The Lowest Priced Life Insurance
If you want to get the lowest priced life insurance that will give you the maximum amount of coverage for the best price, the best way to go about is to get a insurance broker that knows their stuff and will do whatever has to be done to get you a great deal.
That said, the lowest priced life insurance policy depends on many factors; such as the amount of coverage you want, the type of policy you are looking for, the status of your health and your age.
There are policies that provide benefits to you while you are living, policies that cover accidental death and policies that provide burial insurance and mortgage protection. All these type policies are differently priced according to the type of coverage they provide.
There are also various insurance companies that offer different priced policies that a good agent or broker works with on a regular basis. This means finding the right broker, a key factor in getting the lowest premium rates with the best coverage.
Age and Health Considerations
Starting with your age, simply put, the younger you are the better chance you have of getting a cheaper insurance rate. People who purchase life insurance when they are in their late 20’s or early thirties stand a better chance of getting cheaper priced insurance than those who are in their late 40’s and early 70’s.
The reason for this is there less of as risk for the insurance provider to issue a 30-year policy for a younger person than it is for an older person whose chances of dying sooner than the younger person are higher.
Basically, insurance companies would rather you outlive the term of your insurance so they don’t have to pay out and then can insure you again at a much higher rate.
The last thing these insurance companies want is to have you die before the expiration of your policy and have to pay out the money to your survivors.
It’s understandable why they would want you as young and as healthy as possible when issuing you a policy for whatever the amount of time agreed upon, whether it be 10, 2o or 30 years.
The status of your health is an essential consideration by the insurance companies in deciding the type and price of a policy.
Whether you are looking for term life insurance, whole life insurance with benefits, quaanteed life insurance, term life insurance with return of premium, mortgage insurance or accidental life insurance your health is the primal consideration for the price and issuance of the policy.
Those who are in perfect health and who are not overweight; meaning no diseases, who do not smoke, who have clean driving records, who have no history of cancer or heart disease with their parents or siblings, can qualify for a preferred health rating, which means the price of a policy can be cut down as much as 50 to 60 percent regardless of the type of life insurance they are seeking.
Those who are overweight, suffer from debilitating diseases; those who are older, those who smoke or smoked, must pay higher premiums because they are a greater risk factor for the insurance companies.
However, there are various programs available that can help lower insurance costs and a good agent will shop around until they find you a policy that works despite your health issues.
A good agent will also do whatever is possible to get you as high a health rating as they can, which will impact the and hopefully lower the amount of your premium.
Different Type Policies Vary in Costs
There are other noteworthy aspects to consider when shopping for the lowest priced life insurance.
If it’s a policy that is going to provide living benefits, the price is going to be higher. Living unfits are life insurance benefits that help you while you are still alive. These type policies can provide discounts on eye-glasses, hearing aid batteries and even pay out if you are diagnosed with a terminal disease, before you die.
If the policy does not have living benefits, the cost will be lower. It will also be lower if you get the highest health rating possible. This goes for term and for whole lifer insurance as well. Getting the highest health rating possible will bring your price down
One way to get the highest health rating possible is to connect with an agency or an agent that has access to a many different, A-Rated life insurance companies so that they can pair you with the company that will get you the highest health rating?
If you can get a preferred health rating, which Protect With Insurance does all the time, we get preferred health ratings for clients that otherwise with another agent and other agent they might not have been able to get it. , Perhaps other agencies out brokers can get you a standard life insurance policy or maybe a graded or even guaranteed life insurance policy but that would not be as cheap as one you would get with a preferred health rating. We find at Protect With Insurance that we’re able to get you a preferred health rating where other agents cannot, therefore, their price goes way down.
Sometimes we see a price drop 50% or 60% because of that health rating difference. So, that’s one thing that’s crucially important. If you shop one company that gets you placed into a guaranteed issue policy and you call it a day, you may be missing out in getting the same kind of coverage but at a much cheaper rate because you we can get you that preferred health rating, instead of falling short of what you can do, if that’s your approach.
So you really want to shop around for these carriers or you can have an independent broker that can shop these carriers for you, like us, so that you get with the highest health rating possible.
It’s the same thing with term life insurance and it can be drastically reduced even more in your favor.
With term life insurance, if you have exceptional health, and you are in exceptional health, you can get something called preferred plus or super preferred health rating. I
It requires a medical exam, but it’s completely worth it to do that. The insurance company will send an examiner to your home. Blood and urine samples will be taken and your family’s health history will be reviewed
Then a preferred plus or super preferred health rating could be issued to you if you qualify.
Oftentimes with a plus or super plus term life insurance policy it could be 60 to 90%, less expensive than the other term counterparts.
Many people think that life insurance policies only pay out upon the death of the insured. What is important to know that there are term and whole life insurance policies that can actually pay you while you are still alive, especially if you are diagnosed with a terminal disease.
Again, a preferred health rating will bring down the cost of a term life insurance with living benefits substantially.
There are term products out there where people have no idea about the living benefits.People think the only benefit happens after they die. They are only aware of the death benefit. You die for any reason, it’s full coverage. They send an X amount of dollars, maybe a hundred thousand, two hundred, thousand five hundred thousand and even five million dollars, whatever the amount they send that to your loved ones.
If your health is just exceptional and you get a term life insurance policy that has no living benefits and you had gotten a preferred, plus or super preferred health rating, your price is going to be the same as maybe your neighbor who’s the same age, same gender etc. However, that neighbor is getting only one third the coverage you are.
A term policy with living benefits for someone with a preferred health rating is going to be very, very low and that’s going to be the way you save your money.
And of course, if you want to get a return of premium term life insurance policy, that kind of a policy is going to cost more. So if you’re thinking about what is the lowest cost for term life insurance and the lowest cost for whole life insurance, consider all the factors we covered in this article and shop around for different insurance companies to find the best policy for you.
For the lowest cost term life insurance and whole life insurance, you want to work with only A-Rated life insurance companies. You want to make sure when the time comes for the company to pay out the death benefit to your family, the life insurance company you choose is solvent and ready to put that money in their bank.
Also, You want to get the highest health rating you possibly can, and that is going to bring that price down.
Feel free to reach out to us at Protect With Insurance. Give us a call. Send us an email and we’ll be happy to help. We’ll shop those companies for you and see what we can do for you. Take care.