Term life insurance is affordable for everyone. How low can the rates be for a man, age 40? I am writing a series of blog articles about the insurance companies with the lowest term life prices at a selection of ages. Term life continues to get cheaper because of advancements in medical treatment, insurance company competition, & because people are living longer lives. You should review your life insurance needs annually, to see if you need more or less coverage, & to check to see if you can get a better deal. If you started a term life policy several years ago, it’s likely you can get a lower rate now, or you can get more coverage for what you currently pay. In this blog post, I’ll tell you about 5 companies with the best term life rates for a twenty year term life insurance policy with a $350,000 death benefit, across 4 different health rate classes, for a forty year old male non-smoker.
Hopefully, if you’ve avoided shopping around for life insurance because you expect it to cost too much money, the information I provide in this blog will change your mind. I’m always updating my blog & website, to help you find the best policies & prices for car, house, & term life insurance.
Bookmark or place my website in your favorites, so you will find it the next time you have a question about home, auto, or life insurance.
Male Age 40 Non Smoker Preferred Plus Rates
I determined the term life rates shown in this blog article by using a term life insurance quote comparison engine (Many of these term life quote engines can be found on the Net), and the prices, companies, or life insurance policies may not be available in your state.
The Preferred Plus health category offers you the best term life rates, & it’s for individuals in top-notch health. Does this mean, if you’re in great health — you eat a balanced diet, get enough exercise, & watch your weight — these will be the rates you’ll pay? This may not be the case.
With something like car insurance, insurance agents qualify you for the rate you’ll pay when you call them for a quote. Buying term a life insurance policy is a different process.
When you seek to purchase a life insurance policy, agents figure the rate you should pay, considering the answers to the health & family health history questions the agent asks you. Agents will assist you in completing and submitting your life insurance application to the insurance company for approval.
The company receives your application, reviews it, & requests more health information about you, like your medical records. The company requires you to take a physical exam. A paramedic meets with you & conducts the exam, including taking a blood sample from you. The insurance company uses all the information it gathers about you to decide if you qualify for their life insurance policy, & the proper rate to charge you, if they agree to approve your application.
You might think you’ll qualify for the Preferred Plus health rate at the time you submit your application. However, it may be revealed by the health exam, you’re genetically predisposed to higher cholesterol than the typical person in great health. Your policy will be issued at a higher price, because of the exam results. You can’t be sure of the price you’ll pay before your application is accepted.
Below, you can see how the insurance companies with the best rates change, if you qualify for the Preferred health rate, instead of the Preferred Plus health rate:
Male Age 40 Non Smoker Preferred Rates
Each & every life insurance company has its own individual criteria for placing you in a health rate category.
For example, you may qualify for the Preferred Plus health rate with Cincinnati Life Insurance Company at $281.50 a year, but only the Preferred health rate with Banner Life Insurance Company. Instead of paying $268 a year for Banner’s Preferred Plus health rates, your policy is issued at $341.50 per year, based on Banner’s Preferred health rates. Cincinnati Life Insurance Company would be the better deal for you. Although Banner has lower Preferred Plus health rates, you don’t qualify for their Preferred Plus health rates, but you do qualify for Preferred Plus health rates with Cincinnati Life.
A proper agent makes every effort to quote the right term life insurance health rate you should be offered, based on the health category you will most likely qualify for with each company. Trying to get accurate term life insurance quotes on your own, without the help of an experienced agent, is extremely difficult. Using an agent to buy term life insurance does not cost more than buying a policy without an agent, direct from the insurance company. Why not take advantage of the knowledge & expertise of a competent life insurance agent?
Male Age 40 Non Smoker Standard Plus Rates
The life insurance companies with the best prices for each health rate class usually are close in price to each other. There’s often a greater difference in the rates between classes.
For example, Banner Life Insurance Company is $23.45 a month for the Preferred Plus health rates, $29.88 a month for the Preferred health rates, $39.07 a month for the Standard Plus health rates. For the Standard health rates, Banner is $50.40 a month, which is too expensive to be on the list of the 5 best-priced life insurance companies.
When considering a life insurance agent, look for someone who does their best to give you an accurate term life insurance quote, based on the health rate class for which you should qualify. A proper agent will ask you questions, and will use their knowledge of the rate making & eligibility rules of the life insurance companies the agent represents, to find the lowest rates & best coverage for you. You can tell a good agent because they ask questions about you, your needs, your health, your family’s health history, & your habits. before quoting & recommending a particular insurance company’s product.
Some agents quote everybody the best rates, regardless if the customer qualifies for them, after asking few questions.
Some agents will try to sell you life insurance by quoting you th cheapest price, then they’ll explain the big rate increase when the policy is issued, by telling you it is the best rate you can get, hoping you’ll pay it. Chances are, had the agent quoted you the life insurance company with the best rate for you, based on your actual health, you could’ve found much better rates with another life insurance company.
Below are the 5 companies with the best Standard health rates. All of these health rate classes are for healthy people. What if you have a few medical issues, or you’re over-weight by forty or so pounds? A good agent knows the life insurance companies with the best rates for certain health conditions, like diabetes, or for folks with a few — or a lot more than a few — extra pounds.
Male Age 40 Non Smoker Standard Rates
It pays to shop with insurance agents representing several different life insurance companies. No single agent represents all leading life insurance companies. Listed below are 5 insurance companies, including some known name brands, with higher-priced standard term life insurance rates for a 40 year old male non-smoker:
A twenty year $350,000 term life insurance policy at standard health rates can be as low as $532.50 a year, or as expensive as $793 or more a year. If you’re in great health, your price could be as low as $268 a year for the Preferred Plus health rates.
Remember, if adding one more bill is trouble for you now, the amount of coverage — the death benefit — may be reduced, so you can buy term life insurance which meets your budget. It’s good to have at least some coverage through buying your own policy, than not having any life insurance coverage through your own policy at all. You can’t rely on your life insurance through work to always be there for you and your family when you’ll need it most.
If you want a good price for term life insurance, the proper amount of coverage you need, & a smooth process purchasing it, comparison shop with several life insurance agents, so you can find the best agent for you, Everybody really can afford some amount of Term life insurance. Don’t procrastinate like a lot of people, and start shopping for it today.
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