Online Life Insurance

Why can't you call one of the top ranked companies directly - or call several and get quotes.

You'll have to pass a physical. I got $500k policy from TIAA-CREF by just calling them up and starting the process on the phone, after reading up about the company before-hand.

I used to work for life insurance companies. Here's what I can tell you.

How healthy are you? Generally, at your age, you will have to submit to a health exam if you want to be underwrittem for insurance. Minor things may be OK, but if you have diabetes, a missing organ, asthma/COPD or similar chronic conditions, they may decline coverage.

Whole life insurance is usually more expensive. They will hold some of the premium payments as "cash value" but that cash value can shrink as you get older, because they assess more administrative costs as you get older. Generally, it's better to put that money into savings vs letting the insurer have a free loan where they are not paying you interest.

Term life insurance is always the cheapest in terms of cost, and can be continued from term to term, but again, it may require new health exams to continue from one term to another.

The easiest way to get a life insurance policy is through one's employer. Those usually waive underwriting, which is a bonus, but not all of them will be "portable" - meaning, you can continue it even if you leave your employer.

If you had a larger amount of money to invest, you could consider an annuity, where you name Papi as the beneficiary. (Not to be mean but nothing you said suggested you were working with large sums.)

Speaking of beneficiaries, it's also important if you have a 401K or pension plan to name him as beneficiary there, too.

At 48, it's probably time to see a financial planner and do a will/trust if you do not have one, as well as getting POA's for healthcare and financial down on paper. (We're actually behind in doing it ourselves, but my husband's work gave us a benefit this year of free legal assistance.)

PS:

I worked for a company that did insurance policies for "preneed" and people often don't think of this, but for any DL'ers who are, shall we say, our most esteemed eldergays, you may want to consider funeral planning. The insurance policy is a way to lock in costs for your funeral or cremation.

And for the love of all that is holy, if someone tries to offer you something called Universal Life Insurance, run as if you are on fire. (If your company provides it to you, it's OK. But in general, it was a product that was better in the 80s when there were high interest rates. At that time they thought the interest would eventually sustain policies so people didn't ever have to pay premium again. Of course that isn't the case now and people who bought it in 1980something got pissed.)

I have millions in the bank and cannot get more life insurance because I have a history of major depression and have been on meds for it for years. I’m 48.

Colonial Penn runs ads aimed at Elders whose family will need money for the funeral.

Whole life is a scam the insurance industry came up with to suck up your money. They keep pushing whole life because they know it makes them the most money.

Term insurance is just that—for a term to help your beneficiary live without your income. It’s not supposed to go on forever. It’s a whole lot cheaper than whole.

don’t buy insurance to finance your funeral.

If you need insurance to pay for that, your funeral is way too expensive. Plus you’ll be dead anyway

R4, if you have millions in the bank, why would you need life insurance?

R7 There can be tax advantages to preplanning, but yes, unless it's a small policy under 5 or 10K then the funeral is too expensive. I wouldn't sign over a larger policy for that.

Sometimes companies also do Final Expense policies for the same market/audience/reason. Those are often purchased because an elderly person is trying to qualify for Medicare/Medicaid and they have to spend down their assets in order to qualify. Buying something you were going to use anyway makes sense.

I didn't always agree with her, but she knew her shit re insurance. She was also suspicious of annuities (which can be sensible things, but are too often sold to elderly people who don't understand the restrictions).