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How to Get the Best Rate on Life Insurance

If you’ve ever shopped for life insurance, you’ve probably been overwhelmed by the number of companies that you can choose from.  Do you buy online from agencies that advertise rates from many different companies? Do you visit your local Farmers or State Farm office? How do you navigate through these choices to find the best fit for you?  There are many variables that go into determining life insurance rates, including your age, health, family history and lifestyle choices.   On top of that, each life insurance company has its own standards for evaluating these variables.  In this post we will show you how to get the best rate on life insurance.

Know Your Health Rating

When you get a quote online, you might think that you’re in good enough health to qualify for a ‘Preferred Best’ rating.  The fact is that only about 10% of life insurance applicants qualify for ‘Preferred Best’ ratings.  Life insurance companies look at many different variables when determining your health rating.  Some of the things life insurance companies consider when determining your health rating include:

  • Age
  • Gender
  • Overall Health (build, blood pressure, cholesterol and other person medical history factors)
  • Family History (cancer or cardiovascular disease/death in parents or siblings before age 60)
  • Tobacco Use (cigarettes, smokeless etc.)
  • Alcohol Usage (how often, any history of treatment )
  • Drug Use (any history of treatment)
  • Lifestyle Choices (dangerous hobbies, occupations, travel to dangerous areas)
  • Driving Record (moving violations, suspensions, DUI)
  • Financials (any bankruptcies in the past)

Even if you are very healthy, you could still be placed in a lower rating if you happen to have issues with any of the other impairments listed that aren’t related to your personal health.  On top of that, each life insurance company uses its own guidelines for specific criteria such as cholesterol or blood pressure.  For instance, some companies might allow ‘Preferred Best’ ratings for blood pressure or cholesterol levels that are controlled with medication while others will not.  The key is to look at the specifics your particular situation and find the company that offers the best fit.  How do you do that?

Use an Independent Agent

This point can’t be stressed enough.  If you want to find the lowest rates on life insurance in California, an independent agency, like ours, offers you the best opportunity.  Instead of working with your local State Farm or Farmers agent, who only has access to their own proprietary products, an independent agent will be able to shop your case to 40 or 50 different carriers.  This is extremely important when you consider that every life insurance company has its own underwriting guidelines.   It is also important to understand that certain life insurance companies excel at underwriting applicants with health and lifestyle impairments such as diabetes, COPD, cardiovascular disease, tobacco use or issues with their driving record. Simply shopping your coverage to find the company that will most favorably underwrite your situation could save you hundreds a year on coverage and thousands over the life of your policy.

Be Honest on Your Application

It might be tempting to omit some information on your application in an effort to qualify for a better rate, but it’s a bad idea.  Life insurance companies look at many different resources in order to find out as much information as possible about its applicants.  They will use information from the life insurance application itself, results of the paramedical exam, medical records (in certain cases), motor vehicle report, pharmacy database records and your Medical Information Bureau (MIB) record.  In most cases, life insurance companies can catch any inconsistencies in your application.  If you happen to get away not being honest on your application initially, it could be a problem down the road.  If you pass away within 2 years of owning your policy, the life insurance company can deny your beneficiary’s death benefit claim if it can be proven that you weren’t honest on your original application.

Prepare for the Paramedical Exam

For fully underwritten life insurance, you will be required to take a paramedical exam.  A paramedical exam is an abbreviated medical exam and only takes about 20-30 minutes. An examiner will come to your home and gather the following health information from you:

  • Height and Weight
  • Blood Pressure
  • Urine Sample
  • Blood Sample
  • EKG Reading (depending on your age and size of policy)
  • Medical History (they will ask questions about personal medical history, medications etc.)

The importance of the paramedical exam can’t be stressed enough.  Life insurance companies gather a lot of important information from the paramedical exam to determine your health rating.  It is best to take it seriously and prepare for it.  You can take these steps to ensure the best results on your exam:

  • Fast for at Least 8 Hours Before the Exam (take it in the morning before work if you can)
  • Drink Plenty of Water (this will allow you to flush out your system)
  • Avoid Certain Foods for 24 hours (foods that are salty, sweet or high in cholesterol could elevate readings)
  • Avoid Caffeine (it could elevate blood pressure readings)
  • Avoid Strenuous Exercise 24 Hours Before the Exam (it could elevate blood pressure readings)
  • Avoid Certain Supplements (non-essential supplements could affect liver function tests)
  • Avoid Alcohol for 24 Hours Before the Exam
  • Take Your Medications as Prescribed
  • Get a Good Night Sleep Before the Exam

Proper preparation for the paramedical exam is important if you want to ensure the best results on your exam.

Getting the Best Life Insurance Rates

When you work with a life insurance agent, it is important to understand that it takes a joint effort to get you the best rate.  You must be completely upfront and honest with your agent about any health or lifestyle issues you have so that they can position you with the right company.  If you want get the best rate for life insurance, we can help.  We can access over 40 companies for our clients.  We know which companies offer consumers the best rates for life insurance whether you are in excellent health or you have multiple health issues.  Contact us today and tell us about your situation.  You can call us at 877-205-4172 or email us at info@termlifesnawers.com


About Us

Term Life Answers was created with the main goal of finding consumers the best rates on life insurance.  If you are looking for the best rates for life insurance, we can help.  We shop the top life insurance carriers in the industry to match you with the company that best fits your situation and offers the best rate.  If you have any questions about your life insurance needs, life insurance products or your existing coverage, feel free to give us a call at (877) 205-4172 or email us at info@termlifeanswers.com .