Thought I was overpaying for term - not.

[disneysteve]

For whatever reason, I was pretty sure I was overpaying for our term life insurance. I've been meaning to do something about that for ages and just kept putting it off. Today I finally sat down and used a couple of the online quote sites (Intelliquote and AccuQuote) to get fresh quotes. The best deal was exactly what I am currently paying. That's good, I suppose, because it means I haven't been wasting money. I was, however, hoping I'd be able to trim the cost and save a little money. At least I know I've got the best available rate.

[mgkimsal]

Probably still worth it to check with an agency where you can talk to someone on the phone or f2f for a few minutes to double check. Might not net you a big savings (if at all) but everyone's definition of 'big' might be different.

[snafu]

Good idea to check insurance, term life but also vehicle and home insurance. Since we use an agent, he 'shops' our needs through the re-insurers to get us the best rates and discounts for multi policies, no claims, and postal code. We've always paid the bill annually to avoid the 'fee' they add on to those who pay monthly, or semi annually. I like paying the annual bill on a 'cash back' credit card for yet a bigger advantage.

By setting aside 1/12 of the sum each month in a linked savings account, you don't miss the money and it's available when needed, Some people call their set-aside account 'Escrow.'

[mgkimsal]

Good idea to check insurance, term life but also vehicle and home insurance. Since we use an agent, he 'shops' our needs through the re-insurers to get us the best rates and discounts for multi policies, no claims, and postal code.

True enough. Our homeowners insurance kept going up every year - it hit $1300 this year, and we had to sign a document acknowledging that we were going over the state's recognized limit (or average, or something). So I called our agent who said yes, everything had gone up a lot this year. We got a quote for a different company who would combine our car and homeowners for a discount - everyone seems to want to bundle. Our cars had been ~ $1100/year, and homeowners was now $1300 - combined with the new company we went down to $1400 all in - ~$1000/year savings.

On that note, I'm going to recheck life insurance policies in May - my rate is reasonable right now, and locked in for another 14 years, but getting another 20 year term might be a bit cheaper now? (Fingers crossed)

[Robert742]

For whatever reason, I was pretty sure I was overpaying for our term life insurance. I've been meaning to do something about that for ages and just kept putting it off. Today I finally sat down and used a couple of the online quote sites (Intelliquote and AccuQuote) to get fresh quotes. The best deal was exactly what I am currently paying. That's good, I suppose, because it means I haven't been wasting money. I was, however, hoping I'd be able to trim the cost and save a little money. At least I know I've got the best available rate.

Saving a few dollars a month on your term life insurance policy is probably not worth the new two year contestability clause, if it applies in your state for a replacement policy.

However, it's good to look at your life insurance needs annually, to make sure you have the dollar amount of death benefit you need, for as long as you need it. If you are sure you don't need more coverage, or need or desire coverage for a longer period, you're probably okay to stay the course.

I agree it can't hurt to speak to an agent or two, and see what they suggest or can offer you. Beware of agents lowballing you with an ultra preferred rate you may not qualify for.

As for auto or home insurance, also mentioned in this thread, it does pay to shop, if only to confirm you have the right coverage at a reasonable price. I can't speak for Canada, but in the US, don't depend on a single agent to be able to shop the market for you. There are many good auto & home insurance companies selling direct, or through their own exclusive agents, an independent agent can't offer or check for you.

[disneysteve]

I did speak with an agent today and set up a clearance exam for next week to get a true offer (not just an internet quote). There's no obligation and I'm quite certain I'm in the best risk tier.

I'm also going to call my current agent and get a fresh quote from him.

[mgkimsal]

You inspired me to get internet quotes on both life and health.

Turns out my current life insurance company is now quoting me ... $50/year less than what I'm paying now for the same coverage. I'll have to retake a physical to qualify, but I should be able to get that. And it would be for another 20 year term - my current 20 year term is already.. 6 years in to its run, so I'd be getting a cheaper rate at 6 years older than I was

[johntomba]

Good on you for shopping around. Always worth it!