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Cheap term life insurance

Let's find out how to get the best rate

A word that people use interchangeably with affordable is cheap when it comes to purchasing term life insurance.  Term life, by definition is cheap but let's look at some tricks to get the best rate on the market.  You can always read our article on why term life makes sense (hint...it's cheap) but take a look at how to find cheap life insurance that comes through when you need it. 

The first thing you want to do is have lots of options to choose from.  If a life insurance agent is only showing you one or two plans from one or two carriers, there's a good chance that's not cheap insurance.  Our term life quoting engine will quote multiple carriers and plans and even find the best rates for a given combination of amount of coverage and length of time.  Now that we have that out of the way, let's look at techniques to keep the coverage as cheap as possible.

Paramedical Exam

A big part of the cost you will pay comes down to the term life health class that you fall under.  This is function of how your health status and history matches up with the life carrier's underwriting guidelines.  Part of this equation is the paramedical exam that you take as part of the application process.  There are some secrets to get the absolute best results from the paramedical exam which are pretty much common sense.  We cover this entire process at our paramedical exam article.

Price Points

Each carrier typically has price points, or in life insurance parlance, "Premium Bands".  This means that you may pay less for each dollar of coverage getting $250K then if you were to purchase $200K (assuming that particular carrier's next price band starts at $250K...which is pretty common).  You can request the brochure from us which usually lists their premium bands or we can track that down for you.  Ultimately, our quoting engine allows you to re-run your quote under different amounts so can find the right premium for you.

Buy Early

There is really a penalty to waiting or procrastination when it comes to term life insurance.  Life insurance rates are based on the age at the time of enrollment so more than anything, cheap term life means buying when your young.  You can pay considerably more in premium over a given period if you wait 5 or 10 years so there's really no reason to wait once the need for life insurance is present (i.e. birth of children, new house, etc). 

Riders

Unless a Term life rider really speaks to you or addresses a concern or fear that you have, it's hard to justify the extra premium you will pay versus the risk they address.  That's our personal opinion and ultimately, you need to sleep well at night but we would rather you put that premium amount into pure term where it can do a lot more good.

Carrier ratings

It's important to understand that although the carrier rating is important, each State usually has some kind of protection up to a certain amount so it's not necessarily in your interest to limit yourself to only the very top rate carrier or plan.  Somewhere in the middle is probably the best approach and also the one that is more likely to end with you finding cheap term life insurance that will protect you and your loved ones. 

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