$100,000 Term Life Insurance Rates and Options – What is the best life insurance company for $100,000 term life? Who has the lowest rates? If you’ve decided to buy a $100,000 term life insurance policy it’s time to sift through all of your options so that you can choose the best policy that suits both your budget and your unique needs. You might think that all $100,000 term life products are the same, but this could not be further from the truth. In today’s post, we’ll look to answer all your questions about $100,000 term life.
100,000 Term Life Insurance Rates and Options
When it comes to term life insurance rates and options, you have many companies to choose from. There are major differences between products provided by A-rated companies and sub-par companies, and fully underwritten products and no-medical plans.
If you want a basic consumer guide to buying a cheap term life insurance policy, read on and learn what you need to know before you start comparing price and policy options.
How much does a $100,000 life insurance policy cost?
Let’s see some sample life insurance quotes for a 20-year $100,000 term life policy. Monthly rates are based on non smoking healthy 40-year old man.
>>Get Quotes: Want to see more rates? Use our instant life insurance calculator and compare rates from the top companies here.
Is a $100,000 term life insurance policy the right choice?
Take a moment to figure out if a $100,000 term life policy is the right amount of coverage for you. You’ll need to figure out how much income you will lose if you die. You also need to figure out all of your current and future financial obligations and why you are buying life insurance.
Can I qualify for a $100,000 life insurance policy?
More than likely.
To figure out if you’ll qualify for a $100,000 life insurance policy, company underwriters will compare your age, health, income and other factors to see how much of a risk you pose the company.
When it comes to selling life insurance, companies look at healthy and young applicants as the easiest to approve.
Why? It’s because life insurance companies factor in your age, your health and your family history to figure out the likelihood or risk of passing away during the term policy. If your risk is very low, then it’s less likely that the company will have to pay out a death claim.
$100,000 No-Medical Exam or a Fully Underwritten Policy?
As you start to look for life insurance quotes for a $100,000 term life insurance policy, you will notice that there are insurance companies that offer policies where no medical exam is required, and there are insurers who do require a medical exam before rating and approving your application for coverage. The first step of shopping for life insurance should be learning the difference between each type of plan.
Policies that do not require applicants to take a medical exam are more commonly referred to as no-medical exam policies, and they are designed for a unique demographic. While you would think that a no medical policy is a better choice than having an exam done, these plans are not always the best option for every applicant.
No medical policies typically come with higher premiums. However, the difference is not that significant.
Why are No Medical Exam life insurance policies more expensive? It’s because the insurer is taking on the risk of extending coverage to an applicant who may have unknown medical problems that have not yet been diagnosed. If you are young and in excellent health, you will receive low rates either way, but your rates will be a little lower if you complete the medical exam requirement.
For individuals who need their insurance issued quickly, are terrified of needles, or for applicants who are concerned about their weight or their vitals, choosing a no medical policy may be ideal. Having an exam can qualify you for Preferred and Super-Preferred rates, but there is a chance that the tests could uncover issues that will raise your premiums.
Weigh the pros and the cons of each option, and you can figure out which type of policy is best for your own unique circumstances.
What to Do If You Have Pre-existing Medical Conditions
When you are applying for $100,000 term life insurance, you need to make sure that you understand how your pre-existing medical conditions can affect your chances of getting approved and your rates.
You should always be honest when you are filling out your life insurance application for coverage, and disclose any medical conditions that you have been diagnosed with.
When you submit your application for coverage, this application is underwritten and part of that process is reviewing your medical history. Even insurers that do not require you to take a medical exam will look at your medical records to see if you have been honest on your application. Full disclosure is key to avoiding denials.
If you have a medical condition like Type 2 Diabetes, you can apply for no medical policies, but it is in your best interest to apply for a fully-underwritten plan when you have Type 1 Diabetes or other serious medical conditions. By submitting to a medical exam, you can show the underwriters that you are managing your health and following your doctor’s orders to live a healthier life.
Insurers offering fully-underwritten term life insurance tend to be more open to approving applicants who have disclosed medical conditions.
Which Companies Offer the Best No Medical Insurance Plans?
Not all insurance companies are created equal, and you need to take advice from an experienced life agent so that you do not buy policy from a subpar company.
If you have decided to apply for no medical insurance, 2 companies stand out from the crowd: Fidelity and Transamerica.
While both companies offer traditional life, they also have convenient no medical exam life plans that are issued quickly. Fidelity approves no medical applications up to the age of 65, and will issue approved policies in 24 hours. Transamerica will review medical records, and issues approved policies within 2 to 4 weeks. Fidelity is great for people in excellent health, but Transamerica is more likely to accept you with a minor medical condition or with a DUI.
Take your time to compare underwriting requirements while you compare rates. Once you settle with a policy type, you can proceed and get quotes for a detailed comparison.
Be a wise consumer, do your research, and feel confident with your choice.