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How to Get the Cheapest Term Life Insurance Policy

by Jeff Rose on February 4, 2014 · 10 comments


cheapest term life insurance policyI hope by now you realize you need to buy term life insurance.

If you have any intentions of taking care of your family and their best interests, then it should be a non-issue.

Now that we have that settled, let’s talk about how to get the cheapest term life insurance policy possible.

It doesn’t take rocket science to do this, but I still see many people that fail to do these easy steps.

Can You Really Get Cheap Term Insurance Online?

The answer is “yes!”. Your local insurance agent can offer you insurance, but if they are a captive agent (think State Farm) then they can only you offer their insurance which often times won’t be the lowest cost life insurance available.

When shopping for term life insurance online, make sure  you partner with an independent life insurance agent – that’s us :) – that you can offer you life insurance from all the top life insurance companies. We currently work with 40+ insurance companies and are only loyalty to them is the one that offers you the cheapest term rate possible.

What’s the best thing? To get a quote does not cost you a dime. Yes, there’s nothing better than a cheap life insurance quote online because it’s free!

Okay, now how to make sure you get the most affordable life insurance policy possible…..

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1. Get Your Term Policy as Soon as Possible

If procrastination is your middle name, it’s time to make a change. Don’t wait to buy your term life policy until later. The longer you wait, the more expensive it gets. If you realize it is a necessity in your life, then why not get it when you can get it the cheapest rate possible.

It’s just not your age that factors in your life insurance premiums going up. The most dangerous risk is developing some sort of high risk condition – diabetes, high cholesterol, cancer, etc. Developing any of these will have a drastic increase to what you have to pay.

Think it can’t happen to you?  Think again!  I’ve personally witness clients that “put off” getting life insurance and it unfortunately cost them.  Weight gain, hypertension, and various other medical conditions are the culprit that leads to their life insurance policy costing more than they should.

2. Watch What You Eat

When getting a term life insurance policy, how much you pay is determined on how healthy you are, so why not be fit and get the cheapest rate? Obviously there are other positive benefits of being fit other than getting affordable life insurance.

Cutting out the crap could also include consuming too much alcohol.  Having a few drinks won’t increase your life insurance, but getting a DUI definitely will.   I had one case where an individual applied with us with a recent DUI on their record.  The price didn’t just go up a bit.  It went way up by 10 times!   Now that is not low cost life insurance!

Weight gain can lead to other medical conditions that all have an affect on how much you pay.  If you’re currently overweight, that does not mean you should post pone getting insured.   Apply now, get coverage and then if you lose weight you can always reapply and reduce your costs.

3. Don’t Smoke (or Chew)

cheap term life insurance - no smoking!Not too long ago, I had a client that was applying for a term life policy.

He doesn’t smoke, and as far as I knew he didn’t chew either. A week before he had his physical, he was working in his yard and decided to indulge in some chewing tobacco.

I’m fairly certain that any other time he could have gotten away with it, but not 7 days prior!

Sure enough, the tobacco showed up in his system, and his premium went up; it went up a lot. Life insurance for smokers or tobacco users is not cheap; you can see this in another post. If you want to make sure you’re getting the cheapest term life policy possible, put out the cigarette and grab a stick of gum.

4. Shop, Shop, Shop Around

When’s the last time that you went to the store and made a major purchase without double checking your price elsewhere?

We’ve all done it: Big screen TVs, washers and dryers, brand-new cars. Life insurance shouldn’t be any different. Many different carriers cater to all types of different individuals, weight classes, ages, and amount needed. So, making sure that you get many quotes from several different carriers will ensure that you get the cheapest term life policy.

Luckily, you can use our quote engine located here on the site to make sure that you are getting the best bang for your buck. As an independent insurance agent, we have the ability to shop around for you with over 40+ insurance carriers to choose from.

5. Avoid High Risk Activities

cheap life insurance high risk activities Do you participate in any hazardous activities like racing or motor sports, hang gliding, piloting, rock climbing, scuba diving, or sky diving?

If so, you better be prepared to ante up on your life insurance premiums.

The cool thing is that you have a life insurance policy in-force, you would be covered if you jumped out of a plane and your chute didn’t open.

But if you don’t have a policy in-force and you know you’re going to be sky-diving soon and didn’t tell the life insurance company, the might have cause to not be required to pay.

How Cheap is Cheap?

Now you know how to make sure you get cheap life insurance, you’re probably wondering how much it really costs. The table below shows annual quotes for a 30 year term policy for both males and females ages 25-45. Notice how for a 35 year-old female the annual premium is only $223 per year. That’s only $18.58 per month!

SexAGE30Yr Term Life PolicyCompany 1Company 2Company 3
Male25Face amount $250,000Banner Life
Genworth Financial
Minnesota Life
Male35Face amount $250,000Banner Life
Genworth Financial
Male45Face amount $250,000Genworth Financial
Banner Life
Female25Face amount $250,000SBLI
American General
Minnesota Life
Female35Face amount $250,000Genworth Financial
Banner Life
Female45Face amount $250,000SBLI
Banner Life
Genworth Financial

Please note that these rates for Preferred Plus rating class and are subject to change.

Can Seniors Get Cheap Life Insurance?

cheap life insurance seniorsWe are able to service many seniors that need to get life insurance coverage.

Most are fearful that the cost will be way too high and rightfully so.

If you are a senior, you have to realize that life insurance is not going to be as cheap as the 35 year-old female example above.

Also, if you’re battling certain ailments, that can factor into the cost of your life insurance possible, too.

Despite that, insurance companies are realizing that people are living much longer nowadays due to the advances in medicine, so getting approved for an affordable life policy is not out of the question.

Can I Avoid the Medical Exam?

If getting your blood drawn is not your thing, then there are options to get cheap life insurance with no medical exam. Our go to carriers are Assurity and Fidelity that not only get you life insurance without a physical, but also issue the policies very fast.

The only downside in taking out a no medical term life policy is that it won’t be as cheap as your traditional underwritten term policy. You have to realize that if you’re bypassing the medical exam, the insurance company is taking on more risk and you’re going to pay for it.

When does it make sense to get a no exam policy?   Here are a few of the most common instances we see with our clients:

  1. Need Life Insurance Fast - Most commons reasons we see are to secure a business loan for collateral assignment or to satisfy a divorce decree.
  2. Absolutely Hate Needles –  One client confessed to me that the sight of a needle will make her pass out. A no exam policy was definitely in her future.
  3. Totally Impatient –  Do you hate waiting for things to get done?  Traditional term insurance takes 4-6 weeks to process.  Life insurance without a physical can take anywhere from 48 hours to 2 weeks tops to be put in force.

If you’re not sure if a no exam policy is right for you, contact our office and speak to one of our insurance specialists to best assist you.

Getting Cheap Term is Easy Breezy

As you can see, getting the cheapest term life policy is not that difficult if you follow these easy steps. We’ve helped hundreds of clients secure affordable life insurance for their family and we would love to do the same for you.   Let us know how we can help.

Make sure your family is protected!

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Article Name
How to Get the Cheapest Term Life Insurance Policy
How can you get cheap term life insurance? Discover the ways you can get protected at a fraction of the cost without sacrificing the benefits that your family needs.
How to Get the Cheapest Term Life Insurance Policy by

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