Term life insurance is affordable for everyone’s budget. How affordable is it for a woman, age 44? Term life insurance rates continue to go down, as people live longer lives, health care gets better, & because of competition among life insurance companies. If you bought a term life insurance policy some years ago, you probably can now get much better rates, or you can buy a larger amount of coverage for what you are paying at this time. To illustrate how low term life can be for most people, I’m writing about the insurance companies with low term life rates at certain ages, for four different health rate classes. See below for the 5 companies with the best rates for a 20 year term life insurance policy with a $300,000 death benefit, for a forty four year old female non-smoker.
Hopefully, if you have not pursued buying life insurance because you think it’s too expensive, this article will change your mind about it. If you don’t have the money now to afford these low rates, you can still pay less by choosing a smaller death benefit. Life insurance can be made affordable for any budget.
The purpose of my website is to help you find great rates and policies for auto, property (home, renters, mobile home, condominium), and life insurance, so bookmark or place my site in your favorites, for you to use at your convenience. Saving more on your auto or homeowners insurance can help you afford to buy the life insurance coverage you need.
Female Age 44 Non Smoker Preferred Plus Rates
Royal Neighbors of America = $23.50 Per Month or $282 Per Year
Savings Bank Life Insurance Company of MA = $25.32 Per Month or $291 Per Year
Ohio National Life Assurance Corporation = $25.34 Per Month or $293 Per Year
Banner Life Insurance Company = $25.64 Per Month or $293 Per Year
American General Life Insurance Company = $26.34 Per Month or $301 Per Year
I determined the term life rates in this blog post using a term life insurance quote comparison engine — lots of term life quote engines are available on the Web — and the rates, companies, or policies may not be available in your state.
The Preferred Plus health class has the best rates, and it is for folks in the best health. So, if you are sure you are in prefect health — you eat right, exercise often, and watch your weight — these are the prices you will pay? This might not be what happens when your life insurance policy is accepted & issued.
When you buy some types of insurance, like homeowners insurance, agents determine the price you’ll pay when they quote you. Applying for life insurance works differently.
When applying for life insurance, agents estimate the price you should pay, based on the answers to the health questions the agents ask you. An agent helps you complete the life insurance application, which the agent forwards on to the insurance company for approval.
The insurance company reviews the application, and asks for any additional information needed, like medical records from your doctor, or a physical exam — a paramedic visits your home or work, gives you a physical, & takes your blood — to determine if the company wants to approve your application, & confirm the proper rate to charge you, if you are accepted.
You may anticipate qualifying for the lowest rates when you apply. However, unknown to you, it is determined you are genetically inclined to have higher cholesterol than a normal, very healthy person. This causes your life insurance policy to be issued at a more expensive price, based on a different health class, because of the results of your physical exam.
When it comes to purchasing life insurance, it is not possible to be certain of the price you will pay before your application is accepted by the life insurance company.
The rates below show you how the insurance companies with the lowest prices change, if you qualify for the Preferred health class, instead of the Preferred Plus health class:
Female Age 44 Non Smoker Preferred Rates
Savings Bank life Insurance Company of MA = $27.93 Per Month or $321 Per Year
Ohio National Life Assurance Corporation = $30.28 Per Month or $350 Per Year
Banner Life Insurance Company = $31.15 Per Month or $356 Per Year
Genworth Life Insurance Company = $30.86 Per Month or $364.93 Per Year
American General Life Insurance Company = $32.11 Per Month or $367 Per Year
Royal Neighbors of America has the lowest yearly premium for the Preferred Plus health class, at $282. But if you applied, and your policy is issued at the Preferred health class instead, Royal Neighbors is no longer one of the least expensive five companies, at $447 a year. Savings Bank Life Insurance Company of Massachusetts. has the lowest annual premium for the Preferred health class, at $321. Would it be better to apply to Savings Bank Life, if you know you will not qualify for the Preferred Plus health class? Maybe not, since each insurance company has its own criteria for placing you in a health class.
For example, you may qualify for the Preferred Plus health class with American General Life Insurance Company at $301 a year, but only the Preferred health class with Banner Life Insurance Company, at $356 a year, instead of Banner’s Preferred Plus health class rates at $293 a year.
Female Age 44 Non Smoker Standard Plus Rates
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Ohio National Life Assurance Corporation = $38.32 Per Month or $443 Per Year
Banner Life Insurance Company = $39.55 Per Month or $452 Per Year
Genworth Life Insurance Company = $38.51 Per Month or $455.26 Per Year
American General Life Insurance Company = $40.51 Per Month or $463 Per Year
Notice how the lowest-priced life insurance companies for each health class are close in price to each other? There is a greater price difference in the rates among the health classes.
For example, Ohio National Life Assurance Corp. is $25.34 a month for the Preferred Plus health class, $30.28 a month for the Preferred health class, $38.32 a month for the Standard Plus health class, & $45.07 a month for the Standard health class.
This is why it’s wise to choose an experienced agent who is focused on serving your needs. A good agent asks you questions, and works to get you an accurate term life insurance quote at a competitive price, based on the agent’s knowledge of the underwriting rules for the life insurance company(ies) the agent represents. A good agent finds out about you & your family’s needs, values & goals, your health, your family’s health history, and your habits.
Look out for agents quoting everyone the lowest possible price, even if they won’t qualify for it, after asking too few questions. This type of agent wants to get your business based on a low ball price. When your life insurance policy is issued by the company, at the price you actually qualify for, the agent will explain & apologize for the much higher price, & try to convince you it’s the best rate you can get, so you will pay it.
See below for the best priced insurance companies in the Standard health class. All of the health classes reviewed in this blog post are for healthy people. What if you have a medical condition, or you are twenty-five pounds over weight? A good agent knows the insurance companies with the best prices for certain health conditions, such as diabetes, or people with a few extra pounds or more.
Female Age 44 Non Smoker Standard Rates
Ohio National Life Assurance Corporation = $45.07 Per Month or $521 Per Year
Savings Bank Life Insurance Company of MA = $45.94 Per Month or $528 Per Year
Protective Life Insurance Company = $45.16 Per Month or $535.14 Per Year
Banner Life Insurance Company = $47.16 Per Month or $539 Per Year
Genworth Life Insurance Company = $46.00 Per Month or $543.80 Per Year
The companies above have competitive term life rates for this particular death benefit amount, age, sex, & health class. But many insurance companies, some with popular brand names, have expensive rates for their term life insurance. See below for the standard health class rates for some of these more expensive companies, for a woman, age 44, non-smoker:
Hartford Life & Annuity Insurance Company = $50.31 Per Month or $559 Per Year
EMC National Life Company = $52.51 Per Month or $590 Per Year
National Life Insurance Company of Vermont = $55.97 Per Month or $636 Per Year
Guardian Life Insurance Company of America = $60.77 Per Month or $708 Per Year
Pruco Life Insurance Company (Prudential) = $67.32 Per Month or $748 Per Year
If you’re in great health, you may pay as little as $282 a year if you qualify for the Preferred Plus health class. If you qualify only for each life insurance company’s Standard health class rates, you could pay as little as $521 a year, or as much as $748 or more a year for the same $300,000 death benefit. No single life insurance company has the lowest prices for everybody.
If you want great term life insurance rates, and the right type of coverage for you & your family, comparison shop with a few agents, so you can find an agent offering the best life insurance options for you at a competitive price. Everyone can afford term life insurance, & 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.