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EDISON | With a life insurance death benefit, does the face amount divided by premium tell when it is paid for 100%? |
This death benefit is 10k, and the monthly premium is $40. 10k/40 = 250 months, or 20 years
Or a 5k benefit with $40 premium would be 10 years?
So I am betting I will die before it is paid up and the insurance company is betting I live longer than the policy? Thanks. |
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Zarnev
|
You're right about the betting part but the actual premium formula is not that simple. The premium is based upon your age, gender and health conditions. The insurance companies use a table to figure the rates. For example, a 20 year $150,000 term for a 30 year old non-smoking male will run around $20-$25 per month, depending upon the company. The same person will spend around $90 - $100 per month for a Universal Life $150,000 policy. |
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Insurance
 |
No. the insurance rate will depend on
1. age
2. gender
3. smoker/non smoker
4. drinker/non drinker
5. health condition
6. BMI (body mass index - weight (kg) / height (m) ^2)
for item 5&6 the insurance company may impose loading (or additional premium) if the health condition is not too good.
To be more accurate the underwriter will ask your family medical history to look for symptom like high blood pressure, diabetes and etc before they take you in.
For different country insurance companies rates are different, due to different mortality rate (death rate). For developed nation the premium is cheaper coz people can live longer compared to developing nations. |
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Mark S
 |
You are betting that your policy won't be paid out and the insurance company is trying to figure out a way that they will make the most from your money. They have been doing this for a long time and know how to structure payments to work for them. Your policy will never be paid in full, unless you live to either 95 or 100. One of those two years, your company will pay you the face amount of the policy and your insurance will end.
This is whole life. This is what they do with whole life- they look to make as much as they can and give you as little as possible. They will make more than the 10 or 15k face amounts. |
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bullet b
 |
a 10k policy for 40 bucks a month is pathetic. get a term life as the other dude has mentioned. 25 bucks for over 100k protection for your family to fix your funeral. last time i checked a funeral cost at least 15k. so i dont know what you are going to do with the 5k short fall so i believe its better for you to get term. you dont get any cash back but you get more protection if you are young. |
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mbrcatz
 |
Nope! For term life, it's never paid for 100%. For whole life, it's never paid for 100%. And for universal/variable life, SOMETIMES, after years and years and years, it might have enough income to pay for a few years, but if the performance goes down again, you can have to start paying for it again.
The ONLY policy that's paid for 100%, is a "paid up" policy. YOu pay the lump sum up front, and never have to pay again.
10K is a PALTRY payout - basically a funeral. YOu're paying $480 a year for $10K of life insurance. In 14 years, if you SAVED and/or INVESTED the money, you'd have $10K, maybe a lot sooner. AND, if you didn't die, you'd end up with a lot more than that.
If your 30 & healthy, you can get 20 year term insurance, $100,000, for about $125 A YEAR. Just to compare.
You're betting you die, the insurance company is betting either you live, or you let the policy cancel. And the odds are HEAVILY in their favor.
***added note - when people talk about premium by the month, it can add as much as $200 a year to your insurance costs. The policy is ACTUALLY purchased on an "annual" basis. When you choose "monthly payments", a service fee applies for the installment charges - it can be as little as $5 a month ($60 a year) or as much as $20 a month. When you're talking about an annual premium under $300, it JUST doesn't make money sense to pay an extra 10% - 50% to have a "monthly payment". That's called, tax on people who are bad at math.*** |
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harry h
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Hey there... I researched this one for you...
better check on it, Im pretty sure that you'll discover something useful... |
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aaron p
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No, that's only when your cost basis equals the original face amount. That's not the same.
As mentioned before, that sounds expensive for the death benefit, but nobody on this forum knows what your goals are or anything about your age or health. Talk to an independent agent or two to see what they think.
You will generally find better deals at higher face amounts, so you may be surprised to learn that you could buy $25k for less than the 10k you have. Or term may accomplish your goals better. None of us here know for sure. |
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