Hey guys, I’ve been looking into getting a 20-year term life insurance policy for $500,000. It’s just me (36/m) and my wife (27/f) as the beneficiary.
So, a friend pitched me a policy through New York Life, which apparently has a AAA rating. But I’m wondering if I should shop around more or go with a more well-known company.
Do any of you have recommendations for insurance companies to check out (or ones to steer clear of)?
And what’s the average monthly cost for someone in top-notch health like me?
New York Life (NYL) is among the most respected companies in the industry. However, that doesn’t guarantee the agent’s reliability, but overall, the company has a solid reputation.
Nevertheless, it’s still wise to explore other options.
Given your age, you might want to consider a 25 or 30-year term policy to align with retirement goals (the idea being to have coverage until retirement). For someone in the best health class, like a 36-year-old male seeking a $500,000 20-year term policy, there are approximately 30 carriers offering rates in the $20-25 per month range, including Guardian and MassMutual, which boast similar ratings to NYL.