by davidg » Wed Dec 19, 2007 05:15 am
I have a 100K term life policy with Allstate and have had it for 20 years. It is about to end in a few years and my agent has suggested I convert it to a universal at lower premium than I am paying now and supplement with 150K of term. The total cost is only about $50 more than I am spending a month now. Should I do this or just buy another term which I could probably get for around the same price I am paying now only for 200K. I am 55.
Posted: Sat Dec 22, 2007 12:16 pm Post Subject:
With such warm welcome from Dreamer and Goodnatured i am truly feeling great.Thanks a lot.I am honored to be a part of this community....THANKS A LOT.....
Posted: Sat Dec 22, 2007 12:19 pm Post Subject:
no problemo, good to have you here, hee hee
Posted: Sat Dec 22, 2007 12:20 pm Post Subject:
Having my morning coffee with you sil, where are you from? any snow there? Lots here, think we will have a white christmas.
Posted: Mon Dec 24, 2007 07:16 am Post Subject:
Hello davidg, welcome to the place where a bunch of us hang out when we're bored. ;-)
I'm in central CA and although there isn't any snow where I'm at, Lake Tahoe is just up the road a bit and there is plenty there.
Ok, now we'll get down to business.
Let me begin by saying that, professionally speaking, I do not like Allstate. I have represented parties who have sued them a few times for life insurance fraud-related issues and I am just not a fan.
I understand that you are now 55 years old. If you plan on living to (or beyond) your life expectancy (statistically speaking) and would like to leave someone a few bucks when your heart stops beating, term insurance is very likely a poor choice. You may be able to secure a 20 or maybe even a 30-year level term plan but realize that when those are done, a new policy will prohibitively expensive.
When you said that an Allstate agent wants to convert your term plan to a new UL policy (assuming the face value will remain the same) and your premium will be less than you are currently paying sent bright red skyrockets streaming towards the heavens.
Before I can call this agent an imbecile, I'll need just a bit more information on his proposal. If you'd like me to help, I'd be happy to do so. I'd rather steer you clear of trouble today than have to investigate your agent for fraud tomorrow.
Mark
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