I was granted 30 years of 1M coverage by both USAA and Brighthouse Financial.
Brighthouse is $50 monthly but USAA is $108.
Although I adore USAA’s customer service, I detest the thought of having to pay twice as much for the same coverage.
How should I decide on this? What other factors should I take into account?
Although I adore USAA’s customer service, I detest the thought of having to pay twice as much for the same coverage.
How should I decide on this? What other factors should I take into account?
There are currently just two. Aside from price, what else should I think about? USAA appears to be an A++ and Brighthouse to be an A.
Customer service appears to be above all that matters to you.
You might also look up and compare pricing from other A+ or better companies.
This must be for term insurance, right?
To find out how much more is added, I would include the possibilities for waiver of premiums, conversion to permanent life insurance policy at a later time, and additional purchase benefit (APB)—the ability to acquire additional insurance in the future without having to undergo another medical exam.
The USAA policy is more expensive because, although I am not positive, it has a convertibility option.
I would not overthink it—it is just term. This is not a bad company, Brighthouse. It is not unusual for life-only companies to have lower costs than multi-line carriers.
Just adhere to the Brighthouse guideline if your mentality is “purchase term, invest the difference” or if you are certain that conversions or anything complex will not be required. $20K saved over a thirty-year period is a substantial sum of money.
Yes, that might be the case. Try including that element in the other policy and observe how much it increases. If it does so, determine whether it is equivalent.