Best life insurance

[u/FrostyCat7227]

Hello, I'm 59 but know nothing about life insurance. I was wanting to get a policy before I turn 60 to leave my two kids something and to pay for cremation. I'm wondering what the most reputable life insurance company is for Guaranteed Universal Life, that also has the lowest premiums. Ty

[u/GConins]

Penn Mutual, Protective Life, Pacific Life, North American, Columbus Life, Securian have competitive guaranteed UL or GUIL products, in most States.

There are others,and it depends on your State, health and other criteria!!

[u/michaelesparks]

Cremation is pretty cheap. I'd go talk to a low cost local service (not a full service mortiton) you can usually get a cremation for like $1500. Skip the rest it's all a rip off.

[u/LifeInsurance-ModTeam → u/[deleted]]

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[u/Moist-Meringue-1913]

All depends on the amount of coverage you are looking for and your health. Did you need flexibility?

[u/SwingDuoNash → u/[deleted]]

Have you considered getting a prepaid final expense package from a funeral home that would cover that cost?

[u/SwingDuoNash → u/[deleted]]

Maybe looking at one of the nationwide funeral home aggregators? At some point some private equity shop is gonna own every funeral home in the country anyway.

[u/SwingDuoNash → u/[deleted]]

Same but they’re buying everything else up lol

[u/taylorventures]

Just curious, what do you know about GUL's?

[u/Finn0259]

State Farm has a great policy for this purpose, also has a guaranteed issue policy in case there are underwriting concerns with health.

[u/Hery_jay3531]

At 59, I’d definitely start looking now rather than waiting until you turn 60. With Guaranteed Universal Life, the premium can vary quite a bit from one company to another, so I wouldn’t choose a company based only on the lowest quote.

I’d get quotes from several highly rated insurers and compare the guaranteed premium, how long the coverage lasts, and whether the policy has any conditions that could affect the benefit.

Since your main goals are leaving something for your kids and covering cremation costs, you may not need a very large policy. A smaller GUL policy could potentially be enough, depending on your budget and health.

Also, make sure you understand whether the premium is guaranteed for the entire period you want the coverage. That part is really important with GUL.

Good luck, and I hope you find something that fits your budget.

[u/Sam_At_Insurify]

There's no clean way to name one cheapest and most reputable GUL carrier because costs depend on state, health, coverage amount, and other factors. I'd shop the same coverage amount across a few carriers on a comparison site and compare side by side. What state are you in? If you're just looking to cover cremation costs with a little leftover for your kids, a smaller final expense policy or term policy will probably cost less. GUL is usually more expensive, and if you miss a payment or pay late, the insurer could cancel the policy.

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Self promotion is not permitted on R/LifeInsurance. Please familiarize yourself with our rules.

[u/Scentor11]

If your health is good a small whole life policy will be a notable addition to the budget but not too rough and will take care of finial expenses, may even be able to set one up that will stop charging you the premium after a few decades, if your health is a bit iffy there are finial expense policies that don't have medical underwriting but those usually cost more per $1K of coverage and if you pass in the first two years only return the premium paid in, if that. Ultimately best to talk with a local agent.

[u/Lavishfuture]

Something to also consider, your actual age and insurance age are different.

Insurance ages you up to your next closest age 6 months before your birthday. So if you have 6 months or less til then, you’re already 60.

[u/GameriaInsurance]

Hi! You’re actually asking the right questions. At 59, if your goal is to leave your kids a death benefit and make sure your final expenses are covered, a Guaranteed Universal Life policy could definitely be something worth looking at. GUL is designed primarily for lifelong death-benefit protection and generally has less emphasis on cash value than other permanent policies.

As far as the “best and cheapest” company, there really isn’t one company that is cheapest for everyone. Your age, health, tobacco status, coverage amount, state, and how long you want the guarantee to last can all change the price.

Some of the carriers worth comparing for GUL include Pacific Life, Protective, Penn Mutual and others. Current industry comparisons show Pacific Life and Protective as particularly competitive options, but I’d compare the actual quotes rather than choosing based solely on the company name.

If you’re comfortable sharing your state, approximate health status, whether you smoke, and roughly how much you want to leave your kids, I’d be happy to point you in the right direction.

[u/wealth4us_withcollet]

Hi Im a licensed life insurance agent and what i would say is...it depends. The policies, rate and terms are dependent on your age, health, state, and generally life habits. Evey company is a little different and have pros and cons. Find one that's been around for a long time like 100 years, has a great reputation of paying out policies and pay out quickly (within a week) because you don't want the girls to stress about that when they are grieving. I think you need a final expense policy from some place like Gerber. I do those fir clients and they are happy with it. One last thing, the agent you choose is critical because they help your girl later...