How to Lower Your Term Life Rates

Term life insurance might be a necessary evil, but it doesn’t have to be an expensive one. The advent of online shopping services makes it easier for you to compare competing providers and find the best deal for yourself. In addition to shopping between providers, you can also impact your rates by eliminating unnecessary policy options and by taking better care of yourself to improve your health rating.

Shop Around

Insurance companies can charge wildly different rates for similar coverage. For example, as of July 2, a 42-year-old Midwestern male in excellent health could pay as little as $126.42 or as much as $164.80 per month for a 20-year $1.5 million term policy from insurers offering a "preferred plus" health category. That same person could pay as much as $293.55 per month to an insurer not offering such a category. All three quotes were obtained from insurers with A++ ratings. Shopping around can reduce your premiums.
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