Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 4, 2020

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Interested in getting the best price for life insurance coverage? Of course, you are who isn’t!  When it comes to purchasing life insurance our customers want to know how to get the best price for life insurance coverage.

We put together a couple of simple tips that you can follow that will ultimately lead to getting you the best price on your life insurance coverage.

Before we get into the first premium saving tip, you need to know how life insurance rates are determined.

Life Insurance rates are based on three determining factors.

These factors are:

  • Your current age
  • How you will pay for your premiums 
  • Your overall health

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.

Tip #1 Save Your Current Age

Most life insurance companies use the age nearest method when calculating life insurance rates. What this means to you is, if you are within 6 months of your nearest birthday your age will be rounded up.

For example, let’s say your current age is 49.  Your 50th birthday is 5 months away and you’re currently seeking life insurance coverage.

You visit Top Quote Life Insurance online for a life insurance quote and notice when you enter your birth date your age is coming up as 50.

The quote engine will automatically know that you are 6 months within your next birthday rounding your age to 50 resulting in a higher premium than age 49.

To save money in this situation you will want to request to “save age” on the life insurance and keep your current age 49. See example below:

Male age 49 applying for a 10 year $500,000 term life insurance policy

Life Insurance Quotes:

  • Age 49 rate is $42.88 (Monthly) 
  • Age 50 rate is $45.94 (Monthly)

Although not a huge savings, it is still a savings of $36.72 per year.  In order to get the rate at age 49, we will request on the application that we would like to “save age” 49.

This will require back paying premiums 1 day prior to the 6 month mark of the 50th birthday. In this case, it is 1 month of $42.88 in order to save age 49.

So over 10 years you will have saved $367.20 by paying only 1 month of back payment of $42.88 to save age 49.

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Tip #2 Pay Your Premiums Annually

When completing your life insurance application you will be given the option to select a payment mode of monthly, quarterly, semi-annually and annually.

If you are able to pay annually do it. There are discounts when paying anything other than monthly, but the biggest discount is when you pay annually.

Male age 49 applying for a 10 year $500,000 term life insurance policy

  • Monthly-$42.88
  • Annually-$490.00

When you do the math $42.88 x 12 = $514.56.  It is more expensive to pay monthly than making an annual premium payment.

By paying annually you can save $294.72 over 10 years of the term life insurance policy.

Tip #3 Aim for the Best Results on your Medical Exam

In order to get the best rate for life insurance coverage, you will need to take a medical exam provided by the life insurance company.

The medical exam gives the underwriter an idea of what your health history is and will ultimately determine what kind of health classification you will fall into.

A typical medical exam will include your health history, family health history, height/weight, and lab results.

All of these factors are very important, however, an individual with a great health history, family health history, and height/weight but bad lab results can result in unfavorable risk classification.

The lab results will factor in but are not limited to cholesterol, blood pressure, sugar levels and more.

Follow These Tips to get More Favorable Lab Results:

  • Try to fast 8 – 12 hours prior to the exam
  • Try to avoid junk foods high in salt or fat for at least 1 week
  • Drink plenty of water prior to the exam
  • Coffee prior to the exam is ok, but keep it plain no sugar or cream
  • No alcoholic beverages 24 hours prior to the exam
  • Get plenty of sleep prior to the exam 

Here is an example of what favorable versus non-favorable rates can do to a premium:

Male age 49 applying for a 10 year $500,000 term life insurance policy

  • Preferred Rate Class Annual Premium-$490.00 (Favorable)
  • Standard Rate Class Annual Premium-$1,090.00 (Not so Favorable)

By aiming for the best rates you could have an annual savings of $600.00 and total savings over 10 years of $6,000. Those savings are HUGE!!

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Total Savings From Following These 3 Simple Tips

Life insurance rates are fixed by law, there are no discounts or favors, but by following these 3 simple tips you can find yourself saving money on your life insurance coverage.

Let’s take a look at the grand total of possible savings over the next 10 years of coverage by following these 3 simple steps.

Total savings of $367.20 by saving age 49

In addition, by selecting to pay annually you would have saved $294.72

Huge savings of $6,000 by getting a preferred plus rating based on favorable lab results

You have the possibility of saving a grand total of $6661.92 by following these 3 simple tips.

Quotes for the Best Price Life Insurance Coverage

At Top Quote Life Insurance we make it our priority to get you the best price for life insurance coverage.

Have a question on how you can get the best price for life insurance coverage? Send us a message and will get you an answer right away.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.