Since I left my job that provided life insurance, the process of getting my own has been ridiculous.
My husband wasn't too keen on the idea because he thinks we're immortal, so he left it to me. And I am horrible with anything financial. But I figured I could find an agent to take care of it for us.
First I got a recommendation from my boss of a really good agent. But this agent seemed reluctant to work with us after my husband wanted a guarantee he wasn't going to sell our medical info.
Then I got a second recommendation of an agent. Who has done nothing but lie to us. I knew insurance agents were pushy but I never thought they could be so sleazy. This guy (unbeknownst to me when I hired him) is a contractor for an insurance company that sells mostly whole life insurance, not term. So he offered us horrible deals on term insurance ($5,000 a year for my husband, who is mid-thirties and relatively healthy). And he has been really reluctant to get us quotes from other companies.
We've been working on this for about five months and now are contemplating a third agent. We've already filled out tons of paperwork and had physicals and I just want to cry at the thought of doing it all over again.
Why is it so goddamn hard to just buy some simple life insurance.
I heard accuquote was fairly reputable if you want to go with an agent. Ultimately, however, they only provided us quotes from companies that, when you looked at reviews online, had HORRIBLE reputations (like refusing to pay, dropping you without warning, jacking your rates, etc.). You want a plan that has you locked in to the same rate over the whole term, and that can't drop you for any reason. You can look up insurance company ratings online, and we went with a larger company that we already have a relationship with that was rated in the "A" range (rather than the "D" range, which is what we were looking at before). Yes, it was somewhat onerous to get everything done. I think I had to fill out an application, have blood work done, and then pay them. They had a number of different levels depending on your health, and they gave me the numbers in advance. I got a 20 year term plan for 1M, and got the lowest rate because of my health. It came to $871 per year. It was more expensive than that the agent was dangling in front of us, but I feel MUCH more confident in the product. I just wanted to say thank you for bringing this up on your blog because I probably would have dragged my feet and not gotten the insurance had you not.ReplyDelete
Anyway, good luck. I found the process stressful too, but I'm glad I did it.
Can I ask which company you used? I'd like to get LI, too but Fizzy's experience makes me not want to go through the process.Delete
We used State Farm.Delete
I've also heard good things about USAA if you're related to a veteran.Delete
I got LI through USAA last year. Compared to what Fizzy is describing, it was absurdly simple. It took about 30 minutes on the phone, then a tech came to my house one weekend (I got to specify the time) and took my weight, urine, and blood.Delete
Check your school alumni offerings......ReplyDelete
I believe most specialty societies sponsor life insurance. I got a pretty good deal sponsored by the AAFP. Unfortunately that is the only thing the AAFP had ever done in my interestReplyDelete
It sucks, but keep at it. You owe it to the kiddies in the event something happened to either you or your husband, or both. Life without one or both parents would be tough enough, but to have the kids' life further altered because the guardians would have to make significant changes to the kids' lives because of financial concerns would be even harder.ReplyDelete
I had an easy time with SelectQuote. Everything over the phone, low rates, reputable companies, and except for the rude nurse who did our physical everything was great!ReplyDelete
Have you looked in to Physician's Mutual?ReplyDelete
You should check out the website White Coat Investor- he has great articles about various financial topics, including a series on life insurance (I think he also mentions some specific companies). whitecoatinvestor.comReplyDelete
We use Northwestern Mutual with a guy who does very specifically physician coverage(we are both residents and poor!) Nick.firstname.lastname@example.org if you end up looking for your third agent! -BrittanyReplyDelete
I had my whole life insurance for 30 years and cashed it in a age 60 for more than I put into it. I am not an agent, that is just my experience.ReplyDelete
I second the awesomeness of USAA, but you do have to qualifu for membership by being a veteran or their relative (in my case my father). I also have term policies through Allstate & Farm Family (no need to be a farmer!). Both were super easy to deal with. The Allstate agent had a crazy high calculation for how much we needed, but never pushed.ReplyDelete
Triple vote.for.USAA. They are open more.each year to who.can join. This link shows if you are eligible.ReplyDelete
Very informative content !ReplyDelete
Going to read more of your articles
Try New York Life. I have a policy thru them. I'm single, no kids & early 30's. I got a term policy for 175k & it's only $15 a month.ReplyDelete
As a resident, I have insurance through my employer, but I seem to get offers for life insurance from the AMA every week. Beyond that, I can say nothing positive or negative about them, except that I'm tired of getting their advertising! http://www.amainsure.com/ReplyDelete