Welcome to the most extensive guaranteed term life insurance guide that exists today.
We’ve also provided this quick table of contents for you to quickly navigate through you questions.
Quick Guide to Guaranteed Term Life Insurance
Cost & Benefits:
- How Much Does Term Life Insurance Cost? (Sample Quotes here)
- Five Benefits of Term Life Insurance
- Why is Term the Best?
Types of Level Term Lengths:
- How to Get an Instant Term Life Insurance Quote
- How to Get a Confidential Quote
- Apply for Life Insurance without Speaking to an Agent
- Quotes Without Giving Personal Information
Comparing Companies & Online Quotes:
We put a lot of work into this article, so please enjoy.
If you need any help along the way, feel free to give us a call at 877-443-9467 or feel free to leave a comment below.
Term Life Insurance is the most basic and low cost type of life insurance policy you can buy, without the (usually unnecessary) bells and whistles found in Permanent Insurance policies.
Simply put, a term life insurance policy only provides a death benefit.
Here are a few highlights.
Term life insurance offers:
- Fixed level guaranteed premiums for a set period of time, such as 10, 20 or 30 years
- The most affordable premiums of all types of life insurance
- Pays a lump sum death benefit (income tax free) upon the death of the insured
Term life insurance does NOT:
- Build cash value
- Pay dividends
- And you don’t get anything back if you cancel
It is called ‘Term’ because the premiums and death benefit are fixed for a set period of years. You may buy coverage that lasts anywhere from one year to other fixed terms such as 5, 10, 20 or 30 years. Some policies may even cover you to a specific age such as 65.
Special Length Terms: For example, say you’re 40 years old and need life insurance to age 61 years old, no more, no less, because you figure you’ll be pulling out Social Security soon after 61 years old and won’t need coverage. American General has a Select-A-Term policy where you can specify the exact term length you want. In this case, it would be 21 years.
2. Why Purchase Term Life Insurance?
Reasons for coverage vary. It may be the only form of life insurance you want or you can use it cover short periods of time as a financial safety net when you are most vulnerable.
Reasons to Purchase Term Life Insurance:
- Cover mortgage obligations instead of purchasing more expensive mortgage insurance
- Create an estate for your heirs
- Provide for your children’s tuition
- Cover existing business loans
- Handle estate taxes
- Short term supplement to a Permanent Life Insurance policy
- Short term solution if you are fired and lose employer insurance coverage
Additionally, there are many policies you can purchase without a medical examination. Most Permanent Insurance policies require you to get a medical examination before you qualify for a policy.
3. How is Term Insurance Different from Other Types of Policies?
The other type of life insurance policy you can purchase is Permanent Insurance.
Permanent insurance policies such as Whole Life, Universal Life and Variable Life differ from Term policies because they cover you for life. Additionally, they have a death benefit along with an investment/savings feature which allows you to build up cash value over the life of the policy.
A Term life policy strictly pays out for death benefits.
4. How Much Coverage is Enough?
It all depends on your needs and objectives. The amount of death benefits is strictly your decision. You can check out our ‘Life Insurance Calculator’ to help you decide how much coverage you need, or how much your premium would cost for the amount of coverage you are seeking.
5. Who Would Benefit from Term Life Insurance?
This form of life insurance is ideal for families on a budget, couples just starting out and people in their 50’s. It is also a good fit for those individuals who want life insurance but prefer to invest their money on their own to have greater control over their retirement investments.
Pros of Term Life Insurance
- Cheaper Premiums – The premium you pay is usually much cheaper than what you would pay for Whole Life or a Universal /Variable Life insurance policy.
- Fixed Premiums – Premiums are fixed for the term of the policy.
- Convertible – Some Term Life policies may be converted into a Permanent policy, and in some instances this may be done without a medical exam. However, you need to confirm these details with your agent when you are looking at available policies.
- Renewable – In many instances, the policy may be automatically renewed so your coverage continues, but this feature should be discussed with your agent as not all policies are the same.
Cons of Term Life Insurance
- No Investment Feature – With this policy you get death benefits only. If you are very knowledgeable about investments and would like a more comprehensive financial portfolio, then a Whole Life or Universal Life Policy may be more suitable.
- Premiums Get More Expensive – Term Life policies are considerably cheaper when you buy them at a younger age, but the premiums get substantially higher the older you get.
- Conversion Can be Expensive – Although you may have the option to convert a Term Life policy to a Permanent policy, the increase in premiums could be very expensive.
