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.

Think back to when you purchased your last vehicle, television, piece of furniture or home appliance, most likely you did some research to find the cheapest price for that particular item.

In order for you to have found the cheapest price for your new item, you probably used the internet to help aid you in your search. Finding the cheapest rates for term life insurance coverage is no different.

So the time has now come and you need life insurance coverage to protect your family’s financial goals or maybe your current term policy is getting ready to expire and you need some new rates.

How do you get the cheapest rates for term life insurance coverage? Well, the good news for you is that you have come to the right place. Top Quote Life Insurance is an independent life insurance agency contracted with over two dozen of the nation’s top life insurance companies.

At Top Quote Life Insurance, we are able to provide you with the cheapest rates for term life insurance coverage by allowing you to instantly run comparison life insurance quotes.

Located on every page of our website is our quick and easy instant life insurance quote form. Simply select what you are looking for and within seconds you will have a list of the cheapest life insurance rates available based on your criteria.

Best of all, you do not need to give any personal contact information to get quotes.

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

Is that all it Takes for Getting the Cheapest Rates for Term Life Insurance Coverage?

No, but using the quote form is an excellent starting point in finding the cheapest life insurance rates, but we have a couple of additional tips that will help you get the best price for your term life insurance coverage.

Get Quotes from more than one Life Insurance Company

A great starting point for getting the cheapest rates for term life insurance is to get quotes from more than one life insurance company. There are many life insurance carriers offering very competitive rates to earn your business.

Don’t stick to getting quotes from one company.

Life insurance rates are based on a couple determining factors such as age, sex, death benefit amount, length of coverage and family health history and as well as your health history. It is very rare that you will find two of the same companies offering the same rate for life insurance coverage.

QUOTE EXAMPLE: Male age 35, in excellent health, looking for a 30-year term life insurance quote with a death benefit of $500,000. Let’s take a look at the company with the best price, median price, and highest price.

Company (A) $38.34 Monthly 
Company (B) $49.00 Monthly
Company (C) $66.06 Monthly

There is a $27.72 monthly difference between Company (A) and Company (C) for the exact same coverage. That is an annual savings of $332.64 and over 30 years a total savings of $9,979.20. Let’s look at another example.

QUOTE EXAMPLE: Female age 45, in excellent health, looking for a 10-year term life insurance quote with a death benefit of $250,000.

Company (A) $37.09 Monthly 
Company (B) $49.50 Monthly
Company (C) $63.58 Monthly

There is a $26.49 monthly difference between Company (A) and Company (C) for the exact same coverage. That is an annual savings of $317.88 and over 30 years a total savings of $9,536.40.

This is your first step for getting the cheapest rates for term life insurance coverage. Work with an independent life insurance agency like Top Quote Life Insurance that can provide you quotes from several life insurance companies.

Check out our article on the Top 25 Best Life Insurance Companies.

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Term Life Insurance is the Cheapest Life Insurance Coverage

The second step to getting the cheapest rates for term life insurance coverage is to purchase the most affordable coverage available, term life insurance.

Term life insurance is significantly cheaper compared to any permanent life insurance coverage, such as whole life insurance or universal life insurance.

Term life insurance is one of the most purchased types of life insurance coverage due to the affordability and the amount of death benefit you can get for the cost of life insurance.

Let’s take a look at the cost difference between a whole life policy, universal life insurance policy and a term life insurance policy.

QUOTE EXAMPLE: Male age 50 in excellent health looking for life insurance coverage with a death benefit of $100,000.

  • Whole Life Insurance Cost $279.13 Monthly
  • Universal Life Insurance Cost $80.00 Monthly
  • 30 Year Term Cost $37.40 Monthly
  • 20 Year Term Cost $23.39 Monthly
  • 10 Year Term Cost $14.44 Monthly

This is your second step to getting the cheapest rates for term life insurance coverage, stick with term life insurance coverage. Term life insurance coverage can be purchased in fixed premium lengths of 10, 15, 20, 25 and 30 years. The shorter the term length, the cheaper the life insurance will cost.

Policy Riders Equal a Higher Premium

The third step to getting the cheapest rates for term life insurance coverage is to stay clear of policy riders. Policy riders are great add-ons but they come at an extra cost.

Riders such as waiver of premium, accidental death benefit and return of premium will increase the base cost of your life insurance coverage.

QUOTE EXAMPLE: Male age 42, in excellent health, looking for a 30-year term life insurance quote with a death benefit of $1,000,000.

  • Premium with Return of Premium (ROP) Rider = $3,028 Annually
  • Premium without Return of Premium (ROP) Rider = $1,470 Annually

The difference between a regular 30-year term life insurance policy and a 30-year term life insurance policy with the Return of Premium (ROP) rider is $1,558 annually.

Over 30 years, that’s $46,740 in premium savings. If you are looking for the cheapest rates for term life insurance coverage, forget the add-ons known as policy riders.

It’s Cheaper to pay your Premiums Annually

The fourth step to getting the cheapest rates for term life insurance coverage is to pay your premiums annually.

All life insurance applications will allow you to select how you would like to pay your life insurance premiums, annually, semi-annually, quarterly and monthly. If you are able to, select to pay annually. There is a small discount when paying annually.

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Prepare for you Life Insurance Medical Exam

The fifth step in getting the cheapest rates for term life insurance coverage is to properly prepare for your life insurance medical exam.

If you are applying for no medical exam life insurance then you do not need to worry about this step.

The life insurance medical exam plays a major roll on what you will end up paying for your life insurance coverage. The life insurance medical exam generally consists of a series of medical questions, 3 blood pressure readings, blood, and urine sample.

Think of your exam as a test that you want to score an A+ on. A bad grade on this exam will result in higher premiums. Let’s take a look at what the premium difference would be between testing well on the medical exam and having a bad medical exam.

QUOTE EXAMPLE: Female age 36, looking for a 20-year term life insurance quote, with a death benefit of $500,000.

  • Premiums resulting from an excellent medical exam $23.65 monthly
  • Premiums resulting from a bad medical exam $42.57 monthly

Preparing for your life insurance medical exam is not difficult. Hopefully, you are living a healthy lifestyle all the time but try extra hard for at least a week prior to your medical exam. This is one exam you don’t want to score badly on.

Don’t Procrastinate

The sixth and final step to getting the cheapest rates for term life insurance coverage is to purchase now and not later. The worst thing you can do is procrastinate the purchase of a life insurance policy.

There are two big risks you take when putting off the purchase of life insurance coverage:

  • Life insurance does not get cheaper as you get older.
  • You run the risk of your health changing.

Quote for Getting the Cheapest Rates for Term Life Insurance Coverage

If you want the cheapest rates for term life insurance coverage, then start your search with us at Top Quote Life Insurance.

Top Quote Life Insurance specializes in life insurance coverage. Not only do we represent over 30 of the most well known “A” or better-rated life insurance companies, but we also know what life insurance companies to shop your coverage with if it doesn’t come back approved as you expected.

If you’re not in perfect health and have some medical concerns we can assist you in getting the cheapest rates for your life insurance coverage.

For an instant life insurance quote please feel free to use the quote form located to the right of your computer screen. The quote form requires no contact info and will instantly display life insurance rates.

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