How to Save Money on Term Life Insurance

5 Simple Signs You Are Overpaying For Life Insurance? 

Guide-to-Life-Insurance-Chalkboard-2-1024x791There are secrets to getting the best deal for every type of insurance. Often times agents are paid less when you get a great deal…that’s why it’s better for you, duh.

Term Life Insurance is one of those products. It’s very simple and straight forward and doesn’t really matter which company you use. However there are some companies that consistently have cheaper prices (they have less overhead, so they can offer you lower prices…just wanted to let you know why some are cheaper).

My competitive advantage is that I help clients get the best price. That’s it. Seems easy, but it’s a bit more complex (just like your family history, um ya).

List of things to think about when getting Term Life Insurance:

1. Ask an agent about several different companies (if they ONLY sell one company get quotes from other agents as well). If an agent sells ONLY for one carrier they get paid more…and they usually have strict quota’s they have to meet.

2. There are some companies that are not “market competitive” for term life insurance and are usually much more expensive, such as (State Farm, Farmers, Allstate, New York Life, Northwestern Mutual, Mass Mutual, Guardian, Nationwide, and American Family). I hope I don’t get in trouble from listing the main overpriced term life companies. Many offer a 10% discount for “bundling” auto & home, yet if you are paying 40% more that’s not such a great deal after all.

2. There is no such thing as ONE best company, it’s which one has the best price for you based on medical history, height, weight, age, family history, tobacco, etc. If you have specific medical issues (even minor ones), going with one company over another can save you one rating class (which is 22% cheaper).

3. Additional riders are usually overpriced and hard to get to payout (waiver of premium, disability rider, guaranteed insurability, child riders). All have value, but usually getting the correct amount of term life insurance once is the best way to do it. Look into them, but buying a separate policy to address these needs is best.

4. If you buy additional Group Term Life Insurance through work you are usually overpaying. They average all your co-workers’ health rating together. If you are healthier then buy your own individual term life insurance policy, yet if you have more severe health issues get as much as you can through work. However, this coverage ends when you leave that employer. Which leaves you exposed when between jobs or when you stop working.

5. If you feel that a price or coverage details are not correct you are probably right (go with your gut). Then ask for a clear explanation on why. If the agent doesn’t give you a clear answer go elsewhere. Often agents get too analytical and confuse you on purpose hoping you just say YES. Sadly I have heard of agents telling me this strategy…

It’s truly independent agents like me are the ones that ensure you get the best price for the coverage and will save you $10,000’s of dollars for a simple term life insurance policy.

Call 425-802-2783 if you have any questions

Life Insurance is one of those tasks you do once and done. However if you already have term life insurance it’s good to occasionally take a quick peak to ensure you have the best deal for your specific situation. Prices have declined dramatically in the past 10 years due to increased competition and people are living longer. Makes sense to me.

I work with 33 carriers I can get the BEST price on the market! Now you can see why I love my job.

It takes 15 minutes to talk over the phone to see if you can save money (yes, it’s really that quick and simple). I’m low pressure and will be honest if you have a good deal already. Many major companies charge 30% to 40% more and I often know instantly if you can save money. They are all good companies…just not the best for term life insurance.

In 2014 I was able to save my clients an AVERAGE of $31 per month or 19% for Term Life Insurance on a 30 Year Term policy. 

SAVINGS $11,160 ($31/mo X 12 Months X 30 Years)

NOTE: There is also a Permanent Life Insurance policy that will last your entire life that is about 50% cheaper than Whole Life Insurance.  You guessed it, agents are paid less to sell this product, so they rarely recommend it. I sell this product all the time.

TAKING THE NEXT STEP IS EASY…

If you want me to email you a Quote all I need is: Age, Male/Female, Tobacco/Non-Tobacco and how much coverage?

  1. It takes 30 minutes to do an Application over the phone (yet truly prefer to meet in person)
  2. You will have to take free Blood Test and answer some Medical Questions from a Nurse
  3. Generally it takes about 6 to 10 weeks for Life Insurance to go into place
  4. DONE.

NOTE: You are NOT committed to a Life Insurance policy until the day you write a check (hope this helps make the initial decision easier).

Below are our areas of expertise:

Gary Franke, MBA
Independent Broker
Achieve Alpha Insurance, LLC           
12507 Bel-Red Rd, Ste 103
Bellevue, WA 98005
Phone:(425) 802-2783
gary@achieve-alpha.com
www.achieve-alpha.com

Achieve Alpha