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My husband and I recently purchased a home and have a baby on the way. We are desperately searching for a solid insurance company to purchase a 20yr level term life policy. I have gotten a quote from an independent insurance agent that suggested for Primerica at $ 95/mo (for both of us with a disability waiver rider) (note: agent is family member), one from SelectQuote for Banner Life (never heard of them) at $ 64.97/mo for same coverage and waiver, and one from another insurance finder for ING at $ 72.70. ING has had a good rating but I think they have just been demoted slightly from AM Best and S&P. Any info I find online for customer reviews are all negative for every company I look at (not a single positive review for any). I’m not quite sure how these rates vary so widely. I would rather spend a couple extra dollars a month for peace of mind but I am truly at a loss of what to do. Can anyone make any suggestions or recommendations for a company to go with or look into? Thanks.
I appreciate all of the help. We know exactly the type of policy we want and the only debts we have are mortgage, college loan and 6 months payments on 1 car. Our financial situation is good but neither my husband nor I can live without each other’s income and owe 28 yrs on our mortgage so it is imperative that we get a term policy asap. I’m choosing not to go with Primerica since I have gotten quotes from other companies for around $ 70 for both of us. I do not wish to pay for services I don’t need. I want a term policy and that is all. I will not be using New York Life either since I told the agent exactly what we wanted, how much, why, and which riders to add and all he did was try to talk me out of it and sell me a whole life policy. I am willing to bypass an agent and deal with the company directly if I continue to be unsuccessful with the agents that I’ve been in contact with. Can anyone recommend an insurance company that I should look into? I’m not interested in any mor

5 Thoughts on Looking for good company to buy term life insurance?
  1. Reply
    June 21, 2011 at 8:26 am

    Where does he work?
    The cheapest life insurance policy you can buy is from work.
    He may be getting some – he just needs to ask for more coverage.
    Also what company do you have your home insured through – companies like Geico have partners that have very low cost policies.
    Don’t go through that family friend, he is selling you some expensive stuff (not highly rated).
    ING is a reliable company.

    One major component t insuring yourself for the future is to save, save, save and have little debt so whomever takes care of your child does not have to pay off all your debts from your assets.
    Don’t forget to have that emergency life savings put away – 6 to 8 months worth of living expenses…

  2. Reply
    June 21, 2011 at 8:53 am

    LOL If he’s pushing Primerica, he’s not REALLY an independent . . . Primerica is NOT very competitive – their rates are atually pretth high.

    Banner Life is A+ VIII stable. Ing is A XIV Stable. Either of them will be fine. You’d check with complaints, at your state insurance department website – most will PUBLISH upheld complaints, but I don’t think you’ll see many valid, upheld complaints with EITHER of these companies. When you look for online reviews, you’re hardly EVER going to find anything positive – people who are HAPPY with their insurance, don’t take the time to write reviews to hundreds of different websites – only UNHAPPY people do that.

    But I’d suggest you might want to check with ANOTHER independent broker, who can give you quotes for MULTIPLE companies – like at least 10.

  3. Reply
    June 21, 2011 at 9:04 am

    I did a quick quote for 250K for a 40 year old completely health non smoking male…no disability rider
    (this is also for my state)
    These are the cheapest companies I come up with

    1. Genworth $ 17.29 AM Best A
    2. SBLI (Savings Bank Life Insurance Co of Mass) $ 18.05 AM Best A+
    3. Banner Life $ 18.38 AM Best A+
    4.ING ReliaStar Life Insurance Company $ 20.83 AM Best A
    5. American General $ 20.91 AM Best A
    6. Transamerica $ 21.00 AM Best A+

  4. Reply
    June 21, 2011 at 9:44 am

    A) Primerica is not sold by independent agents. It is sold by Primerica agents. That’s who your relative works for and they are notoriously expensive because of the overhead. It’s “Amway for insurance” in generic terms.

    B) Banner is good. I own them and sell them.

    C) ING is good I sell them.

    An A-rating is more than adequate for term life insurance. You’re not talking about your life savings. You’re talking about term insurance. You want to make sure that the policy is convertible should you develop cancer in the 19th year and decide you want to keep it going forward.

    Your exposure to “good service” belongs to the insurance broker you choose. I would not recommend you buy from SelectQuote or any large online place. Buy from an insurance broker that can also be a valuable resource to you. The price from a small broker is going to be the same and I can tell you most small brokers sell many more companies than SelectQuote, MatrixDirect, etc… sell.

    You should be able to find a broker that provides you the ability to see the prices from Banner, ING, Primerica and dozens upon dozens of other companies.

    ———— case in point. Poakley gave you some quotes, but after his/her number 3 and before his number 4 company there is also Cincinnati Life, Minnesota Life, Ohio National…and then it’s missing Western Reserve, Jackson National. You need a thorough quote engine when shopping.

  5. Reply
    Chris C
    June 21, 2011 at 10:04 am

    1. Primerica is widely known as the joke of the industry. Their agents are typically, VERY part time and most are more focused on recruiting rather than actually learning about financial planning. Most flunk out of the business within the first year becuase they had no business being in the industry in the first place. The only people that actually believe it’s a good company are the people that work for them, and the only reason they say it’s good is likely becuase they are trying to recruit you into the business so they can make money off their downline or they are trying to sell you a Primerica policy (squeezing a square peg into a round hole), rather than sell you the best policy to suit your need. Jerzey clearly takes his/her manager at Primerica’s word as gold and doesn’t actually research the industry to see what other companies are about (Typical of a Primerica agent from what I’ve noticed of the ones I’ve met). Most of the list of hype things he mentions about Primerica are things that most ther decent companies/agents/broker offer (comprehensive needs analysis, debt reduction strategies, renewal options on policies, disability waivers, etc). Most companies out there realize that providing good value added services helps solidify a relationship with the client…and these companies don’t beef up their insurance premiums to cover these services…

    2. Find a good independent insurance broker. A broker will do all the work for you and it won’t cost you anything extra typically.

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