Author Topic: Term Life Insurance...am I getting a good rate?  (Read 1004 times)

SharpGuy

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Term Life Insurance...am I getting a good rate?
« on: July 21, 2017, 05:38:27 PM »

I am a 45 year old male, currently paying about $510 annual premium for a 10 year $1,150,000 term life insurance policy on myself (through my workplace).   I have no health issues / don't smoke, etc.   Is this considered a good rate?   Any ideas on how to reduce premiums (other than reducing coverage)?   Anybody know of any reputable insurance companies to look into that have demonstrated lower premiums?   (after substantially reducing my homeowners insurance and auto insurance by shopping around, which happily surprised me, I am now turning to the life insurance)

(have 3 kids and am sole provider in the family, so need life insurance at this point in my life)

Another Reader

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Re: Term Life Insurance...am I getting a good rate?
« Reply #1 on: July 21, 2017, 07:11:48 PM »
If you lost your job, you would lose the workplace insurance.  Shop for term life that is independent of the job.

JoJo

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Re: Term Life Insurance...am I getting a good rate?
« Reply #2 on: July 21, 2017, 07:18:09 PM »
Using an online quoter (policy genius), looks like you could get 10 year, 1.1m for around $52+ a month.  That would assume you pass all of the health tests.

Big name, highly rated insurers, are included in the list.

tj

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Re: Term Life Insurance...am I getting a good rate?
« Reply #3 on: July 22, 2017, 11:38:31 AM »
Are you planning on retiring at age 55? 10 years seems not quite long enough.

SharpGuy

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Re: Term Life Insurance...am I getting a good rate?
« Reply #4 on: July 22, 2017, 03:47:25 PM »
Thank you.  Will check out policy genius.