Low-cost life insurance rates are mostly offered by big companies. Yes, you read it right. Financial giants like Transamerica and Pacific Life have decades-long investment knowledge allowing them to offer rates at quite reasonable prices.
Life insurance is one of the most powerful businesses in the world today. Some of the companies behind term life insurance policies are financial giants. And while that equation may not seem like it would benefit consumers, the reality is that the most affordable policies are sometimes offered by these large, respected companies that have become household names. The financial stability of the insurance industry, combined with the investment knowledge of these companies, allows them to offer competitive rates.
Underwriting, what the insurance company does to review applicants’ insurability and place them in the right risk classification, will affect how much you pay for that policy— whether you get a cheap term life insurance quote or a higher rate. Companies base their price on statistics. The underwriting guidelines vary from company to company; some offering more liberal rules. That means, they might charge less for someone with certain health conditions, which is good for the client but may cost the company in the form of increased death claims. If the actual claims exceed what was estimated, the company must raise rates to offset the increased claims payments.
That is why sometimes the more conservative, financially stable insurance companies have stricter underwriting guidelines so they can offer cheaper term life insurance quotes to healthy people.
No one can guarantee you the lowest rates; it all depends on your risk factors. But shopping online and comparing several companies side-by-side, gives you more choices in your search for a cheap term life insurance quote.
Check out the pages below for more information on choosing the right company and how to secure the best rate:
With all of the options out there, figuring out which policy is best for you and your family can be overwhelming.
LifeQuote offers several features to help make the process of finding the right life insurance as simple and painless as possible. Speak to our experienced live agent and discuss your life insurance needs. They will be able to guide you through the right path.
Visit our FAQs about Life Insurance section to get more answers to frequently-asked-questions.
To compare quotes, simply click get a quote and you will be taken to a page that asks you to complete a form. If you’re unsure of how much coverage you need, or how long the term should be, connect with one of our knowledgeable representatives immediately. You can send us an email or call our licensed agents at 1-800-521-7873.