Stick with me for 1 minute, and you’ll get a better grasp of guaranteed term life insurance than most life insurance agents.
It’s not difficult to understand, but most agents only ever learn the benefits of term insurance, rather than how it actually works.
It’s important to understand first of all, that there is a type of life insurance known as guaranteed issue.
Under guaranteed issue, even if you have terminal cancer, you’re guaranteed to qualify (albeit at astronomical premiums.)
In this article, we’ll be referring to the type of term life coverage that you must qualify for medically.
So guaranteed term life insurance refers to level premiums and a level death benefit.
2. Guaranteed Term Life Insurance vs. Whole Life Insurance
Guaranteed Term Life insurance differs from Whole Life, in that it is supposed to be used for temporary coverage, whereas Whole Life is designed to build cash value and cover you for your entire life.
I also work with Universal Guaranteed Life insurance companies, which I choose to endorse rather than Whole Life insurance. For more information, go to my article about Universal Life Insurance Quotes.
For Term quotes, use the form on the right. You will instantly see your quotes on the next page. You won’t have to fill out 3 pages of questionnaires like you do for other life insurance websites. These are truly hassle-free, guaranteed term life insurance instant quotes.
3. How Much Does Guaranteed Term Life Insurance Cost?
The insurance carrier has a different price it charges to insure you for every year you live.
So, say you’re 40 years old in good health and you apply for 10 year guaranteed term life insurance for $500,000 in coverage. The true cost to insure you for that one year of life might be approximately $18 per month…but next year you turn 41. You’re one year closer to dying, so it might cost approximately $20 per month.
From age 40 to 49, your monthly premiums may increase on a schedule similar to the one illustrated below:
40 – $17.46 Monthly
41 – $19.26 Monthly
42 – $21.51 Monthly
43 – $23.76 Monthly
44 – $26.10 Monthly
45 – $28.52 Monthly
46 – $30.69 Monthly
47 – $33.11 Monthly
48 – $35.71 Monthly
49 – $38.58 Monthly
*Figures above are not life insurance quotes by age. They are demonstrating the cost of 1 year term to show how insurance companies average them out to come up with level term premiums.
So you see at it’s core, guaranteed term life insurance is like auto insurance.
If you get a speeding ticket or a DWI, your auto premium goes up because you’re riskier to insure.
With life insurance, as you get older, you’re closer to dying so every year you live, you’re riskier to insure and your premium goes up accordingly. Occasionally I see Guaranteed Renewable Term policies where the price increases every year, but most people purchase Guaranteed Level Term life insurance.
So now that you know the cost of insurance increases every year, I’ll let you in on a secret. The insurance companies don’t raise your premium every year for level term policies.
Here’s what they did…
Again, at its core, term insurance increases every year as you get older, just like every other type of insurance.
So here’s what the insurance carriers came up with…
Rather than increase your premium every year, they take an average of your cost for a block of years, let’s say 10, and charge you a fixed level premium for the entire period.
This premium is guaranteed not to increase during that term, and is called a level 10 year term.
For example, in the schedule of premiums above from age 40-49, if you add those numbers up and divide the figure by 10, you’ll come to approximately $27.00.
If you’re a 40 year old and want a 10 year term product, that’s about what you’ll pay.
There are all sorts of terms: 5, 10, 15, 20, 25, 30, and even 40. American General has a product called Select-A-Term where you can pick an off-the-wall term length like 23 years.
There is even a type of term life insurance that returns your premiums called Return of Premium Life Insurance. I created a post on this which includes a short video you can access by clicking here: Term Life Insurance that Returns Premiums.
Many life insurance companies offer Level Guaranteed Term Life Insurance. The beauty of Level Term Insurance is the premiums are guaranteed to be fixed for a duration of time known as the term. When people search for term life insurance quotes online, most of the quotes they will find will be for level term.
1. Level Term Life Insurance vs Annual Renewable Term Insurance
A type of term policy known known as an annual renewable term does exist. In this variety of policy, your premiums increase every year. While annual renewable term is generally less expensive in the earlier years of a policy, at some point it will increase to a rate higher than what you would have paid by purchasing Level Term Life Insurance up front. Most people prefer to “lock in” their premium for a number of years, which is what makes Level Term Life Insurance attractive. For instant quotes, use the form on the right.
