Huntley Wealth Insurance

4849 Ronson Court, Suite 208

San Diego, CA 92111

877-996-9383 Phone

619-393-0370 Fax

termlifeinsurancemales.com

About Us

Term Life Insurance Males is owned by Huntley Wealth Insurance, under president

Christopher J. Huntley. We have been in business since October of 2004 and are

licensed in over 30 states. We specialize in providing affordable life insurance to

individuals taking medications or health risks such as diabetes, coronary artery

disease, and high blood pressure.

Huntley Wealth Insurance has many agents nationwide ready to help with your

insurance needs, and our president, Chris Huntley, remains active in assisting our

clients with their insurance needs as well. Mr. Huntley is married with two beautiful

daughters, and lives in San Diego, CA.

For an instant quote, please use our quote form on the right. If you request an

application, we will then contact you. However, we are currently receiving over 400

quote requests per month from our websites, so sometimes it may take more than a

week to call you. If you wish to speak to us sooner, please call us at 877-996-9383.

What are the Different Types of Life Insurance

There are two main types of life insurance

policies, which are term and permanent life insurance.

Within the two main types, there are sub-types as well.

Which is best for you?

Here’s a general explanation for each

different type of life insurance policy we offer, and who is best suited for each type.

Term Life Insurance

90% of our clients purchase term life

insurance. Most term life insurance policies

provide guaranteed coverage to age 95, with an affordable initial premium for a

period of years (the term), such as 10, 20, or 30 years.

It is the most affordable type of life insurance because of the low cost premiums

during the initial term. Generally speaking, the shorter the term, the lower the premium,

so 10 year term is the cheapest and 30 year term costs the most.

After the initial term, the policy moves to an “annual renewable rate”, which will be

determined by the insuring company at the end of the term. I typically see renewal

rates at 4 to 8 times the premium during the initial term, so be sure to lock in as long of a

term policy as you can afford, because you DO NOT want to pay those renewal rates.

A lot of people never anticipate paying the renewal rates. They may only need

coverage for a short period of time, perhaps to cover a loan, a business agreement, or to

replace employment income. In this case, term is the perfect solution, since its initial

premiums are so low. Why pay whole life

pricing if you only need the coverage for a

short duration?

For more information about Term Life

Insurance, see our articles on 20 Year Term Life Insurance and 30 Year Term Life

Insurance.

Permanent Types of Coverage – Whole Life

and Universal Life Insurance

Whole Life Insurance

This policy is designed to cover you for your “whole life”. The premiums are higher than

in term or universal life, but that’s because it has superior benefits. It actually builds some

very nice cash value, and pays dividends, so the benefits are much better.

Two important benefits of whole life are: 1. Cash value is available for loan or

withdraw 2. Dividends can be paid to you in case,

used to reduce your premium, or to buy additional insurance, known as “paid up

additions”.

Whole life illustrations usually show two

columns with for guaranteed cash values and death benefit, as well as “projected” or

“assumed” cash value, dividends, and death benefit. The premium is much higher than

term or universal life, but you have a lot more benefits with this policy.

Take note that not all whole life policies pay

dividends. If they do, they will be illustrated in the “non guaranteed assumptions” column

as “Projected Dividends”. They are not guaranteed.

One benefit of the dividends, if available, is you could take them in cash, thereby

reducing your total outlay. Or dividends could be taken as cash in your pocket, or for

other purposes as I mentioned above.

For more information, see our article on The

Cost of Whole Life Insurance.

Universal Life Insurance

This type of policy is similar to whole life, as it may provide coverage for life, but the

coverage and premiums are much more flexible. Like whole life, there must be

sufficient premiums or cash value to pay the policy costs and keep the universal life policy

in force. But since the costs of insurance and rate of interest the cash value may earn are

both variable, universal life is usually purchased and premiums are determined by

“illustrating” these variables to see how the policy will perform. In other words, we

guess. Then every year or two, a new illustration with “current” policy costs and

interest rates is usually requested to see how the policy is performing.

