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According to a 2015 study, 80% of Americans overestimate the cost of life insurance. In fact, most of us believe that life insurance is so expensive, that we don’t even entertain the idea of buying it.

To help offset this statistic, we’ve provided some actual life insurance quotes by age and gender to show you how affordable a life insurance policy can be.

We’ve also provided a guide to help you estimate your life insurance rate class, and an illustration that compares the cost of a life insurance policy to other household expenses.

Quick Article Guide:

1. How Much Does Life Insurance Really Cost?
2. What Rate Class Will I Qualify For?
3. How Do You Qualify for “Preferred Best” Rates?
4. How Do You Qualify for “Preferred” Rates?
5. How Do You Qualify for “Standard Plus” Rates?
6. How Do You Qualify for “Standard” Rates?
7. Comparing the Cost of Life Insurance to Other Bills and Expenses
8. We’re Here to Help You Save Time and Money

How Much Does Life Insurance Really Cost?

We all want to take an occasional vacation, enjoy a nice dinner, and pay our bills on time, but will buying life insurance prevent you from doing so? Marvin Feldman, President and CEO of Life Happens, a non-profit organization dedicated to helping consumers, believes you can do all these things and still have money to purchase a policy.

“We’ve consistently seen over the last five years that consumers think life insurance is more expensive than it really is. We need to help educate the public about how affordable life insurance can be.”

Below we’ve provided some monthly life insurance quotes by age and gender to illustrate the affordability of term life insurance. Term life insurance provides a fixed amount of coverage for a set number of years. During the term of your policy, your rates cannot increase and your coverage cannot decrease regardless of any changes to your health.

Actual Life Insurance Quotes by Age and Gender – $250,000, 10-Year Level Term

Actual Life Insurance Quotes by Age and Gender – $250,000, 15-Year Level Term

Actual Life Insurance Quotes by Age and Gender – $250,000, 20-Year Level Term

The rates we’ve displayed above are “Preferred Best” rates for individuals in excellent health. If you would like an accurate quote based on your health profile and age, please feel free to give us a call toll-free at: 855-902-6494. You can also request a free quote online to compare rates from dozens of companies in less than a minute.

In the next section, we’ll help you determine your “health risk,” or rate class, to make sure you’re quoting yourself accurately. Aside from the amount of coverage you’re buying, term life insurance rates are based on your gender, age, and “risk” to the insurance company.

What Rate Class Will I Qualify For?

Most life insurance companies have at least 12 different “rate” classes, or risk categories, to determine the cost of an applicant’s insurance policy. “Preferred Best” rates are usually available to applicants in excellent health, followed by the “Preferred”, “Standard Plus”, and “Standard” rate classes.

While an applicant in excellent health will probably qualify for a “Preferred Best” rate, applicants with a few minor health issues like well-controlled diabetes, will likely qualify for a “Standard Plus” or “Standard” rate class. If you have a serious health issue or multiple issues, you’ll likely qualify for a sub-standard rate class. Most life insurance companies offer 8 to 12 sub-standard rate classes depending on the severity of your ailment(s).

It’s also important to note that some companies are more lenient with certain health issues than others. Working with an independent agent that represents at least a few dozen companies can save you a considerable amount of money even if you’re in overall excellent health. If you have a few health issues, shopping the market is key. Not only will you save money, you’ll also decrease your chances of being declined for coverage.

How Do You Qualify for “Preferred Best” Rates?

Some top-rated companies are surprisingly lenient with their top rate class. A handful of the companies we work with will offer their “Preferred Best” rate class to applicants who meet the following criteria:

• Less than 30 pounds overweight
• No tobacco use (an occasional cigar is often overlooked)
• No history of cancer (other than some skin cancers)
• No history of diabetes
• No serious heart issues or circulatory disorders
• Blood pressure of 120/80 or less (with or without medication)
• Cholesterol of 275 or less (with or without medication)

This is where applying with the right insurance company can make a huge difference. As an example: State Farm’s cholesterol limit for their top rate class is 175, while A+ rated Prudential and United of Omaha will allow up to 275.

At Term Life Advice, we work with more than 60 top-rated companies to make sure we always match you with your most affordable options. If your weight or minor health issue prevents you from qualifying for “Preferred Best” rates, you may qualify for “Preferred” rates.

How Do You Qualify for “Preferred” Rates?

Let’s face it, most of us are not in excellent health, and as we get older, we’re more likely to have a few health issues. The “Preferred” rate class is the second-best rate class, and it’s usually available to individuals who are in overall good to great health for their age. “Preferred” rates are usually 20 to 25% more expensive than “Preferred Best” rate class, but still extremely affordable.

Several of the insurance companies we work with offer their “Preferred” rate class to applicants that meet the following criteria:

• Less than 40 pounds overweight
• No tobacco use (an occasional cigar is often overlooked)
• No history of cancer (other than some skin cancers)
• No history of diabetes
• No serious heart issues or circulatory disorders
• Blood pressure of 120/80 or less (with or without medication)
• Cholesterol of 300 or less (with or without medication)

A handful of companies also offer underwriting credits to their applicants who are in overall great health, but have one health issue that prevents them from qualifying for a “Preferred” rate.

