This is mostly a rhetorical life insurance quiz for guys. There are no guarantees that you will be approved for life insurance at all, although most are. And there certainly aren’t any guarantees that you be approved at the rate class you applied for.

All of us, except me, really want and kind of expect to be approved at the best rate class. I’ve kind of given up on that best rate class. I got it once several years ago, but age and a few health issues have moved me down the food chain a bit. You’ve seen the commercials. “A 45 year old man can get $500,000 of term insurance for just $27 per month”.

If you’re fast enough and if the people doing the commercial were honest enough you would catch the fine print going something like, “for a 10 year term as long as you fit into our build chart, don’t have any family history of heart disease, cancer or diabetes, have never seen a doctor for anything other than a cold or flu, don’t take any prescription medications, have never been arrested and have a good driving record, don’t have any hobbies more dangerous than putt putt golf, don’t travel to foreign countries that don’t love Americans (that would be none this week), and don’t drink too much or do drugs”.

There are a lot of people who fit that criteria and get the best rate. It is not, as some like to say, a Superman rate. It is simply held out there for those who are healthiest. So what happens when you have your heart set on $27 per month and your cholesterol is too high or your family history prevents you from getting that approval?

Well, a lot of people, especially guys, like to take their bat and ball and go home. They would literally rather go without than pay a rate that is higher than they think they deserve. This has always seemed like such a bizarre stance to me. “I can’t get the best rate, so if I die I would rather my wife has nothing!” That just seems a bit on the childish side to me.

Why not, if you had your heart set on $27 a month for $500,000, and you get approved and all that $27 will buy is $400,000, take it. That’s taking responsibility by the horns and letting your loved ones know you love them more than you love yourself.

Bottom line. Something in force is always better than nothing and if it’s a health thing like cholesterol that kept you from getting what you wanted, put as much as you can in force and work on that health issue. Far better to work on health things with life insurance in force than not.