Just wondering who yall are using for life insurance as a O/O? Currently have state farm and honestly I find them very expensive.
Life insurance for owner ops?
Discussion in 'Ask An Owner Operator' started by TruckerPete1990, Sep 28, 2022.
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Hold the phone . . .
Siinman Thanks this. -
VGLI
blakjak and Cleduskenworth Thank this. -
AAA
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You are right, State Farm is very expensive.
life insurance comes in two forms: term and “everything else”. Term life insurance simply pays your beneficiaries when you die, in return for a premium.
“everything else” will tie any and all kind off gimmicks to the policy, from savings to long term care to indexed universal guaranteed protected principal. The principal purpose of an “everything else” policy is to make a lot of commission for the agent. Like 75% of the premium for the first year or two. It’s insane.
I suggest buying life insurance like you buy your truck insurance: look up several well known brokers specializing in term life insurance, and ask them for a quote. Depending on your circumstances, 20 year level term is a good option for people with young kids. If the sales dweeb comes back at you with anything other than “term”, hang up and go to the next sales dweeb.
A 20 year level term policy for a 30 year old who is in decent health, non smoker, with a 500K death benefit should be under $25 per month, and can be as low as $15 per month.blairandgretchen and tscottme Thank this. -
I got AAA, $67 monthly for 20 years. One million coverage
MartinFromBC and zmster2033 Thank this. -
That sounds good!
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What about cash value life insurance?
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Term only
If a sales man comes to you,buys you dinner,gives you trinkets your going to get screwed.
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