What company offers the best 20 year term rates? Depending on your age, lifestyle and health niche will determine the right company for you in the marketplace. That is how we created our list of companies offering the best life insurance. We looked at the niches filled by each company to determine who offers the lowest 20 year term life insurance rates by age. Give us a call today to see how we can help you!
20 Year Term Life Insurance Rates
“Who offers the best 20 year term life insurance rates?”
There is no exclusive company that offers the best 20 year level term life insurance. However, with just a brief 5 minute conversation, we can help pinpoint the right company for you. We do this by honing in on the unique niches of the different life insurance companies we represent and placing you with the one that best suits your specific need, health and lifestyle.
The following 20 year level term life insurance rates chart breaks down exam and no medical exam life insurance by age.
Sample 20 Year Term Life Insurance Rates
Sample quotes based on a male in excellent health as of February 19, 2016
20 year term life quotes from the following carriers:
If you like what you see, why not give us a call. However, if you need information on how you can actually qualify for these amazing 20 year term life insurance rates, please continue to read.
20 Year Term Life Insurance
What company offers the best 20 year term life insurance rate?
Short answer: It depends.
Factors that are going to determine who offers the best 20 year term life insurance rate for YOU, will be:
- Your age.
- Your height.
- Your weight.
- Any pre-existing conditions?
- Cancer, heart attack, stroke or diabetes?
- Or how about high blood pressure, or elevated cholesterol levels?
- Your family medical history (Has any of your immediately family [mother, father, brother, sister] suffered from a heart attack, stroke, cancer or diabetes?).
- What medications are you taking?
- Any type of tobacco products?
- How does you motor vehicle record look?
- Any bankruptcies on your record?
- Any felonies or misdemeanors?
- Any hazardous activities?
- How about travel to “exotic” locations?
The responses that you give to these questions determines which company will offer YOU the best 20 year term life insurance rates.
Isn’t there one company that’s known for being the most affordable?
Short answer: Yep.
Yes, there are specific companies known to have the lowest life insurance rates. But let’s assume for a minute that you’re not super young or in an “Olympic athlete” condition. Perhaps you also take a couple of medications or you’ve been diagnosed with some sort of condition that would make you a high risk. Well if this is the case, finding the best 20 year term life insurance rates out there may be a bit more difficult.
Life Insurance Companies “Niche” Markets
Because the life insurance industry is so competitive (just try to watch TV for an hour without seeing 2 or 3 commercials about how you’re paying too much for the different types of life insurance policies they’re offering!), and because super healthy applicants are rare, some insurance companies, in an effort to gain market share, have chosen to step out and be the “best” in a specific niche!
Do you need diabetic life insurance?
If so, it’s generally agreed upon that there really are only a few “go to” carriers to consider applying with. Especially if you are trying to buy life insurance with type 1 diabetes, for which approval is harder to come by.
How about one’s height and weight
Not every insurer uses the same height and weight chart when assessing who qualifies for the top rate classes. Therefore, if only a few pounds separates you from a top rate class, you should choose a different insurance carrier, rather than be stuck with a higher price tag for the next 20 years!
Wait I Think I’m More Confused Now than Ever!
Confusion comes in because with so many companies vying for your business it is difficult to know which company to choose.
So what are my options?
At TermLife2Go, we work with dozens of the top rated best life insurance companies. As a result, we’re able to get the process started with 1 company, and then as the process moves along, and we learn more about your medical condition, we can move your application to another company should it appear that the second company would be a better choice for you!
Day 1: You contact us and decide that you want to apply for a 20 year level term life insurance policy requiring an exam. This exam will usually be scheduled to take place at your home within 7 to 10 days after submitting your application. See life insurance physical exam tips.
This medical exam will be paid for by the insurance company regardless of whether or not you ever decide to purchase a life insurance policy.
Day 7: You take your life insurance medical exam. Generally, your results are available to the company within 7 to 10 days after the exam. See What do life insurance companies test blood and urine for?
Day 14: The underwriter looks over your lab results. The average underwriting process can take between 2 to 4 weeks once the exam results have reached the underwriter. Underwriters may also request medical records and accompanying physician statements. The good news for the applicant is that all of this is all handled by the insurance company directly.
Day 28-42: The company approves your coverage. Now we examine the offer to make sure it is correct.
5 Possible Outcomes to Any Life Insurance Application
“Approved as applied”
The rate comes back at the health classification quoted. Congratulations!
“Approved better than applied”
Many of the companies we work with offer healthy credits which can actually improve your rate class from standard up to a preferred rate class, in some cases.
“The Bait and Switch”
You were incorrectly quoted by your agent. The policy comes back at a higher price tag and now you feel obliged to take the policy because you have no other choice. All we can say in regards to this is beware of call center agents who have quotas to fill.
“Approved, other than applied”
Not all “Approved, other than applied” are the result of a “Bait and Switch” sales technique. Sometimes it comes down to the lab results or the underwriter “discovering” some latent health issue.
Examples of such situations would be:
- Blood pressure came in higher than believed.
- Cholesterol levels came back higher than expected.
- Blood sugar levels were elevated.
In general, 10 to 15% of all life insurance applications will come back “Approved, other than applied”. For this reason during the initial application interview we stress that:
“A quote is just a quote. In the end, the insurance company will determine what the price of your life insurance will be.”
TermLife2Go’s Second Look
At TermLife2Go, all applications that have been “approved, other than applied”, will immediately go into an internal review to determine if it might make more sense to move the client’s application from the original insurance carrier, to another one that may be less strict given the new information.
For example: What is considered an elevated blood pressure level with one life insurance carrier may not be considered elevated to another.
If you might get a better policy with a different company, we simply “re-package” your application and send it off to the second insurance carrier. If this were to happen, you would not have to take a new medical exam.
Applications that are Postponed or Denied
The last two things that can happen to a life insurance policy is that it could be postponed or it could be denied. Postponed life insurance applications are ones where the insurance company has decided that they want to hold off on offering coverage for a set period of time. The good news is that a postponed insurance application is not a denial. There just may be a few things that need to be completed prior to the insurance company moving forward with your approval.
Lastly, let’s review a denied life insurance application
Having your life insurance declined is not the end of the world. Some may be denied due to a serious medical condition, while others may simply be denied because you frequently enter Mexican border towns!
For this reason, we review every declined policy to see if there is something we can do for our clients. At TermLife2Go, we work for you, not the insurance carrier. Find out more about how we go the extra length for clients in need of life insurance with pre-existing conditions.
We work with dozens of the top rated life insurance companies in the United States, focusing on each company’s unique niche. We do not favor one company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need, based on your unique health and lifestyle. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you!
Give us a call today to see what we can do for you!
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