At the end of these Level Guaranteed Terms, the policies don’t just cancel. Most Term life insurance policies allow you to pay on an annual renewable rate up to age 95 or 100, with no proof of good health required.
However, the premiums are typically dramatically higher than in the initial term. That’s why you should lock in the longest term coverage you can afford, 30 year term, if you think there’s a chance you will still need life insurance coverage for that long.
The most affordable term life insurance rates are for a 10 year term policy. This is suitable for some people who only need coverage for 10 years, but remember, when the 10 year term ends, you will face a premium increase, so plan wisely.
3. My Level Term Life Insurance Premiums Are Set to Increase. What Should I Do?
You have three options in most cases:
- Replacement: If you are still healthy you can replace your current term policy with a new policy. This is probably the most affordable option.
- Conversion: If your current term policy has conversion benefits, you may be able to convert your policy to a Permanent policy such as a Whole Life or Universal Life policy. This can be done without proof of insurability, and may be your only option if you have developed a serious medical condition.
- Pay the Annual Renewal Rate: As mentioned before, the third option is to pay the annual renewable rate, if available through your company. Most people search for a new Level Guaranteed Life Insurance quote to replace the old policy.
*Other Resources you may want to read:
I’ve written a couple of articles on this site you may want to read before deciding whether to replace your policy or convert it.
As always, I recommend you speak with a knowledgeable, independent agent who can assess your needs along with your health to recommend the best Level Guaranteed Term life insurance policy available on the market.
While many agencies shy away from showing sample quotes, we want to give you what you want… quotes without having to provide your personal information.
Here is a brief sample of term life insurance quotes from $100,000 to $500,000 at a 20 year term. If you’d like specific quotes for your age and the amount you want, please use our quote form on the right.
The following rates are for based on a Preferred Plus rating for a nonsmoking male:
20 Year Term Sample Quotes – Monthly Premium
AGE $100,000 $250,000 $500,000
30 Years Old $9.00 $13.64 $20.76
40 Years Old $10.90 $17.51 $29.41
50 Years Old $22.14 $44.01 $79.20
*The quotes above are for a non tobacco using male who qualifies for the best “preferred plus” rates at various top carriers we represent. They are NOT an offer for insurance. Each individual must qualify based on his or her own health and underwriting process. Rates as of 3/18/16.
Millennials overestimate the cost of life insurance by over a whopping 213%, and Gen-Xer’s overestimate what they might expect to pay for a policy by 119%!
WOW! As a life insurance agent this just blows me away.
I am totally flabbergasted that people overestimate the cost of life insurance by so much. These stunning figures were published in the LIMRA life insurance barometer study in January 2015. According to this study, the main reason given by all you Millennials and Gen-Xer’s out there for not having life insurance is because of the cost.
Did you know, if are a young healthy non-smoking male, the cost of a 30 year Term Life policy with $500,000 in coverage is less than $35.00 per month?…and the cost of a 30 year Term Life policy with $100,000 in coverage could be less than $15.00 per month.
My friends, $15.00 a month wouldn’t even cover going to the movie theatre for date night with your spouse or life partner. Life insurance is too expensive? It’s time for you to get a quick lesson on life insurance to understand how affordable and necessary it really is for you and your loved ones.
1. Brief Review of the LIMRA Insurance Barometer Study
Who is LIMRA and how valid is their survey? LIMRA is a worldwide association of insurance and financial companies, so you can be certain their findings are valid. A quick preview of what they found from a survey of over 2,000 American adults between ages 18 -75 includes the following:
- Over 80% of those surveyed overestimate the cost of a Term life insurance policy
- Millennials overestimate the cost of Term life insurance by 213%
- Gen-X overestimate the cost of Term Life Insurance by 119%
- 43% of those surveyed say they would be financially impacted within 6 months if the primary income earner died
- 30% of those surveyed and who already have life insurance don’t believe they have a big enough policy
- 54% who don’t have life insurance say they likely won’t buy a policy within the next 12 months
2. Reasons Why Millennials and Gen-X Need Life Insurance
Here’s a reality check guys and gals. If you answer yes to any of the following questions, you seriously need to get life insurance, because if you die tomorrow who’s going to pick up the tab for the following…
- How is your family or spouse going to survive without your income? Are you in a situation where you need replacement income?
- Do you have children?
- Do you have debts such as credit cards or personal loans?
- Do you have a mortgage?
- Do you own a business?
- Do you have a student loan?
