Best prices on life insurance?

General
1

One of my goals is to set up UL or 20 pay for myself. Due to a renal condition I have, I am 23 years old and have a table rating of 6. Right now, State Farm is what I’m looking at. For a $100,000 death benefit, the UL is $128 a month, and the 20 pay is $211 per month. Should I investigate other businesses similar to NYL? Disclaimer: Although I would really like to move into a 10 pay, given the table rating and current budget, it is not possible.

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2

Here’s a simplified version:

Current Life Insurance

  1. $700k self-pay policy:
  • Cost: $31/month
  • Lasts for 20 years
  • Company: LadderLife
  1. $350k employer-based policy:
  • Cost: $12/month

Total Coverage

  • Total life insurance: $1.05 million
  • Other assets: ~$1 million
  • Total protection: ~$2.05 million

Considerations

  1. Enough Coverage:
  • You need $1 million in life insurance.
  • You have a bit more than needed, but that’s okay.
  1. Cost:
  • Employer policy is cheaper.
  • Employer policy might not be there if you change jobs.
  • Self-pay policy has a fixed cost for 20 years.
  1. Planning:
  • Self-pay policy gives stable costs.
  • Check if employer policy stays if you leave the job.

Recommendations

  1. Check Employer Policy:
  • See if you can keep it if you change jobs.
  1. Think About Reducing Self-Pay Coverage:
  • If the employer policy is good and can be kept, consider lowering the $700k coverage to save money.
  1. Review Regularly:
  • Check your life insurance needs often, especially if life changes.
  1. Alternative:
  • Ask LadderLife if you can reduce your coverage and pay less.

Final Decision

  • Keep both policies for now:
    • This gives you flexibility and stable costs.
  • Reassess needs regularly:
    • Make sure your insurance fits your situation.

Balancing cost, coverage needs, and flexibility is key to your best life insurance plan.

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3

Looking into various insurers like New York Life may result in better prices or possibilities given your budget and table rating. It is a good idea to compare perks and quotes to see which one best suits your requirements and budget.

4

Plus, If your budget’s good, grab a convertible term policy to lock in your risk level. Most carriers give you about 10 years to switch to a permanent policy later when you can handle the full premium better.