where to shop for small life insurance policy?
January 20, 2012 by
Filed under life insurance quotes
I have a son in college whose private loans I cosigned for. I need a small lfe insurance policy to cover the loan amounts (say $50K total) in the event something unforseen happens to him before he’s had a chance to repay the loans. I tried a few of the online quote sites but they all seem to be geared towards much larger policies ie., $150-$200K or more. Can someone suggest a company that will sell policies w/ smaller coverage amounts? thanks.
I ran across 3 companies – Genworth being one of them, that will write a policy for $75,000 for a 22 y.o. male in good health in Michigan for under $100 per year.
if his debt is $50,000, then $75,000 is not such a bad idea. That allows a little extra for final expenses without having to dig into your pockets. Feel free to email if you like.
Most life insurance companies use banded rates. Basically it means that it is actually cheaper for you to write a $100,000 policy then a $50,000 policy.
I would suggest that you work with a local agent in your community to help you with this. He or she will be able to search various companies and offer you several options at competitive rates. You can find a local agent by accessing the Independent Insurance Agents & Brokers of America at this website: http://www.iiaba.net/agentlocator/findagent.aspx.
I hope this information helps. Good Luck