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Lowest Life Insurance Rates |
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Life insurance rates, especially term life insurance, are lower than they have ever been. Shop the top life insurance companies with the lowest rates: Lowest Life Insurance RatesLife insurance companies are evaluated on the basis of their rates across the board, using a life insurance rates database. Results are presented for the top life insurance companies for "Preferred Plus Rates" and "Standard Rates," based on your health profile. (For issues relating to preferred plus and standard life insurance rates, see the following article). Click For Quotes From the Top Life Insurance CompaniesLife Insurance Rates: Preferred Plus or Standard?How do Preferred Plus life insurance rates compare with Standard life insurance rates? Well, they are cheaper, that is certain. But by how much? Consider some examples of 20 year term life insurance rates for a 40 year old male who does not use tobacco. The example we are using is for Genworth Life Insurance Company, rated A by the A.M. Best Company. Preferred Plus rates, which are the rates for the best underwriting class, are as follows:
$1,000,000 - $670 per year $1,500,000 - $1,070 per year $2,000,000 - $1,410 per year
$1,000,000 - $1,510per year $1,500,000 - $2,540 per year $2,000,000 - $3,3700 per year So, as you can see, life insurance rates are more than double for the Standard rate class. This is not to say you should hesitate to purchase insurance for this higher rate. If you need life insurance to protect your loved ones, you should get it at any price. Providing a benefit of $2 million for your loved ones at a cost of only $3,370 per year is a choice that should be easy to make. Nevertheless, you should take steps to ensure that you get the lowest life insurance rates, whatever your underwriting profile might be. If you have a condition that qualifies you for Standard rates, for instance your weight, then you should make sure to choose the best company for the Standard rate class. People often get taken in by seeing low life insurance rates provided at some Web sites. But the rate is not low for you if you don't qualify for it. If you apply for that company, you may find that they are not the lowest rate for the Standard rate class. Let's use our example to illustrate. We chose Genworth for the example because they had the lowest life insurance rates for $500,000 for the Preferred Plus rate class. But, it turns out they are not the lowest rate for the Standard rate class. That honor for $500,000 goes to Savings Bank Life Insurance Company of MA at $735 per year, and to AXA Equitable Life Insurance Company at $2,695 for $2,000,000. Which brings us to another point. Even within the same rate class, there is a large variance of life insurance rates for different amounts of insurance. In our example above, Genworth was the lowest for the Preferred Plus rate class for $500,000. But they are not the lowest for even $1,000,000. In fact, they are fifth. The lowest rate for $1,000,000 in the Preferred Plus rate class is The Penn Mutual Life Insurance Company for $640. So what is the lesson here? The lesson is that life insurance rates vary all over the map depending on the criteria you are trying to satisfy. Make sure you work with a life insurance agent with insurance agent training and access to all of the competitive term life insurance companies. That way, you will not receive bad information just because the agent you are using does not have access to all the lowest life insurance rates. Some additional information for finding lowest life insurance rates:
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Life insurance rates from InterlinX, LLC. |
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