Friday, May 23, 2008

Met Life Insurance - Good for weight loss?

Last week I requested a life insurance quote from Snoopy endorsed Metlife. A few days later I received a call from an agent named Meng Primack (212.514.4770), who lives in Jersey and keeps an office in Chinatown.

We met with Meng this week to complete our application. The process was painless. They asked some general health questions that I expected to answer. Questions about weight, height and tobacco use. I was a little surprised by the random lifestyle questions they ask: Do you scuba dive? Do you plan to go on safari or rock climb in the next six months. Sadly, I checked no and canceled my NOLS trip.

After we completed the application Meng gave us a quote of $67 per month for a 1 million dollar 30 year term policy and told us that a physical and blood test are required. The combined examinations determine whether I'm "health elite" or health ok. The health elite guy pays $67, the fatter riskier guy pays $87 and I think the smoker pays a whopping $120ish.

If I qualify as health elite, I'll pay Metlife $24,000 over the 30 year term. That same $24K invested in a mutual fund, earning 7% a year will be worth $87K in 2038 when I'm 62.

The question becomes is the $24K premium paid over 30 years worth it?. I really hope its money wasted but I do know its good for my short term health because until that guy comes to my house to take my blood its salads and veggies for me.

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