Did you know Term life insurance can be very inexpensive these days? How affordable can it be for a woman, age 32? Women live longer, so they qualify for lower rates than men! Term life insurance prices continue to decrease, as people live longer, and health care keeps improving. You may have started a term life policy several years ago, but now you might be able to qualify for lower rates, or you can get more coverage for what you are now paying. To illustrate to you how inexpensive term life insurance can be, I’m writing a blog series about insurance companies with low rates for term life insurance at various ages. Here are five companies with great rates for a 20 year term life insurance policy with a $500,000 death benefit, over four health categories, for a thirty-two year old female non-smoker. I want to show you where you can find a good life insurance company.
Hopefully, if you’ve been discouraged from looking for term life insurance because you think it’s not affordable, this blog post 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 32 Non Smoker Preferred Plus Rates
These term life prices are from a term life quote comparison engine I found online (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 health rating class gets you the best rates, & it’s for individuals in the best health. So, if you’re sure you are in extremely good health — you eat a healthy diet, exercise frequently, & keep to a healthy body weight — these are the rates you will pay, right? This might not be the situation.
With car & home insurance, agents qualify you for the price you’ll pay when you get a quote, & you start coverage with the initial payment. Applying for life insurance is different.
When you decide to buy life insurance, a good agent will estimate the price you should pay based on how your answer the health questions the agent asks you. Then, you complete an application, which the agent sends to the insurance company.
The insurance co. evaluates the application, & orders additional information, like a physical exam ( A paramedic meets with you, conducts an exam, and takes your blood sample), to determine if they want to insure you, & the rate to charge you if you are accepted.
You may think you will qualify for the lowest possible rates when you apply. However, unknown to you, you may be genetically predisposed to higher cholesterol than the usual, very fit person, so the policy will be issued at a higher price, because of your physical exam results.
With auto & home insurance, it’s not hard to shop based on price, and simple to do it through the Internet. With life insurance, it’s not possible to know the lowest term life insurance rates for you, before your application is given the okay by the insurance company.
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 32 Non Smoker Preferred Rates
Ohio National has the lowest yearly premium for the Preferred Plus class at $215. But if you applied, and your policy is issued at the Preferred class rate, Ohio National is no longer the least expensive, at $275 a year for the Preferred health class. Savings Bank Life Insurance Company of MA has the lowest yearly premium for the Preferred health class at $250. Would it have been better to have applied to Savings Bank, if you know you won’t qualify for the Preferred Plus class? Maybe not, because each life insurance company has its own guidelines for health classification.
For example, you may qualify for Preferred class rates with ReliaStar at $24.76 a month, but only the Standard Plus rates with Ohio National Life Assurance Corp. at $31.15 a month, instead of Ohio National’s Preferred class pricing at $24.48 a month.
Female Age 32 Non Smoker Standard Plus Rates
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Observe how the top life insurance companies for each health class have rates close in price to each other, but there’s a larger price difference in the rates among the health classes?
For example, Ohio National is $19.14 a month for the Preferred Plus class, $24.48 a month in the Preferred category, and $31.15 a month for the Standard Plus class, & $36.94 a month for the Standard rate class.
This is a reason why I think it’s a very good idea to use an experienced agent, interested in serving your needs, because you can’t find 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 criteria of each life insurance company, considering your needs, your health, your family’s health history, & your habits.
A bad agent quotes everyone the lowest possible rate, even if they won’t qualify for the lowest rate, after asking no or too few questions. This type of agent wants you to apply based on a low ball price, then the agent will explain & apologize for the much higher price when the policy is issued, and try to convince you it’s the best price you can get, so you will pay it.
The rates below are for the Standard rate class. All four of the rate classes reviewed in this blog post are for healthy people. What if you have a medical condition, or you are are 35 pounds over-weight? A good agent knows the insurance companies with the best rates for certain health conditions, such as diabetes, or larger people.
Female Age 32 Non Smoker Standard Rates
The companies shown above have competitive term life rates for this age, sex, & health class. But many insurance companies, some with big brand names, have more expensive rates for their term life insurance. Check out these companies’ standard rates for a woman, age 32, non-smoker:
If you qualify for each insurance company’s standard term life rates, you could pay as little as $370 a year or as much as $597.50 or more a year for the same $500,000 death benefit.
If you want low 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.