LIFE INSURANCE

[yeshivabucher]

just got from principal no need for any doctor/blood visits

[googwallet]

just got from principal no need for any doctor/blood visits

I had the same for my wife but it varies, it depends if the underwriter calls for a physical or not.

[ExGingi]

just got from principal no need for any doctor/blood visits

Principal has an Accelerated Underwriting program where they do tele-underwriting with no physical exam as long as the customer meets the criteria. Depending on what they find out during the tele-underwriting process (which includes some background checks), they might require a physical exam and/or medical records from doctors.

Other companies also have no physical exam programs. Outside of NY there are more options available (and for higher amounts of insurance).

When one qualifies for best rates across the board, one can pick and choose based on premiums and policy features (conversion options). It's when one has some health or background issue (a recent case that comes to mind is a perfectly healthy client whose father passed away from Cancer at a young age) where you want to work with someone that will know which company will view the situation most favorably.

[ushdadude]

https://www.whitecoatinvestor.com/what-you-need-to-know-about-whole-life-insurance/

[peace123]

Please provide your thoughts and advice here.
My wife and I have term life insurance, separately, that I purchased online 4 years ago. It covers us until I reach age 70. It is 150K. No physical or tests done. It says unionplus.org and those who have union membership at any work can sign up for this and it is insured by Hartford life insurance company. This life insurance is not union funded and has nothing to do with my job union. But I think anyone can sign up for this cos there is no verification or anything and has nothing to do with work union membership.

She is 42 and I am 45. My rate started at $23 something and now it is $36 something when I turned 45 few months ago. Our rate increases every 5 years of our age. Her's is little lower but her rate is also increasing every 5 years of her age.

What do you think about this? Are we paying too much for $150K benefit amount? I think we added each other on our policy as beneficiary but can we add our child who is now a 7 years old child? where does the payment go if we both or one of us die? Should we switch to a difference company? Can we get a better coverage. company for lower price?

Can you purchase any life insurance policies online if you are not working and stay at home to care for your child and your spouse is the only one working?

Thanks for your answers

[yos9694]

Please provide your thoughts and advice here.
My wife and I have term life insurance, separately, that I purchased online 4 years ago. It covers us until I reach age 70. It is 150K. No physical or tests done. It says unionplus.org and those who have union membership at any work can sign up for this and it is insured by Hartford life insurance company. This life insurance is not union funded and has nothing to do with my job union. But I think anyone can sign up for this cos there is no verification or anything and has nothing to do with work union membership.

She is 42 and I am 45. My rate started at $23 something and now it is $36 something when I turned 45 few months ago. Our rate increases every 5 years of our age. Her's is little lower but her rate is also increasing every 5 years of her age.

What do you think about this? Are we paying too much for $150K benefit amount? I think we added each other on our policy as beneficiary but can we add our child who is now a 7 years old child? where does the payment go if we both or one of us die? Should we switch to a difference company? Can we get a better coverage. company for lower price?

Are the rate increases predetermined or are they at the company's discretion? Do you know what you'll have to pay in 10 years from now? Going from $23-$45 is quite a jump, I'm almost certain you can do better if you're in reasonable health.

In general a healthy person should be able to get a better rate in an individual plan than in a group plan. The group plan rates might be better for someone who has health history concerns or a risky (and usually blue collar) job. A quick check of term4sale.com shows several companies that will give a healthy non-smoker 30-year term (coverage until age 75) for a guaranteed level premium for approximately $36 per month or less. Assuming you can qualify for that rate class or an adjacent one, it's very likely that you'll be better off long term.

The agents on this board will tell you that $150k is a very low benefit amount.

Can you purchase any life insurance policies online if you are not working and stay at home to care for your child and your spouse is the only one working?

Yes you can buy life insurance on the non-working spouse especially if the working spouse has coverage too and the household income justifies the benefit amount.

[peace123]

Are the rate increases predetermined or are they at the company's discretion? Do you know what you'll have to pay in 10 years from now? Going from $23-$45 is quite a jump, I'm almost certain you can do better if you're in reasonable health.

In general a healthy person should be able to get a better rate in an individual plan than in a group plan. The group plan rates might be better for someone who has health history concerns or a risky (and usually blue collar) job. A quick check of term4sale.com shows several companies that will give a healthy non-smoker 30-year term (coverage until age 75) for a guaranteed level premium for approximately $36 per month or less. Assuming you can qualify for that rate class or an adjacent one, it's very likely that you'll be better off long term.

The agents on this board will tell you that $150k is a very low benefit amount.

Yes you can buy life insurance on the non-working spouse especially if the working spouse has coverage too and the household income justifies the benefit amount.

I signed up for this term life at age 41 and rate was $26 a month. Now I turned 45 and rate increased to $36. That is $13 increase. They say rate will increase every 5 years of our age. Same type of 5 years increases on my wife's policy though woman's rate is little lower. Our last rate increase will be at age 65 and then term policy will end at age 70. They say they can't tell me what the increase amount will be every 5 years.  I don't think this is a group insurance plan. This company called unionplus.org provides insurance though Hartford life insurance company. They say they sell insurance products to any union member of any union. But they are not affiliated to any union groups and we are not paying our premium through union membership. We just pay on our own.
Can I add our child to our life insurance policy as beneficiary?

