Did you know Term life insurance is affordable for just about everyone? How inexpensive can it be for a woman, age 34? Females live longer, so they get better rates than men! Term life rates continue to drop in recent years, as people live longer lives, health care keeps improving, and due to life insurance company competition. If you purchased a term life policy several years ago, you may now qualify for much better rates, or you can buy more coverage for what you are paying now. To illustrate the affordability of term life insurance, I’m posting a blog series about insurance companies with the best rates for term life insurance at certain ages. Below are 5 companies with low rates for a 20 year term life insurance policy with a $500,000 death benefit, looking at 4 health categories, for a thirty-four year old female non-smoker. Let me show you where to find a good life insurance company!
Hopefully, if you have been deterred from buying life insurance, because you think you can’t afford it, this article will change your mind. Even if you don’t have the extra cash to afford these rates, you can pay less by having a smaller death benefit. Life insurance can be made affordable for any budget.
My Website helps you find great rates & policies for car, house, & life insurance, so bookmark or place my site in your favorites for you to use at your convenience. Paying less for your auto or home insurance can help you afford the life insurance coverage you need.
Female Age 34 Non Smoker Preferred Plus Rates
These term life rates were calculated using a term life insurance quote comparison engine I found on the Net (Many of these quote engines are available online), and the rates, companies, or policies may not be available in your state.
The Preferred Plus health category gets you the lowest rates, and it is for folks in terrific health. So, if you’re sure you are in outstanding health — you always eat a healthy diet, exercise regularly & vigorously, and maintain a healthy body weight — these are the rates you’ll pay, right? This might not be true.
With some types of insurance, like home insurance, agents determine the price you’ll pay at the time they quote you. Applying for term life insurance works differently.
When you want to buy life insurance, a competent 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 life insurance company.
The insurance company evaluates the application, & asks for additional information needed, like a physical exam ( A paramedic comes to your home or work, conducts a health exam, and takes your blood), to determine if they want to insure you, & the correct rate to charge you, if you are accepted.
You might 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 high cholesterol, so the policy will be issued at a more expensive price, because of your physical exam results.
With car insurance, it is not hard to shop for the best rates, & it’s simple to do it by using 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.
The rates below show you 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 34 Non Smoker Preferred Rates
Ohio National has the lowest yearly premium for the Preferred Plus class at $230. But if you applied, and your policy is issued at the Preferred rate, Ohio National is no longer the least expensive, at $295 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 $255. Would it have been better to have applied to Savings Bank, if you know you won’t qualify for the Preferred Plus health class? Maybe not, because each insurance company has its own criteria for health classification placement.
For example, you may qualify for the Preferred health class with ReliaStar at $26.51 a month, but only the Standard Plus class with Banner Life Insurance Company at $32.81 a month, instead of Banner’s rates for its Preferred health class, at $26.25 a month.
Female Age 34 Non Smoker Standard Plus Rates
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See how these term life insurance company’s rates for each health class are close in price to each other? There’s a greater price difference in the rates between the health classes.
For example, Ohio National is $19.58 a month for the Preferred Plus health class, $26.26 a month in the Preferred class, and $32.93 a month for the Standard Plus class, & $39.61 a month for the Standard health class.
This is why you should use an experienced agent, focused on serving your needs. 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 for each insurance company the agent represents, considering you & your family’s needs, your health, your family’s health history, & your habits.
Some agents quote everybody the lowest possible rate, even if they won’t qualify for the best price, after asking almost no questions. This type of agent wants you to apply based on low ball rates, then the agent will explain & apologize for the much higher price when the policy is issued, & 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 30 pounds over weight? A good agent knows the insurance companies with the best rates for certain health conditions, such as high blood pressure, or bigger people.
Female Age 34 Non Smoker Standard Rates
The companies shown above have competitive term life rates for this particular age, sex, & health class. But many insurance companies, some with brand names, have more expensive prices for their term life insurance. Look at the standard rates for these companies, for a woman, age 34, non-smoker:
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.
No single life insurance company has the lowest rates for everyone.
If you want low term life insurance rates, the proper type of policy for you & your family, & 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.