Term Life Insurance Rates: 31 Year Old Female Non Smoker

Did you know Term life insurance can be very inexpensive? How low in price can it be for a woman, age 31? Women usually qualify for lower rates than men! The price for term life insurance continues to decrease, as people live longer, and health care improves. You may have started a term life insurance policy a few years ago, but now you may be able to qualify for lower rates, or you can get much more coverage for what you are currently paying. To illustrate how inexpensive term life insurance can be, I’m writing a blog series about insurance companies with the low rates for term life policies at various ages. Here are 5 companies with great rates for a 20 year term life insurance policy with a $500,000 death benefit, over 4 health categories, for a thirty-one year old female non-smoker. I want to make it simple for you to choose a good life insurance company.

Hopefully, if you’ve been discouraged from looking for term life insurance because you think you can’t afford it, this blog post will change your mind about it. 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 31 Non Smoker Preferred Plus Rates

Ohio National Life Assurance Corp. = $19.14 Per Month or $215 Per Year

Royal Neighbors of America = $18.33 Per Month or $220 Per Year

Savings Bank Life Insurance Company of Massachusetts = $19.14 Per Month or $220 Per Year

Banner Life Insurance Company = $19.25 Per Month or $220 Per Year

ReliaStar Life Insurance Company (ING) = $19.95 Per Month or $228 Per Year

I was able to get these term life prices through a term life quote comparison engine (Many of these quote engines are available on the Internet), & these rates, companies, or policies may not be available in your state.

The Preferred Plus class gets you the best rates, & they are for individuals in the best health. So, if you are sure you are in extremely good health — by eating properly, exercising frequently, & managing to keep a healthy weight — these are the rates you will pay, right? This may not be the situation.

With car & property insurance, agents usually qualify you for the price you’ll pay when you get a quote, and you start coverage with your initial payment. Applying for life insurance is very different.

When you decide to purchase life insurance, a good agent will estimate the price you should pay based on your answers to the health questions the agent asks you. Then, you complete & submit an application, which the agent sends to the insurance company.

The company evaluates the application, and orders additional information, like a para-medical exam ( A paramedic meets with you, conducts a health exam, and takes your blood sample), to determine if they want to insure you, and the rate to charge you if you are accepted.

You may think you will qualify for the best rates when you apply. However, you may be genetically predisposed to higher cholesterol than a normal, very fit person, & the policy will be issued at a higher rate, because of your physical exam results.

With auto & home insurance, it is not hard to shop based on price, and easy to do it through the Internet. With life insurance, it is not possible to know the lowest term life insurance rates for you, before your application is given the okay by the insurance company.

You can see below how the insurance company with the best price changes, if you qualify for the Preferred health class, instead of Preferred Plus health class:

Female Age 31 Non Smoker Preferred Rates

Savings Bank life Insurance Company of Massachusetts = $21.75 Per Month or $250 Per Year

Ohio National Life Assurance Corporation = $23.59 Per Month or $265 Per Year

MTL Insurance Company = $23.22 Per Month or $270 Per Year

Banner Life Insurance Company = $23.63 Per Month or $270 Per Year

ReliaStar Life Insurance Company (ING) = $23.89 Per Month or $273 Per Year

Ohio National has the lowest annual premium for the Preferred Plus category at $215. But if you applied, and your policy is issued at the Preferred class rate, Ohio National is not the least expensive, at $265 a year for the Preferred health class. Savings Bank Life Insurance Company of MA has the lowest annual premium for the Preferred health class at $250. Would it have been better to have applied to Savings Bank, if you thought you won’t qualify for the Preferred Plus health class? Maybe not, because each life insurance company has its own guidelines for health class placement.

For example, you may qualify for Preferred health class rates with ReliaStar at $23.89 a month, but only the Standard Plus rates with Ohio National Life Assurance Corp. at $29.82 a month, instead of Ohio National’s Preferred health class pricing at $23.59 a month.

Female Age 31 Non Smoker Standard Plus Rates

Ohio National Life Assurance Corporation = $29.82 Per Month or $335 Per Year

Savings Bank Life Insurance Company of Massachusetts = $30.45 Per Month or $350 Per Year

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Banner Life Insurance Company = $30.63 Per Month or $350 Per Year

ReliaStar Life Insurance Company (ING) = $30.89 Per Month or $353 Per Year

MTL Insurance Company = $30.53 Per Month or $355 Per Year

Notice how the top life insurance companies for each health rate class have rates close in price to each other, but there’s a bigger difference in the rates among the health classes?

For example, Ohio National is $19.14 a month for the Preferred Plus class, $23.59 a month in the Preferred category, and $29.82 a month for the Standard Plus class, & $36.05 a month for the Standard health class.

This is why I think it’s a very good idea to use an experienced agent, interested in serving your needs, because you can’t know the best term life rates for you without one.

A good agent quotes you an accurate term life insurance policy at a competitive price, based on the agent’s knowledge of the underwriting rules of each life insurance company, considering your needs, your health, your family’s health history, & your habits.

A bad agent quotes everyone preferred rates, or cheap rates for which they are not likely to qualify, after asking no or too few questions. This type of agent wants you to apply based on a low ball price, then they will explain & apologize for the much higher rate when the policy is issued, hoping you will pay it.

The rates below are for the Standard health class. All 4 of these rate classes are for healthy people. What if you have a minor medical condition, or you are are 30 pounds over weight? A good agent knows the insurance companies with the best rates for certain health conditions, such as diabetes, or over-weight people.

Female Age 31 Non Smoker Standard Rates

MTL Insurance Company = $30.53 Per Month or $355 Per Year

Royal Neighbors of America = $32.09 Per Month or $385 Per Year

Ohio National Life Assurance Corporation = $36.05 Per Month or $405 Per Year

ReliaStar Life Insurance Company (ING) = $36.14 Per Month or $413 Per Year

American General Life Insurance Company = $36.23 Per Month or $414 Per Year

The companies listed above have competitive term life rates for this age, sex, and health class. But many insurance companies, some with popular brand names, have more expensive rates for their term life insurance. Check out these companies’ standard rates for a woman, age 31, non-smoker:

TIAA-CREF Life Insurance Company = $37.76 Per Month or $431.50 Per Year

The Penn Mutual Life Insurance Company = $39.59 Per Month or $455 Per Year

Ameritas Life Insurance Corp. = $41.73 Per Month or $485 Per Year

Metlife Investors USA Insurance Company = $46.26 Per Month or $514 Per Year

American National Insurance Company = $50.11 Per Month or $580 Per Year

If you qualify for each insurance company’s standard term life rates, you could pay as little as $355 a year or as much as $580 or more a year for the same $500,000 death benefit.

If you want good term life insurance rates, the proper type of policy for you, and a smooth process when 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.