Does this life insurance quote sound reasonable?

TripleSticks

TripleSticks

Well-Known Member
I've been looking in to life insurance through Zander and I just got this quote from them. It sounds rediculiously high to me. Here's what they sent me.

"We have reevaluated the options available and based on individual company guidelines using your personal information we have determined that Genworth Life and Annuity Insurance Co 500000 20 Year level plan with a/an Annual premium of 750.00 + $1250.00 annually for aviation coverage would be the best premium available to you prior to the exam and medical record review."

I work for a surveying company. I've got 1600tt/1000me. My job has the possibility to take me to Canada, Mexico, Bahamas and some of the safe Central American countries. I'm 38 and in good health (5'10, 170lbs).

It just sounds so high that something is wrong.

Is this in line with what you guys pay for life insurance?

John
 
I've got 2mil in coverage, 1200TT, 300multi CFI,CFII. Policy is about $100 a month (can't remember what the exact number, or who it is with). 24 years old and in good health, non smoker.

Sounds kind of high for your policy

I was also told that my policy would go up to about $400-500 per month if i were to start doing primary flight instruction again
 
Jeezzz. 2 mil? If I had that high of a life insurance policy my wife might try to kill me. haha.

Maybe they think I'm still instructing or something like that. I'm going to call them and ask why such a high quote. AOPA's quote wasn't nearly that high but I saw on here that a lot of other pilots went with Zander so I thought I would give them a try.
 
We got ours through pilot insurance center, www.piclife.com and the policy is written by Lincoln Benefit Life. We pay $29 for $250K on my husband who was instructing at the time, and is on meds for thyroid and isn't an ideal weight, and also includes me at $100K, and $15K coverage on the kids, 20 year term.
 
minitour said:
Yowza.

Step 1 - Don't buy term unless you've got something to cover (home loan).

Step 2 - Don't buy term there for goodness sakes!

-mini
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What's wrong with term?

I'm 35 and pay $51 dollars a month for $320,000 20 yr term.
However, I have an aviation waiver In other words I will not be covered if I die in an airplane while I am the pilot. Without the waiver it would be about $110 a month. Once I get my commercial ticket I will have the waiver taken off and the rates shouldn't go up much. It is through Primerica.
 
minitour said:
Yowza.

Step 1 - Don't buy term unless you've got something to cover (home loan).

-mini
Click to expand...
What qualifications do you have to make that statement? Term is an excellent solution for anyone that is planning on having a good retirement savings and doesn't want to use whole life insurance as an expensive cash-building investment.
 
TheWife said:
What qualifications do you have to make that statement? Term is an excellent solution for anyone that is planning on having a good retirement savings and doesn't want to use whole life insurance as an expensive cash-building investment.
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I've been licensed to sell insurance in Ohio and PA (through an added on license) for a few years now. I guess that'll have to do as far as my "qualifications". I haven't taken my series 6 exam(s) yet and reeeeeally need to get my C.E. done.

What qualifications do you have to make your statements, if I may?

I don't use whole life as an investment. In fact, I hate whole life. If you want to combine life insurance with an investment source, use a universal policy. I also really like the RP policies. Those are about the only whole life policies I'll sell. If the "client" insists on buying a traditional whole life policy, I'll tell them about the negatives (it's expensive and unless you die early or get some sort of life threatening condition, it really doesn't pay to your advantage) but if they insist, that's what they get. You can lead a horse to water....

"Buy term and invest the rest" is a foolish philosophy, IMO.

All of that said, about 8 months ago I wrote a $1.5MM 15 year term policy on a business owner client of mine. He took that to the bank and got his loan to build two new buildings and expand his business.

Term has a place, but not as "life insurance".

jet-dreams, nothing's wrong with term........until it expires and your family needs it.

-mini
 
Same qualifications as you but long ago and a different state. However, I completely disagree with your approach.
 
TheWife said:
Same qualifications as you but long ago and a different state. However, I completely disagree with your approach.
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We'll agree to disagree. I've got some "co-workers" that love to sell term and some that refuse to sell it even if the customer wants it. That gets to be a very personal thing.

Moving on, however...did you do your 6 or 7 exam(s)?

If so, any study tips? I'm going to knock out my Life & Health CE this trip and try to do my series 6 on the next one and I've heard they're a pain in the @$$.

Also, did you do any PC work or just L&H?

-mini
 
Folks, the term "life insurance" is erroneous. It is "death insurance". You need to cover your liabilities and responsibilities (i.e.; educate the kids, pay off the house, etc.). You are paying for money you hope you will never see.
 
minitour said:
We'll agree to disagree. I've got some "co-workers" that love to sell term and some that refuse to sell it even if the customer wants it. That gets to be a very personal thing.

Moving on, however...did you do your 6 or 7 exam(s)?

If so, any study tips? I'm going to knock out my Life & Health CE this trip and try to do my series 6 on the next one and I've heard they're a pain in the @$$.

Also, did you do any PC work or just L&H?

-mini
Click to expand...

I decided to become a stay at home mom right before starting the exams so that ended that. I was a P&C agent for 4 years before that. My only study tips are practicing real life situations, things always make more sense to me when it's a scenario I talk through instead of on paper.
 
Thanks for all the responses. It has helped. I'm going to get quotes from AOPA and piclife as well. As someone said above. I'm only using this to cover my financial responsibilities if I pass away. I certainly don't want to pass them on to my wife or family.
 
Are you employed as a professional pilot? It may make a difference. I have $1 million 20 year level term for $450 per year, I'm 37 and around 11,000 hours. I used Zander as my broker. Maybe life insurance has risen dramatically recently??

As a side note...never use life insurance (whole, universal, variable universal, etc.) as an investment or savings plan...ever.

If you do, you'll never have to worry about paying capital gains taxes!!
 
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