Just consider for a few moments where your family would be without your income any longer. It can be a scary thought to say the least. If you have made a decision to purchase low cost term life insurance to protect your family’s financial future you have just taken the first and most important step when looking for the lowest rates on term life insurance. Many people try to believe they don’t have a need for life insurance and therefore just keep plugging away without it. This article will show you how to shop for low cost Term life insurance and get the best policy for the least amount of money possible. Term life insurance policies in many cases can be a cookie cutter design, so the object is paying no more than you have too.
All you simply have to do is consider what the situation would look like if your income stopped coming in for a short period of time like a week to two months because of a brief lay-off from work much less a permanent loss of pay do to your untimely demise.
Quite a few people start out on the wrong foot but have very good intentions when trying to find the lowest rates on term life insurance.
One of the biggest mistakes you can make is the most common one of them all and that is bouncing around from one life insurance website to another and putting yourself in a state of total confusion. This is normally due to the fact you do not have an actual game plan to follow. All you are doing at this point is looking at the same companies with the same rates on usually the same manufacturers quote engine. This spells a huge waste of your time and total confusion.
This is usually where the problem begins and ends for most people and these people I am referring to actually get so confused the give up and do not purchase any life insurance what so ever. One good idea is to choose your life insurance agent by referrals given to you by a close friend or relative that has been happy with their purchase from a particular agent. Getting the lowest rates on cheap term life insurance should be a smooth process and not a confusing experience.
What life insurance companies offer the lowest Term life insurance rates?
Lets take a look at a comprehensive list of trusted life insurance companies and see who has the most competitive best Term life insurance quotes and rates. We are going to use a 35 year old male in the “preferred non-tobacco” rate class with a term period of 20 years and a $250,000 face amount. Finding cheap life insurance rates is much easier when you use over 40 life insurance companies, the better the selection, the easier it is. Here are the most competitive rates from 15 excellent a-rated companies:
- Lincoln National – $202.50
- Protective Life – $203.87
- Banner Life – $203.99
- AIG American General – $204.00
- Principal National – $206.50
- John Hancock – $207.00
- North American – $210.00
- United of Omaha – $217.50
- Symetra – $220.00
- Transamerica – $220.00
- Nationwide – $230.00
- Accordia Life – $257.50
- Minnesota Life – $267.50
- Prudential – $277.50
- Sagicor – $327.40
If you look closely you will see these premiums do not vary much at all. This is because we only use the most competitive life insurance companies. Where the real difference is when you are looking at the rates for people with medical conditions or have a hazardous occupation or sport. Also, tobacco use plays a big part in the cost of life insurance. Life insurance for smokers can easily cost over double the premium when compared to rates of non-smokers. The most common companies we use for the best Term life insurance quotes would usually be Banner Life or Protective Life.
Independent life insurance agents vs. captive agents, who can secure the cheapest life insurance quotes?
When it comes to finding the lowest life insurance rates the independent agents also known as brokers always come through with flying colors. The captive agents such as State Farm, Allstate, Country Financial Farmers and many others only have one life insurance company to choose from. Independent agents such as ourselves will utilize 30, 40 or more companies to make sure we are looking at all the options for our clients to find the cheapest life insurance rates.
How do complications like serious pre-existing medical conditions come into the picture?
Serious Health conditions such as Heart Disease, Cancer, COPD, Diabetes, Hypertension, High Cholesterol, Lupus, Crohn’s Disease, Bi-Polar Disorder, Anxiety, Hepatitis C, Barrett’s Esophagus, Breast Cancer, Open Heart Surgery, Multiple Sclerosis, Sleep Apnea, Stent Surgery History, Colon Cancer, Congestive Heart Failure, Strokes, Overweight/Obesity, Alcohol Abuse, Drug Abuse and many more diseases and conditions are handled on a case by case basis by the insurance companies underwriting team.
When any one of these medical conditions are on your health history, the life insurance companies look at the severity of the condition and how the condition is being controlled. Naturally, much more serious issues like heart disease and cancer are going to be considered more of a high-risk illness vs. being 20 pounds overweight or have a case of simple anxiety.
Dangerous sports and hobbies also play a big part when searching for cheap Term life insurance quotes.
