What insurance company should I choose...
Yes, it matters.
It does matter what company you choose. And what specific product.
Life insurance policies are not "commodities." There are significant differences among them. In my opinion, people need the services of a good life insurance agent/broker/producer.1 Errors in information, judgment, or communication can result in losses of hundreds of thousands, or millions of dollars.
Why pay more?
You can pay more, much more for term insurance, but why would you?
I frequently see advertisements on television, or in the mail for low cost term insurance. Often the premiums offered by the companies in question are much more than the premiums offered by the most competitive companies. In my experience as an independent life insurance agent during the past twenty years I have identified several highly rated companies which have chosen to remain competitive in the term insurance marketplace. Their rates are usually much lower than the premiums charged by most companies.
Just one example.
As one example of a competitive term company, let me suggest Americom Life and Annuity Company. A male, age 30, might qualify to purchase a $500,000 life insurance policy for a guaranteed 20-year term premium of less than $25 per month. A female would pay even less. I have seen many companies offer similar benefits for more premium. In some cases, much more.
1 In the State of Missouri, on January 1, 2003, agent and broker licenses were combined into a single "producer" license. [more]
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