I got term life insurance for 1.4M at 30 year term for 76$ per month through legal and general America.
Are there any other options with this price range ? I want to explore some options like permanent life insurance or any other products ?
What do you think?
Legal and General (Banner) usually offers the lowest rates for preferred coverage.
Their conversion product isn’t great, but that’s the trade-off for lower rates—there are only so many ways a company can keep costs down.
No permanent insurance will fit your $75/month budget.
You haven’t provided your age, gender, health details, or your specific goals and needs.
Without that information, we can’t help much beyond saying that your current carrier is already the cheapest option available.
Nice, how old are you and did they require a medical exam for this policy?
I recommend finding a local agent who can provide quotes from multiple carriers based on your health and age. Your question is too broad for specific advice here.
You could choose a smaller permanent policy with a term rider and add more paid-up additions, then adjust the term coverage to the amount you think you need.
It really depends on how much premium you’re willing to pay.
You’ve found the cheapest term or temporary options.
For a 32-year-old in perfect health, I see $76 with L&G (William Penn). Principal and Prudential are just a few dollars more.
If you were my client, I wouldn’t recommend these companies for whole life or permanent coverage. They offer great low-cost temporary coverage, but you’d be better off with a participating whole life policy from a top-rated mutual company like Guardian or MassMutual. These whole life contracts will perform better than the low-cost options.
We should also consider a shorter term and create a plan to upgrade or convert the term insurance to whole life. We could potentially look at a hybrid policy that combines both whole life and term.
How did you determine that was what you needed?
I just got a 20-year term policy for $1.3 million at 43 years old for about $85 a month with Preferred Plus from Pacific Life. After shopping around for competing offers, this was the best I found. Some agents even told me not to bother applying with them because my rate was already too competitive. Depending on your age and assuming you’re in the lowest risk class for most carriers, I think you got a good deal, but I can’t say for sure since I’m just a consumer.
Term insurance offers the most protection at the lowest cost. No other product provides this level of coverage for such a low price. However, you can also add a whole life policy with a smaller death benefit. This way, after 30 years, the death benefit grows while you still maintain coverage.