As an example, we recently worked with an applicant that was in overall great health, but her weight made her a “Standard” risk to most insurance companies. By shopping the market, we found an “A+” rated company that offered her underwriting credits since she had favorable family health history, good exercise habits, and she had been tobacco free for more than five years.

As a result, the underwriting credits improved her from a “Standard” risk to a “Preferred” risk class, and we we’re able to save her 44% on the monthly cost of her life insurance policy.

How Do You Qualify for “Standard Plus” Rates?

If you’re in above average health for your age, you’ll likely qualify for the third best rate class also known as “Standard Plus.” Many companies do not offer this rate class, but for people in above average health, or people that use some forms of tobacco, applying with a carrier that offers a “Standard Plus” rate class can save you a considerable amount of money.

“Standard Plus” rates are usually 40 to 65% more expensive than the “Preferred Best” rate class, but less expensive than most company’s “Standard” rate class.  A few of the insurance companies we work with offer “Standard Plus” rates to applicants that meet the following criteria:

• Less than 50 pounds overweight
• Daily tobacco use (no cigarettes; unlimited chew, cigars, e-cigarettes)
• Some cancers (if successfully treated)
• Well-controlled diabetes, diagnosed after age 50
• No serious heart issues or circulatory disorders
• Blood pressure of 120/80 or less (with or without medication)
• Cholesterol of 300 or less (with or without medication)

If you’d like to speak with a licensed agent for accurate quotes, please feel free to give us a call, toll-free at: 855-902-6494. With a few questions about your health, we’ll quickly match you with top-rated that are the best fit for your unique health profile.

How Do You Qualify for “Standard” Rates?

If you’re in average health for your age, you’re likely qualify for the fourth best rate class or “Standard” rates. While most applicants will qualify as a “Standard” risk, it’s important to note that every company sets its own rates and one top-rated company’s “Standard” rate may be 30% less than another’s.

In addition, some health issues can be a “Standard” risk with one company and a substandard risk with another. This is another reason that it is important to shop the market because each company has its own unique underwriting guidelines. With one company, well-controlled type 2 diabetes is a “Standard” or “Standard Plus” risk, while another company will never offer anything better than their second best substandard rate class.

“Standard” rates are usually 60 to 90% more expensive than “Preferred Best” rates, but usually less expensive than substandard or “table” rates. “Standard” rates may be available for applicants that meet the following criteria:

• Less than 60 pounds overweight
• Daily tobacco use (no cigarettes; unlimited chew, cigars, e-cigarettes)
• Some cancers (if successfully treated)
• Well-controlled diabetes, diagnosed after age 40
• Some heart issues or circulatory disorders
• Blood pressure of 120/80 or less (with or without medication)
• Cholesterol of 300 or less (with or without medication)

If your health prevents you from qualifying for a “Standard” rate, you’ll want to work with an agency that specializes in high-risk life insurance. Applying with the right company can save you thousands of dollars on your coverage, as well as prevent your application from being declined.

At Term Life Advice, we specialize with applicants aged 30 to 75 that are in excellent to poor health, and we work with more than 60 highly-rated insurers. By having access to each company’s guidelines, we can match your unique health profile to the company that will provide you with the lowest rates. Our services are free and our agents offer more than 50 years of collective experience in the life insurance industry. Over the years we’ve helped thousands of families and businesses with their life insurance needs, and we can help you too, even if you’ve been previously declined for coverage.

Comparing the Cost of Life Insurance to Other Bills and Expenses

Applying for life insurance is like going to the dentist – it’s never on the top of anyone’s to-do list. Even so, life insurance is surprisingly affordable, so why aren’t many purchasing it?

What do we spend our money on instead?

A recent study states that some of the most common and alarming reasons that Americans under the age 50 aren’t buying life insurance include spending money for vacations, dining out, shopping, movies, and other recreational activities.

What’s the most common reason that Americans over age of 65 don’t have life insurance? They spend too much on their utility bills.

Our Advice: Buy your life insurance when you’re young and healthy. This allows you to lock in an affordable rate that will extend your coverage until retirement age or later. Setting a little money aside for your life insurance now will save you a considerable amount of money in the long run.

If you still think you can’t afford life insurance, let’s compare the cost of your life insurance policy to your other monthly expenses:

We’re Here to Help You Save Time and Money

We can all afford life insurance, but that doesn’t mean you should overpay for it.  At Term Life Advice, we’ll compare rates from dozens of leading insurers to make sure you get the most coverage for the least amount of money.

Our agency is licensed in all 50 states and our shopping services are free. Buying life insurance from one of our experienced agents is the same price as buying your policy directly from the carrier themselves. The difference is that our agents are non-biased and we’ll provide you with the best customer service industry.

You will not have to deal with operators, hold times, or pushy sales people here. You’ll work with a licensed agent that will provide you with the advice and experience you need. Our agents do not have sales quota or daily sales goals, we’re owner-operated, and our only goal is here to save you time and money by matching you with the best insurance company for your needs.

Do you want to find out how much life insurance will cost you each month?

Give us a call, toll-free at: 855-902-6494, or shop dozens of companies by requesting a free instant quote online below.