Term life insurance is more affordable than ever. How low can term life insurance be for a man, age 34? To show you how inexpensive it can be now, I’m doing a blog series showing the insurance companies with the best term life rates at selected ages. Term life is even more affordable today because of advancements in health care, & as we continue to live longer lives. You should review your life insurance needs each year to see if you have the right amount of coverage, and shop around to see if you can get a better deal. If you started a term life policy five years ago, it’s likely you can get lower rates now, or you can get more coverage for what you currently pay. In this blog post, I give you 5 insurance companies with low rates for a 20 year term life insurance policy with a $500,000 death benefit, over four health categories, for a thirty four year old male non-smoker.
Hopefully, if you’ve been reluctant to look at term life insurance because you think it’s too expensive, the information in this blog post will change your mind. I’m always updating my blog & website, to give you important information to find the best policies and prices for car, home, and life insurance.
Bookmark or place my website in your favorites, so you can use it the next time you have a question about insurance.
Male Age 34 Non Smoker Preferred Plus Rates
I got these term life rates by using 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 health category offers the best rates, and it’s for the healthiest people. So, if you are in very good health — you eat a proper diet, exercise regularly, & maintain a healthy body weight — these are the rates you’ll pay, right? This may not be true.
With something like car insurance, insurance companies qualify you for the price you’ll pay at the time you contact them for a quote, or when you start the coverage with your first payment. Qualifying & purchasing life insurance is a different process.
With life insurance, an agent determines 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, and sends it to the insurance company for approval.
The company reviews your application, & orders additional information it needs to make the decision to insure you, and at what rate, like your medical records. The insurance company usually requires you take a physical exam (a paramedic meets with you & gives you an exam, & takes a blood sample), to determine if you qualify for the insurance, & the proper rate to charge you if you are approved.
You may assume you will qualify for the Preferred Plus health category at the time of application. But, for example, you may be genetically predisposed to higher cholesterol than a normal, very fit person. Your term life policy will be issued at a higher rate, due to the physical exam results.
With other types of insurance, like home insurance, it isn’t difficult to shop among insurance companies based on price. With life insurance, you can’t be sure of the price you’ll pay before your application is accepted. It’s smart to contact a few agents for price quotes, rather than trying to get quotes using the Web by yourself.
Below, you may notice how the competitive positions change for the insurance companies, if you qualify for Preferred rates, instead of Preferred Plus rates:
Male Age 34 Non Smoker Preferred Rates
See how Banner, at $340 annually, has the lowest premium for the Preferred health category? But if you applied, and your policy is issued at the Standard Plus category, Banner no longer has the lowest yearly premium. Savings Bank Life Insurance of MA has the best price, at $405 a year, for the Standard Plus category. Banner costs $425 a year at the Standard Plus category.
Is it smarter to have applied to Savings Bank instead of Banner, when you don’t think you will qualify for the Preferred health category? Maybe not, because every insurance company has its own rules for determining your health category placement.
For example, you may qualify for the Preferred Plus health category with American General Life Insurance Company at $274 a year, but only the Preferred health category with Ohio National. Instead of paying $255 a year for Ohio National’s Preferred Plus category, the policy is issued at the $350 annual premium, based on the rates for Ohio National’s Preferred health category. American General is the better deal for you. Although Ohio National has a better Preferred Plus rate, you don’t qualify for the Preferred Plus category with Ohio National, but you do qualify for the Preferred Plus category with American General.
A good agent will try to quote you accurately, based on the health category you will most likely qualify for with each company. Trying to figure out what you’ll pay on your own, & getting accurate term life insurance price quotes by yourself, without the help of a competent agent, is hard to do. Using an agent to buy term life insurance costs no more than buying direct from an insurance company, so take advantage of the expertise of an experienced agent.
Male Age 34 Non Smoker Standard Plus Rates
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The lowest-priced term life insurance companies in each health category usually have rates near in price to each other, but there is often a bigger difference in price among health categories.
For example, Banner is $22.31 a month for the Preferred Plus category, $29.75 a month for the Preferred category, $37.19 a month for the Standard Plus category. In the Standard class, Banner is $49.88 a month, which is too expensive to make the list of the five best-priced insurance companies.
It’s a good idea to use an experienced life insurance agent. Find an agent willing to work for you, because you can’t find the best prices for your term life insurance without one.
Look for an agent who 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, & uses their knowledge of the rate-making & eligibility criteria used by the insurance companies, to get you the best price & coverage. You can recognize a good agent because they consider 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 price, regardless if they can qualify for it, after asking too few questions. Some agents want to get you as a customer by quoting you low ball rates, then they will explain & apologize for the much higher rate when the policy is issued, hoping you will just pay it.
Below are the five best priced term life insurance companies for the Standard health category. All of these health categories are for healthy people. What if you have a some type of medical condition, or you are over-weight by fifteen 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 34 Non Smoker Standard Rates
It pays to shop with a few agents representing different companies. No one agent represents them all. Listed below are five life insurance companies, including some popular brands, with more expensive standard term life insurance rates for a 34 year old male non-smoker:
A 20 year term life insurance policy at standard rates can be as low as $485 a year or as expensive as $775 or more a year. Remember, if cash is really tight for you now, the amount of coverage — the death benefit — may be reduced, so you can get term life insurance which meets your budget. It is better to have some coverage through your own policy, than not having any life insurance coverage through you own policy at all. You can’t depend on your life insurance through work to be there for you & your family when you need it.
If you want low term life insurance rates, a good policy, & a smooth process getting the coverage you need, comparison shop with several agents, so you can choose a good agent, offering the best life insurance options for you, at a competitive price. Term life insurance is affordable, & a good agent can make getting it easy as a piece of cake.
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.