The short answer
America's top rates life insurance carriers isn't a separate product. It's a term life policy, and for carriers the difference is mainly how carriers review the application and set the rate. Rules vary by carrier, so comparing several through an independent agent is the simplest way to find a good fit.
This guide answers the most common questions about america's top rates life insurance carriers over 60.
20 vs 30 year term life insurance is a common choice, and both can be right. The best term lasts as long as the need it protects: the mortgage, raising children, or income until retirement.
This guide compares common term lengths and explains when two shorter policies make more sense than one long one.
Part of our complete guide: Term Life Insurance: The Complete Guide.
Quick answer
Pick the term that covers your longest important need. Longer terms cost more per year but lock in today's age. Two policies with different terms can cost less than one.
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On this page
- How age changes america's top rates life insurance for carriers
- Choosing the type
- What affects the cost of america's top rates life insurance for carriers?
- How long should your term be?
- What is a term life ladder?
- When the term ends
- Do you need a medical exam?
- Why compare with an independent agent
- Who term life insurance is for
- Frequently asked questions
How age changes america's top rates life insurance for carriers
Age is one of the biggest factors in what coverage costs and which policies are available. Some products stop accepting applications at certain ages, and the choices narrow as you get older.
- Rates are based on your age when you apply, so applying sooner usually helps.
- Some products stop accepting applications at a certain age.
- Later in life, smaller permanent policies like final expense are a common choice.
Choosing the type
Term coverage costs less for a set number of years; permanent coverage lasts for life and builds cash value. Many people combine them.
Compare rates from several carriers in about two minutes. Free, no obligation.
What affects the cost of america's top rates life insurance for carriers?
Rates are set by each carrier after it reviews your application, so this page doesn't list prices. These are the main factors:
- Age: rates are lower the younger you are when you apply.
- Amount and type: more coverage, or coverage that lasts longer, costs more.
- Health and tobacco use: these set your rate class with most carriers.
- The carrier: companies price the same person differently.
Because carriers price the same person differently, comparing several quotes is the most reliable way to see your options.
How long should your term be?
Choose a term that lasts as long as the need it protects. A few common matches:
| Need | Typical term |
|---|---|
| Young children at home | 20 to 30 years, until they're on their own |
| 30-year mortgage | 30 years |
| Mortgage with fewer years left | A term that covers the remaining years |
| Business loan or short-term debt | 10 to 15 years |
| Income until retirement | The years until you plan to retire |
Longer terms cost more per year because the insurer covers you into older ages. Even so, many people prefer one longer term to buying again later at an older age.
What is a term life ladder?
Needs shrink over time. A ladder lets your coverage shrink with them. Each policy is separate, with its own term and premium, and each one simply ends on schedule.
The trade-off is a little more paperwork. Many families find that worth it for the savings.
How to get covered in 3 steps
- Check your rate. Pick your state and answer a few quick questions about the coverage you want.
- Compare carriers. A licensed agent compares term life insurance options from several insurers and explains the trade-offs.
- Apply and get covered. Many applications take one phone call. Coverage starts once the policy is issued and the first premium is paid.
When the term ends
Outliving your term is the good outcome. It usually means the mortgage is paid and the children are grown. If you still need coverage, plan a year or two before the end date so you have time to convert or compare.
Do you need a medical exam?
Skipping the exam is possible on many policies, but it is not automatic. Insurers decide case by case using the records they can check quickly.
If you are in good health, a fully underwritten policy with an exam can still be the lower-cost option. If speed or convenience matters more, or you dislike needles, a no-exam option may be worth a slightly higher price. Compare both before you decide.
Why compare with an independent agent
A captive agent works for one insurance company and can only offer its policies. An independent agent is appointed with several carriers and can compare them side by side.
That matters because carriers price the same person differently. One may be friendlier to a past health condition, another to tobacco users, another to larger coverage amounts. Comparing several gives you a better chance at a fair price.
You do not pay extra to use an independent agent. Agents are paid by the carrier you choose, and the premium is the same as buying from that carrier directly.
Who term life insurance is for
Often a good fit
- you have a need with an end date and want the most coverage for the money.
- you want to cover a mortgage, income or debts.
Maybe not the right fit
- you want coverage that never expires.
- you want a policy that builds cash value.