Life insurer refuses to cover vaccine death…

[DoggyDaddy]

My term life policy, which runs 20 years starting at age 24, costs me about 1.1% of the coverage amount if you add up all 20 years of premiums. My wife's similar policy is only 0.9% total.

At 20 years, do you get all your money back with interest? Never really understood how "term" vs. "whole life" life insurance worked.

 

[CampingJosh]

At 20 years, do you get all your money back with interest? Never really understood how "term" vs. "whole life" life insurance worked.

No. That's what is called a return-of-premium plan. Those are significantly more expensive, and even those don't pay interest.

Mine is a 20 year term. I pay a fixed amount each year (some plans are monthly, but I just have one payment per year), and the benefit if I die is a fixed amount the whole 20-year term. On my particular policy, I can tack on additional years at the end, but each of those costs quite a bit more. It's almost 50% of the coverage amount for year number 30 (the tenth year added on). Those really only make sense if I were uninsurable for some reason.

Whole life insurance is just that: a life insurance policy that lasts until you die. Those are more expensive than a term policy because the insurance company will have to pay out the money (on every customer who keeps paying the premium). So the premiums for 1000 customers have to cover operating costs, profit, and 1000 payouts. But on my term policy, the premiums for 1000 customers have to cover operating costs, profit, and a significantly lower number of payouts--probably less than 15 in my cohort (age 24-44 time period, non-smoker, not a risky career, generally healthy when the policy was issued, etc.).

 

[AtTheMurph]

My term life policy, which runs 20 years starting at age 24, costs me about 1.1% of the coverage amount if you add up all 20 years of premiums. My wife's similar policy is only 0.9% total.

Not many people know more about insurance than I do.

 

[rhslover]

Free west media is barely better than absolute fake news. I'd take this with a dump truck of salt.