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Crazy Life Insurance Agent Compares Top 10 Term Life Companies - They Are Not All The Same!
Author: Marilyn Katz
The rates for life insurance are not all the same!
The lowest life insurance premium is not always the best value. But we compared Apples and Apples, and found a $300 a year difference on the price for a million dollar term life policy on a 45 year old , non smoking man. These different term life quotes came from the top 10 highly rated insurance companies, and were all for the same healthy individual! Over the 20 year term, this would have been a $6,000 difference!
We found this on information that was only for life insurance agents, and so cannot publish the summary. However, you can find many online tools to do the comparison for yourself. You should always check out the rates for top rated companies, because even a few dollars in premium can really add up over the course of several years.
Some companies give better discounts for good health or a healthy lifestyle. Individuals who maintain a very healthy lifestyle, and who are blessed with a good family health history may be rewarded with super preferred rates that are a third cheaper than individuals who obtain a standard rate.
This leads me to a point about insurance that is advertised as non-med. If you are very healthy, you would benefit by taking the para-med exam because you don't need to cover anything up. If the insurance company gets all of the information on you, and finds you happy, you will be rewarded for your trouble with a much cheaper rate! If you do have a health issue, such as high blood pressure, you will have to declare it on your insurance application anyway, so you're unlikely to save anything by avoiding the exam, except a little trouble.
Other life insurance companies may be more forgiving of a smoking habit, especially if the smoker has been healthy in other ways. For instance, a smoker who maintains a healthy weight will not be penalized like a smoker
who weighs 300 pounds!
Some life insurance companies will forgive high blood pressure or other preexisting conditions if the client has taken the right steps to control the problem or disease. Some life insurance companies will even give a standard rate for an organ transplant as long as the operation occured a reasonable amount of time ago, and the patient has maintained good health.
Before you buy life insurance from the one company that the agent happens to sell, I urge you to comparison shop. Now if you have a life insurance agent that you trust, and his premium is only a fewe dollars more then another company that you quoted online, I think you should consider service as well. But if the difference is substantial, then you should show this information to your life insurance agent and see if he can come up with a better price, or you could consider buying online.
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