Where can I find the best deal on term life insurance from a reputable company?
Probably need around $200,000 in coverage for a 36-year-old male.
buy term life insurance online – Where can I find the best deal on term life insurance from a reputable company?
#1 by admin on April 12, 2010 - 9:05 pm
For those that offer competitively priced term insurance, you should also pay attention to ratings which is an indicator of financial strength and stability. There are several rating companies that analyze life insurance carriers. Some carriers may only be rated by one of the companies. Others might be rated by several. If it were me, I'd look at a carrier rated by at least two or three services as they each look at slightly different things. And keep in mind that while one company's A might be there 3rd highest rating, another company's 3rd highest rating might be an AA. Most comparisons of ratings indicate the relative strength of the rating within that carrier's system. Also keep in mind that very few companies get the absolute best ratings from each of the services. But there are lots of good, reputable, financially strong companies that get ratings in the neighborhood of the 3rd, 4th, and 5th highest of the carriers.
Presuming you're in absolute excellent health, then there isn't anything to worry about regarding underwriting. But if you've had any issues, have a few extra pounds, slightly elevated blood pressure, etc. then understand not all companies look at each of these issues the same. One company might give you a Preferred rating while another gives you a Standard rating looking at the exact same issues.
And as another posted suggested, insurance company's "band" their pricing. $250,000 is often one of those bands so it could be less expensive to get a $250,000 policy than one with a slight lower face amount. You should also consider policy fees – a flat fee charged for each policy that represents standard administrative costs. I'm certainly not advocating getting more life insurance coverage than you need but the difference in cost between a $250,000 policy and even a $500,000 policy might not be huge so if you think you might need additional coverage it's something to consider.
Lastly, make sure you select a length of coverage appropriate for your needs. One year term insurance will be cheaper this year but the cost will start going up substantially. If you need coverage for 10 years, buy 10-year term. If you need coverage for 20 years, buy 20-year term. Over the length of the contract the premiums will be level and you do not have to worry about a change in health which might prevent you from renewing your coverage if you select a term period too short.
In full disclosure, I'm affiliated with the company referenced below but it is a source you can get affordable term life insurance from a reputable company while getting straight, honest, no hassle advice.
Good luck.
#2 by admin on April 12, 2010 - 9:05 pm
#3 by admin on April 12, 2010 - 9:05 pm
#4 by admin on April 12, 2010 - 9:05 pm
Call some local agents. Stick to the big well known companies, like Allstate, State Farm, Farmers, ect.
#5 by admin on April 12, 2010 - 9:05 pm
Cheap deals: Mostly stepped premiums (increase in price yearly), Only cover accidental death (PA) and may not cover suicide death, No rebate or cash value after a long term.