Compare Rates

How to Find the Best Term Life Insurance Rates in 2024

Term Life Insurance: Compare the Best Rates in 2024 & Protect Your Loved Ones Today 

In these uncertain times, ensuring the financial security of your family has never been more crucial. That’s whyAvailable Term Life Insurance we want to focus on term life insurance – the most affordable and reliable life insurance option available.

Don’t let rising inflation and economic uncertainty keep you up at night.

With our low-cost term life insurance plans, you can have peace of mind knowing that your loved ones are protected, no matter what the future holds.

We fully understand the importance of finding the right coverage for your unique needs. We’re here to guide you every step of the way, making the process simple and hassle-free. With term life insurance, you can provide financial stability for your family when they need it the most.

Don’t wait until it’s too late. Take action now to secure the future of your loved ones. Contact us to discuss your options and get started with a term life insurance plan from one of the over 40 competitive carriers to choose from.

Remember, when it comes to protecting your family’s financial wellbeing, term life insurance is a smart and affordable choice. Act now and give your loved ones the security they deserve.

We can help you find the perfect term life insurance policy that fits your needs and your budget. Your family’s future is too important to leave to chance.

 


Affordable Term Life Insurance lasts for a specified duration, safeguarding you during that time. Be cautious when deciding on the term length to avoid being uninsured at a critical period of your life.


 

What Is the Meaning of Term Life Insurance?

Term life insurance is affordable and covers you for a specified period as determined in the policy. Remember that aTerm Life Insurance Quotes policy is also a contract where the insurance company agrees to insure your life as long as you pay your premium.

But the critical part to remember is they will insure your life only for a specific period stated in the policy.

After the term period expires, the policy will be terminated. You can keep paying on the policy, but the premiums will be extreme after the original term.

But wait, that is not always the end of your term policy, you can convert your term coverage into permanent coverage (universal life) at a pre-determined time before the policy expires. 

Converting your term policy into a permanent policy is a great safeguard to extend your policy life. If at this time and your health takes a turn for the worse, your conversion will remain at the same health classification that you were originally issued. No physical exams or additional medical questions will be needed.

 

What is the Difference Between Term & Whole Life Insurance?

Term life insurance is temporary coverage, and Whole Life is permanent life insurance based on a cash value system. Whole life insurance pays an interest rate to build up a cash value that grows with time. This sounds great, but Whole Life insurance is costly, and most people can no longer afford it.

With high face amounts, people purchase today. Unfortunately, Whole Life products cost themselves right out of business. Many life insurance companies do not even offer Whole Life insurance anymore.

Today, many people buy million-dollar life insurance policies, which are always very affordable term products. However, the whole life policy could easily be over ten times the cost of cheap term life insurance.

 

What Is No-Medical-Exam Life Insurance?

This is very simple: NoMedical Exam term life insurance refers to the application process required to purchaseTerm Life Policy Cost these products. In essence, these plan designs are term products with a much shorter application process in which no physical exam is required.

These plan designs usually have a brief turnaround period where an applicant can be approved within several days instead of weeks. The most significant point to remember is that No Exam Life Insurance will stop being no exam if you have serious health concerns.

Instead, insurance companies will slam on the brakes and request a physical before moving further. These plans also cost a little more because the carriers don’t get a chance to review your mental and physical health in such great detail.

 


You must meet the No Medical Exam Policies requirements to proceed with the underwriting process. For example, if you have a severe medical condition such as heart disease, you will not qualify for a Non-Med application.


What Are the Advantages of Purchasing Term Products?

  • They offer a large selection of Riders available to customize the policy design.
  • You can convert the term policy to a permanent Universal Life policy.
  • You can designate a time if you only need life insurance for a specific time.
  • Your death benefit is level and never changes with time.
  • Your premiums will always be the same from year to year.
  • The cost of the policy will always be the most cost-effective compared to other plan designs.

 

What Kind of Riders Can I Add to My Policy?

Here are just some of the riders available to add to the Term policy: 

  • Guaranteed Insurability Rider
  • Return of Premium Rider
  • Child Term Rider
  • Accidental Death Rider
  • Long-Term Care Rider
  • Accelerated Death Benefit Rider
  • Family Income Death Benefit Rider
  • Waiver of Premium Rider


How Do Insurance Companies Determine My Rates?

The cost of term insurance will depend on several main factors, such as:

  • Your Current Age
  • Your Gender
  • Driving Record
  • Credit History
  • Health History
  • Height & Weight
  • Dangerous Sports Involvement 
  • Hazardous Occupation 
  • Parent Health History
  • Medical Information Bureau Report


What Factors Cause Some Applicants to Be Considered Higher Risk Compared to Others?

Usually, the main factors that will impact your rates will be medical conditions. Also, your occupation and the sports you are involved in. Suppose you have any severe medical conditions. Your rates can increase based on the severity of these health issues.

For example, cancer, heart disease, and any life-threatening condition can drastically increase your rates and even decline your application.

If you have a dangerous occupation, the insurers will also consider this. For example, fields such as pilots, commercial divers, storm-related electrical workers, etc., can increase job-related deaths due to their hazards.

Dangerous sports can also come under the microscope, such as rock climbing, drag racing, skydiving, and scuba diving, among many others. Any sport that has a history of fatalities will be taken into consideration.


Should I Buy Group Term Insurance From My Employer?

There is nothing wrong with having term life insurance through your employer. The only problem is you can’t count on it being there for the long haul. If your employer decides to cut expenses, your life insurance could be the first expense to go.

