Term life insurance is more affordable than ever. How low in price can it be for a woman, age 28? The rates are much lower than the cost for men! Term life insurance rates continue to drop, as people live longer & better health care continues to advance. You may have bought term life a while ago, but today you may be able to qualify for better rates, or you can get much more coverage for the same price as you pay now. To show you how inexpensive it can be, I’m writing a series of blog posts about insurance companies with the lowest rates for term life policies at various ages. Here are five companies with low rates for a 20 year term life insurance policy with a $500,000 death benefit, over four health classes, for a twenty-eight year old female non-smoker. I try to make it easy for you to find a good life insurance company.
Hopefully, if you have been discouraged from buying a term life policy because you think you can’t afford it, this information will change your mind. My Website helps you find the best rates & policies for auto, home, & life insurance, so bookmark or place my site in your favorites for you to use at your convenience.
Female Age 28 Non Smoker Preferred Plus Rates
I was able to find these term life rates through a term life quote comparison engine (many of these are available on the Web), & these rates, companies, or policies may not be available in your state.
The Preferred Plus class gives you the lowest prices, and they are for individuals in superb health. So, if you are sure you are in excellent health — by eating right, exercising, & maintaining a healthy weight — these are the rates 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 works differently.
When you decide to buy life insurance, a good agent will estimate the price you should pay based on the answers you give to the health questions. Then you complete & 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 health exam, and takes your blood), to determine if they want to insure you, and the rate to charge you if you are accepted.
You may seem to qualify for the 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 not possible to know the best term life insurance rates for you before your application is accepted.
See how the company with the lowest rate changes, if you qualify for Preferred rates, instead of Preferred Plus rates:
Female Age 28 Non Smoker Preferred Rates
Please see how Royal Neighbors has the lowest monthly premium for the Preferred Plus category at $17.92. But if you applied, and your policy is issued at the Preferred class rate, Royal Neighbors is not among the five insurance companies with the lowest rates for the Preferred class, at $270 per year. Savings Bank Life Insurance Company of MA has the lowest annual premium for the Preferred class at $250 per year. So, should you apply to Savings Bank, if you think you can’t qualify for the Preferred Plus rates? Maybe not, because each company has its own criteria for health class placement.
For example, you may qualify for Preferred with Banner at $22.75 a month, but only the Standard Plus rates with Savings Bank Life Insurance Company of MA at $29.58 a month, instead of Savings Bank’s Preferred health class pricing at $21.75 a month.
Female Age 28 Non Smoker Standard Plus Rates
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Notice the top life insurance companies in each health class usually have rates close in price to each other, but there is a bigger difference in the rates among the health categories?
For example, Banner Life Insurance Company is $18.81 a month for the Preferred Plus category, $22.75 a month in the Preferred category, $28.88 a month for the Standard Plus class, and not among the five best-priced companies, at $35.88 a month, for the Standard rate class.
This is why it’s a great idea to use an experienced agent interested in serving your needs, 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 consumers can easily shop based on price.
A good agent will quote you an accurate term life quote at a competitive price, based on the agent’s knowledge of the guidelines of each life insurance company, and your health, your family’s health history, & your habits.
A bad agent quotes everyone preferred rates, or low rates they are not likely to qualify for, after asking you too few questions. This type of agent wants you to apply based on the low price, then they will explain & apologize for the much higher rate when the policy is issued, hoping you will pay it.
Check out these rates below for the Standard health category. All four 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 over-weight people.
Female Age 28 Non Smoker Standard Rates
The companies listed above have competitive term life rates for this age, sex, and health category. But many insurance companies, some with well-known brand names, charge much more expensive rates for their term insurance. Check out these companies’ standard rates for a woman, age 28, non-smoker:
If you qualify for each insurance company’s standard term life rates, you could pay as little as $335 a year or as much as $585 a year for the same $500,000 death benefit.
If you want low term life insurance rates, a good policy, and a smooth process buying the coverage you need, comparison shop with a few agents, so you can find an agent offering the best life insurance options for you at a competitive price. Term life insurance is affordable, 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.