Term Life Insurance ‘Sales’ Difficult to Find

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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UPDATED: Aug 6, 2020

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“Daddy, what is Cyborg Monday?” my 4-yr old son asked as I arrived home from work this past Monday. Of course, he was referring to the Monday after Thanksgiving, now more affectionately known as ‘Cyber Monday.’  I have little doubt my two older boys had a part in his innocent confusion over the exact nickname of the newly anointed, first online shopping day of the season.

Cyber Monday is a rather new phenomenon, and this year it seems to have lived up to its billing as the first, big online shopping day of the holiday season. ComScore estimates online sales in the U.S. rose 16 percent, topping $1billion for the first time!

Does Life Insurance Ever Go on Sale?

As an online term life insurance broker, one might think we would be able to take advantage of the Cyber Monday craziness and offer discounts on term life insurance. Makes sense to us. Unfortunately, it doesn’t work that way in the life insurance world, for these reasons.

Term Life Insurance Rates Are Set by the Life Insurance Companies.

QuickQuote does not have any control over the premium rates charged by life insurance companies, nor does any other agent/broker (online or traditional). We simply help our customers find the best rates from the best companies based on their individual circumstances (e.g. health status, medical history, etc.).

Term Life Insurance Rates Are Approved by the States.

Premium rates are filed by life insurance companies in all states in which they operate. The state insurance departments then evaluate the proposed rates and either approve or decline them. The new rates are then made available on new policies upon approval. The submission and approval process can take several months to complete. This arrangement makes it impossible for life insurance companies to adjust rates suddenly, or to put policies ‘on sale’ as if they were books or video games.

So while you won’t see any Cyber Monday type sales on term life insurance, you can still shop online for the best value. Many life insurance companies adjust premiums on term life insurance in January, so now may be the best time of the year to get a ‘deal!’

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