When you’re looking at life insurance protection, there are several different factors that you’ll need to consider to ensure that you’re getting the best plan available. One of the main factors that you will need to decide is how long of a plan that you’re going to buy. It’s vital that you buy the perfect plan to protect your family in case something tragic were to happen to you.
You might already be familiar with a 20 or 30 year term, but have you heard of a 25 year term life insurance policy? The following article will discuss the life insurance providers that offer a 25 year term and the benefits for buying such a policy. The differences in price between the 20, 25 and 30 year term policies will also be covered, as well as the options for 25 year term life with no medical exam.
What are the options for coverage?
The majority of life insurance providers offer life insurance policies with terms of 10, 20 or 30 years. However, not every company has a 25 year term policy available. There are several cases when a 25 year term life insurance policy would be ideal. For example, if you are not able to afford a 30 year term policy, but you feel that a 20 year term is not sufficient for your current family needs. You might also want to consider a 25 year term if you are 50 and you want to be covered until you are in your mid 70s. People who are 40 and want to be covered until they reach the retirement age of 65 are also perfect candidates for 25 year term life insurance. Let’s take a look at the various companies that currently offer life insurance policies with terms of 25 years.
SBLI is an insurance company that currently has an A+ rating from A.M. Best. They offer a 25 year term life insurance policy. When you are attempting to price term life insurance, their rates are considered to be among the best.
Protective Life Insurance
Protective Life Insurance also carries the distinguished A+ rating given by A.M. Best. The company was founded in 1907. Their rates on 25 year term life insurance policies are considered to be competitive and they have a unique term life policy.
Another A+ rated company, Transamerica is unique for several different reasons. The majority of providers of life insurance will only allow people who are a maximum of 55 years old to purchase a 25 year term policy, so they would be no more than 80 when it expires. However, Transamerica has a cutoff age of 65 for 25 year term life insurance policies. This is a great company for people over the age of 55 who can’t get life insurance from other companies.
Most life insurance providers have a minimum coverage amount of $100,000. However, Transamerica has a minimum that is only $25,000. If you are looking for less than $100,000 of coverage, Transamerica is an excellent choice.
Transamerica also allows policies that do not require a medical exam. A policy of up to $250,000 can be obtained by people up to the maximum age of 60. People up to age 70 can obtain as much as $50,000 of coverage.
American General is an ideal company if you are looking for a 25 year term life insurance policy and you are considered to be slightly high risk. They offer competitive rates for people suffering from diabetes, Crohn’s disease, multiple sclerosis, people who use a pacemaker, people with an irregular heartbeat and other various conditions.
What is the cost of a 25 year Term Life Insurance Policy?
In order to examine how much people can expect to pay, let’s use the example of a man who is 50 years old. He is applying for 20, 25 and 30 year term policies for $100,000 at standard non-tobacco rates. Let’s take a look at how much the various terms cost:
1. A 20 year term life policy for $100,000 a standard non-tobacco rates for a 50 year old male = SBLI charges $440 per year.
2. A 25 year term life policy for $100,000 a standard non-tobacco rates for a 50 year old male = SBLI charges $632 per year.
3. A 30 year term life policy for $100,000 a standard non-tobacco rates for a 50 year old male = Transamerica charges $775 per year.
A 25 year term can be a good alternative to a 20 or 30 year policy. You can get a longer term than a 20 year policy, while saving the money that a 30 year term would cost. Alternately, you can apply for a 30 year policy. If you get approved, you can switch to a policy of 20 or 25 years once you have the approval. A 25 year term gives you more options regarding which policy to choose after your approval.
Getting Lower Insurance Rates
There are several ways that you can secure cheaper insurance premiums and keep more money in your pocket. It’s important that you understand what the insurance company is going to look at when you apply. There are a couple of changes that you can make to save money on your life insurance policy. Life insurance is one of the most important purchases that you’ll ever make, but you shouldn’t have to break your bank to get that coverage.
The first thing you should do is kick that bad habit of smoking cigarettes. You probably know that smoking cigarettes isn’t good for your health, but it’s terrible for your bank account. Not only do you buy the cigarettes, but you also have to pay drastically higher insurance premiums. Smokers have a much higher chance of being diagnosed with severe health problems like cancer or a heart attack, which means that they will pose a greater risk to the insurance company. Smokers are going to pay at least twice as much for life insurance versus what a non-smoker is going to pay for the same sized policy. If you want to save thousands of dollars every year, quitting smoking is one of the best ways to do that.
Another way that you can save money is to improve your health. Before the insurance company will give you coverage, they are going to require that you take a medical exam. The results of the exam are going to play an important role in how much you’re required to pay every month. If you want to save money, then you need to get better results from the medical exam, it’s as simple as that. The two best ways that you can do that are by getting regular exercise and sticking to a healthy diet. Both of these can help you lose weight, lower your blood pressure, and much more. If you’re overweight, you’re going to pay 50% more for your life insurance, which means losing weight is not only great for your health, but it’s excellent for your wallet as well.
The best way to guarantee that you have the lowest insurance rates is to compare dozens of quotes before you decide which one is best for you. Every insurance company is different, and all of them are going to use different rating systems to decide how much they are going to charge you for your 25-year policy. You can get drastically differing rates depending on the company that you contact.
There are nearly a thousand companies on the market, which means that you could spend weeks calling different companies to find the best plan for you. Instead, let us do all of that dirty work for you. Unlike a traditional insurance agent, we are a group of independent insurance agents, which means that we work with dozens of highly rated companies across the nation. Our agents know which companies are going to give you the best rates based on your specific situation. Working with us will save you both time and money on your life insurance search.
You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance protection that your family deserves. Because you can’t predict the future, you shouldn’t wait another day, and we can help you find the best life insurance plan possible.
If you have any questions about 25-year term insurance coverage, please contact one of our agents today. We would love to answer those questions and ensure that you have all the information and coverage that you need.
We know that shopping for life insurance is not a fun experience. Nobody wants to think about dying, but not having the coverage that you need could leave your family with a massive amount of debt or other final expenses.
Compare rates for a 25 year term using our quote tool at the top of this page, or call us at 888-552-6159.