Term life insurance is inexpensive these days. How inexpensive is it for a man, age 28? To show you how affordable it can be, I’m doing a series of blog posts showing the companies with the lowest term life rates at different ages. Term life prices are lower today because of health care advances & people living longer. You should review your life insurance needs with your agent each year. If you bought a term life insurance policy several years ago, you may qualify for lower rates, or more coverage for what you pay now. Here are 5 life insurance companies with the best rates for a 20 year term life insurance policy with a $500,000 death benefit, over 4 health classes, for a twenty eight year old male non-smoker.
Hopefully, if you have been discouraged from buying life insurance because you think it’s too expensive to buy, this blog post will change your mind. I am always updating my blog & site, to give you important information to find the best policies and prices for car, home, 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 28 Non Smoker Preferred Plus Rates
I received these term life insurance rates through a term life insurance quote comparison engine (many of these engines can be found on the Web), and the rates, companies, or life insurance policies may not be available in your state.
The Preferred Plus rates are the lowest rates, and they are for folks in excellent health. So, if you are in superior 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 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 extremely difficult to know the best term life insurance rates for you before your application is accepted.
See how the competitive positions change for the insurance companies, if you qualify for Preferred rates, instead of Preferred Plus rates:
Male Age 28 Non Smoker Preferred Rates
See how American General had the lowest annual premium at the Preferred Plus rate class? But if you applied, and your policy is issued at the Preferred class, American General is ranked 4th for annual premium. MTL Insurance has the best Preferred rates. Should you apply to MTL instead, if you don’t think you will qualify for Preferred Plus rates? Maybe not, because each insurance company has its own rules for health class placement.
For example, you may qualify for Preferred with American General Life Insurance Company, but only the Standard Plus rates with MTL. As you can see below, MTL is not one of the five companies with the lowest term rates for the Standard Plus health class.
Male Age 28 Non Smoker Standard Plus Rates
The least expensive 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 classes.
For example, Reliastar is $22.14 a month in the Preferred Plus category, not in the lowest 5 companies for the Preferred class, $34.83 for the Standard Plus class, and once again, not among the 5 lowest-priced companies for the Standard class, at $43.58 a month.
This is why it’s best to use an experienced, competent agent willing to work for you, because you can’t find the best priced term life policy for you without one. This is different than my advice about shopping for car & 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 agent asks you questions and uses their knowledge of the guidelines 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 bad 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.
See these rates below for the Standard health class. 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 over-weight people.
Male Age 28 Non Smoker Standard Rates
It pays to shop. Here are five life insurance companies, including some well-known brands, with much more expensive standard term life insurance rates for a 28 year old male non-smoker:
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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.