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Cheap Life Insurance

It isn’t unusual for someone to say that they don’t have life insurance because they can’t afford it; cheap life insurance seems, for many people, to be a dream. The truth, however, is that you can find cheap life insurance if you simply know where to look.

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In addition to knowing where to look for cheap life insurance, you need to understand what your life insurance options are. Many people don’t realize that they actually have several choices and some options are downright affordable.

In the past, your options were simple. You were able to choose between a term life insurance policy and a whole life insurance policy. Today, however, you can also choose between universal life insurance and variable life insurance options as well. Some life insurance companies even offer 5 or 6 different levels of each type of insurance that gives you more or less freedom and bigger or smaller benefit guarantees.

For many people, however, the only real choices are term and whole life. Although universal and variable life insurance policies are very similar to whole life the difference is that you can invest your cash value into stocks, bonds, annuities, etc. to make it earn for you.

Term Life Wins the Cheap Life Insurance Award

Hands down, the cheapest life insurance that you can purchase is term life insurance. The reason that insurance companies can offer it for so little money is because the policy actually expires after a certain amount of time. You work with the insurance company to determine just how long your term life insurance policy lasts.

You can purchase term life insurance for a fraction of the cost of other types of insurance. What’s more, you can purchase a lot more insurance for less as well. The younger you are, the cheaper term life insurance will be.

The downsides to choosing this option are that your policy will eventually expire and there are no benefits aside from the death benefit. This policy does not have any value unless you dying during the covered term. Many people don’t like the idea that there is not a return on their term life insurance investment if they don’t actually die during the term of the policy.

If you want to ensure that your family is well taken care of during a certain period of time, such as while the kids are still living at home, then a term life insurance policy is an excellent option.

Cheap Life Insurance: Whole Life

The problem with getting cheap whole life insurance is that in order to do that you have to purchase a small policy. Of course, this really depends on your definition of cheap. However, if you can only afford $25 or $30 a month, then you will only be able to purchase a $10,000 to $20,000 whole life insurance policy.

The average cost of a five year term life insurance policy for $100K is $269 annually. For a whole life insurance policy, the cost is $1028 annually*. Each year the whole life insurance policy premiums will increase, while the term life insurance policy won’t increase for 5 years.

*This is the average price for all applicants, your costs will vary based on your age, term of policy, health risks and other factors set forth by the insurance company.

The benefit of choosing a whole life policy exists, however, in two ways:

A whole life policy is guaranteed to pay as long as your premiums are current while a term policy expires.

Your whole life policy gains cash value and eventually you can either borrow or withdraw cash from your whole life policy, something that will not happen with a term life insurance policy.

Cheap Life Insurance and the Best Way to Find a Policy

The best way to get cheap life insurance is to shop around. For whatever reason, many people head straight to the insurance company that they use for their car insurance or their homeowners insurance and assume that they are going to get the best rate there. Sometimes a multi-line discount will make this true.

The truth, however, is that if you don’t look around, you will never be sure if you are getting the best rates. The easiest way to do this is to use a free quote tool. Not only will you be able to compare insurance companies side by side, but you can change the insurance types to ensure that you buy the insurance that offers you the best rates.

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