[skyguy918]

I signed up for this term life at age 41 and rate was $26 a month. Now I turned 45 and rate increased to $36. That is $13 increase. They say rate will increase every 5 years of our age. Same type of 5 years increases on my wife's policy though woman's rate is little lower. Our last rate increase will be at age 65 and then term policy will end at age 70. I don't think this is a group insurance plan. This company called unionplus.org provides insurance though Hartford life insurance company. They say they sell insurance products to any union member of any union. But they are not affiliated to any union groups and we are not paying our premium through union membership. We just pay on our own.
Can I add our child to our life insurance policy as beneficiary?

Yes, you certainly should be able to add your child as a beneficiary on your existing policies. However, you are under no obligation to continue the policy. Assuming you qualify health-wise, you can get an identical benefit (let's call it $150k for 25 years) for less than the $36/month you're paying now, and that premium wouldn't continue to go up every 5 years. This is in addition to the fact that you should probably look at whether a higher coverage amount might make sense for you. The only reason I can think of to stick with the policy you have is if you get placed in lower health ratings - and even them there might be options cheaper than what you have now.

[peace123]

Yes, you certainly should be able to add your child as a beneficiary on your existing policies. However, you are under no obligation to continue the policy. Assuming you qualify health-wise, you can get an identical benefit (let's call it $150k for 25 years) for less than the $36/month you're paying now, and that premium wouldn't continue to go up every 5 years. This is in addition to the fact that you should probably look at whether a higher coverage amount might make sense for you. The only reason I can think of to stick with the policy you have is if you get placed in lower health ratings - and even them there might be options cheaper than what you have now.

This is the company https://www.unionplus.org/benefits/insurance/term-70-life-insurance-plan-birthday that sells insurance products and where we bought from. But in the papers we received it says life insurance provided by Hartford Life insurance company.
My wife added me and I added her as the beneficiary on our policies. If we add our child to our policy, we have to remove the spouse as the beneficiary?
 If we decide the switch to a different company, we have to make sure to not cancel this first? This company where we are with now has published premium rates for non smokers like us.  is it expensive below? They say no health exam is needed for coverage up to $150K. But requires exam if we need more then that. We are both fine healthwise.


Union Plus Term-to-70 Life Insurance rates

Select the amount of protection you want to purchase. Union Plus has negotiated these Union member terms and affordable rates for you.

The Term-to-70 Life Insurance plan offers rates in 5-year age bands. All premiums are based on each person’s smoking status and age at time of issuance and change when the person attains a new age bracket.

You are considered a non-smoker if you have not smoked cigarettes or cigars, or used a pipe, chewing tobacco, nicotine products or snuff during the 12 months before applying for insurance.
Non-smoker monthly rates   Age    $50,000    $100,000    $150,000
18-29    $4.50    $9.00    $13.50
30-34    $4.70    $9.40    $14.10
35-39    $5.60    $11.20    $16.80
40-44    $7.80    $15.60    $23.40
45-49    $12.10    $24.20    $36.30
50-54    $18.60    $37.20    $55.80
55-59    $30.40    $60.80    $91.20
60-64    $48.80    $97.60    $146.40
65-69*    $77.10    $154.20    $231.30

[skyguy918]

This is the company https://www.unionplus.org/benefits/insurance/term-70-life-insurance-plan-birthday that sells insurance products and where we bought from. But in the papers we received it says life insurance provided by Hartford Life insurance company.
My wife added me and I added her as the beneficiary on our policies. If we add our child to our policy, we have to remove the spouse as the beneficiary?
 If we decide the switch to a different company, we have to make sure to not cancel this first? This company where we are with now has published premium rates for non smokers like us.  is it expensive below? They say no health exam is needed for coverage up to $150K. But requires exam if we need more then that. We are both fine healthwise.


Union Plus Term-to-70 Life Insurance rates

Select the amount of protection you want to purchase. Union Plus has negotiated these Union member terms and affordable rates for you.

The Term-to-70 Life Insurance plan offers rates in 5-year age bands. All premiums are based on each person’s smoking status and age at time of issuance and change when the person attains a new age bracket.

You are considered a non-smoker if you have not smoked cigarettes or cigars, or used a pipe, chewing tobacco, nicotine products or snuff during the 12 months before applying for insurance.
Non-smoker monthly rates   Age    $50,000    $100,000    $150,000
18-29    $4.50    $9.00    $13.50
30-34    $4.70    $9.40    $14.10
35-39    $5.60    $11.20    $16.80
40-44    $7.80    $15.60    $23.40
45-49    $12.10    $24.20    $36.30
50-54    $18.60    $37.20    $55.80
55-59    $30.40    $60.80    $91.20
60-64    $48.80    $97.60    $146.40
65-69*    $77.10    $154.20    $231.30

Usually you can make a contingent beneficiary. You can also usually have multiple beneficiaries, as long as the sum of their shares equals 100%.

