Life Insurance questions

First question... why do they make this so difficult? I am getting very frustrated. I really did not think this would be a big deal but these financial guys that my husband is talking too are really making me feel uneasy.

So I need help.

Here is what I want. I want a 30 year term life policy. I want one for my DH and one for me. This is what we said to these financial guys. I got one quote for a 20 year term policy and one for an 80+ year term. NO 30!!
Here is my main question. When I was younger my mom had a policy for me. I think it was whole life. I paid a monthly permium and that is it. The quotes that we are getting not only have a monthly ISA payment but a yearly contract premium (of like 600). Is that how they all work? I never had a contract premium with my other policy. Help me understand this so I can feel like I am not totally getting screwed. Thanks!!

Re: Life Insurance questions

Re: Life Insurance questions

The paperwork said Northwestern Mutual.
This sounds off, right?

Re: Life Insurance questions

Re: Life Insurance questions

I was going to do that but thought that maybe some of the hidden fees and such would not be shown when I got a quote and I need to have my ducks in a row when I go back to my DH will all this. He thinks I am crazy for second guessing a finance guy when I have no life insurance or finance background. Myabe I am, but it just does not sound right to me. WAY TO HIGH.

Re: Life Insurance questions

Re: Life Insurance questions

Premiums should include ALL...which is the flat rate you pray for the lifetime of the policy...no additional fees elsewhere. it does not sound right.


FM if you have any questions, I may be able to help you out.

Re: Life Insurance questions

We have the same type of policy. I have never heard of a contract fee.

I can give you the info. for my agent. She is very reasonable and honest. FM me if you would like her info.

Re: Life Insurance questions

First of all - you should NEVER ever blindly trust the 'finance guy' just b/c he's supposed to know more than you - So you are 100% right to question anything that sounds 'off' - And a $600 contract fee on a term life product sounds WAY off .......
Check to see if he's adding riders to the policy and the cost of that -

Second, is he not giving you a 30 year term b/c it doesn't exist with the company he's quoting from? He should be giving you what you asked him for, if he thinks something might be better suited for you, he can suggest and give you paperwork to compare, but he should not be ignoring your requests for information.

Third, if you have a whole life with your Mom, unless she cancelled it or let it lapse, it's still inforce. A whole life does not expire like a term. - See how much your life is covered for w/ that policy as well b/c it may be substantial and if she bought it while you were young, the premium is next to nothing and it can be worth a good amount of money -

If you want to FM me, I can try to help you out. I don't sell (yuck) but I work for a major Life Ins. Co.

Northwestern Mutual is a reputable company (not where I work though), you may have a new agent who doesn't really know what he's doing -

Re: Life Insurance questions

FM 'Shorty'

Re: Life Insurance questions

Never heard of an annual contract fee and we have both whole and term policies for me and DH and a whole policy for DD.