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Buying Term Life Insurance, Part II

Written by Nickel - 5 Comments

So far so good. Less than twelve hours after applying for term life insurance, we received a call from IntelliQuote. They wanted to verify our address so they could send us our application packets. They also wanted to schedule our medical exams. Just a day later they e-mailed to tell us that our applications were in the mail, and that we should be receiving them within three or four days.

One thing that I learned from the e-mail was that the six to eight weeks for underwriting starts after our medical exams are complete and they’ve received our completed application packets. Thus, it looks like it may end up being more like 8-10 weeks from when we initially applied online until our applications have been approved. I can’t imagine why it should take that long, but it does. Oh well, I guess I’ll just have to be extra careful not to die in the interim…

Read Part I of Buying Term Life Insurance
You are currently reading Part II
Read Part III of Buying Term Life Insurance
Read Part IV of Buying Term Life Insurance

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Published on September 2nd, 2005
Modified on November 16th, 2011 - 5 Comments
Filed under: Insurance

About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!

5 Responses to “Buying Term Life Insurance, Part II”

1
FMF Says:
September 2nd, 2005 at 9:49 am
You should be fine. If you’re in your 30’s, the chances of you croaking any time soon is pretty low.
2
Blaine Moore Says:
September 2nd, 2005 at 10:14 am
Good luck; I’d prefer that you make it until you have life insurance, or even a bit farther. This site would get a bit stale without you, is my guess!
3
nickel Says:
September 4th, 2005 at 1:11 pm
Thanks for the positive vibes, guys.
4
John Fagan Says:
August 12th, 2009 at 1:01 pm
Hey Nickel,

Since you have been involved since 2005, has this been a great business for you or do you have several different “things” working?
5
Fia Velasco Says:
June 6th, 2011 at 7:02 pm
Hi Nickel
Why did you decide to buy Term Life Insurance? Term is a waste of money. Did your agent tell you that after the Term, it is renewable but it will be a lot expensive – not 2x, 3x, or 10x expensive! It would be around 100x more expensive. For your young age, you are paying a lot for that Term. There is only 2 kinds of insurance Term and Permanent. Think of Term as renting a house and Permanent as buying a house. Term doesn’t have and will never have equity. Term vs. Permanent: Term 1)Low cost (initially), 2)Cost goes up, 3)No equity, 4)Coverage ends / Permanent 1)Higher cost (initially), 2)Cost remains level, 3) Builds equity, 4)Coverage never ends. I got a permanent life when I was in my 40s and paying $282.00/month but not all that goes to the cost of insurance, it goes to my cash value part of the insurance earning 6%-12% interest. I used to work with a bank as a teller but now I changed career, still in the financial industry. I am learning a lot with this new career and I don’t have to go and spend so much on education. This career showed me how to really really save money (like the rich and very rich who have/retain/hire financial advisors), showed me the tools/vehicle where I can put my money to fight the 2 biggest enemy of money – inflation and taxation. I wish I knew this company when I first came here to America at age 19. If you want to know more about insurance or how to save the way rich people do, Email me.

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