Tips for Finding the Lowest Term Life Insurance Rates


lowest term life insurance ratesTO FIND LOWER TERM LIFE INSURANCE RATES

Term life insurance is among the most affordable types of life insurance available today. These are relatively inexpensive policies that can provide you with peace of mind from knowing that your loved ones will be provided for after your death.

While these are affordable policies in general, there are a few steps that you can take to find the lowest term life insurance rates available.

1. Purchase Your Policy When You Are Young

One of the key factors that insurance companies review when providing you with term life insurance rates is your age. Generally, the most affordable rates available are for individuals who are younger. In fact, the rates you qualify for may increase each year you get older.

2. Buy the Right Amount of Coverage

While your coverage amount may not impact the actual rate, it will have a direct impact on your premium. Therefore, you should not purchase more coverage than you need. A general rule of thumb to follow is to purchase term life insurance in an amount that is approximately 6 to 10 times your current annual income.

3. Pay Attention to the Term Length

The longer the term of your coverage, the higher the cost of insurance. While it may be more affordable to purchase a 10-year term policy rather than a 30-year term policy, the fact is that it is often more expensive to purchase three consecutive 10-year term policies than a single 30-year policy. Because of this, you should lock in a rate for the term length that is most appropriate for you.

4. Inquire About Price Breaks

When you are comparing term life insurance policies, inquire about price breaks different insurance companies offer. These are generally not advertised, so you may need to speak with an agent. These price breaks may provide you with a lower rate when purchasing additional coverage.

For example, with some insurance companies, it may be almost as affordable to purchase a $100,000 policy as it is to purchase a $75,000 policy.

5. Compare Rates

A final tip to follow is to shop around for the lowest term life insurance rates. We can make this process easy and save you time because we represent over 50 life insurance companies. Once we uncover your needs, we can compare all of the leading companies, and provide you with the least expensive rates available.

If you’re shopping for lowest term life insurance rates, contact us to get free term life insurance quotes by answering few simple health questions  1-888-773-1181

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