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If you’re looking for the best term life insurance rates, you’ve come to the right place. Getting the best price on life insurance means you need to apply to the right life insurance company. As a broker, Quotacy has access to many of the nation’s top-rated life insurance companies and shops your case to get the best rate.

What You Need to Know About Getting the Best Life Insurance Rates

The most affordable life insurance is term life insurance. Quotacy also offers permanent life insurance plans, but most families only need term life insurance.

If you’re interested in permanent life insurance, hop on over to our whole life insurance guide to learn more.

Term life insurance is often the best option for the average family because it provides financial protection at an affordable price.

You buy life insurance to provide your loved ones money if you die and they no longer have your check to rely on to pay bills. Term life insurance is designed to provide this financial coverage during your family’s most vulnerable years.

Term life insurance can last 10-40 years, depending on your age. You can align these years of protection with the years your family counts on you the most.

Examples of when life insurance protection is needed most:

  • Newlyweds just starting a life together. They rely on one another financially as they grow in their careers and save for retirement.
  • A couple who just had their first child. They’ll have many financial responsibilities until their child is independent.
  • A couple who just purchased their first home. They need both incomes to pay the mortgage.
  • When one partner is a stay-at-home parent and the family solely relies on one income. Both parents need life insurance.
  • A single parent working hard to provide for their children.
  • A family who just opened their small business.

Because the cost of term life insurance is relatively low, it allows families to save for other goals while protecting their family’s finances.

Example:

Nathan and Jenny are 30 years old and had their first child this year. They each make roughly $60,000 annually.

Nathan purchases a $500,000 30-year term life insurance policy for $29.75 per month. Jenny purchases a $500,000 30-year term life insurance policy for $25.40 per month. These term life insurance rates are fixed and will never increase during the 30-year term.

Their affordable policies leave room in their budget to allow each of them to direct $500 (pre-tax) per month into a 401(k) and $500 per month into an IRA. As their salaries increase, they plan on increasing their investments.

The term life insurance policies will financially protect them until they’re 60 years old. At this time, their children will be grown and they will have accumulated a sizeable retirement nest egg, so their term life insurance policies are safe to expire.

If either Nathan or Jenny dies during these next 30 years, the insurance company pays out the $500,000 death benefit. These proceeds will help the surviving spouse pay end-of-life expenses, like a funeral, maintain their standard of living and continue to care for their children and save for retirement.

Because the cost of term life insurance is relatively low, it allows families to save for other goals while protecting their family’s finances.

See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

To get the best term life insurance rates,

  • Apply for life insurance as soon as you need it;
  • Work with a life insurance broker;
  • Make smart health and lifestyle choices.

Apply for Life Insurance as Soon as You Need It

Your age plays a large role in determining life insurance costs.

Monthly Quotes for a 20-Year $1,000,000 Term Life Insurance Policy by Age and Gender
Age Male Female
30 $30.82 $24.56
40 $49.16 $40.82
50 $133.79 $96.34
60 $387.83 $268.33

We advise that you buy a term life insurance policy as soon as you realize you need it for your family. And because term life insurance rates are fixed, you’re able to lock in a low premium for the life of the policy.

However, even if you’re a little late to the life insurance game, term life insurance can be customized to fit most budgets. You can reduce the coverage amount or term length to make it more affordable.

This table below shows how you can lower your monthly rate by lowering the face amount (a.k.a. the coverage amount).

Monthly Quotes for a 20-Year Term Life Insurance Policy for 50-Year-Old Individuals
Coverage Amount Male Female
$100,000 $21.77 $17.82
$250,000 $38.89 $30.96
$500,000 $71.21 $57.08
$750,000 $106.32 $80.43
$1,000,000 $133.79 $96.34

This table below shows how you can lower your monthly rate by shortening the term length.

Monthly Quotes for a $500,000 Term Life Insurance Policy for 50-Year-Old Individuals
Term Length Male Female
10-Year $40.74 $33.69
15-Year $54.32 $40.88
20-Year $71.21 $55.45
25-Year $103.18 $78.75
30-Year $127.87 $95.52
35-Year $217.48 $166.01
40-Year Not Available Not Available

Apply Through a Life Insurance Broker

A life insurance broker is not required to sell products from a specific life insurance company. A broker has partnerships with many different life insurance companies. Here at Quotacy we work with over 25 A-rated (or better) life insurance companies.

If an applicant has a health or lifestyle issue, you will get the best price if you apply through a broker. This is because of our ability to shop your case to different life insurance companies.

Not all life insurance companies underwrite risk factors in the same way. While one company may offer Standard to someone with a history of depression, another company may be comfortable offering Preferred.

Rate classes determine what you pay. There can be a big difference in cost depending on the rate class you’re given from a carrier.

Monthly Quotes for a 20-Year $500,000 Term Life Insurance Policy
Term Length Male – Age 40 Female – Age 40
Preferred Plus $28.42 $24.11
Preferred $36.06 $30.01
Standard Plus $48.36 $39.69
Standard $56.01 $43.72

Make Smart Health and Lifestyle Choices

Your health and lifestyle choices affect your life insurance rates. Tobacco use, for example, is one of the biggest factors that impact pricing.

There are two broad categories of life insurance rate classes: non-tobacco and tobacco.

If you smoke cigarettes, you are placed in a tobacco rate class. Cigars, e-cigarettes, marijuana, chewing tobacco, and pipe smoking may also receive a tobacco rating depending on the life insurance company you apply to.

Monthly Quotes for 20-Year $500,000
Term Life Insurance Policy
for a 35-Year-Old Male
Preferred Plus $20.73
Preferred $26.00
Standard Plus $34.59
Standard $39.95
Preferred Tobacco $83.30
Standard Tobacco $113.05

As you can see, pricing in the tobacco categories are much higher compared to the non-tobacco.

If you don’t smoke cigarettes, but do use a different form of tobacco, you can save money by applying to Quotacy. If there is an insurance company that is willing to offer a non-tobacco rate class to you, we’ll find it.

If you currently smoke cigarettes and plan on quitting in the future, we recommend that you still buy life insurance now. After you quit and some time has passed, re-apply and see if you qualify for a lower rate.

This same advice goes for any health or lifestyle issue that you wish to improve on. Have high cholesterol and are working on lowering it? Get life insurance now and re-apply in the future. Have a DUI on your record that’s causing your life insurance rates to be quite high? Buy the coverage now and re-apply in the future when there’s more time between you and your incident.

You never know what tomorrow will bring. You may be diagnosed with a health condition that causes you to be uninsurable. You may get into an accident and die much sooner than planned. Protect your family today.

You can get free term life insurance quotes instantly, without even giving away any contact information. When you’re comfortable and ready to apply, the online application only takes a few minutes.

After applying, a Quotacy agent will reach out and help you through the process from start to finish. To get the best term life insurance rates, don’t hesitate.

Note: Life insurance quotes used in this article accurate as of November 18, 2021. These are only estimates and your life insurance costs may be higher or lower.

 

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Marketing Content Manager

Natasha is a writer and content editor at Quotacy. She is also co-host of Quotacy’s YouTube series. She can't get enough of life insurance and outside of work is also working toward her Chartered Life Underwriter designation. Connect with her on LinkedIn.