I have never had Life Insurance, nor has my wife. We are in our middle 50's. What type of insurance would be best.
Total Comments: 35
Posted: Thu Jan 01, 2009 02:20 am Post Subject: Reply to Original Poster
There are two basic types of term and permanent insurance.l
A 55 yr old male that qualifies for the best class possible can get a $500k 10yr term policy for $885/yr. That rate is guaranteed for 10yrs and you have the option to convert to a permanent policy without any underwriting anytime during those 10yrs. There are also 20yr and 30yr term policies available. The longer the term the higher the premium. Most plans allow you to convert during the term period up to a maximum age of 70 or 75 yrs of age depending on the company.
When should one convert? Let's say you bought a 10yr term and your near the end of the term and your health has changed. You were super preferred when you took out the policy, but now you have been diagnosed with diabetes and your new term policy will be rated 400%. This would be a good time to convert your policy to a permanent policy with no additional underwriting at super preferred rates.
The same 55 yr old male buying a permanent policy today for 500k would have to pay 5431/yr if he qualifies for super preferred rates. As you can see buying term is much cheaper, but the longer you wait to buy permanent, the more expensive it will be.
I personally buy 20 yr term and review my options every 3 yrs. If my health ever changes I will convert the policy at that time, but I don't see any sense in paying so much more for a permanent policy right now.
Hope this helps!
Posted: Thu Jan 01, 2009 05:41 pm Post Subject:
With the VA you have to get the coverage after a certain amount of time out of the service or after you have an increase in a disability, I have a pending claim right now so if it goes through I will definately pick up the coverage.
The last time I got an increase, it was just me, now I am married and have a kid, hind site is 20/20, should have gotten it then.
I think my claim will be approved though once it hits the BVA level, just like social security they deny you and make you produce more evidence, most of my evidence is through the VA hospital. I have quite a bit to back it up.
The feds just publicly and officially recognized the Gulf War Illness, I have a lot of those symptoms and it is getting worse, hopefully I will hear something soon, I know it is a long process, but the life insurance is really quick once they approve you.
I see a rhumatologist in January, this month, hopefully I can get to the bottom of some of this pain I am having, it is almost debilitating at times, back, shoulders, knees, elbows. I am on anti inflammatory drugs that rip up my stomach, muscle relaxors and mood pills because I am tired and crabby from no sleep. I hope to get some answers soon.
Posted: Fri Jan 02, 2009 12:34 am Post Subject:
Sorry to hear you are having such a rough time Good natured. I can understand Social security making it harder for people to get approved because of all the people who are getting on it that do not really need it. If all those records are there they should not be giving you such a rough time getting the approval. It may be a long road but hang in there. You should get it sooner or later especially wiht the VA having so many documents.
Posted: Fri Jan 02, 2009 02:36 am Post Subject: insurance
GOODNATURED......isn't it horrible that the Government 'just recently' recognized The illnesses from the Persian Gulf? They ( the Gov.) STILL haven't 'admitted' the Acient Orange, from Vietnam, yet. I'm SOO sorry this is happening. 'We' fight for our country and, when something 'goes wrong', it's acknowleged. I hope you get the benefits you deserve.
Posted: Fri Jan 02, 2009 06:21 am Post Subject:
Yeah, the government has finally acknowledged the ‘Persian Gulf War' syndrome . the VA states that the veterans who are suffering disability from the unrecognized illness may qualify to receive the benefits from the VA.
Following are some of the symptoms that VA has recognized may result from unrecognized illness.
*Fatigue
*Rheumatism, muscle and joint pain
*Headache
*Skin disorder
*Abnormal weight loss
*Neurological disorders
*Cardio and gastrointestinal disorders
Posted: Thu Jan 01, 2009 02:20 am Post Subject: Reply to Original Poster
There are two basic types of term and permanent insurance.l
A 55 yr old male that qualifies for the best class possible can get a $500k 10yr term policy for $885/yr. That rate is guaranteed for 10yrs and you have the option to convert to a permanent policy without any underwriting anytime during those 10yrs. There are also 20yr and 30yr term policies available. The longer the term the higher the premium. Most plans allow you to convert during the term period up to a maximum age of 70 or 75 yrs of age depending on the company.
When should one convert? Let's say you bought a 10yr term and your near the end of the term and your health has changed. You were super preferred when you took out the policy, but now you have been diagnosed with diabetes and your new term policy will be rated 400%. This would be a good time to convert your policy to a permanent policy with no additional underwriting at super preferred rates.
The same 55 yr old male buying a permanent policy today for 500k would have to pay 5431/yr if he qualifies for super preferred rates. As you can see buying term is much cheaper, but the longer you wait to buy permanent, the more expensive it will be.
I personally buy 20 yr term and review my options every 3 yrs. If my health ever changes I will convert the policy at that time, but I don't see any sense in paying so much more for a permanent policy right now.
Hope this helps!
Posted: Thu Jan 01, 2009 05:41 pm Post Subject:
With the VA you have to get the coverage after a certain amount of time out of the service or after you have an increase in a disability, I have a pending claim right now so if it goes through I will definately pick up the coverage.
The last time I got an increase, it was just me, now I am married and have a kid, hind site is 20/20, should have gotten it then.
I think my claim will be approved though once it hits the BVA level, just like social security they deny you and make you produce more evidence, most of my evidence is through the VA hospital. I have quite a bit to back it up.
The feds just publicly and officially recognized the Gulf War Illness, I have a lot of those symptoms and it is getting worse, hopefully I will hear something soon, I know it is a long process, but the life insurance is really quick once they approve you.
I see a rhumatologist in January, this month, hopefully I can get to the bottom of some of this pain I am having, it is almost debilitating at times, back, shoulders, knees, elbows. I am on anti inflammatory drugs that rip up my stomach, muscle relaxors and mood pills because I am tired and crabby from no sleep. I hope to get some answers soon.
Posted: Fri Jan 02, 2009 12:34 am Post Subject:
Sorry to hear you are having such a rough time Good natured. I can understand Social security making it harder for people to get approved because of all the people who are getting on it that do not really need it. If all those records are there they should not be giving you such a rough time getting the approval. It may be a long road but hang in there. You should get it sooner or later especially wiht the VA having so many documents.
Posted: Fri Jan 02, 2009 02:36 am Post Subject: insurance
GOODNATURED......isn't it horrible that the Government 'just recently' recognized The illnesses from the Persian Gulf? They ( the Gov.) STILL haven't 'admitted' the Acient Orange, from Vietnam, yet. I'm SOO sorry this is happening. 'We' fight for our country and, when something 'goes wrong', it's acknowleged. I hope you get the benefits you deserve.
Posted: Fri Jan 02, 2009 06:21 am Post Subject:
Yeah, the government has finally acknowledged the ‘Persian Gulf War' syndrome . the VA states that the veterans who are suffering disability from the unrecognized illness may qualify to receive the benefits from the VA.
Following are some of the symptoms that VA has recognized may result from unrecognized illness.
*Fatigue
*Rheumatism, muscle and joint pain
*Headache
*Skin disorder
*Abnormal weight loss
*Neurological disorders
*Cardio and gastrointestinal disorders
I too hope that you get the benefits you deserve.
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