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Term Life Insurance Rates Explained

You can use the internet to get the best life insurance rates available. The major insurance companies provide instant quotes to make the whole process a lot easier for you.

To receive accurate, real-time quotes from the top providers such as Transamerica, HSBC, ING, Metlife and more, you need only to submit your details in an online quote engine such as the one on the top of this page. Your details are secure and won't be passed to any third parties.

You can get quotes within a matter of few seconds. Here is an example showing that how men and women can receive different rates, depending on their age:

Male Age 10 Years 15 Years 20 Years 30 Years
30 $11.81/month $13.29/month $16.86/month $24.68/month
40 $15.38/month $17.29/month $22.16/month $36.54/month
50 $32.16/month $42.44/month $53.38/month $87.72/month
60 $73.33/month $100.05/month $122.92/month $252.59/month
65 $123.24/month $189.73/month $279.84/month $376.28/month
Female Age 10 Years 15 Years 20 Years 30 Years
30 $10.97/month $12.22/month $14.36/month $20.25/month
40 $13.49/month $16.35/month $19.61/month $28.51/month
50 $24.96/month $30.60/month $38.86/month $60.88/month
60 $51.26/month $66.13/month $90.34/month $130.74/month
65 $73.84/month $105.28/month $156.45/month $264.15/month

This technique is simple and far more convenient than leafing through the Yellow Pages. However, for any of the resulting information to be useful, it must also be accurate

The reason that term life insurance quotes aren't always accurate is not because insurance companies are trying to fool you, but because the description that most people provide regarding their health is at variance with how an insurance company might describe it

With millions of dollars at stake this is not something that companies take lightly. Most people have a tendency to describe their health as better than it is more as a means of fooling themselves than anybody else. 

To get the most accurate preliminary rate before applying for life coverage you have to understand the insurance rating categories and where you are likely to place.

Most companies use four general categories:

  • Preferred Plus
  • Preferred
  • Standard
  • Tobacco

Preferred Plus Term Life Insurance Rates:

The Preferred Best rating category has certain conditions to it. You can get the best rates if your health is in perfect state. There are not many who get qualified or selected due to poor health conditions.

Insurance companies have set strict guidelines in place. It also states that one should not be involved in alcohol or drug abuse cases anytime in the past. It can seriously dampen your chances.
They would not like to take unnecessary risks by offering better premiums to those who have a history of taking drugs.

Preferred Term Life Insurance Rates:

An individual should be in perfect health in order to qualify for the best rates. If you want a preferred plus policy, then there are strict parameters in order to qualify, regarding health and lifestyle. Hazardous working environments, high blood pressure, cholesterol and obesity will all usually factor.

Standard Term Life Insurance Rates:

People who are suffering from obesity, blood pressure etc would fall in this category. The past and existing health conditions have a significant impact on how insurance companies deal with the case.

Bear in mind that you can control some of these risk factors that are considered important to these companies. For example, if you have high blood pressure, but manage to reduce it through exercise and healthier diet, then your rating may improve.

If your health has improved over a period of time, then it's possible to apply for a new insurance rating.

Tobacco and Term Life Rates:

It is fairly obvious why providers have created this category, as we all know the risks associated with tobacco use. Remember that cigarette smokers are only one group of tobacco users. Pipe smokers, cigar smokers or users of chewing tobacco also qualify in this category, unless they opt for a niche plan, such as cigar insurance.

Get the Best Burial Coverage Health Rating:

How does one ensure they receive the best burial insurance health rating? Circumstances will always differ between policy applicants, but there are certain factors that will make a difference if you want to pay the best burial insurance premiums.

Buy your policy in good time. It may be a final expense plan, but that doesn’t mean you should wait for your final years to purchase a plan. If you buy a life coverage plan when you are young and healthy, then the risk factor is greatly diminished as far as providers are concerned and your rates will be much lower.

Your requirements are unique to you and every company will offer varying plan prices. Once you’ve found one at an agreeable rate, make sure you check out the company’s credentials. If possible, choose an AM Best ‘A’ rated provider who has a good amount of life insurance in force, this will help ensure that your plan will be stable as long as you’re alive.

Term Life Insurance Agents:

The best way to ascertain which category you are likely to qualify for is to speak with a licensed insurance agent. They will take into account all the necessary parameters to gauge the outcome of your application.

They should also be able to tell you can which companies are going to give you the best rates based on your particular situation (try to find agents who deal with at least 5 or more companies). 

It is not uncommon to make savings of up to 25% when shopping for life insurance. It makes sense to take a moment or two to get as many quotes as possible to increase your chances. 

Beyond Quotes strives to always provide rates that are instant, accurate and free to our visitors!