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How do I get affordable life insurance quotes?

Here's what you need to know...
  • Life insurance is a financial product that comes in several different shapes and sizes from low-cost term plans to higher priced permanent plans
  • When you’re shopping for affordable life coverage, you’ll need to sit down and do a needs assessment first to determine how much coverage you need for ample protection
  • While group life insurance is a great benefit to take advantage of, it’s also important that you acknowledge this is a benefit that you may not always have
  • When comparing term life policy, be sure to look for a plan with fixed level premiums and other beneficial riders for long-term affordability
  • Make sure you’re as honest as possible when filling out life quote forms so that your quote is as accurate as it can be

Life insurance is a financial product that most young adults don’t think about. Unfortunately, the average consumer will focus more on applying for credit cards or lines of credit than financial protection. It’s not until you have a health scare, you buy a home, you get married, or you have children that you suddenly realize it’s time to prepare for the future. One way to prepare for the future is to protect the ones you love. By paying for a life insurance plan, you can ensure your family has the money to they need to live comfortably without spending too much of your income. Compare life insurance rates now by using our FREE tool above!

According to a study conducted by Life Insurance and Market Research Association, also known is LIMRA, about 80 percent of consumers still misjudge how much term life insurance costs. Just how much consumers overestimate the cost of insurance varies by generation. If you’d like to disprove the myth that life insurance is too expensive, read on and learn how to find affordable life insurance quotes for yourself.

Which category do you fall into?

Before you put off your search for affordable life coverage, you should really contemplate the reason you’re procrastinating. Car accidents and house fires aren’t inevitable, but you buy property coverage to protect your vehicles and your homes. With death being one of the things in life that’s uncertain, it’s shocking to learn that only 57 percent of people in the U.S. carry it.

Life insurance is a financial product that’s seen as a necessity but that’s not made a financial priority.

The cost of life insurance has gone down in the recent years for a long list of reasons. One of the major reasons is because of life expectancy rates. Even so, Millennials and Gen-X’ers both overestimate the cost of term life by as much as 300 percent. The consumers surveyed acknowledged that they need life coverage, but feel they can’t afford it because of their false price perceptions.

How can you determine how much term life really costs?

Unfortunately, you can put off buying coverage for too long. You could pass away or be stuck paying those exorbitant premiums you can’t afford because of your health or your age. To determine whether you’ve been making accurate estimation you need to get your own personalized quotes. You may find that insurance is priced much lower than you’d assumed from the start.

Decide How Much Coverage You Need

You can’t really get an insurance quote when you don’t have a clue how much insurance you need. It’s best to start by taking a look at your debt. You’d want to leave money for your family to pay off your home or your cars so they aren’t stuck dealing with creditors for years. You also need to consider expenses that you cover and how much income you’ll need to replace if you are the breadwinner.

You might not like to think about what your family picture looks like without you in it, but it’s essential when you’re buying financial protection.

If you’re not sure what types of financial obligations you should consider, you can access some very thorough life insurance calculators online. Here are some of the fields that they include:

  • Funeral and burial expenses
  • How much future income needs to be replaced
  • How long future income needs to be replaced
  • Mortgage balance or debt balances
  • Childcare expenses
  • How many children do you want to provide college tuition for?
  • Donations to any charities
  • How much do you have available in the form of investments?
  • Subtract your other life insurance totals to find your total need

Decide on the Right Type of Insurance

If you’re focused strictly on affordability, you’re more than likely going to buy a term life policy. Out of term life and permanent life insurance, term life is more affordable because there’s no invest component and there’s an expiration date. Being settled on term life is a great first step, but you then need to research all of the different sub-categories of term life that exist. Here’s a breakdown:

  • Decreasing Term Life Insurance: Decreasing term life is a specialized term product that offers a benefit that decreases at a predetermined rate throughout the life of the contract. Even though the death benefit goes down, the premiums stay the same. These policies are most common when you’re buying mortgage life insurance.
  • Return of Premium Life: With a Return of Premium policy, you’ll receive the same level death benefit as you would with a traditional policy. The only difference is that the premiums are higher because you’ll receive the premiums you paid into the policy back if you outlive your contract.
  • Annual Renewable Term: Annual renewable terms are often called 1-year terms. These contracts change in price each year based on your age and health. Since the company can underwrite the policy each year, the initial contract is typically issued very quickly. After the first few terms, the premium can get expensive.
  • Guaranteed Level Term: Level terms have a guaranteed premium and a level death benefit. The terms can last 5, 10, 15, 20 or 30 years. Once the policy is up for expiration it will need to be renewed.

Getting Accurate Quotes

Consider what’s most important to you. If you’re life most people, you’ll settle on a guaranteed level term policy that offers you the protection that you need. As you solicit quotes, provide honest answers on your smoking status, age, weight, and hobbies. The more honest you are, the more accurate the price quotes will be in the end. After all, insurers run several different record checks on you to verify everything that you say.

The quickest way to find out which reputable carriers have affordable premiums is to use an online comparison tool.

By putting your information into the tool, you can search out personalized quotes in seconds with the click of a button. Access your comparison quote tool today and you can finally see just how affordable the death benefit that you need really is through big name life insurance companies. Enter your zip code in our FREE tool below to compare life insurance rates now!