Whats the deal if you have pre-existing conditions and you're 60 years old and you only want about 200,000 dollars worth of life insurance

At 60? Will be expensive, if buying form a highly rated firm, which you should.

ETA: How long the term? Will make a huge difference as well as the pre existing conditions and how serious they are. You may even be uninsurable.

This... not an agent, but around 50 is the turning point for $ to go way up i believe.



 

Are you a smoker?

oK what's the deal with those term life insurance policies were they claim that nobody can be turned down or that it will never go off and there's no medical exam how do they work?

Nope

Those are almost always from very poorly rated companies for one. Secondly, read the fine print. There is probably a hook in there somewhere such as a waiting period, etc.

Just start making some calls and see what they say.  You won't get a better answer here.

Ask Alex Trebek.  

I pay 375 a month for 400k whole life and 140k term.

I'm also 26 and in great shape.

You are getting raped.

Someone your age could easily get a 20 or 30 year term life for maybe 20-30 bucks a month, for like 500K or more.

Whole life is pretty much worthless, IMHO. You pay too much for too little "return". Life insurance should be no more an investment than car insurance.

Whole life, universal life, variable life, etc, are often pushed as "investments", but you are paying too much compared to term, with lower benefit. The only one benefiting is the insurance company.

These are only workable for those who can't get term life, MAYBE.

OP: At your age, who would need the money if you kick the bucket? Do you still have minor children, disabled spouse, what? No investments they can live on? As mentioned, It will be expensive to get Term life now, even if you are very fit for your age.

I pay around $40 a month for $600,000 of term. It is thirty year and I am at year ten. Started it at  35yo. My health is good. Policy required
A physical with blood work and a test for drugs and smoking cigs.

Holy shit!  Your getting bent over.....way over.

It depends on your pre-existing conditions...if you have just been diagnosed with stage 4 cancer you're sol.  But if you just had a minor melonoma removed you should be gtg.  Also, work with an agent who's independent as he'll be able to get quotes from multiple carriers vs a farmers or state farm agent who can only shop one company.  He should even have you complete a sort of generic questionaire and get your medical records so that underwriters can give a more accurate reading of whether or not you'll even qualify.  

Remember, applying for coverage locks you into nothing.  If you apply for a standard rate class $200k 20 year term policy and are approved at a table D rate, that's not bait and switch, that's the underwriter making a decision based on all the facts at hand.  At that point you can either accept the policy or reject it and continue on.  Think of it like applying for a mortgage, it's a pain in the ass but you don't really know how things are going to settle until they settle.

Furthermore, of course the insurance companies want to make a profit.  Those of us who have life ins should all want them to because it means they'll better be able to pay claims when the time comes.

Consider also that many term policies are convertible to universal life (and you can add things like a LTC rider if needed) prior to the end of the term.

Regarding the whole life/universal life...they are not even close to an investment.  They are however a great place to park non-qualified money (in excess of premium deposits) as cash to grow tax-deferred around 3+% vs a cash savings account.  A lot of big hitters out there do just this thing and/or and expanded version of it.  Example: company a buys a $5mm UL on key employee bob.  They loan bob the premium to pay for the policy, he assigns premium sum of cash value and/or death benefit to company (as loan repayment when he croaks) and the rest goes to his family.  Then after some years there's x dollars in cash value accumulated and bob retires.  Bob takes money from policy as a loan, repays the company...the rest is his.  Every time he takes a loan against the cash value he's getting non-taxed unearned income free of charge.  bob never repays the loan so when he dies the death benefit is reduced by the unpaid loan balance.  If one entertains a sophisticated study of this type of program and has the means it's tremendously compelling.

Does your employer's insurance group offer anything to employees? You may want to ask your HR.

How long is the term?

Figured out why you are paying too much....

You may want to look into long term care insurance too..

I'd hold off on the long term care until you hit 60, or late 50's. Unless you KNOW you have some condition (hereditary? old injury?) that will affect you sooner.
The statistics show only a tiny percentage of people need long term care before 60.