Best Life Insurance Company That Allows Rebates in 2021
Life insurance companies that allow rebates are almost impossible to find since only Florida and California allow life insurance companies to offer rebates. Life insurance rebates occur when an agent offers part or all of their commission back to the customer. Since rebates from life insurance companies aren’t allowed, customers should consider companies with the lowest rates and not expect rebates or discounts.
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UPDATED: Oct 21, 2021
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- Life insurance rebates are illegal in most states
- Only Florida and California allow life insurance rebates
- Rebates occur when a life insurance agent offers part or all of their commission back to the insured
The best life insurance companies know that customers want to save money in every way that they can.
Finding life insurance companies that offer low, competitive rates is the best way to save money when discounts and rebates aren’t available.
Finding life insurance companies that allow rebates is almost impossible since only two states allow rebates on life insurance.
If you happen to live in Florida or California, you can shop around for affordable life insurance companies that allow rebates.
Everyone else can still find cheap life insurance rates by comparing multiple companies.
Keep reading to learn about life insurance companies that allow rebates. Before you begin, enter your ZIP code to compare free quotes from life insurance companies near you.
What life insurance companies offer rebates?
Discounts and rebates are used to lure in customers with promises of getting back some of their cash. However, those incentives don’t translate to life insurance.
In fact, life insurance rebates are illegal in most states with the exceptions of Florida and California.
Insurance agents generally charge a commission that is either paid by the consumer or by the insurance company. Life insurance rebates occur when an agent offers part or all of their commission back to the customer.
Each agent can decide if they want to offer a rebate and how much that rebate will be.
Life insurance rebates can be considered discriminatory, since not all customers will receive the same rebate or even be offered a rebate.
Even in Florida and California, most life insurance companies don’t allow rebates because they are not uniformly offered.
The National Association of Insurance Commissioners (NAIC) helps states create insurance rules and laws that protect consumers. The Unfair Trade Practices Act discourages rebates.
However, the rules regarding rebates may be changing. The NAIC is altering its stance on rebates and allowing insurance companies to offer them.
Instead of looking for life insurance companies that give rebates, look for companies that offer low rates to begin with for the most savings.
We can’t compare rates from life insurance companies that allow rebates, but we can show you average rates from some of the top companies.
|Insurance Company||Average rates single 25-year-old female||Average rates single 25-year-old male||Average rates married 35-year-old female||Average rates married 35-year-old male||Average rates married 45-year-old female||Average rates married 45-year-old male||Average rates married 55-year-old female||Average rates married 55-year-old male||Average rates married 65-year-old female||Average rates married 65-year-old male|
|New York Life||$158||$152||$164||$160||$262||$245||$414||$696||$924||$1,416|
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You can see that rates vary greatly by company. You should also note that rates are based on your personal information, such as age and medical history.
Comparison shopping helps you find great coverage with low rates. You can compare life insurance quotes online to easily find the best deal for you without rebates.
Can you get rebates with other types of insurance?
Some other types of insurance, such as auto, can offer rebates. However, these rebates are only offered occasionally, and by the insurance company itself, not an agent.
During the COVID-19 pandemic, many auto insurance companies have offered drivers a rebate because mileage was drastically reduced for most drivers.
Auto insurance companies also offer drivers a plethora of discounts that help lower rates. These discounts are based on each driver and are offered across the board to drivers that qualify.
You may sometimes receive a rebate from your health insurance company as well. According to HealthCare.gov, if an insurance company spends less than 80% of its profits on medical costs, it is required to offer a rebate.
Other types of insurance, like homeowners, renters, and travelers insurance, don’t offer customers a rebate.
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How does return of premium term life insurance work?
While technically not a rebate, you can receive money back with a return of premium term policy. However, only a few life insurance companies offer return of premium term life insurance.
Simply put, this type of policy allows the customer to receive back the amount paid for the policy if they outlive the term.
For example, if you purchase this type of policy with a 20-year term, you can receive a refund when the policy expires provided you have made your payments.
Very few life insurance companies offer this type of term policy, and you will typically have to speak with an agent and complete a medical exam during the application process.
Life Insurance Companies That Allow Rebates: The Bottom Line
Life insurance companies that don’t allow rebates are much more common than companies that do. In fact, life insurance rebates are illegal in most states.
You can’t compare quotes from life insurance companies that allow rebates, but that doesn’t mean you can’t find a great deal on life insurance. Shop around to find the lowest life insurance rates for you.
Now that you know about life insurance companies that give rebates, enter your ZIP code to compare free quotes from companies in your area today.