Some of the sports I am referring to would be scuba divering, hand gliding, cliff diving, motorcycle racers, NHRA drag racing, sky diving, cave diving, wreck diving, boat racing, NASCAR stock car racing and a number of others. These types of occupations, sports and hobbies can be considered high risk with the life insurance companies which could promote them to add a “flat extra” fee onto the base rates of the policy. An example of this could be a $2.50 charge for each one thousand dollars of life insurance coverage. For example, if you had a $100,000 face amount policy and the premium was $750.00 per year, a $2.50 flat extra charge would be calculated as $2.50 X 100 which would equal $250.00 which would put the grand total to $1,000.00 per year. Sometimes there is no flat extra added at all.
Flat extra charges will vary depending on the risk of the applicant’s occupation, hobby or sport. Again, using the most applicable company for a high-risk life insurance application is critical. This is where the training and the experience of a life insurance professional comes into play to guide his client through any hurdles may come along the way of the quoting and application process. We have over 20 years of life insurance experience which helps to determine what the best plan of action will be without going through the formalities of pre-screening each and every case that includes a dangerous hobby or sport.
Take advantage of our consumer quote engine and review Term life insurance quotes from over 40 trusted companies.
If you call us for help we will be happy to answer your questions and direct you to the best term life insurance quotes. If you decide to apply, we can have you complete a simple telephone or online application and make the application process very simple. We always educate our clients on the various choices they have so they thoroughly understand what the are applying for. Just like any other product you intend on buying, you should have a basic knowledge and understanding before you actually purchase it.
Our business is strictly one on one and your very basic information that you give us never leaves our office. We always recommend purchasing your life insurance from an experienced life insurance agent who represents many life insurance companies and has you best interest at heart. How to find low cost term life insurance rates is a simple process when you have experience.
Let’s move ahead to discuss how to actually apply for Low Cost Term life Insurance.
You will find a lot of questions on a life insurance application but this is just considered standard procedure so the underwriter can properly assess your application. One more important note, it is very important to answer all your questions honestly, because the company will definitely investigate all of your answers usually by requesting medical records from you doctor. You never want to lie or stretch the truth for any reason.
This will put the insurance company in a position to deny a claim. This could be a financial disaster for your dependents. Always tell the absolute truth on an application. Never attempt to conceal any negative information for any reason at all. An insurance company can decline your application if they find you failed to answer a question honestly.
Your Family’s Health History – Life insurance companies normally ask about your parents health history. They do this to check on any medical conditions that can be passed on by genes. This is very important because many times heart disease and Cancer can be pass down through a persons genetics. They are simply looking for a direct connection of some of the medical issues that could be passed on down to you.
Negative Habits – This usually will include smoking various tobacco products, excessive alcohol use, and narcotics use. What you think of as just an occasional habit, can classify you as a much higher risk and even place you in a position to have your application declined. If you have any these habits, it may be best to atop them before applying for life insurance, if getting the lowest possible rate is your main concern. Otherwise you will need to disclose them to your agent/broker so he can find the most appropriate carriers to apply with.
Your Work Occupation – Some jobs are deemed to be dangerous by the life insurance companies. Sometimes insurance carriers can charge a higher premium because of the added risk of these jobs. A good independent agent will normally know from experience which jobs are dangerous and would require a added percentage with the premium.
Your Height & Weight – The Para-Med visit will normally require the nurse to measure your height and weight .They’re going to weigh you so there’s no point in giving numbers that look good on paper but are not accurate. The life insurance companies go by a build chart.
Health Conditions & Concerns – Health conditions are always the biggest concern on an application. We usually pre-screen medical issues to see what companies would be your best choice. This is where choosing the correct companies for your specific health and lifestyle comes into play. All insurance companies underwrite applications differently.
Dangerous Sports – This classification of questions pertains to hazardous sports as Scuba Diving, Drag Racing, Sky Diving, Boat Racing etc. If you are involved in any of these types of sports you will be required to disclose them. Whatever you do, don’t try to conceal them.
Your Motor Vehicle Record – If a driver has a poor driving record, his rates can be increased for the added risk of being killed in a motor vehicle accident. Most people do not realize this until the life insurance company goes over their motor vehicle report.
Purchase your low cost Term Life Insurance as soon as possible and lock in your rates. The older you get, the more expensive it becomes.
The sooner you buy your affordable term life insurance the better it will be due to the fact life insurance quoting rates go up with time and you will want to lock them in when the rates are as low as possible. Feel free to contact us at any time and we will be happy to answer all your questions without any obligations. Our quote engine is free for you to use. You will be able to review cheap term life insurance quotes from over 40 highly rated companies displayed side by side. Below is a list of the states we do business in.