What about those Expensive Life Insurance Companies

While I’m not a big fan of State Farm, AllState and Farmers for life insurance, these companies are quality organizations.  They have all been in business a long time and I do think that they can be a good choice for auto and home coverage.  However, for life insurance, they simply are not as competitive as other insurance companies. 

Why can State Farm, AllState and Farmers life insurance prices be higher?  Because they already have a relationship with you and you probably already have home and auto with them, so you choose them without shopping around only to find out the rates are higher.  Many people I speak to end up replacing their life insurance with these companies when they find out they can get better rates.  When working with agents from State Farm, AllState and Farmers, they will only quote you their particular life insurance rates.  They are considered “captive” agents, they only represent one company.  When you work with an independent agency like mine, I can compare rates from among over 60 companies and find you the best priced life insurance company.

We are specialists in high risk life insurance and can obtain an approval even if you have pre-existing conditions, such as, cancer, heart disease, stroke, diabetes, severe arthritis, sleep apnea, etc.

AARP: Retirees 50 years of age and older benefit from this AARP Life Insurance Review. Considered one of the largest advocacy groups in America, the organization offers coverage specifically meant for seniors. While AARP offers a variety of benefits to its members, their life insurance benefits are less than desirable for seniors for several reasons.

AARP members, via New York Life, can get a life insurance policy without a medical exam. There are just a few short questions you need to answer to qualify for a $50,000 policy and a few more requirements to qualify for $100,000 of coverage.

Many people would question whether AARP is a good deal for seniors considering rates increase every 5 years and coverage terminates at age 80. To save money, senior applicants should compare term rates for several companies and purchase a level term policy. By definition level terms offer policyholders face value protection for a set period of time. Most insurance companies guarantee that premiums never increase during the term period, you get to choose whether you want to lock in a rate for 10, 15, 20, 25 or 30 years. Not so with AARP coverage.

Here’s an example of what a person would pay with AARP as opposed to another more cost effective top-rated life insurance company.

If you’re a 60 year old male, you’ll pay $108 a month for $50,000 of coverage and at age 65 that price increases to $143 a month and then to $207 a month at age 70.

That same 60 year old male can buy $100,000 of coverage and lock in the rate for 10 years, at Preferred non-tobacco rates, for just $29 a month or at Standard non-tobacco rates for $50 a month.

In this example, the 60 year old male will pay a total of $15,060 over a 10 year period for $50,000 of coverage with AARP. With me, you get $100,000 of coverage and over that same 10 year period you would pay only $3,408 at the very best rates. This is a total savings of $11,580. Even at Standard rates you would only pay $6,000 over the 10 year period and still realize a savings of $9,060.

Bottom line is, no matter how old you are, whether male or female, non-smoker or smoker, if you have an AARP policy you are literally throwing your money away.


You may have already heard of Globe Life Insurance. After all, they are known for advertising “$1 for $50,000 worth of Life Insurance coverage.” Surprise! This isn’t much more than an advertising gimmick that is used to draw you (and your money) in. The $1 premium is just for the first month and what really happens is that your insurance premiums go up every 5 years. While the premium rates may seem cheap and appealing at first, the rates are scheduled to go up after certain intervals. In the end, you’ll end up having paid much more than you would have had to with another company.

It is also worth noting that if you have pre-existing medical condition, you should know that Globe Life does not specialize in high risk policies. In fact, whether you’re healthy or not, this company is more likely to over charge you since they don’t spend much time going over your medical history.

The Bottom Line

Whether or not you have a pre-existing medical condition, you want to make sure you are getting the best life insurance coverage for the lowest rates possible for your particular situation. We work with over 60 different companies and particularly specialize in high risk life insurance policies. The bottom line? There are better companies than Globe Life Insurance and we are very confident that we can find you better coverage for lower rates.

Compare rates from over 60 companies using our free quoter found on this page. You can always call me at 602-867-8949 to discuss your life insurance needs.


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