I am currently looking for Term Life Insurance. All the companies I am looking at gave me a similar quote with a requirement of a medical exam. Could someone please guide me regarding how to choose the company. Accounts of personal experiences are welcome.
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You should have a licensed professional review it. Cashing out may trigger a tax bill. You can also consider a 1035 exchange, which lets you transfer it to a different permanent life insurance policy or annuity contract without making it a taxable event.
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It might help to look at each company’s customer reviews and claims process to find the best fit for you.
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Can you check out their AM Best rating? That could be a good indicator. What state are you in?
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What did your agent say?
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Protective and Principal offer favorable underwriting. AIG, however, uses an algorithmic underwriting model with no option to appeal your underwriting class after approval. Principal offers strong conversion options, especially with the extended conversion rider. Protective also has good conversion options, but you need to elect conversion early to access their full product range. If you wait, your conversion options will be limited and less appealing.