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Compare Multiple Companies Before You Buy Life Insurance in 2016!

by Scott G on February 9, 2014

Compare Multiple Companies Before You Buy Life Insurance in 2014!

Compare Multiple Companies Before You Buy Life Insurance in 2016!

When shopping for life insurance it’s imperative to shop around and receive at least 3 different rate quotes to ensure you’re receiving a competitive rate.  Far too often, people settle for the first quote they receive, and consequently vastly overpay for their life insurance.

Let’s take a look at an example.  A man born on June, 1st 1965, seeking $500,000 in life insurance on a 20 year level term at the preferred rating class.  Here are the sample rates:

$500,000 – 20 Year Level Term
Company Monthly
Premium
Health Class

Custom Choice UL – 20 Year No Lapse
$87.76 Preferred Non-Tobacco

T-20/20 – 20 Year Term (NEW)
$88.31 Preferred Non-Nicotine

OPTerm 20 – 20 Year Term
$89.25 Preferred Non-Smoker

Colony Term 20
$90.56 Preferred No Nicotine Use

Colony Term 20
$90.56 Preferred No Nicotine Use

Select-a-Term – 20 Year
$90.91 Preferred Non-Tobacco

Term Life Answers 20
$91.45 Preferred Non-Tobacco

20-Year Term (2014)
$91.78 Preferred non-tobacco

Pacific PRIME Term 20
$92.09 Preferred Plus NonTobacco

ANICO Signature Term 20
$92.45 Preferred Non-tobacco

Advantage Shield Term 20
$92.45 Preferred Non-tobacco

Equitable Term 20 (151X)
$93.22 Preferred Non-Tobacco

TermSmart 20 – 20 Year Term
$93.63 Preferred Non-Tobacco

Guaranteed Level Term 20
$94.86 Elite Nonsmoker

ADDvantage 20
$94.94 Preferred Non-Tobacco

LifeElement (SM) Level Term – 20 Year
$95.23 Preferred Non-tobacco

Premier CS4 – 20 Year Term
$95.26 Preferred Non-tobacco

Trendsetter Super 20
$96.25 Preferred Non-Smoker

Hybrid Term – 20 Year (with blood test)
$96.57 Preferred Non-nicotine

Term Essential 20 (<250K PruXpress ONLY)
$96.75 Preferred Non-Tobacco

Keystone Term 20 (CA, IN, OR, PA)
$96.77 Preferred Non-Tobacco

20 Year Level Term
$97.13 Preferred Non-Nicotine

20-Year Level Term
$97.50 Preferred Non-Tobacco

Sage Term 20
$98.33 Preferred Non-Tobacco

Trendsetter Express 20 (250K+)
$101.94 Preferred Non-Smoker

20 Year Level Term
$102.96 Preferred Non-Nicotine

Advantage Elite Select Life – 20 Year
$102.96 Preferred Non-Tobacco

SelecTerm-20
$103.95 Preferred Non-Tobacco

Trendsetter LB 20
$105.00 Preferred Non-Smoker

American Protector Plus – LTP 20/20
$105.91 Preferred Nontobacco

Term Select – 20 Year
$106.80 Preferred Non-Tobacco

Term Elite 20 (<250K PruXpress ONLY)
$107.10 Preferred Non-Tobacco

YourLife(SM) GLT 20 Year Term
$107.25 Preferred Nontobacco

Vantage Term 20
$107.45 Select Preferred Non-Tobacco

Foresters Lifefirst – 20 Year
$109.04 Preferred Non-Tobacco

GL-20 – 20 Year Level Term
$109.56 Preferred Nontobacco

20 Year Level Premium Term
$111.56 Preferred Non-Smoker

NWL Term 20
$114.37 Preferred Non-Tobacco

Executive CS3 – 20 Year Term
$114.94 Preferred Non-tobacco

Royal Advantage 20 – 20 Year Level Term
$115.01 Preferred Non-Tobacco

NWL Secure Term 20
$117.04 Preferred Non-Tobacco

Custom Advantage – 20 Year
$118.75 Preferred Non-Smoker

20 Year Level Premium Term (with CER)
$119.89 Preferred Non-Smoker

T-20/20 – 20 Year Term (NEW)
$120.06 Select Non-Nicotine

Guaranteed Level Term 20
$120.51 Preferred Nonsmoker

 

As you can see the difference is premiums for the same coverage is significant.  In comparing the sample quotes above, by choosing Protective Life this gentleman would save over $385 year in comparison to some of the other well-known insurers on this list.  That is a savings of over $7,700 over the life of the policy for the same exact coverage!  What could you do with an extra $7,700?

Wrap Up

When shopping for life insurance make sure you receive multiple price quotes or use a comparison service that will show you the rates for all of the top companies.  Don’t be pressured into purchasing a policy without seeing how that rate compares to the other insurers in the market.  By following this simple rule you will be able to stretch your life insurance dollar to provide your family with the most amount of protection at the best price.

Compare rates now!

 

“Image courtesy of photostock/FreeDigitalPhotos.net”

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