Are these good rates?

[carnelia]

35, M, 5’9” 235 lbs, charged w/DWI 21 months ago, have type 2 diabetes, smoked up until a month ago. No health exam for any of these policies. Rates I got below. Are these good rates?

Accidental
$800k payout for me, $650k payout for the wife, $252/month until age 80

All the same except $500k and 500k, $158/month until age 80

Accident and Natural
1,000,000 10 yrs w/guaranteed renewal $302/month

 

[hannahjane]

@carnelia Great rates for someone with your history. Problem is I can’t imagine anyone approves you for accidental death coverage with a recent DUI.

Further, if you’re being quoted at non-tobacco rates you won’t get those for at least 6 months - most companies require a year of cessation.

 

[kilmanagh]

@carnelia If price is all you're worried about, then don't get it at all.

 

[bethellens]

@kilmanagh I agree. He only look for money

 

[bethellens]

@carnelia I guess you got term. Go find better pricing if you can. Pointless asking is it good or bad based on priced

 

[carolmariev11]

@bethellens Why is it pointless to ask if it’s a good rate?

 

[bethellens]

@carolmariev11 There is no value. You might just cancel first thing when faced money problem

 

[kristen_123443]

@carnelia Just because it says “no health exam required” does not mean you automatically qualify. You likely won’t even qualify for those rates with the issues you mentioned.

 

[levnishbar]

@carnelia Does the 800k only pay out if it's an accidental death?

 

[jeshurun1111]

@carnelia That's a great rate for your history. Be careful though, I doubt it's that rate until 80. More likely that rate for X years then it will increase more over time but not cancel on you until 80.

 

[tannerking1]

@jeshurun1111 Well its term insurance it will increase every single year

edit: he doesn't specify in his post it might be level

 

[smb123]

@carnelia If you only had 1 DWI, assuming diabetes is well controlled and diagnosed preferably within last 5 years with current A1C of 7.5 or less, considering cigarette smoking up to 1 month ago, best case $1,000,000- 10 year term rate (that wouild pay out for death by any cause) could be $249 per month now. After 12 months of no nicotine use with no new issues, rate could be as low as $73 per month, possibly little lower. Over the age of 30, the likelihood of dying by accidental means is extremely low, so I would not buy, nor would I recommend buying accidental death insurance. But if do want accidental death ins, make sure to also check rates with Mutual of Omaha as they are known to offer decent accidental coverage at https://www.mutualofomaha.com/life-insurance/accidental-death-insurance. Good luck!

 

[carnelia]

@smb123 All of the rates are part Fidelity part Mutual of Omaha policies.

 

[frenchyriff]

@carnelia I surprised you were actually approved with the dui so recent. Take the life insurance. Fuck accidental death. That’s a waste of money. Get more life coverage if you can spare it.

 

[littlelovey]

@carnelia Why do you need life insurance until you’re 80? Do you not invest?

 

[larryd]

@carnelia Were you quoted those rates or approved for those rates? I would expect you to be approved for accidental coverage but highly doubt Mutual of Omaha is approving you for any term coverage.

Just be sure you fully understand the differences between accidental death term policies and full term policies that cover you for natural death as well.

 

[plantlover]

@carnelia I'd say that if you accept, ask for a rate reduction when your health improves. Most carriers will allow nonsmoker rates once you're a year nonsmoker. As for your type 2, they rate based off your history (a1c, build, diagnosis date, and lifestyle). Of your a1c was high, work on that and get it reduced. May help your rates.

The question is, what was your rate class?