Term life insurance is affordable now more than ever. How inexpensive can it be for a woman, age 51? To show you how inexpensive rates can be, I’m writing a series of blog posts about the insurance companies with the lowest term life rates at different ages. Term life prices are lower today because of advancements in health care, increased competition among life insurance companies, & because people continue to live longer lives. Everyone should review their life insurance needs with an 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 a lot more coverage for what you currently pay. This blog post tells you about the five insurance companies with the best rates for a fifteen year term life insurance policy with a $250,000 death benefit, for 4 health rates classes, for a fifty one year old female non-smoker. You may desire a higher amount of coverage for your death benefit or a longer term of coverage, but 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 costly, this blog article will change your mind about it. I’m always updating my blog & website, to give you important information to choose the best policies & prices for car, home, and life insurance.
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You may think 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 still in your twenties and thirties.
In a perfect world, no one would need term life insurance at the age of fifty-one. Hopefully, by the time people are fifty one years old, they have saved money & built a financial nest egg to leave to their family or loved ones when they die. Their kids are grown, or close to being grown, and can soon take care of themselves financially.
However, 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 or 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 who bought term life insurance in their twenties, thirties, & forties find they still have reasons to have term life insurance after their original term life policies expire.
The cost to renew a 15, 20, or 30 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 term policy has one) are people in poor 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 the old term policy reflects the greater chance 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 much younger, but if you are in good health, it can still cost a lot less than many people’s cable bill or the monthly cost of your daily latte.
For those people in poor health, you may be surprised to learn there are affordable life insurance options for you, too. 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 purchase life insurance.
Term life insurance is best used to cover an insurance need existing for a limited time, such as a period of time until a mortgage loan is paid off, children are out of college and have their own jobs, 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 can be very inexpensive.
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 think about buying permanent life insurance, rather than term life insurance.
If at age 51, you buy a fifteen year term life insurance policy because you feel certain you will be dead by age sixty-six, 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 66, insurance companies won’t approve 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 to pass money to your family or 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 fast application process without a physical exam, and you want only a small amount of life insurance money to cover your funeral costs & final medical bills, talk to several final expense insurance agents.
If you know you won’t need life insurance after a certain age, such as age 66, for the 15 year term example in this blog post, term life insurance may be the best choice for you. Check out these term life insurance rates:
Female Age 51 Non Smoker Preferred Plus Rates
The term life rates in this blog post are from a term life insurance quote comparison engine I found 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 will be the rates you pay? This may not be the case.
With some types of insurance, such as auto insurance, insurance companies 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 are ready to pay for it. Qualifying for & buying life insurance is a different process.
With life insurance, an agent will determine the price you should pay, based on the answers to the health questions the agent asks you. Your agent will help you complete the application & submit it to the insurance company for acceptance.
The insurance company reviews your completed application and orders additional information it needs, such as your medical records. The insurance company requests you take a physical exam. A paramedic will meet with you at your work or home, & give you an exam, including taking a blood sample. Once the insurance company has all the information it needs, including your physical exam results, it decides if you qualify for the life 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. However, although you may feel great, you don’t know what the physical exam will discover. For example, it may be discovered you are genetically predisposed to higher cholesterol than a normal, very fit person. Your life insurance policy will be issued at a higher price, due to the exam results.
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 51 Non Smoker Preferred Rates
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In this example, and this is not typical, Savings Bank Life has the lowest annual premium for the Preferred Plus health rate class, the Preferred health rate class, & the Standard Plus rate class.
Is it safe to assume you will get the lowest rate if you apply to Savings Bank Life, as long as your policy is issued at a rate better than Standard rates? Possibly not, because each life insurance company has its own rules for health rate class placement.
For example, you may qualify for Preferred Plus rates with AAA Life Insurance Company at $325 a year, but only the Preferred rates with Banner Life Insurance Company. Instead of paying $310 for the the Banner Life Preferred Plus rate class, the policy is issued at the $390 annual premium based on the Banner Life Preferred rates.
AAA Life turns out to be the much better deal for you. Although Banner Life has a lower Preferred Plus rate, you don’t qualify for the Banner Life Preferred Plus health class, but you do qualify for the Preferred Plus health class with AAA 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, & getting accurate term life insurance price quotes by yourself, without the help of a competent agent, is difficult and confusing. Using an agent to buy term life insurance costs no more than buying direct from a life insurance company, so take advantage of the expertise a good agent provides you.
Female Age 51 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’s usually a larger difference in price between health rate classes.
For example, Ohio National Life Assurance Corporation is $26.82 a month in the Preferred Plus category, $34.38 a month for the Preferred class, $44.12 a month for the Standard Plus class, and $50.39 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, and use their knowledge of the rate classes & eligibility guidelines 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 a life insurance company’s product.
A bad agent quotes everybody the lowest rates, regardless if they are not likely to qualify for them. 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 pay it. The chances are good another life insurance 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 rate category. All of these health classes are for healthy people. What if you have a minor medical condition, or you are overweight by 20 pounds or more? A good agent knows the life insurance companies with the best rates for certain health conditions, such as diabetes, or for heavier people.
Female Age 51 Non Smoker Standard Rates
It pays to shop with several different insurance agents. Most agents do not represent all the best companies, and some agents represent only one life insurance company. Listed below are 5 life insurance companies, including some well known brands, with more expensive standard term life insurance rates for a 51 year old female non-smoker:
A fifteen year term life insurance policy with a $250,000 death benefit at standard rates can be as low as $582.50 a year or as expensive as $882.50 or more a year. If you are in good health, rates can be as low as $305 a year. If you decide 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. Term life insurance can be made affordable 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 life insurance agents, so you can find an 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 and saving money on your auto & property insurance can help you afford to purchase the life insurance you need. Don’t buy insurance coverage you don’t need, and do not 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.