Life  Health   Short Term–Gap  Dental  Travel  Long Term Care  Annuities  Student  Disability

long term life insurance

Term Life Insurance

Term Life Insurance Rates

Ways to Buy Term Life

Term Life can be bought with or without a medical exam. When bought without an exam, the amount of coverage is limited to less than $500,000. The typical limits are between $150,000 and $350,000. Mortgage Term, i.e., the coverage decreases each year to keep in step with a decreasing balance in a mortgage, goes as high as $500,000 for the beginning face amount.

Term Life can be issued online with no exam, as the result of an online application, but the limit is $150,000. Other Term Life with no exam and coverage up to $350,000 must allow an underwriter at the insurance company to examine the application and do some checking like the state Motor Vehicle Department records and the Medical Information Bureau which has information from other insurance companies.

The rates where there is an underwriter's review of the application can be competitive with what is called a Standard or Regular class (generally the fourth highest risk category for many carriers) for policies where a medical exam is required.

With a medical exam, policies can be issued for $20 million and more. Our online quoting for Term Life and level premium Universal Life goes to $25 million. Even for the lower face amounts, a medical exam allows a better rate for anyone in the Preferred categories.

whole term

Most Term Life has a guarenteed level premium for the entire period. These are marked "gtd" in the quote results. The non-guaranteed products have a premium guarantee for only part of the term and may or may not continue with the same premium when the guarantee period is over. The insurer may be expecting to be able to continue the same premium past the guarantee period, but is not guaranteeing that. The policies that are guaranteed level for only part of the coverage period are marked " *** ". If the difference between guaranteed and non-guaranteed is not great, the guaranteed product would definitely seem preferable. However, if the difference is significant, then the non-guaranteed product may be worth considering.

The financial strength of the carrier is also a consideration. Is it financially strong and reliable so it can pay the claim in years to come? The AM Best financial rating is included in the Term Life quoting system.

Term Life Insurance Quotes

Initial Quotes

It is important to know just what a quote for term life insurance really represents. When you find quotes on the internet, or from a local agent/broker, the prices you see may be accurate, but completely wrong, i.e., wrong for you. They may be correct for someone else, but not available to you unless you qualify.

The premium price that is often presented by sellers of life insurance so as to attract the most business is the one for which most people cannot qualify, i.e., the lowest possible rate for the most preferred applicant. Unless you are sure of getting the most preferred rate, you need to see the quotes for multiple categories and try to determine which one is the most likely that you will qualify for.

In order to be more competitive, companies have designated multiple categories for term life insurance based on risk criteria including health history and other factors. Only a small minority of applicants will qualify for the most preferred category, i.e., the health history and other personal factors that indicate that on the average, that person will live the longest, e.g., the average oldest age that ten percent of the population may reach.

Term Life Rating

If you send us the information in this form, we will email back to you as to what is the category that you will most likely qualify for. Alternatively, you can call us at 1-800-722-9053 during business hours if you prefer.

Bear in mind that the price you pay is decided entirely by the insurance company alone according to the rating they alone assign. There is no negotiation, just offer and acceptance or rejection. Agents or brokers can not change the rate. They can help you apply and have suggestions as to what alternative may be best, but they have nothing to do with determining the premium charged.

Two of the leading products providing Term Life without an exam are Quick Term Life for fast online issue up tp $150,000 and Rapid Decision Term up to $300,000 by telephone interview or submitting an online form for quick answer usually in a couple of days.

We try to help you get the most suitable type of life insurance for your needs from the insurer that has the best price for the risk category for which you qualify. The quoting does not include every single company selling life insurance, but does include most. There is no fee charged for helping you apply. Our help and services are free to you.

life insurance quotesLow Cost Life Insurance Rates