Term life insurance rates change periodically and the carrier with the best rate today, may not be the best rate in 6 months. When we shop the carriers we get the most current up to date rates that exist on the market currently for term life. It is important to make sure that rates are still applicable to when you are applying for the coverage. Clients will often wait on applying and the situation may have changed by the time that they get around to it. Not only can the rates change, it is important to know that it is just a quote. A quote doesn’t become a rate until you qualify for it in underwriting. Often times, clients will assume they can get the quoted rate, but when they apply they get a worse rating or declined.
Another item to consider with the current term life rates is whether the carrier is actual age or next age. If the carrier is actual age, you are eligible to qualify at that age and rate while you are that age. If a carrier is next age, you turn one year older 6 months prior to your next birthday. You can save age by backdating the policy prior to your actual birthday or your insurance birthday. It requires the policy date to be before the event and for the client to back whatever back premium to save age. Please come by www.paramountlifeinsurance.com to get the most up to date rate quote for your situation.