3 Tips for Getting the Best Price for Life Insurance Coverage


Best Price for Life Insurance
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Interested in getting the best price for life insurance coverage? Of course, you are who isn’t!  When it comes to purchasing life insurance our customers want to know how to get the best price for life insurance coverage.

We put together a couple of simple tips that you can follow that will ultimately lead to getting you the best price on your life insurance coverage.

Before we get into the first premium saving tip, you need to know how life insurance rates are determined.

Life Insurance rates are based on three determining factors. 

These factors are:

  • Your current age
  • How you will pay for your premiums 
  • Your overall health

Tip #1 Save Your Current Age

Most life insurance companies use the age nearest method when calculating life insurance rates. What this means to you is, if you are within 6 months of your nearest birthday your age will be rounded up.

For example, let’s say your current age is 49.  Your 50th birthday is 5 months away and you’re currently seeking life insurance coverage.

You visit Top Quote Life Insurance online for a life insurance quote and notice when you enter your birth date your age is coming up as 50.

The quote engine will automatically know that you are 6 months within your next birthday rounding your age to 50 resulting in a higher premium than age 49.

To save money in this situation you will want to request to “save age” on the life insurance and keep your current age 49. See example below:

Male age 49 applying for a 10 year $500,000 term life insurance policy

Life Insurance Quotes:

  • Age 49 rate is $42.88 (Monthly) 
  • Age 50 rate is $45.94 (Monthly)

Although not a huge savings, it is still a savings of $36.72 per year.  In order to get the rate at age 49, we will request on the application that we would like to “save age” 49.

This will require back paying premiums 1 day prior to the 6 month mark of the 50th birthday. In this case, it is 1 month of $42.88 in order to save age 49.

So over 10 years you will have saved $367.20 by paying only 1 month of back payment of $42.88 to save age 49.

Tip #2 Pay Your Premiums Annually

When completing your life insurance application you will be given the option to select a payment mode of monthly, quarterly, semi-annually and annually.

If you are able to pay annually do it. There are discounts when paying anything other than monthly, but the biggest discount is when you pay annually.

Male age 49 applying for a 10 year $500,000 term life insurance policy

  • Monthly-$42.88
  • Annually-$490.00

When you do the math $42.88 x 12 = $514.56.  It is more expensive to pay monthly than making an annual premium payment.

By paying annually you can save $294.72 over 10 years of the term life insurance policy.

Tip #3 Aim for the Best Results on your Medical Exam

In order to get the best rate for life insurance coverage, you will need to take a medical exam provided by the life insurance company.

The medical exam gives the underwriter an idea of what your health history is and will ultimately determine what kind of health classification you will fall into.

A typical medical exam will include your health history, family health history, height/weight, and lab results.

All of these factors are very important, however, an individual with a great health history, family health history, and height/weight but bad lab results can result in unfavorable risk classification.

The lab results will factor in but are not limited to cholesterol, blood pressure, sugar levels and more.

Follow These Tips to get More Favorable Lab Results:

  • Try to fast 8 – 12 hours prior to the exam
  • Try to avoid junk foods high in salt or fat for at least 1 week
  • Drink plenty of water prior to the exam
  • Coffee prior to the exam is ok, but keep it plain no sugar or cream
  • No alcoholic beverages 24 hours prior to the exam
  • Get plenty of sleep prior to the exam 

Here is an example of what favorable versus non-favorable rates can do to a premium:

Male age 49 applying for a 10 year $500,000 term life insurance policy

  • Preferred Rate Class Annual Premium-$490.00 (Favorable)
  • Standard Rate Class Annual Premium-$1,090.00 (Not so Favorable)

By aiming for the best rates you could have an annual savings of $600.00 and total savings over 10 years of $6,000. Those savings are HUGE!!

Total Savings From Following These 3 Simple Tips

Life insurance rates are fixed by law, there are no discounts or favors, but by following these 3 simple tips you can find yourself saving money on your life insurance coverage. 

Let’s take a look at the grand total of possible savings over the next 10 years of coverage by following these 3 simple steps.

Total savings of $367.20 by saving age 49

In addition, by selecting to pay annually you would have saved $294.72

Huge savings of $6,000 by getting a preferred plus rating based on favorable lab results

You have the possibility of saving a grand total of $6661.92 by following these 3 simple tips.

Quotes for the Best Price Life Insurance Coverage

At Top Quote Life Insurance we make it our priority to get you the best price for life insurance coverage. 

us at 888-777-7574 if you would like to some save money on your life insurance or use the quote engine to the right of your page to get an instant quote now!  

Have a question on how you can get the best price for life insurance coverage? Send us a message and will get you an answer right away.

Jeffrey Manola

Jeffrey Manola

Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.

Not only does he strive to provide you with the best rates for your life insurance coverage, but he also wants you to be well informed about the different types of life insurance options that are available. You will also find a significant amount of valuable information on the multiple life insurance companies that can provide you with coverage.

Jeffrey Manola is licensed to provide expert advice and help aid in the purchasing process of life insurance products. He is licensed with the National Insurance Producer Registry (NIPR) in the following states:

AL: 790866 AR: 14358927 AZ: 14358927 CA: 0K29801 CO: 531038 CT: 002536246 DC: 3000281706 DE: 3000190912 FL: W383615 GA: 3089339 HI: 482421 IA: 14358927 ID: 646048 IL: 14358927 IN: 3100885 KS: 14358927 KY: DOI-986908 LA: 758187 MA: 2045330 MD: 3000011601 ME: PRN252004 MI: 14358927 MN: 40427014 MO: 8428106 MS: 10519253 NC: 14358927 ND: 14358927 NE: 14358927 NH: 2434852 NJ: 1562332 NM: 14358927 NV: 3299018 NY: LB-1484031 OH: 1117369 OK: 100293583 OR: 14358927 PA: 740709 RI: 3000183893 SC: 14358927 TN: 2383399 TX: 1969337 UT: 648983 VA: 987464 VT: 3426230 WA: 947010 WI: 14358927 WV: 14358927

Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

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Ready to Shop for Great
Life Insurance Rates?

Purchasing Life Insurance has never been easier

Or give us a call...888-777-7574