The benefit to universal life is you may be able to pay far lower premiums to keep the

policy in force for life than in whole life. For example, if you buy a UL policy in times of

high interest rates, your cash values may accelerate rapidly, outperforming your

original expectations, and allowing you to pay less in premiums in future years. But it

can also work in reverse. If the cash values don’t grow as originally expected, you’ll

have to pay higher premiums than initially illustrated to keep your coverage in force.

Two popular types of UL’s are Guaranteed

UL’s, which I will cover below, and indexed universal life policies.

“Guaranteed” Universal Life Insurance

This type of policy is built on a universal life

base, but acts more like a term policy to age 100 or 120.

Most companies offer their UL policies with an optional “No Lapse Guarantee” feature,

which essentially cancels out the “adjustable” features of a universal life policy and the

need for cash value to sustain the policy. So you may have a no lapse guarantee to age

100 on your policy. In this case, you will pay the minimum premium necessary to keep your

policy in force through age 100, and you

will probably accumulate little to no cash, but with the “no lapse guarantee”, that’s

okay. You don’t need it.

The problem with guaranteed universal life is

that since you have no cash value to sustain the policy, you’re in trouble if you miss a

premium. With regular universal life, no big deal if you skip a premium, but with

guaranteed, you must stay on schedule or your “guarantee” could be in jeopardy.

Variations of Term Life Insurance

Hybrid Policies

Term/Universal Life Hybrids – A few companies have come out with a form of

guaranteed universal life with options for very short “no lapse guarantee” riders. The

“no lapse guarantee” portion of the policy may only last for a duration such as 10, 20,

or 30 years. Just like guaranteed universal life policies do to age 100 or 120, these

riders mandate that even if the policy has no cash value, the death benefit and premium

are still guaranteed to stay fixed during the initial term selected. After the initial term,

the policy reverts back to a plain universal life policy where higher premiums and cash

value will be needed to sustain the policy.

Return of Premium Term Life Insurance

These policies charge you an additional

premium so that at the end of your term, 100% of all premiums pay (for the base

policy as well as the return of premium rider) are paid back to you if death has not

occurred.

See our article on Return of Premium life

insurance.

“Odd” Term Durations

While almost every company offers 10, 15, 20, and 30 year term, some companies offer

other term lengths, but this is not the norm. Some offer 5 year term, but I have yet to

find a 5 year term policy any cheaper than

my 10 year term options, so I don’t sell them.

American General offers almost any term

length you can imagine with their Select-A-Term product line, such as 16 year term, or

24 year term, etc.

Prudential (Pruco Life) has a term policy that

offer insurance to age 65, regardless of your age, with the intention of providing

coverage through your working career. This can lead to odd term durations. For

example, if you’re 38 and purchase their Workforce 65 policy, it is essentially a 27

year term policy.

What’s the Difference? Which one is right

for me?

If you only need life insurance for a short

period of time such as 10 to 30 years, term is the way to go. If you want coverage in

place for the rest of your life at the lowest premium available, you want guaranteed

universal life.

If you want the flexibility of paying your

premiums when you want, and are okay with constantly monitoring your policy values, then

a vanilla universal life may be appropriate for you. And if you want coverage for life

with guaranteed cash accumulation, then you should consider whole life insurance.

For more information, please visit our category about Types of Life Insurance or call us at 877-996-9383.

Can I Purchase Life Insurance on My Parents?

In most cases, you can purchase life insurance

policies for your parents with their knowledge and approval.

But how do you go about doing this, and what is the appropriate amount and type of

coverage?

We will cover these questions and more in

this article.

The most popular types of policies for

parents are term life insurance, whole life insurance, and second-to-die policies. See

below to determine the best type of

coverage for your parents.

Is Buying Life Insurance on My Parents a

Good Deal?

Prior to age 85, it seems life insurance can

still be purchased for a relatively affordable premium. For example, you would pay

$14,560 per year for an 83 year old mother in good health for a $250,000 policy

guaranteed for life with North American Co for Life and Health.