Generally speaking, no-underwriting policies and policies without longer guaranteed premium terms are gonna be more expensive for a healthy person who wants coverage until retirement. Sit down with an agent/broker or financial advisor - or use an online calculator - to figure out your coverage needs. This is both in terms of coverage amounts and terms. Then shop around for the best price from a reputable company. Term4sale is a good resource for that.

[yos9694]

Completely agree with skyguy. Add the child as a contingent (or secondary) beneficiary, run some quotes on term4sale to get an idea of what pricing is available for your age, and talk to someone about how much coverage you need.

The premium rates you pasted here do look expensive, but I don't think it's necessary to look at them too closely- as you said they are not guaranteed. Wouldn't you rather lock in a rate that is guaranteed? Especially if the monthly cost is similar to what you're paying now and won't go up every 5 years?

[ExGingi]

65-69*    $77.10    $154.20    $231.30

Did you notice the asterisk there?

I will not be surprised if that would mean that benefit is reduced at those ages.

[peace123]

Did you notice the asterisk there?

I will not be surprised if that would mean that benefit is reduced at those ages.

I just got the beneficiary designation form for mine and separately for my wife. we both each have $150K term life .
We currently have one small child.
In the example instruction page, it mentions 25% benefit percentage for son etc and 100% for spouse etc.
What percentage should I write for my wife and child? For both of us, we are committed for life and we are committed parents for our child so what percentage do you guys think should I write for spouse and or son? Any advice will be helpful. thanks

[ExGingi]

I just got the beneficiary designation form for mine and separately for my wife. we both each have $150K term life .
We currently have one small child.
In the example instruction page, it mentions 25% benefit percentage for son etc and 100% for spouse etc.
What percentage should I write for my wife and child? For both of us, we are committed for life and we are committed parents for our child so what percentage do you guys think should I write for spouse and or son? Any advice will be helpful. thanks

You should not be asking these questions here. You should be talking to a professional.

[ckmk47]

Do you need the kid to have money dedicated only to him?
Or if all the money went to your wife, would she use whatever funds she has to do the best she can for your son?   Then she has the flexibility to spend what she wants on whatever she decides is best.  Not controlled by anyone else.

[peace123]

Do you need the kid to have money dedicated only to him?
Or if all the money went to your wife, would she use whatever funds she has to do the best she can for your son?   Then she has the flexibility to spend what she wants on whatever she decides is best.  Not controlled by anyone else.

our child is a autistic so he might not be able to make intelligent decision regarding money when he becomes an adult.
My wife and I both have separate $150K term life coverage. I guess don't put our child as the beneficiary on each other's coverage and only write 100% to my wife and my wife to me? If we do this then if two of us die and our son is the one that is living, Our son or someone can't help our son claim anything right?
Just read this very helpful article on adding beneficiary.https://www.policygenius.com/life-insurance/naming-a-child-as-a-life-insurance-beneficiary/
I think the best thing is to add my wife to mine and me on wife's policy and benefit payout is 100%.
Maybe add our son as contingent beneficiary and 100% pay out?

[peace123]

You should not be asking these questions here. You should be talking to a professional.

why hire someone and pay hundreds to get just couple of basic advice on our $150k basic term life coverage?
We don't have other wealth to get advice from a pro.

[ckmk47]

our child is a autistic so he might not be able to make intelligent decision regarding money when he becomes an adult.
My wife and I both have separate $150K term life coverage. I guess don't put our child as the beneficiary on each other's coverage and only write 100% to my wife and my wife to me? If we do this then if two of us die and our son is the one that is living, Our son or someone can't help our son claim anything right?

Make a will that names a guardian for your son and all future children in case ch"v both of  you are  not available to care for them.  (Ok it with the guardian.  You don't want them surprised.)
You can make your kid a secondary beneficiary - to inherit if the first beneficiary can't.  IDK if the kid's guardian automatically gets to control the money.

[peace123]

Make a will that names a guardian for your son and all future children in case ch"v both of  you are  not available to care for them.  (Ok it with the guardian.  You don't want them surprised.)
You can make your kid a secondary beneficiary - to inherit if the first beneficiary can't.  IDK if the kid's guardian automatically gets to control the money.

Article I read says adding a  minor and specially special needs child is not advised and it is too much of a PIA when it comes to seeking pay out .
Says add the child as contingent beneficiary and create a trust account in an adult's name that can spend the money for our child in case both of us die.
I have my sister and nieces . Maybe add one of them as contingent benefit so they can claim for our child? How do I create trust account to add my relative to collect the money for our child ?
Thanks

[ckmk47]

Trust probably requires a lawyer.
But that sounds like the way to go.
But making your sister/niece the contingent beneficiary might be a good idea for the control reasons I said before about your wife. Then they get all the money in their name and spend what they want.  And you trust that they will have your son's best interest in mind.