- Do you need money for your funeral expenses?
You answer is probably going to be yes to at least one or more of the above listed questions…and, if you died tomorrow, ask yourself this –who’s going to have to pay for what you leave behind? It’s your spouse, partner and family that will get stuck with the tab!
You may be young, but it’s a simple fact you are not immortal!
I ran some quotes for a 30 year term policy for your age group. These are Preferred Plus rates for a male, non-smoker – someone in excellent health. More on life insurance quotes by age.
4. What if You have a Pre-Existing Medical Condition?
It all depends on the condition, the degree of impairment and treatment results. Some insurers are much more liberal than others, so call me first because we specialize in high risk medical cases and can discuss your situation in detail. Don’t avoid buying insurance because of a medical condition. It might not be as bad as you think.
If you have any questions, call us at 877-443-9467, and we’ll be happy to help.
5. What is the Average Cost of Life Insurance?
I had a visitor comment on an article about life insurance for 70 – 75 year olds. She was looking for life insurance for her father. I want to address her last question about the average cost for life insurance.
Here’s an excerpt from her comment:
“Hello! My father is 74 years old and in excellent health and owns and operates several investment properties that he will eventually pass on to my brother and I. He refuses to purchase any life insurance policies on his own in spite of my urging him to do so. Assuming that he consents to either my brother or I purchasing a policy on him, what steps would I have to take and on average how much would it cost to insure him?”
It’s important to understand that the question above is extremely difficult to answer for a life insurance agent with such limited information. It’s like calling a car dealership and asking how much on average it would cost to buy a brand new car.
Just as they’d have to ask you what kind of car you were looking for, color and other preferences, it’s the same when purchasing life insurance. I can’t tell you how much it costs on average to insure a 74 year old without knowing which type of policy he or she is interested in and the status of their health.
If they want Term coverage, it will be much more affordable than a Guaranteed Lifetime UL or Whole Life policy. The visitor states that the gentleman in question is in “excellent health”. That doesn’t give me much to go on, since many people who have had heart disease, cancer and diabetes consider themselves to be in excellent health, despite the fact that those conditions will affect the premium paid.
Long story short, rather than searching for the average cost for life insurance, you can get an accurate quote from a life insurance agent by answering the following questions:
- What is your name, date of birth, email address and best phone number to reach you with a quote?
- What is your height/weight?
- Have you used any tobacco products in the past 5 years?
- If so, indicate type and frequency.
- Do you have any current medical conditions or take medication, or have you had any serious medical issues in the past from which you have recovered, such as cancer, heart disease, hepatitis C, etc.
- If you do have a current medical condition, please describe when you were diagnosed, any medications or treatment for the condition, and assess how well it is currently controlled. For serious medical impairments, please see our post on High Risk Life Insurance.
- Other factors that can affect a life insurance rating are history of family disease (cancer or heart disease in your parents or siblings), hazardous occupation, travel or hobbies, or any history of driving suspension or DUI’s, criminal record, history of drug or alcohol use/abuse, or treatment for a mental health issues such as anxiety/depression. If any of these apply to you, let us know.
- Please also indicate the type of life insurance you are seeking (Term, Whole Life, etc.) and amount of coverage you think you need. If you are unsure about either of these questions, please refer to the following articles:
Wondering if term life insurance is worth buying? Not sure if you need life insurance? Want to know what the benefits of term life insurance are for you?
The answers to all of these questions are a resounding “YES!” and I will show why you will benefit from term insurance.
1. Term Life Insurance Can Replace Lost Income
If you have a family and are the primary or a significant breadwinner, all you have to ask yourself is “How will my family cope financially if I died tomorrow and they no longer had my income to support them?”
Even though you are out of the picture, your family will have to continue to survive financially – bills will still arrive and food has to be put on the table. If your income is removed from this picture, the effects on your survivors can be devastating.
…this handy life insurance calculator will help you determine how much coverage you need to replace your income.
Even if you aren’t the primary breadwinner, but still contribute significantly to your family’s standard of living, the loss of income can be just as damaging in terms of your family’s financial stability and comfort.
Term life insurance may be used as convenient means to replace loss of income should you die unexpectedly.
2. Term Life Insurance Can Pay Other Debts
Another benefit of term life insurance is that it can cover your existing debts.
Term is generally the life insurance of choice to cover debt. If you’re in debt, you probably need something low cost, and term is the cheapest type of policy there is. Also, most debt will be paid down or off eventually, so you won’t need permanent coverage.