If we assume she has a life expectany of 10 years, you will have paid $145,600 into the

policy after 10 years. If she were to pass away at any point before that, it seems to

be a great rate of return on your premium. You certainly wouldn’t be able to match that

kind of return in any alternative investment.

If your parents are younger than 80 and in

good health, life insurance is an incredible leveraging tool, and makes even more sense

than in the example above.

Honestly, life insurance loses leveraging

power after age 85 and is pretty expensive. See the quote form on the right

for an instant quote.

Ownership of Policy: One of the first things

I ask the child when he/she calls me is who would be the owner and payor of the

policy. In some cases, children are simply calling on behalf of their parents who are

not internet savvy, and are doing nothing more than helping their parents, who don’t

know how to buy life insurance, with the quoting and application process, but that the

parents will be paying for the policy.

In other cases, you have children who will be

the owner of the policy, pay the premiums, and also be the beneficiary of the death

proceeds. Usually this is okay as long as the child can prove an insurable interest. This is

100% legal, but will require approval by the insurance company.

An insurable interest means that the child would be somehow financially affected by

the death of his or her parents. So if your parents have a big mortgage on their home,

and you don’t want to inherit their debt, life insurance may be in order. Or if you are

responsible for your parents’ funeral and burial arrangements, life insurance may be

used for this.

How Much Life Insurance Can I Purchase

on My Parents?

The trick is to apply for a reasonable amount

of coverage to protect you from financial

hardship. The idea is to be indemnified, or made whole… not to get rich off your

parents’ death. So if your 81 year old mother is living with you, and lives off social

security, and provides no financial benefit to your family, and has no debt, you would not,

for example, be approved for a 1 million dollar life insurance policy.

In most cases, a $100,000 life insurance policy for parents is approved without hitting

any barriers. Beyond this, financial justification will be required.

Requirements to Purchase Life Insurance on Your Parents

Your parents will first, need to be aware that

the policy is being taken out on them. It’s impossible for them not to know, since they

will need to sign the application as the “primary insured” or “primary applicant”.

Most policies will also require a medical exam. It’s really not too complicated. You

just complete an application, (sometimes the medical exam), and then wait for approval.

Types of Life Insurance for Parents:

Term is the most common type of insurance

sold today, because it offers the lowest cost for level premiums during the duration of the

term. You must consider your parents’ life expectancy, however, if you’re considering

term. You don’t want to get a 10 year term if you actually need the coverage for as

long as they live.

In the latter case, whole life insurance, or its

little sister, universal life insurance (a lower cost policy offering coverage for life), may

be more suitable for you. You can get quotes in our quote form on the right to age

100 or 121, which are guaranteed universal life insurance policies.

Another popular choice for parents is a second-to-die policy. As the name indicates,

this policy only pays out one death benefit, upon death of the second parent. This type

of insurance is popular in combination with

estate planning and life insurance trusts, but not necessarily.

Please note if your mother or father have health issues, please see our post on

impaired risk life insurance, for details on how we are able to provide affordable life

insurance to our clients with history of stroke, heart disease, cancer, diabetes, etc.

For the best term life insurance prices on your parents, or any other type of life insurance, it’s best to speak

with a knowledgeable professional, who can discuss your options and pricing with you. You may get a quote using our form on the right or by calling us at

877-996-9383.

Life Insurance Ages 76 to 80

One of the more common questions we get

here at Huntley Wealth Insurance is whether

or not you can purchase life insurance

between the ages of 76 to 80, and if we can

help.

Yes, you can qualify for coverage at this

age, and even all the way up to age 90, and

yes, we will help you find the best life

insurance for seniors over 75 at the best

rates for your needs.

How Much Does Life Insurance Cost at Age

76-80?

The cost of life insurance at age 76, 77, 78,

etc., really depends on your health.

Some of our clients have never experienced

health issues, who will be candidates to

qualify for preferred health ratings, and

lower premiums.

