Terry Zavitz

Terry Zavitz

Term Life Insurance can be purchased from many different providers such as through an insurance broker, from big box stores, and even through major credit card companies.

I recently received an offer for term life insurance through one of the major credit card companies titled “An Affordable Plan for Cardmembers”. I know what you’re thinking… What’s the catch? And how is this different than purchasing my life insurance policy through a broker? I thought it would be interesting to compare the rates offered against what is available on the open market through a broker.


Consider the following comparison:

Cardmember MaleCardmember female V4

Not only are the rates considerably less expensive through a broker, the policy is better as the rates are guaranteed. The policy cannot be cancelled (association type plans typically have contracts that can be cancelled at which point the coverage is no longer in force), and the coverage can be changed to alternative plans such as coverage for life, without requiring proof of health. More importantly, you get the service of a broker who can help assess your needs and determine the right coverage for you.