Term Life Insurance
If you study a chart that displays average term insurance rates by age, you will notice that rates increase for older applicants. Of course, many other factors affect rates too, and these include your home ZIP code, health, and even the life insurance company that you choose.
That is why most experienced agents should encourage their clients to shop around for the best rates, and this is a prudent step if you are trying to cover a child, young adult, or particularly if you want to buy cheap life insurance for seniors over 80. Since insurers charge more for seniors, you should always focus on finding the best deal to make your premium as affordable as possible.
Term Insurance Rates by Age
Of course, younger people might expect to pay premiums for many more years. A small difference in premiums can really add up over the course of several years. When comparing a term life insurance quotes for one 40-year-old applicant between 10 large insurers in his local area, a broker found that the difference between the lowest and the highest life insurance quotes was about $25 a month.
Quote differences of $25 a month might not seem like much, but consider how this adds up over time:
- This added up to a $300 price difference each year.
- Over 20 years, that difference adds up to $6,000.
- By comparing life insurance quotes, this individual could save $6,000 over the life of his policy.
You do not have to sacrifice qualify in order to get cheap life insurance. Some highly-rated insurers are simply friendlier to certain types of applicants than others. But your age, medical condition, and location will determine which insurer is the right choice for you, and that means you need to compare quotes to make the best choice.
How to Find Cheap Life Insurance
A few years ago, insurers made it fairly tough to shop around. Clients had to visit a handful of different agents in order to compare quotes. Today, you can compare term insurance rates by age, location, and ZIP code online or over the phone. Since insurers and agents have become much more transparent about prices, this is a great time to shop for protection for you and your family.
If you have any other questions about term insurance, feel free to contact one of our licensed insurance agents. They’ll be happy to answer and questions you may have.