How Do I Find The Best Rates For Life Insurance Coverage?

There are so many life insurance companies to choose from, each with its own rate and underwriting guidelines.  How do you confidently navigate through all of these choices?  At Term Life Answers, we have access to over 40 life insurance companies and we can help you find the right fit for your situation.  Here are some tips for finding the best rate for life insurance.

Shop Around – Rates for life insurance can vary greatly among companies for essentially the same coverage.  Simply shopping your coverage could save you thousands over the life of your policy.  Shopping your coverage becomes even more important if you have health issues as some life insurance companies excel at underwriting certain health impairments like COPD, diabetes and cancers.  An independent agency like ours can shop multiple companies to find you the best rate for your situation.

Know Your Health Rating – Your health rating plays an important role in how much you will pay for insurance.  Each life insurance company has its own guidelines for how it determines your health rating.  Did you know that just a few extra pounds could push you into a lower health class rating?  Did you know that some companies will give you their best ratings if you are controlling your blood pressure with medication while others will not?  This becomes even more important if you have more serious health issues.  Simply dropping down one health class rating could add hundreds of dollars to your premiums each year

Factors Other Than Health are Important – You would think that a life insurance company would only focus on your health during underwriting, but that is not the case.  Life insurance companies look at other factors as well to determine your risk such as:

  • Credit History – A recent bankruptcy that has not been discharged could make you uninsurable.
  • Occupation – High risk occupations usually mean higher rates.
  • Driving Record – Multiple moving violations or recent DUI’s will mean higher rates or your application could be postponed.
  • Dangerous Hobbies – Certain hobbies like piloting or scuba diving could mean higher rates.
  • Travel – If you plan on traveling to any dangerous areas, you could be considered uninsurable.

Opt For A Fully Underwritten Policy If Possible – It might seem convenient to opt for a no medical exam policy, but if you are in good health you will save money with fully underwritten coverage.  No medical exam life insurance could make sense if you need a small amount of coverage, immediate coverage or if you hate needles.  Remember though, these conveniences will cost you more than traditional fully underwritten insurance.

Don’t Wait to Buy Coverage – Buying coverage when you are young and healthy, assuming you need it, is the best way to get the lowest rates.  Procrastination can not only cost your family if you were to pass away without coverage, but it will also mean higher rates.  If you wait too long to get coverage, you could develop a health issue that might raise your rates or make you uninsurable.

Get a Rate Review if Your Health Improves – If you purchased a life insurance policy when you had health issues or unhealthy habits and have since improved your health, you could qualify for a rate reduction with your current insurer.  It might also make sense to look at getting a new policy depending on your particular situation.

We Can Help You Find the Best Rates on Life Insurance

Our goal is to help consumers secure the best rates on life insurance. At Term Life Answers, we shop over 40 of the top insurers to match you with the best policy to meet your needs based on policy features, underwriting guidelines and cost.  If you are looking for the best rates on life insurance in, give us a call at 877-205-4172 or email us at

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