Term life insurance question.?

i just called select quote and got a quote for a fixed 30 year insurance plan for 500,000 at $38/month. do you all think that's a good rate? they don't charge me anything if i choose to discontinue the insurance. i wanted to get some feedback from you all. i was interested in it bc i just had my son and wanted it "just in case." in your experience is the deal i got good? i calculated it and if i paid 38 dollars/month for 30 years and nothing happened to me it would be over 13,000 down the drain. but i guess that's the purpose of insurance. please let me know your thoughts.

and, i got the quote over the phone and may have lied about my weight, etc. the rep told me later in the convo that a nurse practitioner will be coming by my house to take a physical and will want my doctor's info to get my medical records. what are your experiences with that?

You are to be commended for thinking 鈥渢he unthinkable鈥?and for not putting it off. Now you need to find the best rate. One way to compare rates is to contact an insurance broker. A broker works with several companies and can find the best deal for you. There is no charge for the service and no obligation to buy. To find a broker in your area, log on to a website like http://www.lifeinsurancewiz.com and fill out a form requesting a free quote. Your information will be sent to a broker in your area who will contact you.

You are right about term insurance--the premiums you pay are gone when the term is up. If you die after 30 years plus 1 day, your policy will pay nothing. You might consider whole life insurance. It covers you until you die (thus the name) and builds cash value over the years. It is much more expensive than term life insurance, but it covers a longer period and is certain to pay out a death benefit. The cash value can be used to pay the premiums later in life, to keep the policy in force. You can also borrow against the cash value.

Some experts say to invest the money you would save with term life insurance, putting it into something that with a bigger return than whole life offers. This is sound in theory, but would you really do that? If so, do you have the expertise to pick an investment that will outperform a whole life policy? Ask your broker or agent about both options.

it is imposible to say since going by what you told them was not true. You can only get a good quote if you are honest in your dealings. If you leave out key facts like any health issues, that will also affect the ability to get a proper quote.

You also did not tell us how old you are, so its imposible to quote anything. That is the reason companies send out examiners. To get a 3rd party independent account.

I hate monthly payments - they always include service charges which increases the cost.

Find out what the ANNUAL premium is to compare. If you're healthy and 30, you should be able to get this for under $400 a year, maybe a lot less.

So your quote looks good, BUT . .. how much of the $38 is service charge for paying monthly?

Keep in mind that the quotes are worthless if they are not accurate to to weight or any other issues.

You will go through 6-8 weeks of underwriting to get approved and if not at the rate you were thinking, you will be disappointed.

Each company has its own underwriting guidelines, so if you miss the rate for one company, you may qualify with someone else.

See below for paramed exam information. Good luck

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