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Life Insurance

Postby jend01 » Wed Aug 11, 2010 01:27 pm

I have heard a few stories about people having a really hard time getting life insurance. So today when I opened an account with a local credit union and they offered me a no (medical) questions asked policy for $3 a week (benifit amount $14000) which could be increased to $22 a week (benifit amount $100,000) I took it. I have never really though about life insurance and I don't know much about it. I figured it would be tough for me to get a good rate because of my high bp and kidney scaring. It is whole life insurance and garunteed to never decrease in coverage or increase in price.

Is this good?

I was kind of surprised that they would just give it to me without asking any medical questions.
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Re : Life Insurance

Postby riehlism » Wed Aug 11, 2010 01:36 pm

I never thought about how hard it might be to get life insurance. I purchased mine a few years ago and it pays out 5 times my annual salary. No medical questions either. I was single when I purchased that. But I think I'm also going to purchase the extras in that plan to include my immediate family. When my son died this year I was under the impression that the insurance I purchased included family, so that it can pay for funeral costs. But I guess I didn't sign up for that option, since I was single at the time. Immediate family under my plan is covered up to $15,000. I pay $20 bi-weekly for my plan.
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Re : Life Insurance

Postby amandaoasis » Wed Aug 11, 2010 02:09 pm

I got a $250,000 term policy with New York Life last year with medical questions and tests. There were no problems and I actually scored in the lowest risk group. I was surprised to say the least!
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Re : Life Insurance

Postby jend01 » Wed Aug 11, 2010 02:10 pm

That is a nice opyion to have, I am going to have to look into it a little more. I pretty much just took what I was offered today because of fears about having to pay way to much or not get accepted at all for life insurance. I also have coverage from work that pays 1.5 times my salary. I do not pay anything for that and I have an option to increase that for a small weekly deduction. It really SUCKS that this is something that we have to take into consideration before deciding to have another baby! I do have a small sence of relief now though knowing that there is a decent amount of coverage.
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