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Low Cost Term Life Insurance

Why Term Insurance Premiums Differ

All term policies are low cost term life insurance policies, not really.

When you compare rates you will be surprised at the differences in cost.

All life insurance companies use the same mortality tables.

The actuaries know how many people at a given age will die in a given year.

They use the mortality tables but they take into consideration other relevant variables. Have you ever noticed how accurate the predictions are as to how many people will die during a Thanksgiving day, for example. These are the actuaries at work.


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Low Cost Term Life Insurance Costs Vary

They can predict well in advance mortality in any given year at any given age, they bare usually deadly accurate.

We could therefore assume that all life insurance premiums for a specific amount and type of policy at a given age should be the same regardless of the company issuing the policy. We would be totally wrong.

Why is it then that term life insurance premiums differ. It really boils down to the way the policy is configured and the efficiency of the particular company.

Some people think there is another factor, greed. I cannot agree with them that as charging extra because of greed will cause the company to lose money. Let us look at the 2 factors relevant to low cost term insurance.

  • How The Policy Is Configured Here we should consider how the policy works. Term life insurance is usually just death benefit. Some carriers, however, go the extra mile.

    hey charge a little extra but they pay a dividend on their term policy. In other words, their policies cost more but if you have it long enough you get back a portion of your premium.
  • How Efficiently The Company Is Run If a life insurance company is efficiently run over a period of time they know if they can charge a lower premium and still be effective.

    They take into consideration the retention of the business they write, operating expenses as well as how effective they are at investing the company's money.

The companies, therefore, that offer low cost policies do so because they are very effective at what they do. The consumer gains every time.


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