This blog is a way for me to share hard learned lessons about money with those who are just starting out on their own. I hope it's a way for you to avoid making the mistakes I made, and to benefit from my experiences

Thursday, January 25, 2007

Hunting for New Life Insurance

I went quote shopping for new term insurance on a couple of those internet sites. Wow! I have been getting barraged by calls from agents, all of whom claim to be independent. All but one have been pushing one company over another, each a different company. I can't help but think it's because that's who they'll be getting the biggest commission check from. No bother. I'm after the lowest rate and I don't care how much commission they get, as long as the company is rated A+ or better by AM Best and gives me a great price.

One good thing about these calls is that one agent really took the time to show me that I'm woefully underinsured. As a result, I've doubled the coverage that I'm seeking. Whichever policy I do choose, it will be a bigger bite than I was hoping before because of that. Still, since I'm the only breadwinner, I have to make sure my family is secure if I'm gone.

So far, only 3 agents are credible. 1 pushing West Coast Life, 1 pushing US Financial and 1 pushing Prudential. I currently have West Coast Life, and my health has only gotten better since I took the policy two years ago. If they quote me based on the health info they have, I know it's a real price. I think some of the other agents were giving me too optimistic of quotes saying I'd fit into a catagory that I don't think I can fit it. My health is fine, but I'm way overweight for my height.

I'm surprised that not one agent has tried to push me into whole life or variable life or any of that other garbage. The one agent who talked me into seeking higher coverage even told me that term was the best way to go, and that any extra money should be invested in my retirement program, rather than a cash value life insurance policy. He's got a lot of credibility right now with me.

If any readers have any useful tips to pass along, please leave a comment for me.

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