Debts That Indicate You Need Life Insurance Coverage:
- Home mortgage
- RV or Trailer
- Motorcycle or ATV
- Student Loans
- Business Loan or Line of Credit
- Personal Loan or Installment Note
People also get conditional contracts or loans to buy household appliances, furniture or even to pay for the kids’ college tuition.
If you sit back and total up all your debt, you might be in for a rude awakening when you discover how much you owe. It’s probably not a problem as long as you’re working and the income is coming in, but what happens to these debts if you were to die tomorrow?
You might not have to worry about these debts anymore, but your survivors – meaning your family – still have to pay for them. Creditors will be be the first to be paid out of the estate, before your heirs receive a penny.
3. Term Life Insurance Can Benefit the Self Employed
Many people these days are self employed and either work from home or operate a small business as sole proprietorship, partnership or a business which has one or several employees.
So, you earn a good income, have steadily built up your business and are make a comfortable living?
Let me ask this simple question – What will the consequences be if you died tomorrow? Do you have outstanding business loans? Do you have contractual obligations with clients, suppliers and outstanding accounts that are payable? What happens to your employees?
Then you have to ask yourself what impact will this have on your family…who’s going to pay the estate taxes…what happens to the business and all these outstanding debts and other financial obligations? This could end up being a legal and a financial nightmare for your family.
If you don’t have any form of life insurance, you are potentially exposing them to financial ruin. Term life insurance can be used in a variety of business situations that need coverage.
You can also use term insurance as a quick and simple means to guarantee a business loan, which will make the lender a lot more comfortable when it comes to approving your application.
4. Term Life Insurance is Affordable
One of the biggest benefits of term life insurance is that it is so affordable. For the amount of coverage you can get, term insurance can be purchased to suit anyone’s budget.
If you’re between 20 – 35 years of age, are a non-smoker and in good physical health, you can buy a 20 year term, $250,000 policy for less than $15.00 per month. A 30 year term policy would only cost you a few extra dollars.
If you need a $1,000,000 policy and are a non-smoking male in good health, you could buy a 20 year term policy for approximately $36.00 per month.
This is less money than you would spend on a single night out with the family or what you might pay for a few restaurant lunches each month.
You might not be able to afford very much right now, but that’s okay because you can also buy an additional term life policy later, when your income increases.
5. Term Life Insurance Is Flexible
One last benefit of term insurance is its flexibility. There are 3 types of term life insurance policies that you can choose from.
- Level Term Policy: Which is for a fixed death benefit & premium
- Decreasing Term Policy: Where you pay a fixed premium but the death benefits decrease at specified time intervals
- Increasing Term Policy: Where both the premiums and the amount of death benefits increase over specified time intervals
The bottom line is, term life insurance is flexible, affordable and provides financial security in a variety of ways.
You always want to talk to an independent agent like myself. We can access and research dozens of companies, so rest assured we will find the best policy at the most affordable rates. If you have health concerns, don’t let that dissuade you, we can give you valuable advice to help you to find a policy that suits your personal needs.
Many experts like Suze Orman and Dave Ramsey say you should only buy term.
Besides the fact that they both have strong feelings against permanent insurance like whole life, I would agree that 99% of the time, term is the best choice for the most people.
- If you’re planning prudently, you should have no need for life insurance in your 70’s or 80’s
- Term is so inexpensive, you can take your savings (instead of buying whole life), invest it, and almost always come out on top – Our calculator proves this!
- Often times people cancel permanent plans because they are too expensive. Term provides affordable coverage you can keep for as long as you need it.
- You can use term in almost every situation including for income replacement, business loans, and key person insurance
I wouldn’t always say term is the right policy for the job, though. You may have lifetime needs for coverage if you have a large estate and may owe estate taxes upon your death, or want to use life insurance for charitable reasons. In these cases, I recommend guaranteed universal life.
You always want to talk to an independent agent like myself. We have access to dozens of companies, so rest assured we will find the best policy at the most affordable rates. If you have health concerns, don’t let that dissuade you. We can give you valuable advice and help you to find a policy that suits your individual needs.
Should I buy a longer term now, such as a 20 or 30 year term policy? Or, to save money, should I just buy a 10 year term policy now and apply for a new policy in 10 years?