You may be terminated and lose your group life insurance coverage no matter how secure your job is. Since you cannot depend on having life insurance with your employer, your family’s financial future depends on having you continuously have life insurance. Purchasing a personal policy will be the only way to play it safe.

However, you can consider life insurance through your employer for supplemental coverage.

 

How Does Height and Weight Affect My Application?

If there ever was an essential ingredient in a life insurance application, it is your height and weight. Applicants who areTerm Life Insurance for Overweight People overweight or obese can look at increased rates or even a decline. Therefore, being overweight is a concern life insurance companies take seriously. 

An overweight person can develop serious medical problems such as diabetes, heart disease, or stroke. Therefore, being overweight or obese can play a significant part when calculating your health classification.


What Strategies Can Be Used to Save Money When Buying Term Life Insurance?

Rate bands – Purchasing a face amount that will allow you to take advantage of life insurance rate bands will help you save money. Rounding off a number like $200,000 to $250,000 can work wonders.

As another example, if you are interested in a $450,000 face amount, rounding it off to $500,000 would reflect another decrease in the cost of coverage. Most people have never heard of rate bands, but working with them can help to reduce your premiums. Click the link above to learn how they can save you money.

Laddering policies – Laddering policies are where you use two or more policies with different term periods to create a life insurance portfolio. Here is an excellent example of how laddering policies can reduce your life insurance expenses. Suppose an individual needs $1,000,000 in life insurance coverage.

You don’t have to buy one policy with a face amount of $1,000,000. Instead, it would help if you had life insurance for 30 years with a total death benefit of $1,000,000. In this scenario, we will pretend that you need the most coverage for the first twenty years to cover a mortgage and college tuition.

You can purchase a 20-year term policy for $750,000 and then buy another policy for $250,000 for 30 years. After twenty years, the 20-year Term policy drops off, and you are now left with another ten years for $250,000. This will be less expensive than purchasing a policy for 30 years with a $1,000,000 face amount.

Here Are a Few More Ways to Save Money

Paying annually if possible Your mode of payment can also help save you money. You can save as much as 10% by paying annually vs. monthly or quarterly. Many people choose a billing mode depending on their budget.

If you can comfortably pay your premium annually, do it and save some money. This will help you save money for years when you look at how many years you will be paying premiums.

Underwriting reconsideration If your agent receives the final rates and believes he can improve the health class, he can ask for a reconsideration. If this does not work, your agent can use your application to re-apply with other companies.

Face amounts A face amount is also known as a death benefit. Make sure you spend enough time carefully planning out the best face amount needed to provide just the right amount. If you buy too much, you will be over-insured and have higher premiums.

If you don’t purchase enough, your dependents face a financial dilemma. Look closely at what your dependents would need to live on if your income suddenly stopped.

 

What Is the Best Way to Apply for Term Life Insurance?

The best way to apply for life insurance is over the telephone. You no longer have to complete an old-fashioned 30-Best Term Life Insurance Quotespage paper application or a confusing online application. Instead, all you have to do is sit back, and a friendly gal in our SnapApp telephone application department will ask and answer your questions.

There is no better way to apply for term life insurance than over the phone. These applications will only take about 15-20 minutes to complete.

 

Can a Medical Pre-Screen Help Me Get Better Rates?

A medical pre-screen (if needed) can make a difference when planning on getting the best term life insurance rates. This holds if you have any medical conditions, a hazardous occupation, or a dangerous sport.

We perform medical pre-screens on all our applicants if needed, which amounts to no more than 5-10 minutes worth of verbal questions and answers to determine what company to apply with and eliminate any surprises later during the application process.

Even if you smoke, use marijuana, or are overweight, among other areas of information. A pre-screen can be completed in about 5 minutes by completing a short questionnaire or answering a few questions on the telephone.

 

Independent Agents vs. Captive Agents

Independent agents are also known as brokers. The brokers represent all the best-rated life insurance companies in the nation. They also DO NOT work for life insurance companies; they work for their clients and have their best interests. 

Captive agents ONLY represent one insurance company. They work specifically for that only company and have their company’s interests in mind. Therefore, there is a considerable difference between independent and captive agents.

Independent agents like ourselves are the ones to connect with if you are looking for the best term life insurance rates.

 

Our Final Thoughts

If you are considering purchasing term life insurance and want to ensure you get the lowest premiums, give us a callBest Term Life Insurance Quotes and we will be happy to assist you. The good part is there is no cost or obligation for our help!

If shopping for the best rates is not your cup of tea, let experienced independent agents such as ourselves do all the work for you.

These poor economic times with growing inflation will eventually drive up new business rates. So apply as soon as possible so you can lock in your rates.

All the best,
Jack Venturi

*For any questions you might have, our live chat system is at your disposal or call us at 815-390- 7545 and we will provide a quick answer.


If you have any questions about Term Life Insurance, contact us today and let us help you with no cost or obligation. You can also set up a time to get all your questions answered.


 

Jack Venturi Independent Life Insurance Agent

Jack Venturi

Independent agent and founder of BestChoiceLifeInsurance.com

Jack Venturi has over 30 years of experience selling individual and commercial insurance including Property & Casualty, Health, Disability and Life insurance. Jack has helped thousands of people all across the United States purchase the best life insurance products at the lowest possible premiums over the phone (815)-390-7545 and online.

We’re Here For You 7 Days A Week

Let us answer any questions you may have about life insurance.
We’ll work with you to find the very best rates.

Compare Rates