Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Term life insurance is generally offered in five year increments:5, 10, 15, 20 or 30 years (based on age.) So the guaranteed period of coverage has it's own price tag. Even your behavior has a price tag like motor vehicle violations, dangerous recreational activities and hazardous vocations. But the big premium factor is your gender, age, smoking status, health history and current medical condition. Your rate depends on this laundry list.
A good rate for term life insurance depends on length of the term and how the carrier views your personal health. Each carrier has a different appetite for various risks when it comes to issuing life insurance. It's tough to know exactly who will be best for a given circumstances of medical history, but any good agent should be able to easily match you up with the appropriate company to give you the best rate.
There are also online resources that you can use to analyze your health and try to determine which companies are best suited for you, but caution should be used in this approach as there may be certain vernacular that is difficult for a layperson to navigate.
Regional Marketing Director, Capital Choice Financial Group,
Term life insurance can be either annual renewable term or level term. The later being the best way to go because it levels out the premiums over a 10, 15, 20, 25, or 30 year period. This is ample time for the client to pay down debt, mortgage, and save sufficient money for retirement and to pay funeral expenses.
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There are also online resources that you can use to analyze your health and try to determine which companies are best suited for you, but caution should be used in this approach as there may be certain vernacular that is difficult for a layperson to navigate.