1. Shorter or Longer Term? A Real Life Situation
This is the scenario I encountered with a 61 year old client in great health. He was debating whether to buy a 20 year term policy for $500K for $255.58 or a 10 Year term policy for $500k for $132.83 per month.
My response was that he could certainly apply for a 10 year term now, and then another 10 year term policy in 10 years. It’s possible that it might be cheaper to do it this way, but I would say it’s very risky.
For example, I just ran a quote for a $500K, 10 year term policy for a 71 year old (the age my applicant will be in 10 years) and the best price available is $388 per month.
2. What Are the Risks of Buying a Shorter Term?
- You may no longer be healthy enough to qualify for insurance in 10 years.
- Even if you could qualify, you may not qualify for the best health rating. For example, the same 500K, 10 year policy I quoted above for a 71 year old would cost $729 per month if you were to qualify for a Standard rating, the rate class given to people who have an “average” life expectancy.
- Insurance companies may raise their rates over the next 10 years, so even if you could still qualify for the best health rating, who knows if the price will still be $388 per month.
3. Cost Perspective of Purchasing One 20 Year Term Policy vs. Two 10 Year Terms
- 20 Year Term: $500,000 – costs $255.58 per month for 12 months over 20 years = total outlay is $61,339.20
- 10 Year Term: $500,000, then another 10 year term, $500,000 at age 71 – costs $132.83 per month for 12 months over 10 years + $367 per month for 12 months over 10 years = total outlay of $59,979.60. If at 71, the person in question qualified for a standard rating, the total outlay would go up to $104,139!
Clearly there are possible savings to be had if he were to go with two consecutive 10 year terms, but only if he could maintain approval at the top tier health classification 10 years from now. One must consider all the risks when making a decision such as this.
4. Consider This Alternative
What some people do who are not sure whether to take a 10 or 20 year term is they take BOTH. For example, the gentleman mentioned above (male, 61, nonsmoker in excellent health) could buy a 10 year term for $250K and 20 year term for $250K with Protective for a total monthly premium of $198.80.
This way you could have a full $500K of coverage for 10 years. After 10 years, you would let the 10 year policy lapse and would be left paying $131.18 per month for years 11-20 for $250K of coverage during those years.
5. Purchasing 2 Separate Policies
Another alternative is to buy 2 policies such a term policy combined with a permanent policy. Most people these days are now favoring a guaranteed lifetime plan instead of whole life insurance. To see how combining term and universal life would work, Click Here for more information on this strategy.
6. Need More Information?
The bottom line is you need to call us at 877-443-9467 or email us with your questions about how to choose which policy would suit you best. We will research your case and help you every step of the way.
Have you ever tried to get a quick, hassle-free life insurance quote?
One of my biggest pet peeves about the life insurance industry is that if someone wants to get a hassle-free life insurance quote, there’s almost nowhere to go on the internet to get one.
For example, Joe wants a quote on a half million dollar term insurance policy. So he goes to Google and searches for “quick life insurance quotes”. He’ll have plenty of sites to choose from to get his “quick” quote.
He’ll probably be annoyed to find that after filling in his name, date of birth, type of insurance desired and detailed questions about his health – the insurance site DOES NOT GIVE HIM HIS “QUICK” QUOTE.
Instead, he is told a sales representative will call him to follow up.
Then he has to wait for a call from an insurance agent for his quote. If he’s really lucky and he requested a quote from a site that sells his information to up to seven agents, he’ll get as many calls!
How would you like your name and date of birth to be shared with a half dozen insurance agents?
A Better Alternative
Here’s a novel idea. Fill out the quote form on the right hand side of this page and get an instant quote…really.
No waiting for a sales rep to call. You’ll fill out the information requested and your quotes will be waiting for you on the next page. In a day or so, I’ll make a no-pressure follow up call to see if you need any help deciding on the type of life insurance or amount to buy – but that’s it. A truly quick, hassle-free, life insurance quote.
Many online life insurance providers boast that they offer instant term or whole life insurance quotes. The truth is, the life insurance quotes will usually be inaccurate if the prospective purchaser is not familiar with the questions life insurance companies ask on their applications and what rating class they will qualify for.
I have a solution for a quick, confidential life insurance quote online…without having to visit an unknown website to fill out information that may be shared or sold to who knows how many insurance agents.
>> Simply print out the 6 questions below and fax your answers to us at 619-393-0370, and one of our representatives will call you within one business day with reliable, accurate life insurance quotes. <<<
- What is your name and date of birth? Please also provide your email address and the best phone number to reach you with a quote.
