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Thread: Life Insurance

  1. #1

    Life Insurance

    I searched this topic and have not found anything recent. I just applied for a 20 year term life insurance policy. I was approved but the rate came back at 6x the initial offered rate. I'm 36 with no health issues and a pulse/bp that makes the docs go "wow" (for the good reasons). Other then being a c7 quad I have no medical issues at all. The reason they sighted for the increase was "outside medical information obtained from your doctors." I'm wondering if i should just reapply with a different company. Anyone have any input? Is this just the deal?
    -------------------------
    "...the most reliable and useful courage was that which arises from the fair estimation of the encountered peril..." Herman Melville: Moby Dick

  2. #2
    Senior Member DaleB's Avatar
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    Sucks, bro. This was my experience too. CC member extraordinaire fuentejps recently posted about a policy he picked up without much fuss but I can't seem to find the thread anywhere, tho. Hmmmm...
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  3. #3
    With a written request to the insurance company you can request they provide you with the exact reason for the increase, so you know before you apply around. If possible, I would also get "waiver of premium" on the policy, that way if you are ever so disabled that you are unable to work for at least 6 mos, the premium would be paid by the company. There is a smallish additional charge for this rider.

  4. #4
    yup, no issues here passed the physical and got 3 or 350k for 45 mth, i believe. got mine through allstate. im 36 as well perfect heath, etc.....
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  5. #5
    The initial quote off the table was $44 a month for 1 million. They came back at $3300 a year. 3 or 350 for 45 would play to just get my wife through initial costs etc but more than that for a straight term policy seems ridiculous. Fuentejps, did you go through a broker or online?
    -------------------------
    "...the most reliable and useful courage was that which arises from the fair estimation of the encountered peril..." Herman Melville: Moby Dick

  6. #6
    http://www.mib.com/

    Anyone who has or ever had an individual health insurance policy or life insurance policy is in their database.

    One of the downsides of HIPPA which was supposed to protect the privacy of our medical records is that your records, in reality, are sent to hundreds of "interested parties" including MIB. It's in the fine print of those release forms that you and I sign each time we get medical care. MIB gets info every time you see a doctor, go to an ER refill a Rx, etc. When you apply for individual insurance the underwriters query the MIB database and base their decisions/pricing on what they find.

    You can request to see and dispute your database information.

    There is no privacy.

  7. #7
    Quote Originally Posted by 9000ft View Post
    The initial quote off the table was $44 a month for 1 million. They came back at $3300 a year. 3 or 350 for 45 would play to just get my wife through initial costs etc but more than that for a straight term policy seems ridiculous. Fuentejps, did you go through a broker or online?
    i went through my alstate agent, they have our cars and condo as well.
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  8. #8
    Senior Member DaleB's Avatar
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    I worked for many years in the actuarial and knowledge management fields for health insurance companies. MIB is just the tip of the iceberg. It's ugly out there, and HIPAA IMO was a huge scam perpetrated on the American people under the guise of 'protecting' their interests. Laughable. FYI - private companies storing insurance utilization data are only authorized to maintain a rolling 7 years of data per individual. I also worked on the project to create a national universal data model to store health care data at the Federal level (mostly within HHS) and I can attest to the fact that it is coming soon that The Man is going to have an INCREDIBLE window into the most intimate details of our lives. This is primarily to allow insurance companies to manage their risk more accurately, which is directly tied to profitability. There's no benefit to the consumers in this model, IMO.



    Quote Originally Posted by cmoore View Post
    http://www.mib.com/

    Anyone who has or ever had an individual health insurance policy or life insurance policy is in their database.

    One of the downsides of HIPPA which was supposed to protect the privacy of our medical records is that your records, in reality, are sent to hundreds of "interested parties" including MIB. It's in the fine print of those release forms that you and I sign each time we get medical care. MIB gets info every time you see a doctor, go to an ER refill a Rx, etc. When you apply for individual insurance the underwriters query the MIB database and base their decisions/pricing on what they find.

    You can request to see and dispute your database information.

    There is no privacy.
    __________________

    He who hears not me but the Logos will say: All is one.

  9. #9
    Quote Originally Posted by fuentejps View Post
    yup, no issues here passed the physical and got 3 or 350k for 45 mth, i believe. got mine through allstate. im 36 as well perfect heath, etc.....
    Believe it or not, that is not premiere pricing for that much term ins. At your age, in "perfect health" it would have been cheaper, so there is something that raised it some.

  10. #10
    Quote Originally Posted by ginamarie View Post
    Believe it or not, that is not premiere pricing for that much term ins. At your age, in "perfect health" it would have been cheaper, so there is something that raised it some.
    actually here through allstate its spot on. my buddy, ab, who is 35 just got his life ins through american family same policy, a few dollars higher...
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    John@bike-on.com
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