Applying for life insurance for women has the instant advantage over men with the ability to receive lower life insurance rates because they live longer
Women’s life insurance is now just as important as purchasing life insurance for their male counterpart and many times even more
The need for purchasing life insurance for women is constantly rising. On todays standards, women are very much the equal to men any day of the week. Many females today make up a strong percentage of Doctors, Lawyers, Judges, Corporate Executives and more elite professions. It is now very common to find the women shopping for a substantial amount of life insurance. They sometimes have even more financial liabilities just like their male counterparts. Purchasing life insurance for women is now a very common practice.
Female rates are at least 15% less than male rates. This is due to the simple fact that women live longer than men. They also watch their diet closer and visit the Doctor more often than men do. This reduces the risk for the companies and they pass along the savings.
Let’s jump in and talk about the basics of women’s life insurance and how to get the lowest rates once you apply
This article is designed to help the ladies shop for life insurance and understand what happens throughout the quoting and finally the application process. After you read this article you should have a much better knowledge of the need for women’s life insurance. You will also learn about the best way to apply so you get the lowest rates. All you need to know is the basic fundamentals of the different plan designs. Once you have this working knowledge everything else will fall into place.
Did you know that many women hold some of the highest job titles in corporate America?
Women like Sheryl Sandberg (Chief Operating Officer of Facebook), Indra Nooyi (CEO of Pepsi Cola). Irene Rosenfeld (CEO of Kraft), Virginia Rometty (CEO of IBM), Ursula Burns (CEO of Xerox), Meg Whitman (CEO of Ebay). Marissa Mayer (CEO of Yahoo), Sheri McCoy (CEO of Avon) and this list goes on and on. The business world today is loaded with high powered women running huge corporations. Life insurance used to be a product only sought after by men.
Take a close look at men’s rates vs. women’s life insurance rates
We will run an illustration for a 35 year old male in the preferred non-smoker rate class with a face amount of $250,000 and a 20 year term period. Then we will compare the rates for 35 year old female using all the exact information. The cost of life insurance for women is usually about 15-20% less than men.
Male rates
- Banner Life – $202.49
- Protective Life – $203
- United of Omaha – $217.50
- Transamerica – $220.00
- SBLI- $222.50
- Prudential – $277.50
Female rates
- Banner Life – $179.31
- Protective Life – $179.54
- United of Omaha – $195.00
- Transamerica – $207.50
- SBLI- $192.50
- Prudential – $225.00
Comparing Term life insurance for women is very important because of the many options to choose from. This is due to the fact some companies offer a larger reduction in women’s rates than other carriers. If you need help choosing your face amount use our websites face amount calculator. Just complete the fields and the calculator will give you a good idea what a logical death benefit would be.
Term life insurance for women is going to give you the most financial protection with the lowest premium
Term life insurance is very affordable and the ladies can purchase a large face amount at a very affordable rate. If a permanent life insurance policy is required, universal life insurance will work out great. Especially from a good company like Banner Life, Protective Life or Transamerica. These life insurance companies offer excellent permanent life insurance at a very affordable premium.
Low cost term life insurance and permanent universal life can be purchased together. This is a great way to create a perfect life insurance portfolio and save money at the same time. Comparing Term life insurance quotes for women can easily be reviewed on our websites quote engine. All the most trusted companies can be compared side by side in the matter of minutes.
No Medical Exam life insurance for women is an option to consider
You also have the option of purchasing No Medical Exam life insurance. This is a great way to go if you need your insurance fast. It is also a good option if you do not want a physical examination. Quite a few people do not like blood tests so this type of plan design can work out well. No Medical Exam Life Insurance can cost a little more that fully underwritten policies. But depending on the specific situation, you can get some of the best life insurance rates with no medical exam also.
What could have an effect on the premium I will pay?
Here are just some of the negative causes that could effect your final rates;
- Smoking and tobacco use – Nothing can add to the cost of life insurance more than smoking especially cigarettes. There is a much higher risk of dying from smoking related diseases. Life insurance companies charge a considerable premium for using tobacco. This major increase in premium can be as much as 2-4 times as expensive as a non-smokers policy. How much tobacco you use also makes a difference in your rates.
