What's My Rate?
Life Insurance Rates
Your life insurance rate is the price you pay to receive the life insurance coverage for which you are applying. For term life insurance, that rate is always guaranteed for the length of the life insurance policy (i.e. if the policy is for ten years, the rate will remain constant for ten years). This is the benefit of term life insurance: affordable coverage during the period of your life when you need it the most.
The actual dollar amount you pay is determined by an "underwriting process." This process is used by the life insurance company to determine your life expectancy. Many factors are taken into account: your age, sex, driving habits, medical conditions, family health history, and others. Those who are expected to live longer will generally pay less. Those whose life expectancy is less certain (based on health issues or avocation and hobbies) will generally pay more.
The life insurance rate you get from this or any other website or agent is only a quote. It is subject to change. The basic questions you answer will put you in a general category, and thus give you a general idea of cost. The underwriting process determines what your actual price will be.
