If you Google the words "Term Life Quotes" you will see ads like the image above. Unfortunately advertisers such as Met Life advertise that you can get $250,000 of coverage for as low as $14 a month. While they are not lying, they are misleading many consumers, which is not good. Metlife is a reputable company, and they are one of over thirty high quality life insurance companies that we offer at ChooseTerm.com, however we don't condone their advertising methods.
You can get $250,000 of life insurance for $14 a month, if you are a 30 year old female and in perfect health(read the fine print that comes up for about a second in the video below) however most people aren't 30 year old women or in absolute perfect health. Metlife isn't the only culprit, there are other companies that use the same tactics, however Metlife also makes the same statement that you can get $250,000 of coverage for $14 in their TV commercial that you can see here:
Next time you see this commercial you will know that in reality life insurance will typically cost you more than just $14 per month.
How Do Life Insurance Companies Decide What to Charge You?
Life insurance companies decide how much to charge you for insurance based on several factors:
These are the main criteria insurance companies will look at to determine your health rating.
Life insurance companies can quote you anywhere from 14 different health ratings up to a decline. The first four ratings are generally for people without pre-existing conditions, while the last 10 are considered sub-standard ratings and are used to rate people who might have had or have a pre-existing health condition, or are obese.
The typical 4 ratings that non smokers typically fit into are:
The better the health rating you get, the better the price your policy will be. Smokers have two categories they can fit into, Preferred or Standard Tobacco, and beyond that there are also substandard ratings for smokers with pre-existing conditions, or who are obese.
There is a lot that goes into quoting you properly for life insurance. The last thing you want to happen is that you get a quote from an inexperienced agent that doesn't ask you the right questions, and after the insurance company reviews your medical records and history, they come back with a much higher quote.
After reading this post I hope you are more educated on how life insurance is priced, and that you won't fall for ads that show $14 for life insurance. If you would like instant life insurance quotes compared among the top life insurance companies including metlife insurance quotes online, fill out our online quote form.
Author: Liran Hirschkorn