- Dangerous sports and hobbies – Hazardous sports interest many thrill seekers, but they can also do a number on the rates you pay. Some of the companies will allow an exclusion on the hobby or sport which would eliminate the added expense.
- Your overall health condition – Anytime you apply for life insurance, the insurance company will ask you many different questions in reference to your current health condition. More serious health conditions add an added risk to the mortality rate. Applicants with certain types of health conditions will have to pay a higher premium vs. a very healthy person due to the added risk factor.
- Your current age – Life insurance rates and premiums are based off of mortality tables the companies use. Your age is going to be a huge factor. Applying for life insurance when your young is the very best time to apply.
- Your mental health – People who are suffering illnesses such as major depression is a serious risk for a life insurance company. There is always that threat of a possible suicide. Most companies want to make sure you are under the treatment of a doctor so the illness does not get worse.
When is the best time to start comparing Term life insurance for women?
Right now is the best time to start shopping for life insurance. As each year passes, the quoting rates will go up which means the premiums will go up also. The longer you wait the more your life insurance will cost. The only time you would ever want to wait is if you were scheduled to have surgery soon. You can sometimes hold off if you just quit smoking a few months ago. If you wait one full year you will be able to qualify for a non-smoker rate classification. Keep in mind that smokers rates can easily be triple the cost. If an individual is overweight or obese they can wait until they lost weight to apply.
Where is the best place to buy life insurance
Always make sure you work with a reputable and experienced independent agent such as ourselves to make sure you are being provided with the best advice. You also want to use an agency with a lot of company contracts so they can thoroughly shop the market for you. You want to make sure that there are no surprises later on during underwriting which could effect your final rates later. The cost of women’s life insurance is actually going down due to people living longer than ever.
How can I be sure I get the lowest rates possible?
Getting the lowest possible rates will depend quite a bit on your specific agents performance and what companies he represents. We use over 40 of the top rated life insurance companies and make sure we provide our applicants with the lowest possible rates. You can run our websites free quoting system to get a head start and see who has the lowest rates. We guarantee the lowest rates because our reputation depends on it.
Quick & simple telephone applications are the easiest way to apply
The modern telephone applications make it very easy to apply. Especially when compared to the older method of using a long paper application. As the years have gone by, the life insurance rates have gone down. This is thanks to modern medicine which enable people to life longer than they ever did. This has lowered the rates on a regular basis simply because of the risk factor being lower. Healthy females can always get the best women’s life insurance rates.
If you have any medical conditions the final rates of your application could be affected. The best way to handle this situation is to have your agent run a quick medical pre-screen. This can eliminate any surprises that could arise later on down the road as the application is getting closer to being approved.
Choosing the most applicable life insurance company to apply with is one of the most important decisions to make
All the best life insurance companies underwrite their applications differently. What might be the best company for Betty may not be the best company for Jane. An experienced independent insurance agent can decide which company to apply with based on your specific information and lifestyle. This can make all the difference in the world when you make the final decision to apply. Your final life insurance rates will have a major impact on what company you choose to apply with. As I said before, women live longer than men, so choose the correct company and you should be destined for receiving the lowest rates possible.
Independent agents give you the best advantage to find the lowest life insurance rates
Working with an independent agent will always give you the very best advantage of getting the best life insurance rates. This is because independent agents normally represent many highly competitive companies compared to a captive agent. The captive agents would be working for one company such as State Farm or Farmers. They could only show you the rates for their one company. We utilize over 40 trusted and competitive life insurance companies so we can weigh all your options for you.
Our final thoughts
Purchasing the best life insurance for women is a simple process. Your agent is the one that actually does all the work and the best part is you don’t have to pay a dime for his or her help. I am sure you have plenty of questions by now so don’t hesitate to contact us 7 days a week.
All the best,
Jack Venturi
