After reading up on Life Insurance, it seems my best bet is Term Life Insurance. There is one question I can't find an answer to - does anyone know if it is generally possible to increase or decrease the coverage amount at any time? For instanace, if we get $200K 30 year term, could we up that to $500K in a year or two? If so, is the new premium based on your rate and health at the start of the term as well, or do they do new medical tests?
I have life ins. available through my work, but I'd also like to have an independent policy to keep in case I change jobs.
they have the right to do new medical exam anytime further coverage is applied for. I mean, if you just found out you got Aids for example....... they're going to be suspicious of any dramatic increase of coverage.
but term offers the cheapest outlay for the most death benefit dollars.
Generally, for most flexibility ask about a universal life policy, they're a little more expensive than term....... but offer more features. (saving money, buying riders on the wife and kids, upping coverage, decreasing coverage, building cash value blah blah blah)
So they have the right to adjust the rate to compensate for any deterioration in health if I do request extra coverage? If say I had 100K now at $20/month and in 15 years I changed to 200K, they are likely to give me a new medical test and whop it up a lot because I am older, so it won't be the $40/month I might expect?
Also, if I did that, would it be considered 'part of my term' or would they start a new term?
they have the right to do new medical exam anytime further coverage is applied for.
it would be a new policy, and a new term.
incidentally Ade, I'm moving to Akron Ohio in 2 months and want to hook up and go to some Crew games.
you up for it?
Thats where my wife grew up - thats actually where we got married. We go up there quite a bit. Whereabouts are you going to be moving to?
Haven't been to many crew games for a while because they were pretty naff last season. This season, they're doing well, so I'll try to get to a few games.
it would be a new policy, and a new term.
incidentally Ade, I'm moving to Akron Ohio in 2 months and want to hook up and go to some Crew games.
you up for it?
Copley.
couldn't afford Fairlawn.
Michelle lived out by Tallmadge. Try the West Point Market for some British grub.
I had a similar problem .My life insurance was $ 500.000/plus and because i was selfish ( joke hehehe ) and didnt die before reaching the young age of 70 so my wife could became rich my premiums went thou the roof ( something like $300o a month ) so i had to get a new life policy ( very lucky to qualify with my health record ) . my ex wife helped she is a morgage underwriter at a much lower policy amount .
BEWARE .... of life insurance rates offered thought the mail . they are very high ratio face value to premiums thats why they offer * no health exam required*
Anyone know of a good company? I'm tempted to go with AIG because they have my Car and House insurance already.
I'd go with whomever you already have, as it may increase your discounts on your other policies.