There are literally hundreds, if not thousands, of life insurance companies ready and willing to sell you term life insurance.  What most people want to know is….did I get the best deal, or can I save even more?

Term insurance is the most simple and easiest to understand form of life insurance – you are either dead or not dead, and the policy pays the benefits if you die while the policy is active.  There’s not a whole lot of magic to it.  A few things to keep in mind when shopping for term life insurance that can save you a lot of money:

Make sure you know how long the premiums are guaranteed. This is one of the most important considerations, and many people are unaware that with some policies, their rates can go up every year, or every five years, or mistakenly think they have a 30 year guarantee when in fact the policy is only guaranteed for 20 years.  The longer the guarantee, the higher the premiums. However, the premiums in year 21 of a policy guaranteed for 20 years will be much more expensive than year 21 of a policy guaranteed for 30 years.

Make sure you are quoted an accurate risk classification.
The risk class determines the premium paid.  Anyone can give you a quote for the best risk class (Preferred Plus).  However, that does not mean everyone will qualify for those rates.  If you are 5’5” and weigh 250 pounds, or have a medical condition (such as diabetes) considered high risk life insurance and someone is quoting you a Preferred Plus rate, run, don’t walk.  Otherwise, you will be in for a shock when the cost turns out to be two or three times as much as you thought it would be.   Read our other article regarding life insurance risk classifications.

Understand your conversion options.
Most term insurance policies have an option to convert to permanent life insurance.  Every company has different conversion options, and some may allow you to convert at a later age than others (i.e. up to age 70 instead of 65, or up to 30 years into the policy instead of 10).  Converison does not require any underwriting, and is a great way to lock in benefits for someone whose health has changed.

Work with an independent broker. Some life insurance agents are “captive” and can only sell products from one company.  An independent agent can sell products from many companies and show you the best rates in the entire market.  They can also help shop your case for the best offer if you have a major medical condition. is licensed with over 40 of the best life insurance companies and is happy to answer any questions you may have.

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