This term life insurance age 20 – 29 review will show you the best prices for people in their twenties. When shopping for term life insurance, its hard to know if you are getting a good deal. Although you may be in perfect health, many seemingly minor factors, such as a few extra pounds, taking a medication like an anti-depressant, higher than ideal blood pressure or cholesterol levels, or the health problems or early demise of close family members, can mean you won’t qualify for the lowest rates for all term life insurance companies, making it hard to shop based on the lowest price. Good life insurance agents are thorough when asking you about your health history, and do their best to quote you the price you are likely to qualify for, but the term life insurance rates you pay are ultimately decided by the insurance company, after reviewing your application and paramedical exam results, as usually required.
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This blog post reviews the best term life insurance rates for men & women in their 20s, across the four rating categories for people in generally good health (Preferred Plus, Preferred, Standard Plus, & Standard), for smokers and non-smokers, so you have an idea of whether the term life insurance rates you are offered are competitively priced.
Some companies charge a lot more than others for the same type of term life insurance coverage. For example, a $500,000 twenty year term life insurance policy for a 25 year old male nonsmoker at standard rates would cost $390 from Assurity Life Insurance Company, but cost $579 with MetLife Investors USA Insurance Company. No single term life insurance company has competitive or uncompetitive rates across the board — change one thing, like the amount of the death benefit, the age, the sex, the number of years of the term, etc., and the company having the best rates may no longer have competitive rates.
As mentioned above, it doesn’t help you to find the lowest priced term life insurance quote online from the Web. Your goal should be to get the best price for which you qualify, based on your current health, and you & your family’s health history. However, once you have received term life insurance quotes from several agents, you can use the rate information in this review, to see which agents quoting you represent companies with competitive rates for your situation.
Term Life Insurance Age 20 – 29 Review: How to use the pricing information I provide you.
I’m providing in this review the lowest term life insurance rates for people age 20 to 29 across four health rating classes. The range is from the lowest price for a 20 year old rated preferred plus, to a 29 year old rated standard.
For example, for a $500,000 20 year term life insurance policy for a twenty-something male non-smoker, the annual premium of the best rates range from $240 to $465. So, if you are a 29 year old male who doesn’t smoke, but you are somewhat overweight, and the best you can qualify for with most life insurance companies is standard rates, a quote priced around $465 is competitive.
The biggest factor driving term life insurance rates for people in their twenties is the rating class for which they qualify. Most term life insurance companies have four rating classes for generally healthy people. In order from best to worst, they are usually called Preferred Plus, Preferred, Standard Plus, & Standard.
Since the average life expectancy is exceedingly long for someone in exceptionally good health, whether they are age 20 or age 29, what influences the term life insurance rate the most is the health rating class. If you qualify for preferred plus rates in the example used above for a 29 year old male non-smoker seeking a 20 year $500,000 term life insurance policy, the best rate is $240, the same as a 20 year old.
A 20 year old male non-smoker seeking the same $500,000 20 year term life insurance at standard rates would find the best price is $390, instead of the $240 at preferred plus rates. In that case, if you are stuck qualifying for standard rates, you save more by being younger, since a 29 year old at standard rates would pay $465.
Although the rates are a lot higher for smokers, and there are usually only two health rating classes for tobacco smokers, the better health class rating is still more influential than age, when you are in your twenties.
The best way to use the pricing information in this review is to realize term life insurance quotes falling within the price range I give you are competitively priced. The better health class rating for which you qualify, the closer the best price for you will be to the lowest price in the price range.
For example, let’s assume you’re a 25 year old male non-smoker. You get quotes from several term life insurance agents, and some of them say you should qualify for standard plus rates, when they quote you a twenty year $500,000 term life policy. One agent quotes you an annual premium of $470 with Cincinnati Life Insurance Company, another agent quotes you $510 with Pruco Life Insurance Company, another agent quotes you $485 with New York Life Insurance Company, and TIAA-CREF Life Insurance Company quotes you $505.60. The range of prices in this review tells you $240 to $465 are the best rates for this policy.
Since, in this example, you don’t qualify for preferred plus rates, and (to a lesser extent when it comes to price) you are older than 20, you shouldn’t expect a quote close to $240. But none of the quotes you received are within the low rates price range, at $465 or a lower price. My pricing information shows you should be able to do better, so you decide to contact a few more agents. An agent quotes you an annual premium of $370 with Savings Bank Life Insurance Co of MA, and another agent quotes you $390 with Assurity Life Insurance Company. By using the price information in this review, you were able to save an additional $100 per year.
By the way, these are actual prices from a term life insurance company rate comparison tool. You shouldn’t have to contact a dozen agents to find an agent quoting you competitive rates, but there are many agents selling term life insurance not representing the companies with competitive prices, in spite of what they tell you. This review will help you know when you are getting a good price, without having to check with every life insurance company or agent.
Here’s the pricing information, current as of the publishing date of this review, for 1. Male Non-smokers, 2. Male Smokers, 3. Female Non-smokers, & 4. Female Smokers:
1. Male Non-smoker, Age 20 to 29
2. Male Smoker, Age 20 to 29
3. Female Non-smoker, Age 20 to 29
4. Female Smoker, Age 20 to 29
Thanks for reading this term life insurance rates review for people in their twenties. As with many types of insurance, some term life insurance companies charge more than twice the price of other companies for the same coverage, but no single company has the best rates for everyone. Many people pay too much for their insurance because they never shop for better rates, or if they do shop, they don’t check the rates of enough companies. Your life insurance needs & health change over time, so you should shop & review your coverage every one or two years. It’s best to get in the habit of doing it annually. For a lot of people, the best insurance company is the one with the right coverage and service, but at the lowest rates. The ad below will take you to links to get online quotes from leading Home, Auto, Health, & Life insurance companies in your area. Choose the type of insurance, put in your zip, and start shopping now!
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