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thendrix 
Orange Level
Joined: 04 Feb 2013
Location: Fairmount GA
Points: 5106
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 Topic: Life insurance rates/companies
Posted: 15 May 2018 at 7:27am |
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Who do you fellas have life insurance with? We're getting closer to starting construction on a new broiler farm and before the loan can close I have to have a term life policy worth 1/3 the projected loan amount (about 800k worth of insurance). Who do you guys use and what kind of rates are you seeing?
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"Farming is a business that makes a Las Vegas craps table look like a regular paycheck" Ronald Reagan
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jaybmiller
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Joined: 12 Sep 2009
Location: Greensville,Ont
Points: 24766
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Posted: 15 May 2018 at 7:46am |
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OK, I don't have any life insurance( no kids...) but WHY does the bank or lender need you to have life insurance UNLESS THEY are the beneficiary of YOUR life insurance ??
Sounds 'fishy' to me...
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3 D-14s,A-C forklift, B-112
Kubota BX23S lil' TOOT( The Other Orange Tractor)
Never burn your bridges, unless you can walk on water
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alan-nj
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Joined: 12 Sep 2009
Location: oxford, nj
Points: 847
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Posted: 15 May 2018 at 7:59am |
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Too many variables to compare rates. Age, health, medical history all figure into it. Will probably need some sort of exam as well. Best to work with an insurance broker who can shop around for you.
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If ignorance is bliss, than happy days are here again.
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shameless dude
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Joined: 10 Apr 2017
Location: east NE
Points: 13607
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Posted: 15 May 2018 at 10:10am |
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can I be your benifisherary?
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Ray54
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Joined: 22 Nov 2009
Location: Paso Robles, Ca
Points: 4759
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Posted: 15 May 2018 at 10:57am |
 shameless dude wrote:
can I be your benifisherary? |
Sure  all you have to do is dig up how ever many of them Mason jars out back to build a new chicky house or 3.
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thendrix
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Joined: 04 Feb 2013
Location: Fairmount GA
Points: 5106
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Posted: 15 May 2018 at 12:14pm |
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Because if I'm gong with no life insurance they're on the hook for quite a bit of loot until somebody comes along looking for a chicken farm. If I owe less then the amount of the policy then remainder goes to the beneficiary after the bank gets theirs
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"Farming is a business that makes a Las Vegas craps table look like a regular paycheck" Ronald Reagan
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Red Bank
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Joined: 18 Apr 2018
Location: Germanton NC
Points: 1051
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Posted: 15 May 2018 at 1:51pm |
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Term life $250000 costs me $71.75 a month policy set for 20 years I have had it for 12 years. Got
It when I was 36 and I am a smoker which definitely costs more. I got it to pay off house and farm if I die before my daughter gets out of school.
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thendrix
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Joined: 04 Feb 2013
Location: Fairmount GA
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Posted: 15 May 2018 at 2:04pm |
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Thanks Red
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"Farming is a business that makes a Las Vegas craps table look like a regular paycheck" Ronald Reagan
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shameless dude
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Location: east NE
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Posted: 15 May 2018 at 6:32pm |
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my insurance is paid thru my old job, I don't have to pay any premiums, it's for $100,000.
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darrel in ND
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Joined: 22 Nov 2009
Location: Hebron, ND
Points: 8730
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Posted: 16 May 2018 at 6:00am |
shameless dude wrote:
my insurance is paid thru my old job, I don't have to pay any premiums, it's for $100,000. |
Can I be YOUR benefishery.....? Darrel
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thendrix
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Location: Fairmount GA
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Posted: 16 May 2018 at 6:05am |
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Careful Darrell. No telling what might come with that
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"Farming is a business that makes a Las Vegas craps table look like a regular paycheck" Ronald Reagan
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tadams(OH)
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Joined: 17 Sep 2009
Location: Jeromesville, O
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Posted: 16 May 2018 at 3:32pm |
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DougG
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Joined: 20 Sep 2009
Location: Mo
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Posted: 27 Mar 2021 at 11:58am |
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Nothing fishy at all about this , lol, its standard procedure when obtaining/ borrowing large sums of money; mostly to look good on paper but they have to have asurance also of $$$$ in the unlikely event of your death ; big thing is to shop around- rates vary so much- will need a med exam if over 100,000 i think ; when i was young 500,000 was around 23 bucks a month , now have that expiring at age 50- gonna start shopping myself and the premium im sure will quadruple or then some
Edited by DougG - 27 Mar 2021 at 12:03pm
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john(MI)
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Joined: 12 Sep 2009
Location: SE MI
Points: 9262
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Posted: 27 Mar 2021 at 5:13pm |
Is it like a mortgage? You can buy mortgage life insurance that pays off the balance if you die. Do they offer anything like that?
If you're looking for cheap then buy whatever is cheapest. If you are looking for good look up the companies rating before you buy.
