Minneapolis/St. Paul Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Life Insurance Question
DH and I have Term life policies and DH said that our agent called him earlier this week to tell him that because he's "getting older" (really 33 is old???) his rate is going to change. I thought that because we went with a Term and had our health exam's to qualify for the rate we got we were done??? They can change the rates on us like that? What's the purpose of going through the health screen then if they are just going to raise the rates based on your age???
Anyone have any insight into this before I give my agent a call to chat further.
Re: Life Insurance Question
C & P from an email from DH. He works in a corporate office for a life insurance company aiding in the underwriting process
If they are set on a term case the UW (underwriting) rates will not change
during the duration of the length of the case, ie 10, 15, 20 yrs etc... A
lot of sneaky agents will try and play that card to get clients to apply
for different policies because when an agent places a new policy the
commissions they receive during the first year of the policy are way higher
(ex 85%) then they are in the following years (ex 2-10% or even less). I
would call the carrier yourself and ask about that. Hartford ratings will
not change ever during the duration of the term policy.
Hope that helps!
Nicole and Sam 10/3/09
I called and she said that it wasn't about a rate increase but about a new type of policy they have rolled out called "return of premium" so after the 30 years are up if we don't renew we can get our premium paid back for the entire 30 years we were paying it...
Does this seem like something I should look into or should I just stay with what we got? I don't know that we'll end our policy in 30 years but maybe in 30 years we'll have a better one and maybe won't need this anymore???
Thoughts??
Nicole and Sam 10/3/09
The company wins if you do that new plan. Basically *YOU* could be investing your own money, get your compound interest and grow your own money.
Or you can hand it to a company for the very small chance you die, and in 30 years they give it back while they earned all the money.
As my financial advisor says: LIFE INSURANCE IS NOT A RETIREMENT PLAN.
We have an 18 year term life insurance which would put us through almost all of our kids young lives and pay for the house (and more.)
It?s unfortunate but it?s possible that you got yourself into a loop. Most level term life policies are not really guaranteed unless the insurance company explicitly states that the premiums are guaranteed to remain level for the life of the family. Your DH has no choice but to pay up now, but he could compare term life quotes online and see how much a guaranteed term life policy will cost him. Good luck!
Denise