Sample Term Quotes for $25,000 Coverage

Type of Insurance 10 Year Term To Age 121 Male Age 76 $113 $124 (ALL QUOTES PER MONTH) male Age 77 $125 $132 Male Age 78 $143 $143 Male Age 79 $161 $159 Male Age 80 $183 $180

Quotes based on premiums for a male in

Preferred Non tobacco health classification as of 11/21/11.

Please use our quote form on the right for a

quick quote, but please understand that

these quotes should be used as a general

guideline, and be sure to read the section

below titled “Your health affects your

premium” to understand the pricing better.

Your Health Affects Your Premium

When you think of an individual at age 78

or age 79, it’s pretty rare to find one who

does not at least take a couple medications,

even if it’s for something as mild as

hypertension or osteoporosis. With a minor

issue such as these, affordable coverage is

not hard to find.

If your medical impairment is not too

complicated, you may be able to be

approved at preferred or standard rates.

This means you’ll pay a lower premium for

the same amount of coverage than a

policyholder who is approved at a

substandard health rating.

Some very simple medical issues to insure

are history of high blood pressure or history

of high cholesterol, so if that’ all you’re being

treated for, feel free to run an instant life

insurance quote with our form on the right

and classify yourself as “preferred”. If these

are now being treated with medication, and

are at controlled levels, most insurance

companies will still approve you at their

preferred health rates.

However, if your health history is more

serious, you may be approved at a

substandard rating or possibly declined.

Some tougher health risks are people with

heart disease, history of cancer, and other

ailments.

How Much Insurance Should I have at 76

to 80 Years Old?

This question really depends on who is

dependent on you for income, and to what

extent. For example, I recently helped a

retired Marine colonel, age 79, purchase

$1,000,000 of term life insurance. He

needed this much because he was married,

and most of his pension and retirement

income stopped upon his death, leaving his

wife nothing to live on. We determined that

$1 Million would be sufficient to provide his

wife with $50,000 per year of income,

without ever depleting.

So income replacement is one calculation you

could do to determine how much protection

you need to purchase.

You might also need life insurance to cover

debts upon your death, such as a mortgage

or credit cards, and don’t want to leave your

family with debts. This is an excellent reason

to purchase life insurance. I have one client

at age 80 who purchased a 10 year term

policy on her life for $125,000 to cover the

cost of her mortgage upon her death.

Estate Planning and Taxes

Another common reason seniors purchase life

insurance is to fund a life insurance trust,

which may help avoid paying excess estate

taxes.

Perhaps you are searching for life insurance

on your father or mother, age 78, 79, etc.

This is very common for a child to help her

parents with the life insurance process. In

some cases, you may even become the

owner, payor, and beneficiary of the policy.

In this instance, your mother or father is

nothing more than the insured on the policy.

If you are age 76, age 77, all the way up to

age 80 and need life insurance advice, we

would love to help. Call us at 877-996-

9383 to discuss your life insurance goals and

needs, and we will help you find the most

cost effective life insurance plan for your

needs.

Yes, You Can Still Qualify up to Age 85. Sample Quotes Below.

Yes, you can still purchase life insurance

between the ages of 81 to 85, and in some

cases, even to age 90. Before reading too

much below, let’s look at some sample cost of

insurance rates.

I always feel it’s best to discuss life insurance

pricing right out of the gate when dealing

with my clients over age 80, since sometimes

the premiums are prohibitive.

The quotes below are for a male age 81,

82, 83, etc in good health, who can qualify

for the best health classification, and

purchasing a 10 year term policy.

Age $100,000 $250,000

Male Age 81 $395 $903 per month

Male Age 82 $453 $1049 per month

Male Age 83 $531 $1245 per month

Male Age 84 $620 $1468 per month

Male Age 85 $718 $1719 per month

Note: Life insurance for people over 80

listed above are valid as of 12/2/2011

and subject to change. Not available in all

states, and based on Preferred Non Tobacco

User.

Please keep in mind you can also get quotes

for $25,000 or $50,000. You don’t have to

buy $100,000 if the premiums are out of

your budget. Use our quote form on the

right for a quick quote.

