Lifequotes.com: Life Insurance Rates Fall to All-Time Lows; Great Deals Abound For Life Insurance Shoppers

17 Feb, 2016, 04:30 ET from LifeQuotes.com

DARIEN, Ill., Feb. 17, 2016 /PRNewswire/ -- Lifequotes.com, the online, paperless life insurance exchange, announced today the results of a new survey of 50 leading life insurance companies that confirms life insurance rates are now at all-time lows.

"Continuing a 15 year trend, life insurance rates are now at all-time lows," said Rob Goss, executive vice president.  "In addition to low prices, we've even seen a loosening of some underwriting guidelines in recent years.  By providing instant quotes from up to 50 leading companies, and allowing customers to buy online in total privacy, Lifequotes.com is dedicated to simplifying and speeding up the process of buying life insurance."

For example, some of the lowest premiums include:

  • A 30 year-old female who stands up to 5'8" in height and weighs as much as 190 lbs. can now buy a $250,000, 10-year term life policy for only $102 per year.
  • A 40 year-old female with a cancer death in her immediate family history can buy $250,000 of 30-year level term insurance for just $299 per year.
  • A 50 year-old male can buy a $500,000, 20-year term life policy for $924 per year, even if he smokes a cigar during his weekly golf outing.
  • A 55 year-old male whose blood pressure is controlled by medication can now buy $1 million of 20-year term life insurance for only $2,743 per year.

The following annual sample annual premiums were obtained from a survey completed by Lifequotes.com of 50 leading life insurance companies as of February 2016.

$250,000 Term Life Sampler

Female Annual Premiums


Male Annual Premiums

Age

10 Year

20 Year

30 Year

Age

10 Year

20 Year

30 Year

30

$102

$140

$205

30

$112

$156

$238

35

$104

$146

$235

35

$112

$165

$267

40

$126

$182

$294

40

$136

$211

$357

45

$177

$271

$434

45

$197

$336

$525

50

$238

$374

$624

50

$277

$382

$843

55

$342

$582

$1,104

55

$444

$761

$1,547


$500,000 Term Life Sampler

Female Annual Premiums


Male Annual Premiums

Age

10 Year

20 Year

30 Year

Age

10 Year

20 Year

30 Year

30

$144

$210

$329

30

$164

$240

$394

35

$149

$221

$384

35

$164

$254

$454

40

$192

$298

$519

40

$212

$341

$627

45

$289

$466

$764

45

$328

$591

$989

50

$413

$658

$1,169

50

$485

$900

$1,555

55

$608

$1,071

$2,124

55

$821

$1,441

$3,002


$1,000,000 Term Life Sampler

Female Annual Premiums


Male Annual Premiums

Age

10 Year

20 Year

30 Year

Age

10 Year

20 Year

30 Year

30

$219

$347

$570

30

$247

$413

$704

35

$228

$371

$680

35

$257

$433

$814

40

$289

$519

$950

40

$319

$614

$1,190

45

$495

$837

$1,424

45

$556

$1,103

$1,889

50

$732

$1,222

$2,000

50

$870

$1,698

$2,970

55

$1,105

$1,983

$3,982

55

$1,507

$2,743

$5,686

"Because life premiums are at or near historic lows, buyers can now lock-in great rates for their choice of ten to thirty years. And we also offer lifetime policies that feature level death benefits and level premiums for life," Goss continued.

Economic uncertainties have made the need for basic life insurance more important than ever because personal life insurance proceeds are generally not taxed as income to the beneficiary.

When it comes to life insurance, many U.S. adults are uninsured or underinsured. According to the Life Insurance Market Research Association (LIMRA), a whopping 30 percent of U.S. households (35 million) do not have any life insurance and only 44 percent of U.S. households own an individual life insurance policy. Individual life insurance sales are currently at a 50-year low.

Lifequotes.com advises that it is important to obtain the advice of a competent, licensed insurance agent and have a full understanding of what the conversion and/or renewability privileges are for the policy you are considering.

According to the Life and Health Insurance Foundation for Education (www.lifehappens.org), the cost of basic term life insurance has fallen by about 50 percent over the past decade.

Market survey methodology
Lifequotes.com polled 50 leading U.S. life insurance companies to find the best rates available on the popular $250,000, $500,000 and $1 million term life insurance policies. All companies polled are rated either "Excellent" or "Superior" by A.M. Best Company, an independent rating organization. The sample applicants do not use tobacco and range from 30 to 55 years of age. The tables above contain the lowest possible rates found for the 10, 20 and 30-year level term life policies for a sample California resident.

Notes to tables
Final premiums and coverage availability will vary depending upon age, sex, state availability, hazardous activities, personal history and family health history. The sample, California non-tobacco use premiums shown above, may include: American General Life Insurance Company, Houston, TX, form 07007; Protective Life Insurance Company, Birmingham, AL, form UL-17; MetLife Insurance Company USA, a subsidiary of MetLife, Inc, Irvine, CA, form #5E-21-04; Savings Bank Life Insurance Company of Massachusetts, Woburn, MA, forms B36 and B46 series; Transamerica Life Insurance Company, Cedar Rapids, IA, form 1-304 06-107; American National Insurance Company, Galveston, TX, form ICC0910193; North American Company for Life & Health Insurance, Chicago, IL, Policy # LS174. Actual policy forms may vary by state. California and Utah dba Life Quotes Insurance Services, Inc.: CA #0827712, #OA13858; UT #90093. Some premiums shown may be for universal life insurance policies with term-like premium and death benefit guarantees. Term life premium rates always escalate after initial rate guarantee period. All sample rates shown are effective February 8, 2016, and subject to change, state availability or withdrawal without notice.

About Lifequotes.com
Now in its 32nd year, Lifequotes.com provides an online life insurance exchange that serves middle-market consumers and industry sales professionals.  The exchange, which has placed 325,000 policies, enables shoppers to view instant quotes from up to 50 insurers and by buy online or by phone.  The Lifequotes.com technology provides an unparalleled comparative shopping experience, which includes instant quotes, illustrations that disclose actual underwriting acceptance guidelines, application creation & routing, customer updates, case management, policy delivery and follow-on contact.  Life insurance policies quoted include both no-exam and exam-required via desktop or mobile.  Customers can view term life, whole life, universal life, final expense and accidental death policies ranging from $3,000 to $25 million.

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SOURCE LifeQuotes.com