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Shopping for life insurance should be simple - but its not really. Three main questions need to be researched:
- What type of Life Insurance Should you buy?
- How Much Life Insurance Should you Buy?
- From Whom Should I buy it?
In this short article though we will assume you want term life insurance for a thirty one year old woman. We will show you best in class rates for such an individual.
Always remember to check the Financial Strength Rating of any life insurance company that you wish to consider.
Generally speaking you should only consider rankings in the A categories.
Below are Best in Class Rates for a 31 year old female for Term Life Insurance at the varying underwriting levels. These levels are Preferred Plus, Preferred, Standard Plus, and Standard. All of these are for Non Smoker rates. Based on a Female California Resident aged 31. Please read our notes section below.
Preferred plus is the highest and best rating class to be accepted at by a life insurance company. Preferred plus is not for everyone. Only the most healthy and safest people may qualify.
$500,000 coverage amount:
| Female California Rates, $500K in Coverage | |
| Preferred Plus Non Smoker | |
| 10 Year Term | $164.00 |
| 15 Year Term | $181.00 |
| 20 Year Term | $240.00 |
| 25 Year Term | $330.00 |
| 30 Year Term | $398.00 |
How long will the initial application take over the phone?
About 10-20 minutes depending on your situation.
$1,000,000 coverage amount:
| Female California Rates, $1 Million in Coverage | |
| Preferred Plus Non Smoker | |
| 10 Year Term | $249.00 |
| 15 Year Term | $288.00 |
| 20 Year Term | $409.00 |
| 25 Year Term | $590.00 |
| 30 Year Term | $712.00 |
Preferred is the second highest and great rating class to be accepted at by a life insurance company. Preferred is a great rate to qualify for, if you can. It is also have very stringent underwriting definitions.
$500,000 in coverage amount:
| Female California Rates, $500K in Coverage | |
| Preferred Non Smoker | |
| 10 Year Term | $242.00 |
| 15 Year Term | $246.00 |
| 20 Year Term | $313.00 |
| 25 Year Term | $420.00 |
| 30 Year Term | $492.00 |
$1,000,000 in coverage amount:
| Female California Rates, $1 Million in Coverage | |
| Preferred Non Smoker | |
| 10 Year Term | $372.00 |
| 15 Year Term | $421.00 |
| 20 Year Term | $564.00 |
| 25 Year Term | $759.00 |
| 30 Year Term | $913.00 |
Standard Plus is the third highest and solid rating class to be accepted at by a life insurance company. Standard plus allows for a few issues with underwriting.
$500,000 in coverage:
| Female California Rates, $500K in Coverage | |
| Standard Plus Non Smoker | |
| 10 Year Term | $295.00 |
| 15 Year Term | $334.00 |
| 20 Year Term | $380.00 |
| 25 Year Term | $550.00 |
| 30 Year Term | $670.00 |
How long will it take me to buy life insurance?
Once you have selected your insurance carrier and applied for life insurance a standard fully underwritten life insurance policy can take between 25-45 days.
$1,000,000 in coverage:
| Female California Rates, $1 Million in Coverage | |
| Standard Plus Non Smoker | |
| 10 Year Term | $480.00 |
| 15 Year Term | $545.00 |
| 20 Year Term | $685.00 |
| 25 Year Term | $1,000.00 |
| 30 Year Term | $1,220.00 |
Standard is the four highest, aka the lowest, rating class that you can be accepted. Beyond Standard there is however, table rating which are still yet more expensive rating classes. So as much as clients may not like standard rating, for many, it is far better yet than the alternatives.
$500,000 in life insurance coverage:
| Female California Rates, $500K in Coverage | |
| Standard Non Smoker | |
| 10 Year Term | $312.00 |
| 15 Year Term | $385.00 |
| 20 Year Term | $549.00 |
| 25 Year Term | $566.00 |
| 30 Year Term | $802.00 |
$1,000,000 in term life coverage:
| Female California Rates, $1 Million in Coverage | |
| Standard Non Smoker | |
| 10 Year Term | $559.00 |
| 15 Year Term | $696.00 |
| 20 Year Term | $835.00 |
| 25 Year Term | $1,040.00 |
| 30 Year Term | $1,491.00 |
What is Term Life Insurance?
Term Life Insurance is the opposite in many ways of whole life insurance. Term life has the following characteristics:
- Term life if Pure Insurance
- Term life insurance is intended for the life of the term period.
- Term life carries no cash value.
- Term insurance is simple to shop, buy, and hence compare.
- Term is far cheaper than whole and universal life insurance.
- Term life is usually a less popular product to sell for life insurance agents.
- Generally term requires no sales pitch to entice customers.
- Term life insurance is often the type of life insurance that is suggested by the likes of Suze Orman, Dave Ramsey , and Clark Howard.
- Term life insurance is very simple to understand. You buy a policy for X many years at Y face value.
Notes:
These sample pricings are based on a June 2017 publication date. With just about anything the pricing models will change, some things will go up and some things will go down. I would love to be able to say they will be accurate for a long time to come, but they are not.
Please also note - that sample life insurance pricing is just that a sample and not an offer of life insurance of any kind.
Life Insurance by its very nature needed by the vast majority of Americans. But the confusion surrounding which type of life insurance to actually purchase is a real issue. As a general rule Whole Vs Term believes that term is the way to go for most Americans for a variety of reasons.
Thank....You.
Thank you for reading Sample Term Life Insurance Rates for a Thirty One Year Old Female. If you have any questions, please feel free to contact us.
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