Term life insurance is more affordable than ever. How inexpensive can it be for a woman, age 50? To show you how low rates can be, I am writing a blog series showing the insurance companies with the lowest term life rates at different ages. Term life prices are lower today because of advancements in health care, competition among insurance companies, & because we continue to live longer lives. You should review your life insurance needs with an agent each year. If you started a term life insurance policy a few years ago, it is likely you can get lower rates now, or you may be able to get much more coverage for what you currently pay. This blog post shows you the five insurance companies with the best rates for a 20 year term life insurance policy with a $150,000 death benefit, over four health classes, for a fifty year old female non-smoker. Even if you desire a higher amount of coverage for your death benefit, this article can help you avoid many of the mistakes people make getting a term life insurance policy.
Hopefully, if you’ve been discouraged from buying life insurance because you think it’s too expensive for you, this blog article will change your mind about it. I’m always updating my blog & site, to give you important information to find the best policies & prices for car, home, and life insurance.
Bookmark or place my Website in your favorites now, so you can use it the next time you have a question about car, home, or life insurance.
You may think to yourself, “Is term life insurance really inexpensive for someone as old as 50 years old?” It is true it costs more than if you are in your twenties and thirties.
In a perfect world, no one would need term life insurance at age fifty. Hopefully, by the time people are fifty years old, they have saved money & built a financial nest egg to leave to their loved ones when they die. Their kids are grown, or close to being grown, and can soon take care of themselves financially.
But life is not predictable. Maybe you were not able to save enough money, or you had to take on unexpected debt, like a mortgage, you did not think you would be paying in your fifties and sixties. Maybe you decided to have children later in life, which you couldn’t have imagined you would do when you were younger.
A lot of people bought term life insurance in their twenties and thirties, only to find they still have reasons to have term life insurance after their original term life policies expire.
The cost to renew a 20 year term life insurance policy will probably be a lot more than if you purchase a new term life insurance policy. The reason for this is the only people taking advantage of the guaranteed renewal option (if the policy has one) are people in bad health, who won’t qualify to buy a new term life insurance policy with most, if not all, life insurance companies. The cost to renew reflects the greater likelihood of early death for these higher risk people.
Purchasing term life insurance in your fifties or sixties is not as inexpensive as when you are young, but if you are in good health, it can still cost less than many people’s cable bill.
Even if you are in poor health, you may be surprised to learn there are affordable life insurance options for you. If you only desire a small policy to cover your final expenses, like funeral costs, you can be close to your death bed, & still be able to buy life insurance.
Term life insurance is best used to cover an insurance need existing for a limited time, such as until a mortgage loan is paid off, children are out of college and employed on their own, or until you are fully retired. You buy term life insurance to insure you for a limited period of time, with the very good chance you won’t need it. This is why term life insurance has such a low cost.
If you’re thinking about buying life insurance because you want the death benefit paid when you die, not if you die before a certain period of time, you should buy permanent life insurance, rather than term life insurance.
If at age 50, you buy a twenty year term life insurance policy because you feel certain you will be dead by age seventy, you will most likely live longer. If there really is a very good chance, due to your health or family health history, you’ll die before the age of 70, insurance companies won’t accept you for a good term life policy, and you will need to look at permanent life insurance options if you want life insurance.
If you want life insurance proceeds to pass money to your loved ones at whatever age you die, discuss your life insurance needs with an independent life insurance agent with expertise in the major types of permanent insurance — whole life insurance and universal life insurance.
If you are in questionable health, or if you want a quicker application process without a physical exam, & you want only a small amount of life insurance money to cover your funeral costs and final medical bills, talk to several final expense insurance agents.
If you know you won’t need life insurance after age 70, term life insurance may be the best choice for you. Check out these term life insurance rates:
Female Age 50 Non Smoker Preferred Plus Rates
I found the term life rates in this blog post through a term life insurance quote comparison engine. There are many of these engines on the Internet. Be aware the rates, companies, or life insurance policies may not be available for the state in which you live.
The Preferred Plus rates are the best rates, and they are for the healthiest people. So, if you are in excellent health — you eat right, exercise regularly, & you maintain a healthy body weight — these are the prices you will pay, right? This may not be the case.
With auto & homeowners insurance, agents qualify you for the price you will pay at the time you contact them for a quote, or confirm the price at the time you make your first payment. Qualifying for & buying life insurance is a different process.
With life insurance, a good agent will determine the price you should pay, based on the answers to the health questions the agent asks you. The agent helps you complete the application & submits it to the insurance company for acceptance.
