Term Life Insurance is the least complicated policy you can buy. Therefore, as long as you go with a highly rated company that has good guarantees, you can buy Term Life Insurance anywhere you want. It is best to go with an agency that you can trust to put you with the best company for your health, who will keep you in the loop during underwriting, and who will go to bat for you so that you get the policy that you want.
The where/who question is a great one!! Our belief at 'I Hate Buying Insurance' is the UNDERWRITING is the tail that wags the dog (one of my fav southern sayings).
There are hundreds of options across the country for Term Life. Each carrier has a different underwriting appetite. Do you have 5 - 10 extra pounds to shed? That will be a factor between when determining what health tier you qualify for. Most carrier have 4 tiers & are commonly called Standard, Standard Plus, Preferred, and Preferred Plus.
Most life insurance shoppers understand that health plays a huge role in determining the "rate" you qualify for. Yet lifestyle, occupation, hobbies, family health history, & more play into the rate you qualify for. A top agency will work with dozens of carriers. What name, mascot, or even financial rating (don't sweat A- vs. A++) are all secondary to getting the best underwriting for your specific needs. One carrier may offer you Standard while a Preferred is available at a second.
Another thing to consider as of this writing is a new generation of Term Life called "Living Benefits Life" (LBL) You DON'T have to die to use you "life" insurance anymore. Several carriers offer the ability to accelerate when diagnosed with a range of Critical or Chronic Illnesses. Just think of it as accessing the bank vault early. If you were diagnosed with invasive cancer, wouldn't it be to get a large sum of cash to help pay for deductibles, time away from work, home health care, & travel to the hospital you need that is in a different state? LBL life might just do all that for you…
My suggestion for shopping Term Life plans:
1. If the agent or ‘dot.com’ you call doesn’t ask A LOT of questions about health, history, & lifestyle, RUN. All they’re doing is “guessing”. Accurate rates do NOT come from age, height/weight, & current tobacco use. The agent needs to interview you so you’re matched with the right carrier.
2. Don’t be afraid to ask the agent, “What underwriting factors lead you to this option vs. any other carrier?”
3. See if the agent offers you a LBL option. IF NOT, it is my strong opinion that her/she is NOT on top of current trends. If an agent or dot.com is doing what is best for you, several ideas/options should be explored.
If you have any questions or comments, reach out to us!
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There are hundreds of options across the country for Term Life. Each carrier has a different underwriting appetite. Do you have 5 - 10 extra pounds to shed? That will be a factor between when determining what health tier you qualify for. Most carrier have 4 tiers & are commonly called Standard, Standard Plus, Preferred, and Preferred Plus.
Most life insurance shoppers understand that health plays a huge role in determining the "rate" you qualify for. Yet lifestyle, occupation, hobbies, family health history, & more play into the rate you qualify for. A top agency will work with dozens of carriers. What name, mascot, or even financial rating (don't sweat A- vs. A++) are all secondary to getting the best underwriting for your specific needs. One carrier may offer you Standard while a Preferred is available at a second.
Another thing to consider as of this writing is a new generation of Term Life called "Living Benefits Life" (LBL) You DON'T have to die to use you "life" insurance anymore. Several carriers offer the ability to accelerate when diagnosed with a range of Critical or Chronic Illnesses. Just think of it as accessing the bank vault early. If you were diagnosed with invasive cancer, wouldn't it be to get a large sum of cash to help pay for deductibles, time away from work, home health care, & travel to the hospital you need that is in a different state? LBL life might just do all that for you…
My suggestion for shopping Term Life plans:
1. If the agent or ‘dot.com’ you call doesn’t ask A LOT of questions about health, history, & lifestyle, RUN. All they’re doing is “guessing”. Accurate rates do NOT come from age, height/weight, & current tobacco use. The agent needs to interview you so you’re matched with the right carrier.
2. Don’t be afraid to ask the agent, “What underwriting factors lead you to this option vs. any other carrier?”
3. See if the agent offers you a LBL option. IF NOT, it is my strong opinion that her/she is NOT on top of current trends. If an agent or dot.com is doing what is best for you, several ideas/options should be explored.
If you have any questions or comments, reach out to us!