Wondering what your rate for term life insurance would be? We can help – just click any button on this page to get a free quote! We’ll explain how life insurance pricing works, and why the quote you get might not be the final price you’ll actually pay.
➡️ Rather talk to a real person? We’re here for you! Call us at (800) 823-4852 to get a free quote from one of our licensed, knowledgeable agents, or click the button below to start with our online quoter.
Get a Free QuoteFactors That Affect Your Rate for Term Life Insurance
All life insurance is individually priced. That means you’ll pay a different rate than your spouse, sibling, parent, or co-worker. It’s all priced based on individual factors about you, including:
- Age. The younger you are, the less you’ll pay for coverage. That means a new policy will never be more affordable than right now!
- Gender. Women tend to live longer, so they pay a little less for coverage than men.
- Health. If you’re in good health, you’ll pay less for coverage than someone with a chronic or severe illness.
- Family health history. If your parents and siblings died of a medical condition that is hereditary, you may pay more for coverage. The insurer knows there’s a risk you’ll develop that same condition, and they have to price the policy accordingly.
- Job & lifestyle. Is your job risky? How about your hobbies? If you’re a pilot or taking flying lessons as a hobby, for example, you’ll pay more for a policy since insurers consider flying as anything other than a passenger as a risky thing to do. Other risky activities include scuba diving, rock climbing, and racecar driving.
- Term length. The shorter the term, the smaller the price. However, we recommend buying the longest term you think you might need because, although yearly renewals are possible, they are expensive and your cost to renew goes up every year. It’s much more cost-effective to choose a longer term now than it is to try and squeeze a few years out of a renewal later.
- Amount of coverage. The higher the dollar value of the death benefit, the more you’ll pay for coverage. A $50,000 policy is going to be significantly less than a $500,000 policy, for example. Not sure how much you need? Click or tap here to check out our article on how to estimate how much coverage you should buy.
➡️ Rather talk to a real person about how much a new policy might cost? We’re here for you! Call us at (800) 823-4852 to get a free quote from one of our licensed, knowledgeable agents, or click the button below to start with our online quoter.
Get a Free QuoteQuotes vs. Rates
As you’re shopping, keep in mind that the price you see in a quote isn’t necessarily the final rate you’ll be offered. When you get a quote here on WholesaleInsurance.net, you only have to provide a minimum amount of information about yourself: age, gender, state of residence, and tobacco use. That’s enough to get a basic rate quoted from the insurance company, but they don’t know enough about you yet to make a final offer.
The insurance companies gather the information they need about you in several ways:
- Information you provide on your application. The insurance application will ask questions about all of the bullet points listed above, from your current health to your current job.
- Information from your free medical exam. Traditional policies require you to take a free medical exam, paid for by the insurance company. A mobile medic will come to your home or office at your convenience, and measure your height and weight as well as collect blood and urine samples. This gives the insurer a clearer picture of your current health.
- Information from public records & databases (for non-exam policies). If you opt for a no-exam policy, you can skip the medical exam. Instead, the insurer will try to verify the information you provide on the application with information about you in public records and national databases, including your driving record.
The insurer will use all this information to evaluate how much of a risk you might be to insure. They will then assign you a rate class, which is how they set their prices. Someone with the best rate (“preferred” or “preferred best”) will pay less than someone assigned a “standard” rate class. Someone with a risky job or multiple health issues may be given what’s called a “table” rating (table 1, table 2, etc.), which means they’ll pay more than someone assigned a standard rate class.
After you apply and the insurance company gathers all the information they need, they will either offer you coverage or decline to offer you coverage. If they make an offer, that offer will include the final rate, which may be different than the rate you were initially quoted. That’s normal and expected, so just be aware that your quote isn’t necessarily the final rate you’ll be offered.
➡️ Rather talk to a real person about your rate for term life insurance? We’re here for you! Call us at (800) 823-4852 to get a free quote from one of our licensed, knowledgeable agents, or click the button below to start with our online quoter.
Get a Free QuoteRates for Term Life vs. Other Policy Types
How does the rate for term life insurance compare to other policy types?
That’s an easy question to answer: it’s always going to be less expensive. Term life is the cheapest policy type by quite a bit.
If you’re shopping with a small budget, term life is definitely going to get you the most coverage for the least amount of money.
Other types of coverage offer more benefits and lifelong coverage, but in return, they cost 5-10 times more than term life. To learn more about the other types of coverage and what they might cost, check out these articles:
- Life insurance types and options
- Which is better: term or whole life insurance?
- How much is term life insurance?
- How much is whole life insurance?
➡️ Rather talk to a real person to get a sample rate for term life insurance? Call us at (800) 823-4852 to get a free quote from one of our licensed, knowledgeable agents, or click the button below to start with our online quoter.
Get a Free QuoteSample Term Life Rates
Check out some sample quotes for different ages, term lengths, and policy amounts below. Want a more exact figure? Call us at (800) 823-4852 and let us quote you over the phone. With more exact information, we can give you a more accurate quote!
| M/F | Age | State | Health | Tobacco | Term | Face Value | Cost as low as |
|---|---|---|---|---|---|---|---|
| M | 20 | Ohio | Best Class | No | 30 years | $500,000 | $28/month |
| F | 25 | Nebraska | Best Class | No | 30 years | $750,000 | $30/month |
| M | 35 | Minnesota | Best Class | No | 30 years | $300,000 | $25/month |
| F | 43 | Nevada | Best Class | No | 30 years | $250,000 | $30/month |
| M | 50 | Delaware | Best Class | No | 20 years | $200,000 | $35/month |
| F | 60 | Kentucky | Best Class | No | 20 years | $200,000 | $68/month |
| M | 70 | Maryland | Best Class | No | 15 years | $100,000 | $120/month |
➡️ Rather talk to a real person to get a sample rate for term life insurance? Call us at (800) 823-4852 to get a free quote from one of our licensed, knowledgeable agents, or click the button below to start with our online quoter.
Get a Free QuoteQuoted rates valid as of 11/2/23. Preferred best health class, no tobacco. Term life rates quoted from Banner Life, SBLI, Protective, Symetra, Pacific Life, Haven Life, American General (Corebridge), Cincinnati Life, and more. Your actual term life insurance premium can only be determined by a full application and the carrier's underwriting process, which may include some medical testing at their expense. Depending on the carrier, premiums can be paid on an annual, semi-annual, quarterly or monthly basis. Monthly premium rates may be available via EFT (electronic funds transfer). Not all carrier policies are available at all durations for all ages in all states.