The following article address two questions: what is 30 year term life insurance and how do you know what company to choose when looking for the best 30 year term life insurance rates.
What is 30 Year Term Life Insurance
Term Life is a type of life insurance that provides coverage for a set period of time. The “term” represents how long the policy remains in force. There are various term lengths offered: 1 year, 5 year, 10 year, 15 year, 20 year, 25 year and 30 year. Probably the most popular term duration is either the 20 year term or the 30 year term.
One way to understand term is to understand what term life insurance is not. Term life is not permanent life insurance. Term life does not build cash value. Essentially, it offers protection if you die prematurely. Rates are determined by each individual carrier. Premium rates have to do with actuary tables and are determined by actuaries that have taken several exams over a period of 6-10 years. Although not rocket science, this type of work does require a serious amount of experience.
Term life does offer living benefits in addition to a payout at death. One living benefit included on most term life includes an accelerated death benefit. If the insured is diagnosed as terminally ill, a portion of the death benefit will be available for use by the insured. There are additional life insurance riders available, such as a disability rider, waiver of premium and conversion option.
A conversion option is typically included and allows the owner of the term policy to covert all or a portion of the term into permanent coverage, such as universal life insurance, without proof of insurability—that means no health questions or medical exam. The conversion option on term life is a great way to protect your insurability without having to buy expensive permanent coverage. If you are diagnosed down the road, you would simply convert your existing 30 year term policy to permanent life insurance.
30 Year Term Life Insurance Rates
“Who offers the best 30 year term life insurance rates?”
No single company offers the best 30 year level term life insurance. However, we can help bring to light the right company for you. We do this by zeroing in in on the specific niches of the various companies we represent and placing you with the carrier that caters to your specific need, health and lifestyle.
The following 30 year level term life insurance rates chart breaks down exam and no medical exam life insurance by age.
Sample 30 Year Term Life Insurance Rates
Sample quotes based on a male in excellent health as of February 22, 2016
30 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 30 year term life insurance rates, please continue to read.
What companies offer the cheapest 30 year term life insurance rates?
Short answer: It varies.
The following categories are going to determine who offers the best 30 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?
Your answers will determine who will offer YOU the lowest 30 year term life insurance.
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 most competitive quotes. But let’s assume for a minute that you’re not in your 20s or in an excellent health. Perhaps you also take a couple of prescriptions or you’ve been diagnosed with some sort of condition that would make you a high risk for life insurance. If that is the case, those teaser life insurance quotes might not be within reach.
Life Insurance Companies “Niche” Markets
The insurance industry has a lot of competition (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!). Because super healthy applicants are rare, some insurance companies, in an effort to gain market share, have chosen to step out and be the “top carrier” in a specific niche!
Do you need diabetic life insurance?
If so, it’s generally agreed upon that there really are only a few “top carriers” to consider. And if you are seeking life insurance with type 1 diabetes, your choices are even more limited.
Consider Build Requirements
Not every insurer uses the same height and weight charts to determine who will get the best rate classes. Therefore, you should choose the company that caters to larger builds, rather than be saddled with a higher premiums for the next 30 years!
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 the company that best caters to your need. As the process reaches the next stage, and we learn more about your lifestyle or medical condition, we can shift gears and send your application to a different company if the new company would be a superior option for you!
Day 1: You contact us and decide that you want to apply for a 30 year level term life insurance policy requiring an exam. The exam typically takes place at your home within 7 to 10 days after submitting your application. See life insurance medical exam tips.
Note: The physical will be paid for by the insurance carrier whether or not you decide to buy life insurance.
Day 7: You finish the insurance exam. Typically, your labs 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 labs. Normal underwriting can take between 2 to 4 weeks once the underwriter has your labs. Underwriters may request medical records and accompanying physician statements. Everything is normally taken care of by the insurance company.
Day 28-42: The insurer approves the coverage and your agent looks over the offer to make sure it aligns with industry standards.
5 Possible Outcomes to Any Life Insurance Application
“Approved as applied”
The premium applied for is approved. Congratulations!
“Approved better than applied”
You are approved at a better rate class and lower premium than quoted. Many of the insurers we represent apply healthy credits, which can improve health classifications from standard up to a preferred rate class, in some cases.
“The Bait and Switch”
You were initially given an incorrect quote by your agent, either on purpose or through omission. The policy comes back at a higher price tag and now you feel trapped into taking the policy because you need the coverage. All we can say in regards to the “bait and switch” is use caution with 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 (see above). Sometimes it comes down to the lab results unearthing some latent health issue.
- elevated blood pressure,
- elevated cholesterol, or
- elevated blood sugar levels.
In general, around 15% of all applications will come back “Approved, other than applied”. Which is why, 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 see if we should move the client’s application from the original insurance company, to another less strict company given the new information.
For example: What one company considers “elevated” blood pressure may not be considered elevated to another.
If we find you can get a better offer with a different company, we simply “re-package” your application and send it off to the second insurance carrier. The second company would use your results from your previous exam instead of requiring you to take a new exam.
Applications that are Postponed or Denied
An applications may also be postponed or denied. Postponed applications occur when the 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 decline.
Lastly, let’s review a declined application
Having your life insurance declined is not the end of the world. Some may be denied due to a serious health condition, while other applications are denied due to travel restrictions.
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 needing life insurance with pre-existing conditions.
We work with dozens of the top rated companies in the United States, with a focus on each company’s niche. We don’t play favorites. Instead, we find out what you need and then we recommend the company best suited 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.
Please give us a call today to see what we can do for you!
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