Term life insurance is inexpensive these days. How affordable is it for a man, age 31? To show you how low the rates can be, I’m writing a blog post series showing the insurance companies with the best term life rates at different ages. Term life prices are lower today because of advancements in health care and as people continue to live longer. You should review your life insurance needs with your agent each year. If you bought term life a few years ago, it’s likely you can qualify for lower rates, or be able to get much more coverage than you have at the same price you pay now. Here are five insurance companies with the lowest rates for a 20 year term life insurance policy with a $500,000 death benefit, over four health classes, for a thirty one year old male non-smoker.Hopefully, if you’ve been discouraged from purchasing life insurance because you think it’s too expensive for you, this blog entry will change your mind about it. 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.
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Male Age 31 Non Smoker Preferred Plus Rates
I was able to get these term life rates through a term life insurance quote comparison engine ( There are a lot of these engines on the Web), and the rates, companies, or life insurance policies may not be available in your state.
The Preferred Plus rates offer the best rates, and they are for individuals in outstanding health. So, if you are in excellent health — because you eat right, exercise regularly, and maintain a healthy weight — these are the prices you pay, right? This is not always the case.
With car & homeowners insurance, agents often qualify you for the price you will pay at the time you call for a quote and start the coverage with your first payment. Qualifying & buying life insurance is a different process.
With life insurance, a good agent will determine the price you should pay based on your answers to the health questions the agent asks you. Then, the agent helps you complete the application, & submits it to the insurance company for acceptance.
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 price to charge you if you are approved.
You may expect 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. Your life insurance policy will get issued at a higher price, due to the paramedic exam results.
With car & property insurance, it’s not hard to shop based on price. With life insurance, it’s difficult to know the best term life insurance rates for you before your application is approved. It’s best to contact a few agents for price quotes, rather than trying to get quotes through the Web by yourself.
Look how the competitive positions change for the insurance companies, if you qualify for Preferred rates, instead of Preferred Plus rates:
Male Age 31 Non Smoker Preferred Rates
See how Banner, at $245 a year, has the lowest annual premium at the Preferred Plus health class? But if you applied, and your policy is issued at the Preferred class, Banner is not the lowest annual premium. MTL Insurance has the lowest annual premium, at $335 a year, for the Preferred health class.
Should you have applied to MTL instead, when you don’t think you will qualify for Preferred Plus health class? Maybe not, because each insurance company has its own rules for health class placement.
For example, you may qualify for Preferred Plus rates with ReliaStar at $258 a year, but only the Preferred rates with Ohio National. Instead of paying $250 for Ohio National’s Preferred Plus rate class, the policy is issued at the $330 annual premium for the Preferred rates.
A good agent will try to quote you accurately, based on the health class you should qualify for with each company. Trying to figure out what you will pay on your own, and getting accurate term life insurance price quotes by yourself, without assistance from a competent agent, is really difficult. Using an agent to buy term life insurance costs no more than buying direct from the company, so take advantage of the expertise a good agent can provide you.
Male Age 31 Non Smoker Standard Plus Rates
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You may have noticed the least expensive term life insurance companies in each health class have rates fairly close in price to each other, but there is a bigger difference in price between health classes.
For example, Ohio National Life Assurance Corporation is $22.25 a month in the Preferred Plus category, $29.37 a month for the Preferred class, $36.49 for the Standard Plus class, and $42.72 a month for the Standard class.
This is why it’s good to use an experienced life insurance agent willing to work for you, because you can’t find the best prices for your term life insurance without one. This is the opposite of my advice about shopping for car & home insurance, where it’s not difficult to shop for accurate price quotes and locate the best rates on your own.
A good agent gives you an accurate term life quote, based on the health category for which you should qualify, at a competitive price. A good agent asks you questions and uses their knowledge of the rate-making & eligibility criteria of the various insurance companies the agent represents. A good agent considers you, your needs, your health, your family’s health history, & your habits. when quoting you an accurate price, and recommending an insurance company’s product.
A bad agent quotes everyone preferred rates, or low rates they may not be likely to qualify for, after asking too few questions. Some agents want to get your business by quoting you the lowest price, then they will explain & apologize for the much higher rate when the policy is issued, hoping you will pay it.
Below are the rates 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 over-weight? A good agent knows the insurance companies with the best rates for certain health conditions, such as diabetes, or people with a few extra pounds.
Male Age 31 Non Smoker Standard Rates
It pays to shop with several different agents. Here are 5 life insurance companies, including some well-known brand names, with more expensive standard term life insurance rates for a 31 year old male non-smoker:
A 20 year term life insurance policy at standard rates can be as low as $450 a year or as expensive as $743.50 or more a year.
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 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.