Term life insurance is very inexpensive. How affordable is it for a man, age 21? To show you how inexpensive it can be, I’m doing a series of blog posts with term life rates, for the insurance companies with the best prices, at various ages. Here are the 5 life insurance companies with the lowest price for a 20 year term life insurance policy for $500,000, over 4 health categories for a 21 year old male non-smoker.
Hopefully, if you have been discouraged from buying life insurance because you think you can’t afford it, this information will change your mind.
Male Age 21 Non Smoker Preferred Plus Rates
I received these term life insurance price quotes through a term life insurance comparison quoting engine (many of these are available on the Web), and these rates, companies, or life insurance products may not be available in your state.
The Preferred Plus rates are the lowest rates, and they are for people in exceptionally good health. So, if you are in great health — eat right, exercise, maintain a healthy weight — these are the prices you will pay, right? Not necessarily.
With auto & home insurance, agents usually qualify you for the rates you will pay at the time of application, and you start coverage with your first payment. Life insurance is different.
With life insurance, a good agent will estimate the rate you should pay based on your health information, then you complete and submit an application to the insurance company.
The insurance company reviews your application, orders additional information, like a paramedical exam, to determine if they want to insure you, and the rate to charge you if you are accepted.
You may appear to qualify for the lowest Preferred Plus rates at the time of application, but you may be genetically predisposed to higher cholesterol than a normal, very fit person, and the policy will get issued at a higher rate, due to the paramedic exam results.
With auto & home insurance, it’s easy to shop based on price. With life insurance, it is near impossible to know the lowest term life insurance rates for you before your application is accepted.
Look how the competitive positions change for the insurance companies, if you qualify for Preferred rates, instead of Preferred Plus rates:
Male Age 21 Non Smoker Preferred Rates
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Notice how American General had the lowest annual premium at the Preferred Plus class rate, but if you applied, and your policy is issued at the Preferred class rate, American General falls to number 5 for annual premium. It turns out, Royal Neighbors of America has the lowest Preferred rates. Should you turn around and apply to Royal Neighbors?
Each life insurance company has its own criteria for rate class placement, so you may qualify for Preferred with American General, but only the Regular Plus rates with Royal Neighbors. As you can see below, Royal Neighbors is not even in the top 5 insurance companies with the lowest term rates for the Regular Plus health category.
Male Age 21 Non Smoker Regular Plus Rates
You may have noticed the top term life insurance companies in each health category have rates close in price to each other, but there is a bigger difference in price among the health categories.
For example, Banner is $21.44 a month in the Preferred Plus category, but is $33.25 for the Regular Plus category.
This is why it’s best to use a good agent, because you can’t find the best priced term life policy for you without one. This is different than my advice about shopping for auto & home insurance.
A good agent will quote you an accurate term life quote at a competitive price, based on the agent’s knowledge of the rules of different insurance companies and you, your health, your family’s health history, & your habits.
A bad agent quotes everyone preferred rates, or low rates they may not be likely to qualify for, after asking you few questions. A poor or inexperienced agent wants you to apply based on the low ball price, then they will explain & apologize for the much higher rate when the policy is issued, hoping you will pay it.
Look at these rates below for the Regular health category. All 4 of these categories are for healthy people. What if you have a minor medical condition, or you are overweight? A good agent knows the insurance companies with the best rates for certain health conditions, such as diabetes, or hefty people.
Male Age 21 Non Smoker Regular Rates
If you want low term life insurance rates, a good policy, and a smooth process getting the coverage you need, comparison shop with several agents, so you can find a good agent offering the best life insurance options for you at a competitive price. Term life insurance is inexpensive, and a good agent can make getting it easy for you.
Have you looked at term life insurance rates lately? Why not? Tell me about it. Please leave a comment on my facebook page. Or, you can e-mail me at help@smartshopyourcarinsurance.com if you have questions and would like my help. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.