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Finding affordable life insurance is more important than ever before in the US. With many people facing job losses, reduction in pay to keep their jobs, or being out of work, saving money is very important.
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If you have a family, it is possible that the most important thing that you can do for them is to maintain your life insurance policy. If something were to happen to you, then this is the thing that could get them through any financial difficulties in their lives as they adjust to the change.
While no one really wants to think about dying, it is inevitable. Everyone dies, but not everyone is prepared for his or her death. This isn’t about being morbid; this is about planning for the future of those you leave behind.
Finding affordable life insurance may be the key for you to carry the life insurance protection that you need. Keep reading to learn some of the ways that you can save money on your life insurance.
Consider a Smaller Policy for Affordable Life Insurance
Many insurance companies have very flexible life insurance options that allow you to change your benefit as your circumstances change. If you currently have a life insurance policy, speak to your agent and ask if you can change the benefit amount until you can afford the larger premiums again. There is no guarantee that they will work with you, but you should try.
If you don’t have a life insurance policy yet, then consider starting with a smaller policy that has the option for you to increase your benefit at a later date. You can also purchase a smaller policy now and then purchase a second policy when you have more money. There are no limits on how many life insurance policies that you can have.
Consider Term Coverage for the Most Affordable Life Insurance
The most affordable life insurance is term life insurance. This is insurance that expires after a predetermined amount of time. Typically, this time is 10 to 30 years but some companies offer annual term policies or policies that start at the 5 year mark rather than 10 years.
Because this is a term life insurance policy, you aren’t guaranteed a benefit unless you die while the policy is still in force. In addition, when the policy expires, your money is gone. The upside, however, is that you can purchase hundreds of thousands of dollars in insurance for a very low rate. Imagine being able to purchase $200K of insurance for $30 to $40 a month.
If you choose a term policy that expires every 5 years, most insurance companies will allow you to renew that policy, sometimes up until you are 75 or 80 years old, although that is more the exception than the rule. Your premiums will increase every time you renew your policy, but the rates will still be very low.
Consider Different Affordable Life Insurance Companies
If you are like most people, you go with what you know. Many people, instead of shopping around for affordable life insurance, will simply walk into the insurance company they use for other types of insurance and purchase life insurance there.
Others, because of their familiarity with their commercials, will go to Progressive, Geico, State Farm, All State, etc., again, without shopping around. This is not the best way to find affordable life insurance.
In fact, the best way to find affordable life insurance is to shop around using a free quote tool. When you use a quote tool, not only will you receive quotes from the big name companies that sell life insurance, but you will receive quotes from smaller and specialty companies as well.
Many states have up to a hundred life insurance companies licensed to sell insurance in their area, but many people don’t realize this. While you want to ensure that any smaller company you consider buying life insurance from is financially stable and offers great service, you don’t want to discount them just because they aren’t a multi-billion dollar company.
Using a free quote tool like the one we offer here ensures that you give every insurance company that fits your needs a fair shake. In the end, it might be State Farm that has the best insurance options and price for you. On the other hand, it might end up being Acme Insurance Company. You just don’t know until you shop around.
You can find out right now which insurance company will be best for you by trying our free quote tool.
Enter your zip code now and compare life insurance quotes today!