Term life insurance is more affordable than ever. How inexpensive can it be for a man, age 51? To show you how low the rates can be, I am doing 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 medical care, competition among insurance companies, and because we continue to live longer lives. You should review your life insurance needs with an insurance agent each year. If you started a term life insurance policy a few years ago, it’s 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 15 year term life insurance policy with a $250,000 death benefit, over four health classes, for a fifty one year old male non-smoker. Remember, if you find these rates more than you can afford, you reduce the price by choosing a lower death benefit, or a shorter term. Term life insurance can be made affordable for any budget, and this blog post will tell you how to avoid costly mistakes, and get the best price for the coverage you desire.
If you’ve been discouraged from purchasing life insurance because you think it is too expensive for you, this blog article will change your mind about it. I am always updating my blog and site, to give you important information to find the best policies and prices for car, home, and life insurance.
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You may say to yourself, “Is term life insurance really inexpensive for someone as old as 51 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-one. Hopefully, by the time people are fifty-one, 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 they can take care of themselves financially in the next few years.
But life is unpredictable. Maybe you were not able to save enough money, or you had to take on debt, like a mortgage or home equity loan, you did not expect to be paying in your fifties and sixties. Perhaps you decided to have more children later in life, which you couldn’t have imagined you would do when you were younger.
Many people who bought term life insurance in their twenties and thirties, find they still have reasons to have term life insurance after their original term life policies expire.
The cost to renew a twenty year term life insurance policy will probably be much more than if you buy a new term life insurance policy. The reason for this is the people most likely to take advantage of the guaranteed renewal option (if your policy has one) are people in poor health, who do not qualify to buy a new term life insurance policy with most, if not all, life insurance companies. The cost to renew the old policy reflects the greater likelihood of having to pay the death benefit for these higher risk people.
Buying term life insurance in your fifties or sixties is not as inexpensive as when you are younger, but if you’re in good health, it can still cost less than many people’s cable bill.
If you are in poor health, you may be surprised there are still affordable life insurance options for you. If you are only concerned with a small death benefit to cover your final expenses, like burial costs, you can be close to your death bed, and be able to get some life insurance.
Term life insurance is best used to cover a need for insurance existing for a limited time, such as until a mortgage or loan is paid off, a child is out of college and employed on their own, or until you retire. You buy term life insurance with a very good chance you won’t need it. This is why term life insurance has a low price.
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 time, you should be seeking permanent life insurance, instead of term life insurance.
If at age 51, you buy a fifteen year term life insurance policy because you feel certain you’ll be dead by age 66, 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 age 66, life insurance companies won’t accept you for a good term life policy, & you will need to look at permanent life insurance options if you want life insurance.
If you want life insurance to provide money to your loved ones at whatever age you die, discuss your life insurance needs with an independent life insurance agent specializing in all 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 medical exam, and you want only a small amount of life insurance money to cover your burial costs and last medical bills, speak to several final expense insurance agents.
If you’re sure you don’t need permanent life insurance, check out these term life insurance rates:
Male Age 51 Non Smoker Preferred Plus Rates
I found these term life rates through a term life insurance quote comparison engine. There are a lot of these engines on the Internet. Be aware the rates, companies, & life insurance policies may not be available in your state.
The Preferred Plus rates offer the best rates, and they’re for the healthiest people. So, if you are in excellent health — you eat right, exercise regularly, and maintain a healthy body weight — these are the prices you pay, right? This may not be the case.
With car insurance, agents frequently qualify you for the price you will pay at the time you contact them for a quote. Qualifying for and 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 questions the agent asks you. Then, the agent helps you complete the application and submit it to the insurance company for acceptance.
The company reviews your completed application, orders additional information, like your medical records, and requests a paramedical exam (a paramedic meets with you & gives you a physical, & takes a blood sample), to determine if you qualify for their life insurance policy, & 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 the application. But, for example, you may be genetically predisposed to higher cholesterol than a normal, very fit person, which is discovered by the paramedic exam. Your life insurance policy will be issued at a higher price, due to the exam results.
Look how the competitive positions change for the insurance companies, if you qualify for Preferred rates, instead of Preferred Plus rates:
Male Age 51 Non Smoker Preferred Rates
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North American Company for Life & Health, at $422.50 a year, has the lowest annual premium for the Preferred Plus health rate class. But if you applied, and your policy is issued at the Preferred class, North American no longer has the lowest annual premium. Banner Life Insurance Company. has the lowest annual premium, at $517.50 a year, for the Preferred health class. North American costs $537.50 a year at the Preferred rates, and it is no longer among the five companies with the lowest rates. In many cases, the additional cost is much more.
Should you have applied to Banner Life, instead of North American, when you don’t think you will qualify for the Preferred Plus health class? Probably not, because each insurance company has its own rules for health class placement.
For example, you may qualify for Preferred Plus rates with Savings Bank Life Insurance Company of MA at $450 a year, but only the Preferred rates with American National. Instead of paying $446.50 for the American National Preferred Plus rate class, the policy is issued at $529 annual premium based on the American National Preferred rates.
Savings Bank Life turns out to be the much better deal for you, even though American National has a lower Preferred Plus rate, because you don’t qualify for the American National Preferred Plus health class, but you do qualify for the Preferred Plus class with Savings Bank Life.
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, and getting accurate term life insurance price quotes by yourself, without the help of a competent agent, is really difficult. Using an agent to purchase term life insurance costs no more than buying direct from the company, so take advantage of the expertise a good agent can provide you.
Male Age 51 Non Smoker Standard Plus Rates
Notice the least expensive term life insurance companies in each health rate class have rates close in price to each other, but there is usually a bigger difference in price among health rate classes.
For example, Banner Life Insurance Company is $38.28 a month in the Preferred Plus category, $45.28 a month for the Preferred class, $55.56 a month for the Standard Plus class, and $77.22 a month for the Standard class, which is too expensive to be among the 5 least expensive life insurance companies.
This is why it’s good to use an experienced life insurance agent willing to work for you. A good agent will ask you questions, and use their knowledge of the rate classes & eligibility criteria of the life 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 life insurance product.
A bad agent quotes everyone the lowest rates, regardless if they are not likely to qualify for them, after asking too few questions. Some agents want to get your business by quoting you the lowest price possible, then they will explain & apologize for the much higher rate when the policy is issued, hoping you will just pay it. Chances are good you will not be placed with the life insurance company with the best rates for which you can qualify, and a different life insurance company has a much better rate for you.
Below are the term life rates for the Standard health category. All four of these health classes are for healthy people. What if you have a minor medical condition, or you’re over-weight by twenty pounds? A good agent knows the insurance companies with the best rates for certain health conditions, such as diabetes, or for heavier people.
Male Age 51 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 51 year old male non-smoker:
A 15 year term life insurance policy with a $250,000 death benefit at standard rates can be as low as $772.50 a year or as expensive as $1,805 or more a year. If you are in good health, rates can be as low as $422.50 a year. As I said in the first paragraph, if you find you can’t afford the life insurance coverage you want, you can choose a smaller death benefit, or a shorter term, to reduce the price. Some coverage is better than no coverage, so everyone can have life insurance they can afford.
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 & home insurance each year, too. Paying less and saving money on car & property (homeowners, renters, mobile home, condo) insurance can help you afford to buy the life insurance you need. Don’t buy insurance you don’t need, and don’t pay more than you have to pay for the insurance 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.