Term Life Insurance Low Price

How to Get Term Life Insurance at a Low Price

Are You Looking for Term Life Insurance at a Low Price? 

Did you know that term life insurance costs less than you think?

Studies performed by LIMRA indicate people with no life insurance over-estimate the cost by three times. A healthy 30 year old man would pay less than $13 a month for a 20-year, $250,000 level term life policy.


How Can I Compare Low Prices on Term Insurance?

You have several options for comparing term rates:

  • Contact a local life insurance agent.
  • Call insurance companies direct for a quote.
  • Request free quotes from a life insurance website. 

Compare Term Life Insurance Prices

 

What Do Term Price Quotes Provide?

When you request a quote for term life you will receive the name of the insurance companies offered, their financial strength ratings, and the annual cost of life insurance from the insurer.

The financial ratings are important because they are an indication of the insurer’s financial stability – how capable they are of meeting their financial obligations, and paying their life insurance claims.


Why is Term Life Insurance So Affordable?

There are several reasons that term insurance is the lowest priced life insurance. Among the key factors are:

  • Term life is temporary coverage for up to 30 years, or until age 65.
  • You choose how long you have coverage – 10, 15, 20, 25 or 30 years.
  • Many insured outlive the duration of their term policy
  • No Cash Value – Term insurance is not an investment, but pure protection.


What is the Lowest Priced Term Life Plan?

Since term insurance is temporary life insurance, the shorter your “term” or duration of coverage, the lower your premium because there is a lower risk that you will pass away in that time period.

In addition, the lower the amount of life insurance coverage you purchase, the lower your annual premium. 

For Example:

A 10 tear term life plan will have lower annual premiums compared to a 20 year term plan, because the chances are lower you pass away in the next 10 years.

 

What Insurance Carriers Offer Low Cost Term Insurance?

There are hundreds of life insurance companies offering term insurance in America. Some of these carriers may be more competitive insuring certain groups of consumers; such as, single people, seniors, diabetics, smokers or healthy people.

However, some of the most competitive insurers for term life protection include Banner, Transamerica, New York Life and Northwestern Mutual, among others.

 

How Does Term Insurance Work?

Level term life insurance is a type of insurance that provides short term life insurance protection for a specific number of years.

With level term you choose your term for coverage – how long you will be protected. The premium you pay for your life insurance coverage will depend on the length of your term and the amount of life insurance.

Other factors that affect your premiums include your age, gender, health, driving record, hobbies, occupation, lifestyle, tobacco use, and other risk factors that may impact how long you live.

With level term life you pay premiums that stay the same each year for the entire duration of your term policy. In addition, your life insurance coverage stays level each year.


For Example:

A 10 year $250,000 level term policy for $250 premium per year.

You would have $250,000 of life insurance protection for a period of 10 years, and each year you would pay $250 to the insurance company to continue your life insurance.

If you pass away during the 10 year term, your family members (beneficiary you choose) would receive the $250,000 death benefit payment free from federal income tax.

If you are alive at the end of ten years, your life insurance expires. At that time, you may have the option of renewing your 10-year term policy for another term of 10 years at a higher premium based on your age at that time.

 

Tips to Get the Lowest Price on Life Insurance

 

  • Compare Rates – By comparing prices from a large network of insurers you will quickly and easily find the lowest price.
  • Choose a Shorter Term – The shorter the term of your policy, the lower the annual price for coverage. You can choose coverage for a term of 10, 15, 20, 25 or 30 years from many carriers.
  • Don’t Delay – Rates increase with your age. Also, purchase your policy at least 6 months before your next birthday as rates are based on your nearest birthday. 
  • Quit Smoking – If you smoke you may pay as much as 2 to 3 times more for the same amount of life insurance as a non-smoker.
  • Get Healthy – If you are overweight, have high cholesterol, high blood pressure or other health issues, you will pay a higher than standard rate. You can lose weight and get healthier by exercising and taking the proper medication.


Compare Term Life Insurance Prices


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