TERM LIFE INSURANCE- How to find the lowest rates!

What is Term Life Insurance?

By definition term life insurance is simply a policy that provides a death benefit with a fixed rate of premiums for a limited period of time. Once the period of the term has expired you may then have the option to renew the policy for another period of time or simply let the policy end.

What Kinds of Term policies are available?

Nowadays the most popular term policies available are level term plans. These plans can be very affordable and typically offer guaranteed level premiums along with guaranteed level death benefits. Level periods range from 5 years, 10 years, 15 years, 20 years, 25 years and 30 years. There are still a few term policies offered on a 1 year renewable increasing term basis. Typically these policies start out lower in price than a level plan but quickly increase in premium each year as you get older. The 1 year renewable term plans are primarily for a very short coverage period.

Is Term Life Insurance the Lowest Cost Plan?

When comparing life insurance  you will almost always find that term life is the cheapest plan of protection you can purchase. Term life will allow you to purchase the maximum of death benefit protection for the lowest out of pocket cost. With term life coverage you are purchasing pure death benefit protection. There is typically no cash value component to term life coverage.

How do I determine which plan of coverage?

Most people purchase term life insurance for a temporary need of protection. Some examples would be to provide protection to pay off your home mortgage, make sure the kids are protected until they are old enough to get out on their own. Protection for a spouse until you reach retirement or perhaps to pay off a business or personal loan. These are all temporary reasons that term life insurance can provide protection for.

Sometimes it makes sense to ladder your term life coverage with multiple policies. This allows you to cover different areas of need with the lowest out of pocket expense.

As an example, suppose you have 10 years left to pay off your mortgage with a balance remaining of $100,000 and your youngest child is 8 years old. You could purchase a $100,000 10 year level term policy to cover the mortgage and another policy for 15 years for an appropriate amount of protection which would protect your youngest child until they are 23 and perhaps out of college and on their own.

You may also want to have another separate policy to replace your income for your spouse until you retire. These are examples of laddering your policies to provide for a particular need.

What happens when my term period expires?

Most term policies will actually allow you to continue your coverage once your original term period expires. This renewable term feature will actually last to age 99 on most term policies. But, and this is a huge but, it is important to remember that if you choose a level term plan that expires after say 10 or 15 years your premiums will adjust higher based on your age.

The insurance company will renew your rates based on their current or guaranteed mortality rate tables. These rates will be much higher than your original level term.

As an example, let’s look at a current male age 45 who qualifies and locks in a 20 year guaranteed level rate at the best underwriting risk class with a popular life company. Based on $500,000 of protection is guaranteed rate would remain level at $599 for 20 years. At the end of 20 years the rate offered based on the guaranteed mortality cost at his current age would be $18,550. Needless to say, not a very attractive option.

And remember this rate is just for the 21st year. Beginning year 22 his rate would increase again and continue to increase each year. Now, does this mean the insurance carrier would charge him the guaranteed mortality cost at the end of his original term? Based on history probably not, but who knows what could occur 20 years down the road?

This is why it is vital to understand what your particular needs are and to have an experienced agent that can help guide you toward the correct policy for your particular situation.

Will companies writer term coverage if I have health conditions?

When dealing with an individual who may have a special risk  such as diabetes, heart history or kidney disease the insurance carrier will typically offer any of their current policies including term coverage, universal life or whole life insurance.

In some instances depending on the medical history, occupation or hazardous activity the carrier could limit the death benefit amount or limit the plan of coverage to a more permanent plan of protection such as universal life or whole. That’s why it is imperative that if you are dealing with a special risk that you work with a knowledgeable and experienced insurance professional.

How do I find the best rates on term life coverage?

This is where we can help. We make it simple by shopping over 100 of the top life insurance carriers in the marketplace and providing you with a comparison of the best rates. Simply click on the display quotes link, call 1-888-393-9003 or email mike@specialriskterm.com


For a FREE quote

Call, text, email or fill out our instant quote form:

Call: 678-207-8160
Text: 678-207-8160
Email: mike@specialriskterm.com
Instant quote form: Click here

How can I help?

