Low Cost Life Insurance Secrets

Buying from an independent agent can save you up to 70%

The key word here is "independent"... meaning the agent is not required to sell for just one company, the agent is free to choose a company that is best for the customer (in terms of both cost and quality).
Everybody gets phone calls from their financial advisor buddy that wants to sign you up for every type of insurance there is... ex. automobile insurance, homeowners insurance, disability insurance, etc. That is fine, but the company your agent works for has a huge workforce of exclusive agents (agents that can sell for just one company), and this higher overhead translates into higher premiums!
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Some insurance companies rely on their sales force to sell policies, other companies compete by having the lowest prices. A person can buy a brand name product at a department store, but you can save alot of money buying the same brand name product at Walmart!
There is somewhat of a price war going on in the life insurance business right now. About 5-8 top companies are battling for the business, and this means more savings for the consumer. Yeah capitalism!

The life insurance industry is regulated by both the federal and state governments. And independent agencies such as Standard & Poore, A.M. Best Company, FitchRatings , and Moody’s Investors Service. rate each insurance company by it security in financial strength.
Every insurance company must keep liquid reserves to pay it's policy holders. Some companies keep the minimums, and some keep even more. All the below companies are both the strongest financially, and the strongest in terms of competitive rates.

American Insurance Group (the largest of the insurance companies)	ReliaStar Insurance Company. Parent Company is ING	Parent Company is General Electric

Standard & Poor Rating: AA+	Standard & Poor Rating: A+	Standard & Poor Rating: AA-

Specializes in Insurance. Great company	Specializes in Insurance. Great company

Standard & Poor Rating: AA	Standard & Poor Rating: AA

Some rates may appear to be too good to be true. That is because they might be. Some policies are guaranteed for only half the policy term! That means after 10 years of a 20 year policy, the rates can go up!

You can call up agents until you are blue in the face... but the agents do not set the prices. The insurance company's underwriters do. Choose a financially stable, highly rated company, and take a physical.
You can apply for the Preferred Plus rating class... but only about 21% of applicants get this heath rating after being underwritten. The good news is, if you applied for the lowest cost company, they most likely have very competitive rates for all the health ratings. Just be prepared to pay more then the what you applied for.

If you want to pay lower rates... Yes. You can buy instant issue life insurance, but it will be more expensive, and you still might not qualify. The instant issue policies will still run you through the MIB (medical insurance bank) to see if you have any health conditions. They will also run your MVR (Motor Vehicle Report) to see if you have any warrants or tickets.
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Low cost term life insurance is cheap!! Buy more than you think you need, for longer than you think you need it! If you are in good health and can qualify for a good rate, buy alot of term life insurance. You will feel great knowing that you have it.
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