Life insurance through the NRA?

[howlnmad]

Who here has it and what are your opinions?

[armedandsafe]

Note that the additional insurance is offered by third companies, endorsed by NRA. Check their coverage terms and compare prices carefully.

Pops

[geds]

Note that the additional insurance is offered by third companies, endorsed by NRA. Check their coverage terms and compare prices carefully.

Pops

Same with AARP or any professional society/trade union.

[vytoland]

insurance = a gambling bet against yourself.

[geds]

insurance = a gambling bet against yourself.

Yep, but one you always lose!

[howlnmad]

Thanks folks. I just don't understand how they can offer such low rates.

[Juker]

I was a licensed life & health insurance agent for several years, many moons ago.

I don't recall seeing term life rates as low as they are now, especially for middle-aged men. I have to assume that because of the economy, lots of folks have dropped their policies. Insurance companies need premiums, so they've lowered rates.

I've looked into the NRA-endorsed life insurance. It's OK, nothing particularly grand about it. You can contact Matrix Direct or Select Quote and get some terrific coverage options for very little money. I strongly encourage any man to take care of this - you don't want to send your family to the poorhouse if something happens to you. There are plenty of $50,000 policies available with no health exam, for just a few bucks a month in premium (Liberty, Fidelity, many more companies). And do NOT put all your eggs in one basket - have several 20-year life insurance policies, including the much cheaper Accidental Death (Sears and Globe are good sources for this).

I've got several policies on me totalling $750,000 in coverage, and I'm paying less than $70 a month for all of them. Roughly $2.25 per day, great piece of mind to know my family will be provided for when I'm gone. I know way too many people who have some tiny policy to cover their "final expenses" (burial) - but what about all the bills you leave behind? And the income your family won't have after you die?

[Jay]

Same with AARP or any professional society/trade union.

AARP is about as anti gun as anyone can get. I avoid them like the plague they are.

http://www.keepandbeararms.com/newsarchives/XcNewsPlus.asp?cmd=view&articleid=299

[howlnmad]

I was mainly asking because my new membership card came with an application that has a $500,000.00 plan for less than $20.00 a month.

[Juker]

Get it - assuming you're in the top health bracket, that's an outstanding rate.

[geds]

Yeah, read the fine print - there is bound to be a catch!

[Juker]

BTW - While we're on this important subject... The reason I stopped selling insurance is because the carriers I represented were pushing 'whole life' (a.k.a. 'universal life') policies. The pitch was, the more a client put into their life insurance, the more "cash value" it built, and the more they could draw out in later years. We had massive charts and brochures and notebooks filled with grandiose projections of how a client could put in X number of dollars and draw out millions down the road.

I couldn't get the math to work out. I asked everyone in the company how these numbers worked. No one had an answer. I was "encouraged" to stop asking. I finally learned that those charts were all projections based on the best possible (i.e., unheard of) scenario, where the insurance company invested the premiums and got top returns on those investments. No one could provide me with a single client who had cashed out in the manner we were selling. In short, what we were selling could not possibly happen.

Term life insurance is safer and much cheaper. If you have extra money to invest, don't invest it in a life insurance policy.

[howlnmad]

I knew a guy years ago that kept trying to sell me insurance, I kept turning him down. I went to him one day and told him I was ready. He said he quit that work and told me I'd be better off to join the NRA and take out a policy thru them.

[geds]

I was mainly asking because my new membership card came with an application that has a $500,000.00 plan for less than $20.00 a month.

I just checked online for NRA Term Life Insurance rates and the largest policy they quote is for $50,000; not $500,000. See below:

[Juker]

I just found the email they sent me a while back, about missing out on this important benefit ... clicked the link, and mine says up to $1 million.

Different strokes, perhaps?

[howlnmad]

Sorry, I was on the road and didn't have the paperwork in front of me. It's an expanded accident coverage up to $100,000.00 for $14.50 a month for member and spouse.
I've also talked with my State Farm agent that told me of a new plan they have for term life. You make your premiums every month and then at the end of the policy term you get back everything except for $1.00. Beats the tar outta whole life.

[geds]

Sorry, I was on the road and didn't have the paperwork in front of me. It's an expanded accident coverage up to $100,000.00 for $14.50 a month for member and spouse.
I've also talked with my State Farm agent that told me of a new plan they have for term life. You make your premiums every month and then at the end of the policy term you get back everything except for $1.00. Beats the tar outta whole life.

Ah, BIG difference between AD&D and term life! I'll have to check into that policy from State Farm - we are about to buy some term life. I figure we'll use it instead of long term care insurance. I figure long term care could deplete our savings by about $200K. But if we had term life (cheapest life insurance) to replenish the savings, the surviving spouse could be supported for the rest of his/her life.

I talked it over with my investment broker and he convinced me that $200K would be enough. His reasoning is if either of us became that ill, the other would cut back on eating, travel, etc., as they would stay around to care for the ailing spouse. If you already budget to care for non-ailing folks, then you are only paying the incremental difference of the cost for the ailing spouse. On top of that, statistics show that once you move to a long-term care facility, the length of survival is generally less than two years.

So, if you have assets you can tap into to cover the incremental costs increase (such as equity in the home or investments), then even though you may be close to being wiped out, if you have insurance to replenish the loss, you are ok. The key is to figure out how much insurance you need to cover that loss.

This approach is WAY less expensive than long-term care insurance. And with long-term care, there is always the fight with the insurance company about what is covered, when coverage begins, etc. With term life it is pretty cut and dried and you know it will be paid out!

[raven818]

AARP is about as anti gun as anyone can get. I avoid them like the plague they are.

http://www.keepandbeararms.com/newsarchives/XcNewsPlus.asp?cmd=view&articleid=299

I'm dropping AARP at the end of the year. They have gone way-left, quickly. The last three issues of their so called news letter have been telling those who are easily influenced that they are going to loose their social security and medicare if they vote a particular way.

My last issue, yesterday, told a " horror story " about Citi Bank. Bottom line will sound familiar..drop your bank and get into a credit union, because this horror story could have been you.

I don't know what5 kind of deal they made with this admin, but they aren't pleasing me, or my inner circle, with their scare tactics directed toward those of us who are easily influenced.

[CampingJosh]

Term life insurance is cheap, and everyone should have it. I'm paying less than $200 per year for $350k in coverage, and my price is actually a bit high because of some "high risk" activities (rock climbing is the one they seriously freaked out about :rolleyes:).