Term Insurance Rates

14:39 19 April in Life Insurance, Term Insurance
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Below are term insurance rates that will give you a good idea of what term insurance costs in today’s market. I am showing 20 year term policies with a death benefit of $1,000,000 for a 30 year old, a 40 year old, and a 50 year old. Keep in mind that these rates assume that the proposed insured is healthy. These quotes are dated 4/18/2016.

Term Insurance Rates for a 30 Year Old

A healthy 30 year old male can get a 20 year term policy with a death benefit of $1,000,000 from Banner Life for just $422.50 a year. This is approximately $35 a month and approximately $1.15 a day. That is less than a Caffè Latte per day.

Another option for a healthy 30 year old male is a 20 year term policy with a death benefit of $1,000,000 from Principal National Life Insurance Company for $455.00 a year. This is approximately $38 a month.

Term Insurance Rates Analysis:

The quotes above are both competitively priced. Both of the companies have A+ financial ratings from A.M. Best ratings agency. In purchasing a life insurance policy, pricing and financial strength are both factors to consider. You will want to buy a policy from a company that is most certainly going to be around for many years to come. In this scenario, the Banner Life policy is slightly less expensive. However, Principal has an accelerated underwriting program that allows the possibility of waiving the paramedical exam, which is almost always an underwriting requirement. For this reason, the 30 year old may consider the Principal policy even though it is slightly more expensive. This example demonstrates the importance of having a broker that is familiar with the insurance carriers in the industry and their underwriting guidelines.

A healthy 30 year old female can get a 20 year term policy with a death benefit of $1,000,000 from Banner Life for $347.36 per year. This is roughly $29 a month.

Another option for a 30 year old female is a 20 year term policy with a death benefit of $1,000,000 from Transamerica Life Insurance Co. for $350 per year. This is roughly $29 a month as well.

Term Insurance Rates Analysis:

The above quotes are both competitively priced and from companies that have high financial ratings. As you can see, these quotes are less than the quotes for the 30 year old male. This is because women have a greater life expectancy than men.

Term Insurance Rates for a 40 Year Old

A healthy 40 year old male can get a 20 year term policy with a death benefit of $1,000,000 from John Hancock for $643.00 a year.

Another option for a healthy 40 year old male is a 20 year term policy with a death benefit of $1,000,000 from MetLife for $649.00 a year.

A healthy 40 year old female can get a 20 year term policy with a death benefit of $1,000,000 from MetLife for $519.00 a year.

Another option for a healthy 40 year old female is a 20 year term policy with a death benefit of $1,000,000 from Banner Life for $549.98 a year.

Term Insurance Rates Analysis:

It is important to note that the quotes above are from companies with A+ financial ratings from A.M. Best ratings agency. Also, notice that MetLife is the least expensive option for the 40 year old female but not the least expensive option for the 40 year old male. Sometimes if a married couple are both seeking life insurance, they might purchase from different companies in order to maximize savings. Insurance carrier prices all vary based on age, gender, health, etc. An insurance carrier might be priced the best for a certain age group and gender and have relatively higher prices for another age group and gender. This is yet another reason that it is important to go to a broker when looking for term life insurance. Brokers can compare prices from the various insurance carriers and find the best pricing. Also, some insurance carriers have better pricing for whole life insurance and much worse pricing for term insurance. So again, there is an advantage to going to a broker, as it is important to compare prices to get the best rate.

Term Insurance Rates for a 50 Year Old

A healthy 50 year old male can get a 20 year term policy with a death benefit of $1,000,000 from Lincoln National Life Insurance Company for $1,688 per year.

Another option for a healthy 50 year old male is a 20 year term policy with a death benefit of $1,000,000 from John Hancock for $1,710 per year.

A healthy 50 year old female can get a 20 year term policy with a death benefit of $1,000,000 from Lincoln National Life Insurance Company for $1,244 per year.

Another option for a healthy 50 year old female is a 20 year term policy with a death benefit of $1,000,000 from Banner Life $1,249.99 per year.

Term Insurance Rates Analysis:

The above quotes are from companies with A+ financial ratings from A.M. Best ratings agency. Notice that for both a 50 year old male and 50 year old female, Lincoln National Life Insurance Company had the best pricing. However, in the 40 and 30 year old age groups, Lincoln National Life Insurance Company was not priced that low. No insurance carrier has the best term insurance rates across the board in every age group, health class, gender, etc. For this reason it is important to go to a broker to get price comparisons to find the product that is right for you.

At Secure Term Insurance we are insurance brokers offering free quotes and personalized service with step by step guidance throughout the application process, underwriting process, and any assistance you may need thereafter.

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