Term Life Insurance Companies: Quotes and Comparisons

15:48 27 April in Life Insurance, Term Insurance
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There are many term life insurance companies to choose from. To give you an idea of how many options there are, I will show you some 20 year level term quotes with a death benefit of $1,000,000 for a 35 year old. Below that I will show 20 year level term quotes for a 50 year old with a $1,000,000 death benefit. The quotes shown will be from companies that have a financial rating of A+ or higher from A.M. Best ratings agency. The reason for this is that when purchasing term insurance, you should always go with a financially strong company that you can assume will be around for years and years to come. The quotes below assume that the potential client is healthy and in the best possible rate class. These quotes are dated 4/24/2016 and are competitively priced.

 

Name Age/Nearest Gender State Amount Health Class(es)
Valued Client 35/35 Male CA $1,000,000 Preferred Best Non-Tobacco

 

  • Protective Life: Total Premium is $433.00 annually.
    Analysis: This quote is very competitively priced. The cost is only $433.00 a year, which is just $36.08 a month. Underwriting for this product requires a motor vehicle report and a paramedical exam, which includes a blood profile and a urinalysis. Protective Life has an A+ rating from A.M. Best ratings agency.

term life insurance companies

 

  • Principal National Life Insurance Company: Total Premium is $445.00 annually.
    Analysis: This quote is very competitively priced. The cost is only $445 a year, which is just $37.08 a month. Principal also has an accelerated underwriting program for all of their life insurance products, which allows certain applicants to bypass having to take a physical exam in order to qualify. Principal has an A+ rating from A.M. Best ratings agency.

Principal National Life Insurance Company

 

  • Metlife: Total Premium is $449 annually Analysis: This product is competitively priced. The cost is $449 year, which is approximately $37.41 per month. Underwriting for this product includes a paramedical exam, which includes a blood profile and a urinalysis. Metlife has an A+ rating from A.M. Best ratings agency.

MetLife (All Companies)

 

  • John Hancock: Total Premium is $454 annually. Analysis: This product is competitively priced. The cost is just $454 per year, which is $37.83 a month. Underwriting requires a paramedical exam. John Hancock has an A+ rating from A.M. Best ratings agency.

John Hancock

 

  • Banner: Total Premium is $459.99 annually. Analysis: This product is competitively priced. The cost is just $459.99 per year, which is approximately $38.33 per month. Underwriting for this product includes a motor vehicle report and an abbreviated paramedical exam, which includes a blood test and a urinalysis. Banner has an A+ rating from A.M. Best ratings agency.

Banner Life

 

  • Nationwide: Total Premium is $465 annually Analysis: This product is competitively priced. The cost is $465 per year, which is approximately $38.75 per month. Underwriting for this product includes a paramedical exam. Nationwide has an A+ rating from A.M. Best ratings agency.

Nationwide

 

  • United of Omaha: Total Premium is $482.50 annually. Analysis: This product is priced a little higher than other top rated carriers. The cost is $482.50 per year, which is $40.20 per month. Underwriting for this product includes a paramedical exam. United of Omaha has an A+ rating from A.M. Best ratings agency.

United of Omaha

 

  • Transamerica Life Insurance Co.: Total Premium is $550 annually. Analysis: This product is priced a littler higher than the other top rated carriers. The cost is $550 per year, which is approximately $45.83 per month. Underwriting for this product includes a motor vehicle report and a paramedical exam, which includes a blood test and a urinalysis. Transamerica Life Insurance Co. has an A+ rating from A.M. Best ratings agency.

Transamerica Life Insurance Co.

 

Final Analysis on quotes for 35 year old:

As you can see, term insurance can be very inexpensive. The quote from Protective Life was the least expensive quote. However, the quote from Principal National Life Insurance Company was only a dollar more. Principal offers an accelerated underwriting program which would potentially make it worth while to go with Principal instead of Protective Life. Therefore, the lowest quote is not always the very best option. Pricing is very important but it is good to have a broker that has knowledge of the underwriting standards of each company. Ideally, you want to go with the company that is the best combination of four criteria.  1. Best pricing. 2. Easiest underwriting 3. Quickest underwriting 4. Best financial ratings. An experienced broker can help you compare quotes and find the best overall product for you.

Term Life Insurance Companies for a 50 Year Old

Name Age/Nearest Gender State Amount Health Class(es)
Valued Client 50/50 Male CA $1,000,000 Preferred Best Non-Tobacco

 

  • Lincoln National Life Insurance Company: Total Premium is $1,688 annually. Analysis: This is one of the most competitively priced quotes for this age group. Lincoln was not one of the lowest prices for the 35 year old. Lincoln National Insurance Company has an A+ rating from A.M. Best ratings agency.

Lincoln National Life Insurance Company

 

  • Protective Life: Total Premium is $1,697.50 annually. Analysis: This quote is competitively priced. Similar to the 35 year old quotes, Protective is offering one of the lowest prices available.

Protective - for Edward Jones only

 

  • John Hancock: Total Premium is $1,710 annually. Analysis: This quote is competitively priced.

John Hancock

 

  • Principal National Life Insurance Company: Total Premium is $1,710 annually as well. This product has an accelerated underwriting program to qualified applicants.

 

Final Analysis on quotes for 50 year old male:

As you can see. Lincoln National Life Insurance Company is the best priced option for the 50 year old. In terms of price, Lincoln was not even in the top ten for the 35 year old. This demonstrates that different companies are better priced for some age groups and not others.

 

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. Contact us today and get the coverage that is right for you!

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