Did you know Term life insurance is more affordable than ever these days? How low can it be for a woman, age 33? Women live longer, so they get lower rates than men! Term life insurance prices continue to drop, as people live longer lives, & health care keeps improving. You may have taken out a term life policy several years ago, but now you could qualify for better rates, or you can take more coverage for what you are paying now. To illustrate to you how affordable term life insurance can be, I’m writing a blog series about insurance companies with the best rates for term life insurance at certain ages. Here are 5 companies with great rates for a 20 year term life insurance policy with a $500,000 death benefit, looking at four health categories, for a thirty-three year old female non-smoker. Let me show you where you can find a good life insurance company!
Hopefully, if you have been kept from looking for life insurance because you think it’s not affordable, this article will change your mind. My Website helps you find great 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 33 Non Smoker Preferred Plus Rates
These term life prices were calculated using a term life quote comparison engine I found on the Internet (Many of these quote engines are available on the Web), & these rates, companies, or policies may not be available in your state.
The Preferred Plus health rating class gets you the lowest rates, & it is for folks in the best health. So, if you’re sure you are in great health — you always eat a healthy diet, exercise frequently, & keep a healthy body weight — these are the rates you will pay, right? This might not be true.
With car & home insurance, agents determine the price you’ll pay when you get a quote, & you start coverage with the initial payment. Applying for life insurance works differently.
When you look to buy life insurance, a good agent will estimate the price you should pay based on how you answer the health questions the agent asks you. Then, you complete an application, which the agent sends to the insurance company.
The company evaluates the application, and gets any additional information needed, like a physical exam ( A paramedic comes to your home or work, conducts a physical, & takes your blood sample), to determine if they want to insure you, & the correct rate to charge you if you are accepted.
You may expect to get the lowest possible rates when you apply. However, unknown to you, you may have a circumstance, such as being genetically predisposed to higher cholesterol, so the policy will be issued at a higher price, because of your physical exam results.
With auto insurance, it’s not hard to shop based on price, and it’s simple to do it through the Internet. With life insurance, it’s not possible to know the best term life insurance rates for you, before your application is given the okay by the insurance company.
Observe below how the insurance company with the best price changes, if you qualify for the Preferred health category, instead of Preferred Plus health category:
Female Age 33 Non Smoker Preferred Rates
Royal Neighbors has the lowest yearly premium for the Preferred Plus category at $220. But if you applied, and your policy is issued at the Preferred rate, Royal Neighbors is no longer the least expensive, at $275 a year for the Preferred health category. Savings Bank Life Insurance Company of MA has the lowest yearly premium for the Preferred health category at $250. Would it have been better to have applied to Savings Bank, if you know you won’t qualify for the Preferred Plus category? Maybe not, because each insurance company has its own rules for health classification.
For example, you may qualify for Preferred class rates with ReliaStar at $25.64 a month, but only the Standard Plus rates with Banner Life Insurance Company at $31.94 a month, instead of Banner’s rates for its Preferred category, at $24.94 a month.
Female Age 33 Non Smoker Standard Plus Rates
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Notice how the top life insurance companies for each health category have rates close in price to each other, but there’s a greater price difference in the rates among the health categories.
For example, Ohio National is $19.58 a month for the Preferred Plus class, $25.81 a month in the Preferred category, and $31.60 a month for the Standard Plus class, & $38.27 a month for the Standard rate class.
This is why I think it is a very good idea to use an experienced agent, focused on 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 rules for each life insurance company the agent represents, considering you & your family’s needs, your health, your family’s health history, & your habits.
Some agents quote everyone the lowest possible rate, even if they won’t qualify for the lowest rate, after asking almost no 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 is the best price you can get, so you will pay it.
The prices below are for the Standard rate category. All four of the rate categories reviewed in this blog post are for healthy people. What if you have a medical condition, or you are 15 pounds over-weight? A good agent knows the insurance companies with the best rates for certain health conditions, such as high blood pressure, or larger people.
Female Age 33 Non Smoker Standard Rates
The companies shown above have competitive term life rates for this age, sex, & health category. But many insurance companies, some with known brand names, have more expensive rates for their term life insurance. Look at these companies’ standard rates for a woman, age 33, non-smoker:
No life insurance company has the best rates for everyone. Notice how Symetra had low rates for the Preferred Plus class, but Symetra’s Standard rates are not very good.
If you qualify for each insurance company’s standard term life rates, you could pay as little as $390 a year, or as much as $635 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.