20's age bracket to get it....I am 32 and my wife is 37, both with excellent health.

[webcontacts00]

I hope you are going for term life insurance. Myself and husband checked a lot and realized whatever sales guys tell us, Life Insurance Policy as Investment Vehicle is a way for insurance company to make money and nothing for us.

[Car Insurance Guy]

Term vs. Perm

Congrats to all who got super-preferred. It's definitely harder to get than preferred or simply non-smoker, but as you can see from the posts above - very possible.

I hope you are going for term life insurance.

I used to sell term and other-than-term policies and I agree with Webcontacts. Maybe it's one of the reasons I'm not selling them anymore - I just couldn't get behind the whole life and universal life products like term.

No matter, the important thing is to get something in place for your family. Even if you're a smoker, grab a term policy from a reputable company for your spouse and kids. Families without it are in a world of hurt without a policy if you go. Just get something - for them.

[cptacek]

How do you determine if you go for 10 year, 20 year or 30 year (or some other term)?

[Goldy1]

Yes, my dh is on no medication and 37 and I don't know why he was not super preferred. He is not overweight or a smoker. He did get preferred so I am happy with that. Who knows?
20 year policy is cheaper per year than a 30 but the odds are you will kick the bucket in the last 10 of the 30 and it would cost more to get a new policy then even if health stays the same so I am going for 30 year term.

I was back and forth for 2 days, and I just had a bad feeling about ROP for 30 years. I can easily get near the 4.7 rate of return on the difference between term and rop. I figure I should get at least 4 if I just put the cash in a cd, AND I have access to the cash IF I need it for the next 30 YEARS! lol. I plan to tax deferr the money in my roth. thanks guys.

[webcontacts00]

How do you determine if you go for 10 year, 20 year or 30 year (or some other term)?

You determine that based on how long people in your family will be solely dependent on you. If you have young children you may want to go for at-least 20 year. Childer in pre-k may be go for 10-15 years.