Term Life Insurance Q&A
- Why should I choose BeyondQuotes?
- Which companies do we represent?
- Is BeyondQuotes licensed where I live?
- Is my information confidential?
- Do you only offer rate quotes?
- How do we choose which companies to represent?
- How much Term Life Insurance do I need?
- What are "level" policies?
- What should be the term length?
- Is it worth insuring my spouse on my policy?
- Can you explain the difference between Term and Whole Life plans?
- I suffer form a pre-existing condition. Can I still be insured?
Applying for a Policy
- How do I apply for Term Life Insurance?
- How do I find the best value plan for my needs?
- What is the waiting period between applying and coverage?
Best Life Insurance Rates
If you go about buying life insurance with a careful plan, and you understand a couple of things, you will greatly increase your chances of getting a suitable plan without having to pay a fortune for it.
Insurance happens to be an extremely competitive marketplace and this works in your favor, but you must understand how the game is played.
Without question the best place to begin searching for a policy on the internet because you can get rates from dozens of companies practically within seconds.
Remember that the life insurance information you will be able to retrieve over the internet (or elsewhere, for that matter) will not be of much value you to you unless you have a very good idea of what your rating class is.
Check the rating class first
Before we answer this question directly, let us make a statement first: People fall victim to passive thinking by following a lackluster approach towards the subject of insurance.
Here's why: They also become short-sighted and start thinking about present health conditions. They miss the bigger picture here. You should buy a plan not only for the present times but also to secure a healthy future life.
The purpose of buying life insurance would be defeated if you fail to buy anything less than a perfect plan. There are different types of life insurance plan designed to suit individual health care needs.
Insurance companies know this and will have very attractive rates for people who they regard as being in perfect health. That said, just because one company offers a great rate for the preferred plus health class does not mean that it will be competitive in the health class that you might qualify for.
What happens to many people is that they start the application process with the company that offers the best rate that they hope to qualify for. Then they complete the process even though the company they chose does not offer the most competitive rate that they actually qualified for.
If you start with a good idea of what class you will probably qualify for, then you can compare rates in that class and pick your company on that basis.
How do I predict my rating class?
If you've had any recent blood or urine tests, these can be used. You can also talk to your agent who should hopefully know the criteria you need to meet for preferred plus, preferred, standard, etc.
There is also a section in BeyondQuotes.com that goes over this. Some of the information like height, weight, and maybe even blood pressure is something you should already know.
If you haven't tested either your blood or urine recently, you can simply go and get these tests done. You might have to pay for them out of your own pocket. Even though you might want this information for the purposes of obtaining life insurance, it's not bad to know anyway.
What if some of the results of my blood or urine test fall outside normal parameters?
Hopefully you followed all medical instructions before taking the tests. If you didn't, your results might not be accurate, and you might want to take the tests again.
If you did follow the instructions to the letter and you are reasonably certain that the results are accurate, you might simply want to improve your health.
If you smoke, stop. If you are overweight, improve your diet and exercise more. If you have high cholesterol, eat a healthy, balanced diet and consult with your doctor.
Not only will you save money on your life insurance, more importantly, you will live longer.
Once you take control of the underwriting process you can get the rate you want, and hopefully live longer in the bargain!