You should also be aware that if the cost of

life insurance as a senior is prohibitive, you

can potentially save thousands per year by

purchasing a second-to-die policy, which only

pays a death benefit upon the second

death. This could be the perfect solution for

a estate planning need or to leave an

inheritance to your children.

How to Purchase Life Insurance at Ages 81

to 85

The key purchasing life insurance at age 82

or 84 years old, or any age for that matter,

is your health. If you’re healthy and have

had no history of serious medical

impairments, such diabetes, COPD, or heart

disease, you will pay a lower premium than

the policyholder who has had medical

problems.

Having said that, be sure to speak to an

experienced independent agent such as

myself, Chris Huntley, about your health

history. A good agent will know which

company will give the best health

classification, and therefore lowest premium.

Try to stay away from insurance agents

whose primary specialty is selling auto or

home insurance, such as through Farmers

Insurance or State Farm Insurance. Their life

insurance rates are rarely as low as the

rates an independent agent can find for you

using companies like Transamerica, Banner

Life Insurance, or Prudential.

Many other large, A rated life insurance

companies still offer life insurance beyond

age 81 and age 82, such as MetLife,

Protective Life Insurance, and Aviva Life

Insurance.

Requirements to Purchase When Over 80

Years Old

Whether you are 85 years old or less, you’ll

need to take a paramed exam (medical

exam), which is usually done at your home at

the insurance company’s expense. It will

usually require blood withdrawal, urinalysis,

and sometimes an EKG. For large insurance

amounts, other requirements may be

ordered.

It’s important you realize the quotes above

are for a 10 year term policy, which means

the premiums will be level guaranteed for

the first 10 years, but then will increase

thereafter. For guaranteed level premiums

for life, the premiums will be higher by

about 15% to 20%.

For example, a healthy man at age 83 can

purchase a guaranteed $100,000 universal

life policy to age 121 for $638 per month,

a 20 percent increase over the 10 year term

policy. Of course the benefit is that after the

first 10 years since the policy was issued, if

the applicant is now 93 and still living, he’ll

still have level premiums he can afford,

whereas the 10 year term policy’s premiums

may adjust to an astronomical number.

Purpose of Getting Cover in Your Eighties

In life insurance policies, the policy holder

pays a premium (the cost of insurance), either

on a regular basis, such as annually or

monthly, or as a lump sum. Of course the

advantage to the owner is the peace of mind

knowing that the insured individual’s death

will not lead to financial difficulty for the

deceased’s loved ones.

Estate Liquidity

Say you’re 85 years old and most of your

assets are tied up in real estate holdings or

business ownership. Upon your death, your

beneficiaries would be able to make better

decisions about whether to hold or sell your

assets if some liquid cash is available to them

by way of life insurance.

No one who has spent a lifetime building

wealth wishes for those assets to be sold off

immediately upon their death due to a need

for cash. Suppose your estate is taxable

and the trustee needs to raise cash to pay

the estate tax bill, which by the way, is due

9 months from the date of death. Life

insurance can solve this problem.

Which Type of Insurance is Best at Age 81,

82, 83, 84, 85?

There are only two types of policies you can

buy once you reach age 81 to age 85, which

are 10 year term (sorry, 15 year is no

longer available at this age), and whole life

insurance. With term life insurance you buy

a limited, defined term such as 10 years.

Whole life, on the other hand, covers you for

your whole life until you pass away, or in

some cases, until you reach a specified age

such as 100.

Since in your eighties, permanent or whole

life insurance only costs a fraction more than

10 year term, I would recommend a

permanent policy if you can afford it. For

example, if you have a male at age 82

purchase 10 year term, he might outlive the

coverage if he can just live to age 93, which

is certainly possible if this 82 year old is in

good health.

Can I purchase for my Mother, Father,

Parents?

Yes. They must be aware of it, but you can

be the owner of the policy, pay the

premiums, and determine who will be the

benefactor of the funds upon death, which

could be yourself. Please see our article

about purchasing life insurance on your

parents for more information.

Call us at 877-996-9383 for a no obligation quote

for your parent or yourself for term life insurance or

whole life.