Affordable Life Insurance Protection for Your Family

Most Affordable Life Insurance Quotes

Are You Shopping For The Most Affordable Price on Life Insurance?

If so, you'll want to learn about the different types of life insurance available, so you clearly understand why Term Life Insurance offers you by far the lowest prices available.


Types of Life Insurance

 

There are two basic types of life insurance you can choose from: Term and Permanent Life.

Term life is by far the lowest priced coverage you can buy. Whereas, permanent life can cost up to 5-10 times more for the same amount of life insurance protection.

Term life is the most affordable because it is temporary, lasting up to 30 years. It is pure protection, meaning you have a death benefit, but there is no cash value or investment feature.

With term life, you may choose coverage lasting for a period of 10, 15, 20, 25 or 30 years to meet your specific need for life insurance protection.

Permanent life insurance provides lifetime protection, with rates that remain the same for your entire lifetime. It pays out a death benefit and buds cash value inside your policy.

Compare Affordable Life Insurance Quotes

 

Why Is Term Life Insurance The Most Affordable Policy?

Term insurance offers by far the lowest pricing on life insurance for the following reasons:

  • Temporary Coverage – Your policy provides coverage for a specific period of time, up to 30 years.
  • Death Benefit Only – You get death benefit coverage only, there is no investment feature.
  • No Cash Value – Term policies have no cash value, they are insurance only policies.
  • Outlive Coverage Term – The insured person may outlive the duration of coverage, which means many policies providing term life coverage may not pay out any death benefits.

 

Best Life Insurance Companies

 

When it comes to term life plans, there are hundreds of life insurance carriers offering term policies in the U.S.A. 

Among the highest rated, most financially secure insurers are Met Life, Prudential, Mutual of Omaha, New York Life, and Transamerica, to name a few.

Each of these insurers has their own pricing guidelines for life insurance based on each individual applicant’s age, gender, and personal risk factors, including health, lifestyle, tobacco use, occupation, hobbies, height-to-weight ratio, driving record, etc.

That’s why it is so important to shop and compare prices among several of the leading insurance carriers before you purchase your policy. Here's a list of leading life insurance companies.

 

Best Rates on Life Insurance

 

How Can I Find The Best Rate Available For My Life Insurance Plan?

It’s simple. You just request a Free Quote for Life Insurance Online.

By filling out a short Quote Request Form you can instantly see the lowest prices available based on your personal risk factors and life insurance needs.

 

How Much Does Term Life Insurance Cost? 

The premium you are charged for term life coverage will depend on several factors including the type of term policy, the amount of coverage, and the length of policy term. 

In addition, several personal risk factors impact your premium, including your age, gender, health, occupation, hobbies, height-to-weight-ratio, lifestyle, tobacco use, and driving record, among other things.

Start Your Free Term Life Insurance Quote

 

How Can I Save Money on Life Insurance?

Here are several tips for you to use which may help you save some money on your life insurance plan: 

  • Compare Rates – By shopping and comparing pricing online you may save up to 50% or more on your policy.
  • Annual Premiums – You can save money by choosing to pay your premiums once per year (annually) instead of monthly, which charges a service fee.
  • Quit Smoking – Smokers pay up to 5-10 times more for the same amount of life insurance compared to non-smokers.
  • Get Healthy – The healthier you are when you apply for life insurance, the lower your rate.
  • Term Instead of Permanent – Permanent life insurance usually costs up to 5-10 times more than premiums charged for the same amount of term life coverage.
  • Select a Term – Choose the right duration (term) for your policy. The shorter your policy term, the lower your annual cost of insurance.
  • Amount of Coverage – Don’t pay for more life insurance than you really need. Use a life insurance needs calculator to help you determine how much insurance you actually need.
  • Buy Now – The younger you are when you buy life insurance, the lower your rate for insurance, because you have a longer life expectancy.

 

Key Factors for Pricing on Life Insurance

 

Basically, there are a few key components that determine how much you pay for a term life insurance policy, including:

  • The amount of life insurance coverage
  • The type of term life insurance policy
  • The duration of your term for coverage
  • Your age and gender
  • Your health 
  • Your personal risk factors 

 

How Term Life Insurance Pricing Works


There are several factors that will affect your pricing for a term life policy.

 

Gender

All things being equal, rates on term life are lower for females compared to males.

This is due to the fact that women (on average) live longer lives than men. The longer your life expectancy the lower your rate for life insurance.

For example, 2011 life expectancy at birth (Statistics form the Center for Disease Control) indicate men live to 76.3 years on average compared to women who live to 81.1 years on average.

 

Age

The cost of life insurance increases with your age since your risk of death is higher as you get older.

Life insurance rates increase gradually in your 20’s and 30’s. There aren’t any big jumps in premiums until you hit your 40’s. From then, they can increase quite a bit from one year to the next.

 

Term – Duration of Your Life Insurance Policy

Term life insurance comes in terms of 10, 15, 20, 25 and 30 years. 

The term is how long the policy will last. Most term life policies come with a rate guaranteethat matches the term.

For example, buy a policy with a 10-year term at $500 per year and you get 10 years of coverage at the $500 per year rate. The rate stays the same for the entire term.

That’s why longer term life insurance policies cost more. As you get older and your health changes, the life insurance company’s risk also increases.

The likelihood of incurring a death claim on your term policy is greater the longer the coverage is "In Force". In addition, since your term life rate is locked-in for the entire duration of your policy, the insurance company cannot pass along increased claims or operating costs in the form of higher premiums.

 

Amount of Life Insurance Coverage

The higher the death benefit, the higher the cost of your policy.  

Life insurance is priced by tiers or rate bands. 

Smaller policies fall into lower bands, which have a higher unit cost (per $1,000 of coverage). 

Larger life insurance policies, although they cost more overall, actually have a lower cost per $1,000.

Basically, rates on life insurance per $1,000 of coverage vary by rate band and there are several bands.

So rates may vary for policy amounts of $100K to $249K, $250K to $499K, $500K to $1M, and $1M and up.

 

Premium Payment Options

The premium mode is the frequency in which you pay your life insurance premiums to the insurance carrier.

The available modes of premium payment in order of increasing cost are:

  • Annual
  • Semi-Annual
  • Quarterly
  • Monthly 

 

The more frequent your insurance premium payments the higher your cost because the insurance company incurs higher administrative costs to bill you and process your payments several times a year instead of just once.

In addition, the insurance company places your premiums in investments accounts, earning interest on those funds. 

The longer they have to wait for your premiums, the less money they make in interest. So, they reduce the risk by charging you a little more for paying installments.

The average cost per $1,000 of life insurance coverage decreases the larger the life insurance policy as you get into higher bands of coverage.

 

Affordable Life Insurance Quotes

 

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.


 

Most Affordable Life Insurance Quotes

 


Disclosure: Compensated Affiliate