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Jacob Straussen
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life insurance - need multiple brokers?

Jacob Straussen
Posted Mar 28 2024, 18:38

Random question but I was curious for those with life insurance, is it necessary to speak with multiple brokers?  I went through term4sale which had several brokers reach out to me.  I spoke with one so far and he presented himself well.  if all the companies they reach out to on my behalf are going to quote the same thing, then I'm guessing it is not necessary to speak with different brokers?

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Jonathan Bock
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Jonathan Bock
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Replied Mar 28 2024, 18:44

@Jacob Straussen

What type of policy and face amount?  Give us some color for more feedback on your case 

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Jacob Straussen
Replied Mar 28 2024, 19:01
based on my calculations, I've decided on term life, 20 years, 2 million.   
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Jonathan Bock
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Jonathan Bock
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Replied Mar 29 2024, 04:08

@Jacob Straussen

Term is essentially a commodity biggest difference you will see is if you want to have options to convert to perm that's when you would want to do more research and really get carrier specific.  

If you just want 20yr 2MM non convertible term its price shopping except prices may change depending on how automated the carrier is and if a paramedical exam is required.  

You have tons of options and it always depends this is not personalized advice just general info let us know if you have any other questions  

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Thomas Rutkowski
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Thomas Rutkowski
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Replied Mar 29 2024, 05:54

@Jacob Straussen

All agents are going to give you the same price for the same company. You'll want to make sure that you are looking at several different insurance companies. There are also a lot of great companies that don't put their products on those platforms, so there is something to be said for working with an agent rather than DIY. The prices are equal, and the service is free.

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Josh St Laurent
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Josh St Laurent
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Replied Mar 29 2024, 16:07
Quote from @Jacob Straussen:
based on my calculations, I've decided on term life, 20 years, 2 million.   

 Pretty straightforward, check out a tool like PolicyGenius to compare multiple quotes from multiple carriers.  Like the guys above said agents licensed at the same company are going to quote you the same amount so you're essentially just price-shopping different carriers.  It's worth considering the credit rating of an insurance company and how long they've been in business.  Ultimately you'll never know but the risk is that they go under during your 20-year term and are unable to pay your death benefit if something happens to you.  This is extremely unlikely with a larger carrier.