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Understanding term life insurance rates

The cost of a life insurance policy varies based on a number of factors: the kind of life insurance you're looking for (whole or term life insurance), your age, gender, health, whether you smoke, how risky your hobbies are and more. For some applicants, we can make an offer for term life insurance coverage right away. For others, the application may need additional underwriting review before a final decision can be made. This process can include answering follow-up questions, a review of medical records, and in some cases, a health exam. Not all applicants will qualify for coverage.

How do you calculate my term life insurance quote?

A term life insurance quote is an estimate of how much your policy might cost, based on some basic information you give us. The quote tool asks only for your age, gender, state, if you use tobacco or not, and an overall sense of your health (excellent, good, or ok). Based on those factors, our tool generates a sample of what your monthly cost could be based on an estimated rate class. There are five main rate classes from lowest to highest risk:

  • Ultra Select: Excellent health and family history, no tobacco use within 5 years, low-risk lifestyle.
  • Select Plus: Very good health and family history, no tobacco use within 3 years, low-risk lifestyle.
  • Select: Good health and family history, no tobacco use within 2 years, low-risk lifestyle.
  • Standard: Acceptable health and family history, no tobacco use within 1 year, moderate-risk lifestyle.
  • Tobacco User: Acceptable health and family history, tobacco use within a year, moderate-risk lifestyle.

In some instances, we may be able to make an offer for coverage at a substandard rate class. Note that our quote tool does not show Standard or substandard rate classes.

What’s the difference between term life insurance quotes and approved term life insurance rates?

A term life insurance policy from Fabric covers you at time of death from natural causes or accidents. Because of that, its monthly premium depends, in part, on your age, health, family history, financial history, and lifestyle. Our quote tool only asks for a few simple pieces of information in order to get you a quick idea of what your monthly rates may be. In comparison, our term insurance application asks for a much higher level of detail, like your health history and professional details. Based on this deeper dive, if an offer for coverage can be made, your final term life insurance policy rate may be higher or lower than an initial quote. Even if you find the approved rate higher than you expected, we give you the option to reduce the term insurance coverage amount, and in a number of states, the term length (10, 15, 20 years). This can help lower the monthly premium payments to be in line with your budget.

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© 2021 Fabric Insurance Agency, LLC

Accidental Death Insurance policies (Form VL-ADH1 with state variations where applicable) and Term Life Insurance policies (Form ICC16-VLT, ICC19-VLT2, and CMP 0501 with state variations where applicable) are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT (all states except NY), and by The Penn Insurance and Annuity Company of New York (NY only). Coverage may not be available in all states. Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.

Fabric Insurance Agency, LLC (FIA) is an insurance agency licensed to sell life and accident insurance products. FIA will receive compensation from Vantis Life for such sales. The NAIC Company Code for Vantis Life is 68632. See the Terms of Use for additional information regarding FIA.

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