LIFE INSURANCE

[shmaya]

Was this some major estate planning? An agent/broker should be able to have a term application in after a 45min appointment and then you may need bloodwork, telephone interview with the insurer, or a health history form that is accessed via a link sent by the carrier to your email, depending on the carrier, coverage amount and age. I’ve had clients that there applications dragged on for many months but that was because they wouldn’t answer the phone for the telephone interview or for the exam/bloodwork scheduler, or sometimes for my follow up calls.  The average turnaround from application until policy is issued is 3 weeks, it can however take 2-3 months for example after waiting a month for medical records from the doctor they find the applicant saw a specialist that wasn’t disclosed on the health history, now they have to wait another month for the records to come from the specialist, however even in these circumstances the process has sped up as many carriers now access the medical records via patient portal when available.

No.

Major feet dragging.

[ben6952]

No.

Major feet dragging.

Please elaborate

[Yehuda57]

Please elaborate

Gosh, it means that from when he decided, "Yo, I should really get life insurance" until he actually got around to making the phone calls and getting it done, took 3 years.

[Mordyk]

He's not here any more. Let's be respectful of the dead, regardless of our feelings of current realities. There are other ways to illustrate the point (which I agree with).

You are right. I got a little carried away because "gave the opportunity to do a mitzvah"   this statement was trying to give some credit to a person that unfortunately did not have life insurance. I understand they need help. But don't make it as if he did the world a favor by not having life insurance so they can do mitzvos now

[Avid Reader]

Anyone familiar with life insurance from Sproutt? Apparently you apply online get a quote instantly. No medical exam. Automatically put in standard non-smoker. Maximum 20 years 1 million term.  https://sproutt.com/

[yos9694]

Haven't heard of them but from a quick glance they appear to be just another run of the mill online broker.

[skyguy918]

Haven't heard of them but from a quick glance they appear to be just another run of the mill online broker.

Guardian invested significantly in them as a startup. Appears to be an insurance company by data people. Something about a quality of life AI, blah blah blah. Also, seems like the whole C suite is Israeli.

[yos9694]

Where did you see that they're an insurance company? I only see a sales license.

Guardian investing doesnt mean much to me... they're not exactly a leader in the "disruptor" space to saythe least

[Lurker]

Where did you see that they're an insurance company?

Per their FAQs, they are just a broker:

How does Sproutt generate revenue?

As an insurance broker, we get paid a commission from the insurance company. To ensure objectivity, we set our employee compensation scheme in a way that makes them indifferent to which insurance company the customer selects; an advisor receives the same commission for all carriers.

Is Sproutt affiliated with any insurance companies?

No. We are an independent broker. We don’t work for an insurance company, but rather for you – our customer. We have access to a large variety of life insurance companies, and we consistently review and rate leading life insurance companies and products, without any bias or hidden agenda.

[peace123]

I am 45 and shopped for life insurance through term4sale that connected me to some agent and had one of them apply for me. Maybe because of my 50% heart plaque blockage diagnose a year ago and  just average or  blood pressure 130. My cardiologist didn't require any clinical treatment for the plaque build up as it is not at the stage that requires stent or bypass surgery. I was quoted very high premium by Banner life,$215 monthly, $400k coverage, 30 year standard plus table 4 or D. 
My application with protective is pending underwriter decision and they got my cardiologist's medical report and also did blood work. My lab is very good and very good cholestrol level. I take medicine to help with plaque build up and blood pressure.

What are your thoughts?

[Avid Reader]

$215 monthly for how much coverage?

[peace123]

$215 monthly for how much coverage?

$400K.

[yos9694]

High BP controlled with regular meds should be able to earn you something better somewhere. Call big lou if you haven't already found a broker

[ExGingi]

High BP controlled with regular meds should be able to earn you something better somewhere. Call big lou if you haven't already found a broker

He says that he has additional diagnosis beyond the hypertension.

Also of note, one might get better offers for permanent insurance than for term insurance, whether through table shave or just in general. It's probably worthwhile to get a quote for WL now, as rates are going up pretty soon.

Term is extremely cheap for people with no underwriting issues. Once underwriting becomes a challenge it might not seem that cheap anymore.

[farmbochur]

It's probably worthwhile to get a quote for WL now, as rates are going up pretty soon.

Why's that? I'd expect for cost of insurance to go down if interest rates increase.

[ExGingi]

Why's that? I'd expect for cost of insurance to go down if interest rates increase.

Let me know when long-term rates increase. In the meantime they've been very low for years (and my personal guess is that they will remain that way for quite a while). As a result Life Insurance companies lobbied congress to update section 7702 so they can use lower guaranteed rates. As of 1/1/2022 they will no longer be able to sell policies based on a 4% rate. IINM @yos9694 explained it not too long ago.

[yos9694]

Yeah WL only makes sense now for the tax sheltering and fixed income investment components. Way too much of the premium is just to fund cash value growth so you'd really be overpaying if you're focused on protection.

[ExGingi]

Yeah WL only makes sense now for the tax sheltering and fixed income investment components. Way too much of the premium is just to fund cash value growth so you'd really be overpaying if you're focused on protection.

Just to clarify, you probably mean after the repricing. I am not agreeing or disagreeing with your statement, just clarifying that by "now" you actually mean "soon to be".

I have actually seen certain policy designs where the difference isn't so great, and for males at certain ages (over 50) I have even seen LOWER premiums.

[peace123]

He says that he has additional diagnosis beyond the hypertension.

Also of note, one might get better offers for permanent insurance than for term insurance, whether through table shave or just in general. It's probably worthwhile to get a quote for WL now, as rates are going up pretty soon.

Term is extremely cheap for people with no underwriting issues. Once underwriting becomes a challenge it might not seem that cheap anymore.

what is WL. Maybe due to my mild heart blockage which is also called coronary artery disease coupled with above average blood pressure med I take is causing the huge premium . Can I shop around myself with other companies or I have to rely on the broker that I found on term4sale and working on my application with protective ?

[ExGingi]

what is WL. Maybe due to my mild heart blockage which is also called coronary artery disease coupled with above average blood pressure med I take is causing the huge premium . Can I shop around myself with other companies or I have to rely on the broker that I found on term4sale and working on my application with protective ?

WL = Whole Life. Provides permanent (lifetime) protection.