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Now is the Best Time to Buy Term Life Insurance

Now is the best time to buy term life insurance.  Life insurance rates have been on the decline for some time.  In fact, it seems every month our agency is being notified that some company has dropped its rates.  Not only have rates been on the decline, but most life insurance companies have also streamlined their application and underwriting process making it easier than ever to buy life insurance.  If you are a consumer in need of life insurance coverage, there has never been a better time to buy term life insurance.

Term Life Insurance Rates are at All Time Lows

Term life insurance rates have been on the decline.  Here is a small list of some of the life insurance companies that have lowered rates over the past several months alone.  Term life insurance has never been more affordable.

  • Banner
  • Protective Life
  • John Hancock
  • Principal National Life
  • United of Omaha
  • AIG
  • SBLI

Use our quoting tool to see for yourself how affordable life insurance can be.

Term Products are Evolving

Term life insurance has become more than just a death benefit product.  You can now add chronic and critical illness riders to term life insurance that will offer benefits while you are living.  These riders allow you to access the death benefit early in order to pay for qualified chronic and critical illness expenses.  It is important to understand that each company sets its own guidelines for access to these riders so make sure your agent thoroughly explains how each rider works.

Term products have become more innovative as well.  One example is John Hancock’s Vitality Program.  The Vitality program from John Hancock allows policyholders to reduce premiums each year by simply living a healthy lifestyle.  You will receive a free FitBit once you are a policyholder to monitor your progress, which you can upload to the Vitality site to receive Vitality Points.  The Vitality Program also offers rewards such as gift cards, discounts on hotel rooms, reimbursements for healthy food you purchase at the grocery store and more.

The Application Process for Life Insurance is Easier

The days of filling out a paper application and signing it with a pen are pretty much over.  Most life insurance companies now allow applications to be submitted and signed online using e-signature technology.  This has made buying life insurance easier and more efficient for consumers.  It still makes sense to use a dedicated agent who can guide you through the process and service your policy, but you no longer have to take time for a face to face meeting with an agent.

Life Insurance Underwriting is Becoming More Efficient

As medical technology has improved, underwriters have become more lenient when it comes to underwriting applicants with health impairments.  People with health impairments are now better able to manage their medical conditions.  For instance, you can still qualify for the best health ratings with some companies if you are successfully controlling your blood pressure and cholesterol with medication.

The underwriting process can be expensive for life insurance companies.  After all, the life insurance company pays for your paramedical exam and any other information it needs to access to make an underwriting decision on your policy.  That is why the industry seems to moving toward expedited underwriting for some policies.   This means that some company are allowing applicants who qualify for ‘Preferred Best’ or ‘Preferred’ ratings to forgo the paramedical exam in some cases.  One example is Principal Financial’s Accelerated Underwriting program.  Principal will offer up to $1,000,000 of coverage without an exam if you qualify for its top two health classes.  If you don’t qualify, you will be required to take a paramedical exam, but for people in excellent health it is a great program.  More companies are expected to follow a minimal requirement underwriting model.  This will make the process of buying life insurance even easier for consumers.

What if You Already Own a Life Insurance Policy?

If you already own life insurance, it might make sense to check if there is a better option out there for you.  In many cases, people find that they can save money with a new policy.  A little bit of savings each year can really add up over a 20 or 30 year period.  If your health has improved or you’ve quit smoking for at least a year, you could qualify for a better rate than you’re paying on your current coverage.  You should take the time to have an independent agent look at your current coverage to see if you are getting the best value.

Researching Life Insurance has Never Been Easier

Consumers now have the tools to conduct thorough research on life insurance before they make a purchase.  There is a wealth of information online about every aspect of life insurance.  Our website and blog will answer the most common questions about life insurance and underwriting.  Consumers  have never been in a better position to research and educate themselves about life insurance.

Now is the Best Time to Buy Term Life Insurance

What’s your reason for not owning life insurance?  Whatever it may be, you should know that rates have never been more affordable and the process has never been easier.   It’s time to stop putting off buying life insurance.   We’ll not only find you a plan that you can afford, but we will also make the application process simple.   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 info@termlifeanswers.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 .