How To Find The Best Term Life Insurance RatesHow To Find The Best Term Life Insurance Rates

Everyone always wants the best rates. Term life insurance is no different. Thanks to the new world of online quoting and shopping, the holy grail of best term life insurance rates is now available. We may not have eternal life yet but at least we can sleep well knowing that we have the lowest rates for term life. Let's look a little closer at the tools available to make this happen and how to tell if you're getting the best rates.

Not to get too Macroeconomics 101 in an article about life insurance but getting the best rates is really a function of information in our business. It's not like supply and demand enter the equation and you can buy a cheap policy because the carrier made too much of them and no else is buying them. It doesn't work this way. Probably the first thing to tackle is what exactly is reflected in the pricing of a life insurance policy.

The price of a life insurance plan essentially reflects risk. It's the price of risk that you are paying to keep the policy in effect. If the risk of a person in a given age band, area, gender, etc is the same then why would rates be different from carrier to carrier? Shouldn't they be essentially the same? First of all, risk is a probability and as much as life insurance carriers like to think they can pinpoint a given risk, it's still just an extremely refined and educated guess. They may have estimated too high and thus the rates are higher to you the consumer. They may have estimated too low and the rates are lower to you (but likely higher to subscribers to follow). This is part of the equation...just a inherent ambiguity in the future that they are trying to guess.

Some carriers may also just be more efficient at running their business or they may even be trying to "buy the business" by under-pricing their product. This can have ramifications for their future financial health.
That being said, how we can be sure we are getting the best life insurance rates on the market? Let's go back to our initial topic of information. If you, the consumer, have all the possible plans, carriers, and rates at your disposal and the guidance of a trusted life insurance broker who is impartial, then you are well on your way to best rates available. Let's break down these two parts.

First is having all the information. Some carriers are just better run. Others may rate better for a certain age band, area, or gender...not to mention a dollar amount. One carrier may not like large life insurance policies such as $1m plus while others feel confident about this range. It may even be their specialty. A carrier may have had extraordinary claims experience with their plans and increase rates to compensate for this. They may have over-compensated and will have to adjust when the market tells them "no thanks". There's a whole host of reasons for discrepancies in pricing but as long as you can comparative shop the various options, you'll get the best rate. We don't quote just one or two carriers for this various reason. It's absolutely not in our interest to have you pay more. You're more likely to find other rates and plans somewhere else and cancel the life policy you have with us. We would rather you find the correct (translated best rate with a solid carrier) through us and be a satisfied customer. A decade ago, it was almost impossible to present all the major carriers and plans. Brokers naturally narrowed the selection to a few and carriers would only show you their plans. You're missing a lot of that critical "information" we discussed earlier.

Our online term life insurance quote will automatically parse the many plans out there to find the best-priced life plans for your given demographic information. With this one-stop option, we have addressed the "information" piece of the equation as well as the impartial term life broker side. You are now in the driver seat and here are the keys.
by Dennis Jarvis
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Dennis Jarvis is a licensed insurance agent concentrating on finding the best term life insurance rates. Shop, compare, and instantly quote multiple carriers with professional guidance and resources.
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