Term life insurance is more affordable than ever. How inexpensive can it be for a man, age 32? To show you how low the rates can be, I’m doing a blog series showing the insurance companies with the lowest term life rates at different ages. Term life prices are lower today because of advancements in health care, and as we continue to live longer lives. You should review your life insurance needs with your agent each year. If you started a term life insurance policy a few years ago, it’s likely you can get lower rates now, or you may be able to get much more coverage for what you currently pay. Here are five insurance companies with the best rates for a 20 year term life insurance policy with a $500,000 death benefit, over four health classes, for a thirty two 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 32 Non Smoker Preferred Plus Rates
I found 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 the healthiest people. So, if you are in excellent health — you eat right, exercise regularly, and maintain a healthy body weight — these are the prices you pay, right? This may not be the case.
With auto & homeowners insurance, agents frequently qualify you for the price you will pay at the time you contact them 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 the answers to the health questions the agent asks you. Then, the agent helps you complete the application. Then, the agent submits the application to the insurance company for acceptance.
The company reviews your completed application, orders additional information, like your medical records, and a paramedical exam (a paramedic meets with you & gives you a physical, & takes a blood sample), to determine if you qualify for life insurance, & the proper rate to charge you if you are approved.
You may expect 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. Your life insurance policy will get issued at a higher price, due to the paramedic exam results.
With car & home insurance, it isn’t hard to shop based on price. With life insurance, you really can’t be sure of the rates you will pay before your application is approved. It’s smart 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 32 Non Smoker Preferred Rates
See how Banner, at $330 a year, has the lowest annual premium for the Preferred health rate class? But if you applied, and your policy is issued at the Standard Plus class, Banner no longer has the lowest annual premium. Savings Bank Life Insurance of MA has the lowest annual premium, at $395 a year, for the Standard Plus health class. Banner costs $410 a year at the Standard Plus rates.
Should you have applied to Savings Bank instead of Banner, when you don’t think you will qualify for the Preferred 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 Cincinnati Life Insurance Company 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 $335 annual premium based on Ohio National’s Preferred rates. Cincinnati is the better deal, even though Ohio National has a lower Preferred Plus rate, because you don’t qualify for Ohio National’s Preferred Plus health class, but you do qualify for Preferred Plus with Cincinnati.
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 the help of 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 give you.
Male Age 32 Non Smoker Standard Plus Rates
Notice the least expensive term life insurance companies in each health rate class have rates close in price to each other, but there is usually a bigger difference in price between health rate classes.
For example, Ohio National Life Assurance Corporation is $22.25 a month in the Preferred Plus category, $29.82 a month for the Preferred class, $37.38 a month for the Standard Plus class, and $43.61 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 & find the best rates on your own.
A good agent gives you an accurate term life quote, based on the health rate 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 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 the lowest rates, regardless if they are not likely to qualify for them, after asking too few questions. Some agents want to get your business by quoting you the lowest price possible, then they will explain & apologize for the much higher rate when the policy is issued, hoping you will just pay it.
Below are the term life 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 twenty pounds? A good agent knows the insurance companies with the best rates for certain health conditions, such as diabetes, or for heavier people.
Male Age 32 Non Smoker Standard Rates
It pays to shop with several different agents. Listed below are Five life insurance companies, including some pretty well known brands, with more expensive standard term life insurance rates for a 32 year old male non-smoker:
A 20 year term life insurance policy at standard rates can be as low as $455 a year or as expensive as $755 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.
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