Term life insurance is affordable for everyone’s budget. How inexpensive is it for a woman, age 45? Term life insurance rates continue to drop, as people live longer lives, health care improves, and from competition among life insurance companies. If you bought a term life insurance policy some years ago, you might now be able to get much better rates, or you may be able to buy a larger amount of coverage for what you are paying now. To illustrate how inexpensive term life can be, I’m writing about the insurance companies with the lowest term life rates at certain ages, for four common health classes. Below are 5 companies with the best rates for a twenty year term life insurance policy with a $250,000 death benefit, for a forty five year old female non-smoker.
Hopefully, if you have avoided buying life insurance because you think it is too expensive, this article will get you to change your mind. Even if you don’t have the money now to afford these rates, you can pay less by choosing a smaller death benefit. Life insurance can be made affordable for any budget.
My website helps you find great rates and policies for auto, dwelling, & life insurance, so bookmark or place my site in your favorites for you to use at your convenience. Saving money on your car or homeowners insurance can help you afford the life insurance coverage you need.
Female Age 45 Non Smoker Preferred Plus Rates
I found the term life rates in this blog post using a term life insurance quote comparison engine — lots of these quote engines are available on the Web — and the rates, companies, or policies may not be available in your state.
The Preferred Plus rating class has the best rates, and it’s for folks in terrific health. So, if you are sure you are in prefect health — you always eat right, exercise often & vigorously, and watch your weight — these are the prices you’ll pay, right? This might not be what happens when your policy is issued.
When you buy some types of insurance, like car insurance, agents determine the price you will pay when they quote you. Applying for term life insurance works differently.
When applying for term life insurance, agents will estimate the price you should pay, based on how you answer the health questions the agents ask you. An agent helps you complete the application, which the agent forwards on to the life insurance company for acceptance.
The life insurance company examines the application, & asks for additional information it needs, 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 insure you, & the correct rating class to charge you, if you are accepted.
You may anticipate qualifying for the lowest possible rates when you apply. However, unknown to you, you might be genetically inclined to have high cholesterol. If so, the policy may be issued at a more expensive price, in a different rating class, because of the results of your physical.
When it comes to getting life insurance, it is not possible to be certain of the rates you will pay before your application is accepted by the life insurance company.
The prices below show you how the insurance companies with the best rates change, if you qualify for the Preferred health rating class, instead of Preferred Plus health rates:
Female Age 45 Non Smoker Preferred Rates
Royal Neighbors of America has the lowest yearly premium for the Preferred Plus rate at $250. But if you applied, and your policy is issued at the Preferred rate instead, Ohio National is no longer among the 5 least expensive life insurance companies, at $407.50. Savings Bank Life Insurance Company of Massachusetts has the lowest annual premium for the Preferred rates, at $305. Would it have been a better idea to have applied to Savings Bank, if you know you will not qualify for the Preferred Plus rates? Maybe not, since each insurance company has its own criteria for placing you in a health rating class.
For example, you may qualify for the Preferred Plus rates with Genworth Life Insurance Company at $279.70 a year, but only the Preferred rates with Banner Life Insurance Company, at $330 a year, instead of Banner’s Preferred Plus rates at $275 a year.
Female Age 45 Non Smoker Standard Plus Rates
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See how the lowest-priced companies for each health rating class are usually close in price to each other? There’s a bigger price difference in the rates between the health classes.
For example, Banner Life is $24.06 a month for the Preferred Plus rates, $28.88 a month for the Preferred rates, $36.31 a month for the Standard Plus rates, and $43.09 a month for the Standard rates.
This is why it’s wise to use an experienced agent focused on serving your needs, and knowing which company will have the best rate for you. A good agent asks you questions, & gives you an accurate term life insurance quote at a competitive price, based on the agent’s knowledge of the underwriting guidelines for the insurance company(ies) the agent represents, considering you & your family’s needs, your health, your family’s health history, and your habits.
Some agents quote 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 low-ball rates, When your life insurance policy is issued by the company for 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 companies in 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 forty pounds over weight? A good agent knows the insurance companies with the best prices for certain health conditions, such as hyper-tension, or heavier people.
Female Age 45 Non Smoker Standard Rates
The companies shown above have competitive term life rates for this particular death benefit amount, age, sex, & health rating category. But many insurance companies, some with well known brand names, have expensive prices for their term life insurance. See below for the standard rates of some of these more expensive life companies, for a woman, age 45, non-smoker:
If you are in great health, you can pay as little as $250 a year with the Preferred Plus rates. If you qualify only for each insurance company’s standard term life rates, you could pay as little as $475 a year, or as much as $687.50 or more a year for the same $250,000 death benefit. No single life insurance company has the lowest prices for everyone.
If you want great term life insurance rates, and the proper 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. You 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.