Are you one of the 40 percent of Americans who don’t have any form of life insurance?
If so, you’re living on the razor-edge of uncertainty. If you’re your family’s breadwinner and you pass on today, who will take care of your family’s financial needs? Without life insurance, they will be left to fend for themselves.
If you don’t want this to happen to your loved ones, it’s time to start shopping for life insurance. And if you’re worried about whether you can afford it, we are here to help.
Continue reading for tips on how to find the cheapest life insurance.
Understand How Life Insurance Works
As a newbie, probably all you know about life insurance is it replaces your income after you die. Your beneficiaries receive a certain amount of money.
Well, that’s correct, but not entirely.
There are two types of life insurance: term life and whole life insurance.
Term life insurance provides coverage for a pre-determined amount of time, usually 20-30 years. During this period, you’ll pay premiums to your insurer. If you die within the term of the policy, your beneficiaries will cash out the total value of the policy. If you outlive the policy, you’ll forfeit everything.
On the other hand, whole life insurance lasts a lifetime. You pay premiums until you die, after which your beneficiaries receive the death benefit.
Whole life policies have a “cash value” component, which you can cash out after some time. Alternatively, you can use this “cash value” to keep paying your premiums, instead of relying on your regular/primary income.
Term life insurance is cheaper than whole life insurance. So when your goal is to spend as little as possible, term life is the policy to go for.
Shop Around for the Cheapest Provider
To score the best deal on anything, you must shop around. Life insurance is no different.
As such, you need to explore various life insurance companies and learn about the pricing of their policies. Remember term life is cheaper, so that should be your focus.
However, there are so many providers it’s hardly possible to go through all of them. You’ll just end up in confusion.
The good news?
There are online tools that can enable you to get the best quotes on one page. A good example of these tools can be found at https://simplelifeinsure.com/.
Once you have the quotes, it’s easy to pick out the cheapest, but this is just a start.
Lead a Healthy, Responsible Lifestyle
Once you have a quote, you’ll get in touch with the insurance company. Don’t expect the insurer to offer you coverage at the quoted price, though. Your final premiums can be a bit higher or a bit lower.
Here is why.
Insurance companies assess the risk involved in insuring every client. If you’re a smoker, obese, or your hobbies are highly risky (such as scuba diving and rock climbing), expect to pay higher premiums. This is because, in simplistic terms, you’re more likely to die sooner, and insurance companies don’t want to pay out full death benefits before you pay a substantial amount in premiums.
Therefore, you can see how leading a healthy, responsible lifestyle can help you secure a policy with cheaper premiums.
Finding the Cheapest Life Insurance, Simplified!
Purchasing life insurance is a massive financial commitment. Even if you feel you aren’t financially ready for it, with these tips on finding the cheapest life insurance, you can always find a policy that suits your situation. The peace of mind that comes with having life insurance is priceless.
Stay tuned to our blog for more handy tips.
I’ll definitely take these tips into account. Life insurance really matters but it’s great that you gave the options for those who don’t have it.
My wife and I don’t have an insurance policy for either of us. I’m worried that this isn’t responsible of us as parents. We’ll have to consider getting a policy that has low premiums as you said.
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Life Insurance is generally a protection tool, whereby if something happens to the insured, the family should not undergo financial uncertainty. Thus, Life Insurance is done by a person, so that in emergency situations where the earning of the insured stops, the monetary condition can be taken care by the insurance company by the means of the cover
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