Term life insurance is inexpensive. How affordable is it for a man, age 25? To show you how inexpensive it can be, I’m doing a series of blog posts revealing the insurance companies with the best term life rates at various ages. Term life insurance prices are lower now because of health care advances & people living longer. You should review your life insurance needs with your agent each year, and if you bought a term life policy several years ago, you may qualify for better rates, or more coverage for what you pay now. Here are Five life insurance companies with the lowest rates for a 20 year term life insurance policy with a $500,000 death benefit, over four health categories, for a twenty five 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. I am always updating my blog & site, to give you important information to find the best policies and rates for car, house, and life insurance.
Bookmark or place my Website in your favorites, so you can use it the next time you have a question about insurance.
Male Age 25 Non Smoker Preferred Plus Rates
I received these term life insurance rates through a term life insurance quote comparison engine (many of these are available on the Web), and these prices, companies, or life insurance policies may not be available in your state.
The Preferred Plus rates are the lowest rates, and they are for people in terrific 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 competent 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 (a paramedic meets with you & gives you a physical exam & takes a blood sample), 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 for example, 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 very difficult 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 25 Non Smoker Preferred Rates
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 four for annual premium. It turns out, MTL Insurance has the lowest Preferred rates. Should you turn around and apply to MTL? Maybe not, because each life insurance company has its own criteria for rate class placement.
For example, you may qualify for Preferred with American General, but only the Standard Plus rates with MTL. As you can see below, MTL is not even in the top five companies with the best term rates for the Standard Plus health class.
Male Age 25 Non Smoker Standard Plus Rates
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The least expensive term life insurance companies in each health class have rates close in price to each other, but there is a bigger difference in price among the health categories.
For example, American General is $20.91 a month in the Preferred Plus category, but is $28.79 for the Preferred class.
This is why it’s best to use an experienced 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, where it’s easy to shop for the best price on your own.
A good agent will quote you an accurate term life quote, based on the health class you will likely qualify for, at a competitive price. A good, experienced agent asks you questions and uses their knowledge of the rules of different insurance companies, and consider 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 lowest 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 Standard health category. All four of these health classes 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 25 Non Smoker Standard Rates
It pays to shop. Here are 5 life insurance companies, including a few popular brand names, with much more expensive standard term life insurance rates for a 25 year old male non-smoker:
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.