- What is your height/weight?
- Have you used any tobacco in the past 5 years? If so, indicate type and frequency.
- Do you have any current medical conditions or take medication, or have you had any serious medical issues in the past from which you have recovered, such as cancer, heart disease, hepatitis C, etc. If you do have a current medical condition, please describe when you were diagnosed, any medications or treatment for the condition, and assess how well it is currently controlled. For serious medical impairments, please see our post on High Risk Life Insurance.
- Other factors that can affect a life insurance rating are history of family disease (cancer or heart disease in your parents or siblings), hazardous occupation, travels, or hobbies, or any history of driving suspension or DUI’s, criminal record, history of drug or alcohol use/abuse, or treatment for a mental health issue such as anxiety/depression. If any of these apply to you, please let us know.
- Please also indicate the type (term, whole life, etc.) and amount of coverage you think you need. If you are unsure about either of these questions, please refer to the following articles:
Fax these answers to 619-393-0370. If you want a quicker response, you’ll need to call us directly with your answers to the questions below at 877-443-9467.
Why Would I Complete this Questionnaire Rather than Just Using Your Instant Quote Form?
Many individuals have unique medical conditions and are not sure how to rate themselves. For example, if you use my instant life insurance quote online form to the right, you can quote yourself at preferred plus, preferred, regular plus or regular (order of best health to average). Unfortunately, many people don’t know how to classify themselves. It really is a life insurance agent’s job to ask you some questions about your health to provide an accurate quote.
The other problem is if you visit another company’s website, you never know when you provide your information if the company will sell it to other agents. You may end up getting 10 calls from eager life insurance agents trying to close you.
There are also some companies you simply don’t want to bother with. You’d be wasting time obtaining a Farmers insurance quote, because they are not competitive price wise. The same goes for an Allstate Term life insurance quote. These companies sell life insurance policies at astronomical premiums.
Other companies like Select Quote Life Insurance are good at quoting life insurance rates, but not good at servicing clients.
You can circumnavigate all of this by answering the questions above and faxing the answers to us at 619-393-0370 or simply calling us at 877-443-9467 for a confidential quote.
While we don’t offer instant term life insurance quotes without personal information, we do offer the opportunity to get a quote and apply online without speaking to an agent.
I know life insurance agents are often made out to be villains in the movies and in popular jokes, and let’s face it… most of the life insurance agents I know are not too exciting to talk to.
I mean, we sit around and talk about death all day. Pretty morbid.
Most life insurance agents are vastly overpaid for the job they do, considering you get your life insurance license after taking a 40 hour course and passing a multiple choice state exam. Success sometimes goes to their head and many are just downright rude.
Wouldn’t it be great to bypass speaking to a life insurance agent altogether and apply online for life insurance? If you click the link below, you can do exactly that:
Many people see life insurance agents as annoying sales people, who will try to upsell them to jack their premium as high as possible. I don’t like to think of myself or any of our agents at Huntley Wealth Insurance in this way…but I am aware that that is the perception.
Let me explain the difference between clicking the link above, and filling out the form to the right to see an instant quote. In the form on the right, you only have to submit a few pieces of information, your name, date of birth, phone #, and you’ll see an instant quote on the next page. If you fill that out, one of our agents will generally call you within 7 days to follow up and see if you have any questions about your insurance needs.
If you prefer not to speak with an agent, just Click Here, and you can quote yourself by filling out a one page application on your own. Then, one of our support staff (not an agent) will call to ask just a couple follow up questions and will email you the application. Quick and easy.
1. Steps Required for Filling Out a Life Insurance Application without Speaking to an Agent:
- Click Here and fill out the information to see your quotes
- Select the company and product you want
- Fill out a one page application
- One of our support staff (not an agent) calls to review your application request, and sends your application back to be signed
- Many of our applications may be signed via E-signature, meaning you don’t have to print anything out, or mail anything. Just a few clicks and your application is submitted
2. Who Should Fill out their Own Online Application?
For those of you that are healthy and clear about the type of policy you want, whether it’s 15 or 30 year term, and the amount of coverage needed ($250,000, $500,000 or $1M), this is a great option for you.
Before you fill out this form, you should know if you have had any history of any medical issues (diabetes, cancer, heart disease, or even something less serious like high blood pressure or high cholesterol), this is NOT the form for you. You need special attention from a life insurance agent who can ask you specific questions about your health to get you an accurate quote. Call us for a quote at 877-443-9467.