Mike Raines

I am an independent life insurance agent with over 30 years’ experience. I am an expert in finding coverage for those with past or current medical history such as heart disease, diabetes, post cancer, etc. I also specialize in those that participate in scuba diving, mountain climbing, private pilots, etc. I work with the best life insurance companies in the nation, such as Prudential, AIG, Protective Life, Transamerica to name a few. Each carrier has different opinions on rates and underwriting, and it is my job to match you with the best company. To do that, I need to ask you a few questions about your health and lifestyle to qualify you.

For a FREE quote, call, text or email:

Call: 678-207-8160

Text: 678-207-8160

Email: mike@specialriskterm.com

Mailing Address:
3482 Keith Bridge Road Suite #125
Cumming, GA 30041


It’s not easy to find life insurance with a chronic condition such as crohn’s disease which is why I greatly appreciated having Mike on my team. Mike is responsive, patient, professional and indefatigable- all things you need when you’re looking for a competitive policy. Knowing my family will be taken care is not only a relief but a huge confidence boost and I’m thankful Mike works in the special risk insurance arena. I would absolutely work with him again. Thank you Mike!

- Bobby from Washington D.C.

As part of the process of buying a new business, I needed life insurance. However, my congenital heart defect made agents squirm over the phone. Then I found Mike, who not only understood my situation, but found two solutions for me. Within a week, I had confirmation of an AD&D policy and a Term Life policy…all at very reasonable rates. The sense of relief can’t be underestimated. Thank you, Mike!

- Heather G. From Crestview, Fl.

Mike did an outstanding job getting me my coverage. He went above and beyond answering all my questions. He always returned my calls immediately even on the weekends!!! I highly recommend him.

- Aileen from Woodstock, GA.

Two Thumbs Up for Mike at Special Risk Term

- Yaniv from Troy, MO.

Thank you very much, Mike, for all your help in this long process. I know it wasn’t easy, but I appreciate you not giving up on my application and helping provide peace of mind to me and my family.

- Craig S. from Savannah, Ga.

I contacted Mike for advice with life insurance. I had recently left a large firm (where I had life insurance coverage as part of compensation package) to start my own company.  Therefore I needed to self fund my life insurance.  Because of some past health issues I figured I may need to do extra tests to validate my current excellent health status and insurability.  Mike was great to work with, knowledgeable about how underwriters view things, how they will want lots of data from my doctors, and he explained the normal full battery of new tests and data as well as additional or special tests they might want based on my history.  He helped me through the valley to the other side of the life insured promised land for $500K term policy with a duration that meshes well with my retirement date/options and coverage for my family if needed. I highly recommend Mike with Special Risk Term.  He can help you too, so call or email today.

- Richard M. from Ann Arbor, MI

As someone with a past cancer diagnosis, finding life insurance had been a huge annoyance. Mike made it easy, and somehow found quotes that were significantly more affordable than what others gave me.

- Matthew from St. Louis, MO.

I could not be happier working with Mike Raines to get life insurance coverage for myself after having been declined for health reasons by my employer. My wife and I just had a son and it had become more imperative than ever that my family be protected if I were to pass away. The health screening appointment was conducted at my home around my schedule, which was very convenient. It was clear to me that Mike went above and beyond to make sure the underwriter fully understood my situation, going to bat for me so that I would not be declined again. I am a very happy customer.

- Daniel S. from Seaside, CA.

Best rates and best service I have ever received.

- Robert from Kennesaw, GA.

Mike and his team did an extra ordinary job of handling my life insurance situation.  I was unable to secure life insurance because I had cancer 17 years ago however Mike and his team navigated through the challenges to get me a 15 year policy at great monthly rates. Thank you Mike for all your work in in this challenging situation.

- Nathan S. from St. Paul, MN.
About SpecialRiskTerm.com
About SpecialRiskTerm.com

We work with individuals across the nation to secure the best life insurance rates.

This entry was posted in Term. Bookmark the permalink.

Leave A Reply