Author Topic: Life Insurance via SelectQuote  (Read 2166 times)

Lifeblood

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Life Insurance via SelectQuote
« on: November 10, 2014, 08:49:42 PM »
I talked for an hour today with a representative from SelectQuote about term life insurance. Has anyone had any good or bad experiences with them? Also, do these rates seem competitive?

15 yr $300K $16.18/mo (via Genworth)
20 yr $300K $10.83/mo

15 yr $500K $21.16/mo (via Protective Life)
20 yr $500K $30.01/mo

I would be grateful to hear from you on this. I hope to not require life insurance for ever, but our situation with young kids and limited income in recent years necessitates it for now.

Also, the whole time I was on the phone I was imagining the agent as that E-harmony guy from the Walter Mitty movie.


usmarine1975

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Re: Life Insurance via SelectQuote
« Reply #1 on: November 10, 2014, 10:00:48 PM »
Research each policy and the different features. Not all policies are the same.  Generally term is the simplest but not always.

A quote is exactly that a quote find out how they rated you.  Some agents will rate you high to get the low quote only to later tell you that your rated lower and your premium will be higher.

Again research it.  Generally I would stick with a more commonly known insurance company.  Your auto company may give you a discount on your life ins and vice versa.

MathNinja

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Re: Life Insurance via SelectQuote
« Reply #2 on: November 11, 2014, 06:42:46 AM »
Hey Lifeblood -
     I work in the life insurance industry and I will say the following:
Both these carriers are well known with pretty good ratings from the rating agencies (AM Best, Moodys, S&P).

At 39, these are pretty competitve rates and I would suggest that going through an online broker (like Select a Quote) is a reasonable way to find/purchase term life insurance. You should always be able to find pretty attractive rates this way because the commissions they pay to the agent (in this case, selct-a-quote) are small relative to what they'd pay the guy to sit at your kitchen table and walk through a policy with you.

I'm guessing you still need to be "underwritten" where they assess your health risk and give you a rating (such as standard or preferred). If this is the case, then take your health into account when you see these prices (e.g. - if you are a smoker with diabetes, you will not be getting a "preferred" rating by the carrier andwill pay a higher premium).

A word on underwriting. The healthier you are, the more underwriting you should want done. That is, when companies don't know much about your health and will write insurance on your life they will be conservative (or greedy depending on your perspective) and assume you have below average health.

Good luck! Math Ninja

Lifeblood

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Re: Life Insurance via SelectQuote
« Reply #3 on: November 11, 2014, 09:50:46 PM »
Thanks for these good thoughts - very helpful. If you are interested, I received these quotes from Met Life today:

Product: 20 Year Term Life
Coverage: $300,000.00
Monthly Quote: $35.99

Quote 2:
Product: 20 Year Term Life
Coverage: $500,000.00
Monthly Quote: $55.99

These seem too expensive!

usmarine1975

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Re: Life Insurance via SelectQuote
« Reply #4 on: November 16, 2014, 06:43:12 PM »
Make sure they are the same ratings and have the same features.  Some have convertible options, waiver of premium for disability, and other such features. Metlife will not always be your cheapest, it can be but not always. Some companies have plain Jane policies. Just know what you want and choose accordingly. Some features can be removed.  Some can not.  Good luck.