3. Other Issues to Watch Out for Before Applying Online
If you work in some sort of hazardous or risky occupation, or have had a family member diagnosed with cancer, heart disease, or diabetes prior to age 60, you should NOT use the form below. If you have any upcoming travel arranged outside the United States to a potentially dangerous country, you should not use this form either. You NEED to first speak with an agent to determine what rate class is appropriate to pinpoint the life insurance company that will provide the best price for your personal needs.
4. What Happens When I Use the Form Below?
Once you submit the information below, you quotes will appear. You can alter the amount and type of coverage to see various quotes, and can switch the payment options between monthly and annually. If you like one of the quotes, click on “Continue”. A bit more contact information will be required from you at this point. Once you’ve submitted this information, you will be contacted by one of our representatives to complete the application and schedule a medical exam, if needed.
Many people are reticent to provide personal information online. Possibly you are searching for a way to obtain a life insurance quote without sharing such information, thinking this will give you the results you need.
Unfortunately, it doesn’t quite work this way. Much of the information, regarding the products offered by these type of searches, can be quite inaccurate or misleading. The less information you provide, the less information is available to properly research your unique health and age situation.
Life insurance policies that require no medical exams or personal information may be in excess of 3 times more expensive than policies which do require you to provide personal information.
This is especially true if you are young and healthy. If you provide personal information to an independent agent, you could get a much more affordable policy that offers better coverage.
This same approach also applies to people who use tobacco products, or have health issues. Some insurers are more lenient when it comes to underwriting than others. The more accurate the information – the better the quote!
With so many companies out there, it can be difficult to know which are the best life insurers.
The right company for you might not be the right company for me…
Perhaps you have a medical condition that a particular company penalizes harshly whereas another doesn’t.
Perhaps you favor financial strength over price.
Key factors you should consider:
1. Financial Strength
2. Type of Company
3. Level of Service
5. Risk Tolerance
Those are some of the factors to consider when we talk about the “best companies.”
If you’d like to see our list of best life insurance companies for 2016, click here.
Just keep in mind that you really need to speak to an agent to see which company is best for you.
When using an online quote engine to research life insurance, you might be thinking that they are all equal and it doesn’t matter which one you use.
In fact, the quotes you are receiving often come from a limited pool of life insurers, so you may in fact not be getting the best quote or rating from that company or agency. Many life insurance quote engines that are used by particular agencies include only those insurers that they are affiliated with, which means many companies are not represented.
Below we provide a review of 3 companies which offer rates through their own online quote search engines:
1. Review of AIG Term Insurance Quotes
With AIG Term insurance quotes you can locate a term life insurance policy which is unique for your personal circumstances. Policy options are available in 17 different policy term lengths from 10 – 30 years. The AIG search option “Select-a-Term” allows you to customize almost any situation, benefit amount or length of time.
However, AIG does not search the entire market when it comes to finding the best rate for certain health issues. Also, another drawback is that AIG Direct provides service through a high volume “call center” and agents are required to meet quotas, so expect high pressure sales tactics.
2. Review of Zander Term Insurance Quotes
Zander has an easy to use quote engine. However, a variety of users have found that this agency also employs only a limited number of insurers. If you use their online quote search option, you may find that you only get a limited number of search results and may not find the best quotes at the lowest rates. It has, however, been found that they do have the best carriers when it comes to smokers and other health issues.
3. Review of AARP Term Insurance Quotes
AARP specializes in providing term life insurance quotes to people who are 50 years of age and older. The quotes they offer are for “Level Benefit Term Insurance” and “Extra Protection Term Life Insurance.”
The first problem with AARP quotes is that the level term insurance they offer, increases in price every 5 years. With other life insurers, rates generally remain the same for the life of the term.
Although you may not have to provide health information, you will not get the best rates if you are in good health. Also, the amount of death benefit coverage found through AARP tends to be much lower than that of other term policies. The same applies for Extra Protection term coverage. Overall the rates you are quoted on this site may not be the best, especially if you are in good health.
As you can see, from the types of insurance you buy to how much, and which company is right for you, there’s a lot that goes into life insurance.
It’s best that you speak to a knowledgeable agent about your guaranteed level life insurance needs. We are independent agents in business over 10 years and would love to help if you call us at 877-443-9467.