The insurance company reviews your completed application and orders additional information, such as your medical records. The insurance company requests you take a physical exam. A paramedic meets with you at your work or home, & gives you a physical, including taking a blood sample. Once the insurance company has all the information it needs and your physical exam results, it decides if you qualify for the life insurance insurance policy you requested, & confirms the proper rate to charge you if you are approved.
You may expect to qualify for the Preferred Plus rates at the time you complete & submit your application. But, for example, it may be discovered you are genetically predisposed to higher cholesterol than a normal, very fit person, based on the results of the paramedic exam. Your life insurance policy will be issued at a higher price, due to the exam results.
With auto & home insurance, it isn’t hard to shop based on price. With life insurance, you really can’t be sure of the rates you will pay before your application is approved.
Look how the competitive positions change for the insurance companies, if you qualify for Preferred rates, instead of Preferred Plus rates:
Female Age 50 Non Smoker Preferred Rates
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Savings Bank Life, at $306 a year, has the lowest annual premium for the Preferred health rate class. But if you applied, and your policy is issued at the Standard Plus class, Savings Bank Life no longer has the lowest annual premium. Ohio National Life Assurance Corporation has the lowest annual premium, at $371 a year, for the Standard Plus health class. Savings Bank Life costs $396 a year at the Standard Plus rates.
Should you have applied to Ohio National instead of Savings Bank Life, when you don’t think you will qualify for the Preferred health class? Probably not, because each life insurance company has its own rules for health class placement.
For example, you may qualify for Preferred rates with North American Company for Life & Health at $369.50 a year, but only the Standard Plus rates with Cincinnati Life. Instead of paying $312 for the Cincinnati Life Preferred Plus rate class, the policy is issued at the $409.50 annual premium based on the Cincinnati Life Standard Plus rates.
North American turns out to be the much better deal for you, even though Cincinnati Life has a lower Preferred rate, because you don’t qualify for the Cincinnati Life Preferred health class, but you do qualify for the Preferred health class with North American.
A good agent will try to quote you accurately, based on the health class you should qualify for with each life insurance company. Trying to figure out what you will pay on your own, & getting accurate term life insurance price quotes by yourself, without the help of a competent agent, is very difficult. Using an agent to buy term life insurance costs no more than buying direct from the life insurance company, so take advantage of the expertise a good agent provides you.
Female Age 50 Non Smoker Standard Plus Rates
Notice these least expensive term life insurance companies in each health class have rates close in price to each other, but there is usually a bigger difference in price between health rate classes.
For example, Ohio National Life Assurance Corporation is $22.75 a month in the Preferred Plus category, $26.77 a month for the Preferred class, $32.09 a month for the Standard Plus class, and $39.36 a month for the Standard class.
This is why it is smart to use an experienced life insurance agent willing to work for you. A good agent will ask you questions, & use their knowledge of the rate classes and eligibility rules of the insurance companies the agent represents, to find the best price for you. A good agent considers you, your needs & goals, your health, your family’s health history and your habits. when quoting you an accurate price, and recommending an insurance company’s product.
A bad agent quotes everybody the lowest rates, regardless if they are not likely to qualify for them, after asking not enough questions. Some agents want to get your business by quoting you the lowest price possible, then they will explain & apologize to you for the much higher rate when the policy is issued, hoping you will just pay it. The chances are good another company has a much better rate for you. As I have shown you in this blog post, the company with the lowest rates, may not be the company putting you in the best health class, or may have expensive rates for the health class for which you qualify.
Below are the term life rates for the Standard health category. All of these health classes are for healthy people. What if you have a minor medical condition, or you are over-weight by 20 pounds or more? A good agent knows the insurance companies with the best rates for certain health conditions, such as diabetes, or for heavier people.
Female Age 50 Non Smoker Standard Rates
It pays to shop with several different life insurance agents. Most agents don’t represent all the best companies, and some agents represent only one company. Listed below are five life insurance companies, including some well known brands, with more expensive standard term life insurance rates for a 50 year old female non-smoker:
A twenty year term life insurance policy with a $150,000 death benefit at standard rates can be as low as $455 a year or as expensive as $789 or more a year. If you are in good health, rates can be as low as $263 a year. If you find you can’t afford the life insurance coverage you desire, you can choose a smaller death benefit, or a shorter term, to reduce the price. Some coverage is better than no coverage, so term life insurance is available to fit anyone’s budget.
If you want low term life insurance rates, a good policy, and a smooth process getting the coverage you need, comparison shop with several agents, so you can find a good 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.
Remember to shop your auto and home insurance each year, too. Paying less & saving money on your car & property insurance can help you afford to purchase the life insurance you need. Don’t buy insurance coverage you don’t need, and don’t pay more than you have to pay for the insurance coverage you do need.
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.