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Changing life insurance companies

March 11th, 2009 at 12:53 pm

We got a phone call the other day from our Farm Bureau guy about the life insurance. We are currently paying $86.22 for a $50,000 term life policy + $50,000 whole life policy. The whole life policy is worth about $1300 now if we surrender it. This is the guy who almost talked us into dramatically upping to a variable universal life insurance policy. In fact, we signed the papers, but I pulled back the next day:
http://www.savingadvice.com/forums/investing-banking/35137-did-i-make-big-mistake-vul.html

Well, he must have somehow found out we were looking at a different life insurance policy, because he was pressuring us again. I told him, "I want a quote for a $300,000 policy. We found one for $50 a month, can you beat that? If not, we are switching" He said he could find a $300,000 policy for 15 years for about $50, but for 30 years it would be more like $80. But, there would be a discount on our other insurance (5% a year). I told him to give us some estimates and I'd have to figure out if the 5% a year balanced out in our favor.

The one we found through Prudential was $300,000 for 30 years for $50ish a month, so it might have been close, but I just got a phone call today that said that DH qualified for a discounted rate, and it would be $30ish a month for 30 years! Saving us over $50 a month for triple the coverage.

The process of switching has been a real pain in the patootie, but worth it.

1 Responses to “Changing life insurance companies”

  1. life insurance policy Says:

    Hi,
    In this also you will get options to choose either you want to go in for a term life insurance or a permanent policy? The term insurance policy assures various conditions at a very affordable budget whereas the permanent life insurance policy assures financial safety for your whole life. Suppose, you have invested in a life term policy then you will have to pay your premiums to the company annually. If anything happens to you then the person who is nominated will receive the amount on the particular type of policy you had purchased.
    life insurance policy

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