Life insurance

[purple monkey]

My spouse's term life insurance with State Farm is about to cost $1025 per year!!!
I want to try to get another life policy.
Any suggestions on how to go about this.  We have had this policy for 15 years.
Have to have the insurance as I have become very ill and he has major health problems too.
TIA

[MsPeacock]

Call around to get quotes. A new policy may be more expensive due to increased age and health problems. However, you may need a shorter term or less valuable policy.

[ltt]

What is the dollar amount of the term policy?  It may be worth keeping.  How much will the premium increase over the next several years?  We recently did not renew a fairly substantial policy because it was going to be a few thousand dollars in premiums and would keep increasing.  We also feel we have enough assets, along with what supplemental money social security would provide in case something happens. 

[Jim2001]

My spouse's term life insurance with State Farm is about to cost $1025 per year!!!
I want to try to get another life policy.
Any suggestions on how to go about this.  We have had this policy for 15 years.
Have to have the insurance as I have become very ill and he has major health problems too.
TIA

Purple Monkey,

   We need more info.  How did the price change on a term policy?  Did the only policy expire and you're getting a new one?

If you have health issues or conditions, they must be disclosed when applying for the new policy.  If you don't and then have a claim, it could be declined for falsifying the application.

Call an insurance broker, not a captive agent with a single company like State Farm.  While State Farm is a reputable company (I was a client for 20+ years), an independent broker can help you find an insurance carrier which specializes in your particular needs.  Some companies have more underwriting experience with specific illnesses or conditions and can be more aggressive with pricing.

[purple monkey]

What is the dollar amount of the term policy?  It may be worth keeping.  How much will the premium increase over the next several years?  We recently did not renew a fairly substantial policy because it was going to be a few thousand dollars in premiums and would keep increasing.  We also feel we have enough assets, along with what supplemental money social security would provide in case something happens.

It went from 300 year to 1025.
It is a term that is over 15 years for 250K of insurance.
Not anywhere close to fire and now I, not spouse may become disabled.
TIA

[Frs1661]

This article has done good basics on buying term life insurance: https://momanddadmoney.com/how-to-buy-life-insurance/

Specifically, it recommends checking term4sale.com to get quotes for a bunch of different insurers at once.

Sent from my Nexus 5 using Tapatalk

[purple monkey]

This article has done good basics on buying term life insurance: https://momanddadmoney.com/how-to-buy-life-insurance/

Specifically, it recommends checking term4sale.com to get quotes for a bunch of different insurers at once.

Sent from my Nexus 5 using Tapatalk

This is a great article.
Thank you.