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D14, D17, 5020, 612H, CASE 446
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DMiller
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Joined: 14 Sep 2009
Location: Hermann, Mo
Points: 34281
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Posted: 27 Mar 2021 at 7:02pm |
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I currently have the $20,000 policy My Mother got me to buy when went on my own at 18, is paid for but also depreciated at 57 years old to $12,000 where it bottoms out at, have a Whole Life for $50,000 thru Farm Bureau, bought late in life where is $111.32/mo, anniversary last year where it had increased to over $58,000 with the additional premiums as passed 20 years. Then had $190,000 thru my employer as a Additional Pay in while employed, that had reduced to $175,000 as of Medicare emplacement and will reduce every few years until down below $115,000 then settle out there permanently until I pass.
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Adam Stratton
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Joined: 11 Sep 2009
Location: SW MO
Points: 1363
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Posted: 27 Mar 2021 at 8:55pm |
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I have a term policy from SBLI that is very reasonable. You should be able to check prices online. Forgot where it was but there are websites that allow you to price check several companies at once if you do some digging. Sbli was the cheapest back when I did it 6 years ago
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WF owner
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Joined: 12 May 2013
Location: Bombay NY
Points: 5050
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Posted: 27 Mar 2021 at 10:10pm |
I bought a "Whole Life" policy from one of the big name life insurance companies in 1984. I was told that I would pay premiums for 20 years and then it would "mature" and I would have no more premiums. Fast forward 36+ years and I am still paying premiums. They say their investments didn't do as well as predicted.
Don't buy whole life insurance. It is the worst investment I have ever made !
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HD6GTOM
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Joined: 30 Nov 2009
Location: MADISON CO IA
Points: 6627
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Posted: 27 Mar 2021 at 10:26pm |
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I had a whole life policy thru one of the major company's, was for 100000.00 should have been paid up. Several years ago, I was notified by one of the secretaries that worked there, insurance was being eaten up by !management costs. There was about 11000.00 left. I had paid them many more dollars than that. The longer I left it alone, the less value it had. I never borrowed any money against this policy. The only thing I could do was take the money and do something else with it. If that gal had not told me about it, I'd have lost everything. Guess I outta talk to my accountant about this. Never thought about it till now. Guys Keep an eye on these things. You may not have as much as you think.
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steve(ill)
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Joined: 11 Sep 2009
Location: illinois
Points: 88408
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Posted: 27 Mar 2021 at 10:34pm |
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Life insurance is good is you are YOUNG and OWE LOTS OF MONEY... You die and they pay off the bill... As you get older and own everything, have few bills, it is not a benefit...What is the money needed for ?.... Put your money into stock or something and get the interest
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Like them all, but love the "B"s.
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Tbone95
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Joined: 31 Aug 2012
Location: Michigan
Points: 12241
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Posted: 28 Mar 2021 at 7:11am |
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Always hear ads for “Select Quote”. Premise is they shop around for you. I don’t know good or bad experiences personally but sounds interesting and ain’t out anything but a phone call.
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DougG
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Location: Mo
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Posted: 28 Mar 2021 at 7:22am |
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Here's something else to think of - cancer policy- Got a cancer policy back in 94 and that payed out very well as my wife got leukemia from her breast cancer drug - she was in Barnes in St Louis for 9 months, it was bad, had to submit the disc of treatment to them a few times as they conviently - missed- things ,kept on them and they finally sent the big check , know what you have as they seem to overlook stuff at the time
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desertjoe
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Joined: 23 Sep 2013
Location: New mexico
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Posted: 28 Mar 2021 at 9:27am |
Well,,,like most others here,,I have been FLOODED with all kinds of "life Insurance" offers by mail and email,,(how in the heck do they get your contact info?) I guess I should open and READ what the deal is but I always thought "Life Insurance" was for when you is younger, becuase of the long time you have to pay into it,,,,!! TRUE or not??
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SteveM C/IL
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Joined: 12 Sep 2009
Location: Shelbyville IL
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Posted: 28 Mar 2021 at 10:03am |
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Purpose of "life insurance" is to pay your debts if you are no longer alive. It should NEVER be considered an investment. That's why term insurance is all you should consider. You get a lot of bang for your buck. It's insuring not investing! Whole life is terrible way to invest money. The idea is that you make wise investments as a young person and over the years you become wealthy by spending less than you earn and the term ins covers your butt while getting there. Dave Ramsey has the whole thing figured out. I wish I knew all that in the beginning. "Don't do as I do,do as I say" LOL!
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DougG
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Posted: 28 Mar 2021 at 11:54am |
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So very true life insurance is - not - and investment or should not be used to make others wealthy, the idea is your 23 , marry some gal build a house , decent cars trucks - heavy/ moderate debt - your the big $$$$$ maker , you get killed she has no worries on $$$ to pay off everything - and like this post started the bank has to have some money that will be there in the event of your death
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john(MI)
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Location: SE MI
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Posted: 07 Sep 2021 at 7:24pm |
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You should get a annual report on your policy. It states what the current cash value is. Watch that every year and pay attention if it starts to drop. That's when you need to determine if you cash it out or not. The policy I have is a 20 year whole life policy. I paid premiums for 20 years and then it has taken care of itself. I don't know if you could get one for that amount, but it might be worth looking into.
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D14, D17, 5020, 612H, CASE 446
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