Term Insurance Cheap

Is Term Insurance Cheap?

Yes, compared to any other type of life insurance that provides protection for a period for 30 years or less, term insurance is cheap.

 

Why is Term Insurance Cheap?

There are several key reasons term life insurance is so cheap:

  • Temporary
  • Pure Protection
  • Not An Investment
  • Does Not Build Cash Value
  • Many People Outlive the Duration of their Term Coverage
  • It’s Flexible offering Coverage for a Period of up to 30 years

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How Long Does Term Insurance Last?

Term life insurance provides life insurance protection for a specific period of time – usually 10, 15, 20, 25 or 30 years. The longer your term, the higher your annual cost of insurance.

Some term life policies offer renewal, which means if you need coverage longer than your original term, you may extend life insurance for an additional period of up to 10 years, usually.

 

Tips to Get the Cheapest Term Life Insurance Policy

  • Go Shopping – Compare prices among several insurers
  • Don’t Wait – Rates increase with age
  • Buy More Than 6 Months Before Your Next Birthday
  • Stay Healthy – Health is an important factor in determining the price you pay
  • Low Risk – High-risk hobbies or jobs will increase the cost of your life insurance
  • Be Honest – Answers all questions truthfully on the life insurance application
  • Don’t Buy Insurance from a Friend or Relative – find the most affordable plan
  • Pay Premiums Annually Not Monthly – Extra fees for more frequent payments
  • Don’t Buy More Life Insurance Than You Need – Use a life insurance calculator to determine your actual life needs.

  

Terms for Term Life Coverage

The term is the length of time you have life insurance protection under a term insurance policy.

Term life insurance may be available for 10, 15, 20, 25 or 30 years.

The longer your term, the higher your annual cost of coverage, since the likelihood of your passing away increases as you get older.

 

Rate Factors for Life Insurance 

  • Type and Amount of Coverage
  • Age, Gender and Health
  • Lifestyle, Occupation, Hobbies, Driving Record and Credit History
  • Family Health History, Height-to-Weight Ratio and Tobacco Use

 

Important to Consider

Financial Rating – Consider choosing an insurer rated at least "A" Excellent for financial strength from AM Best.

Reputation – Contact your state department of insurance to inquire about the reputation of the insurance carrier you consider buying coverage from.

Years in Business – An insurer in business more than 50 years for example, may be more financially secure than a life insurance company established in the last 10 years.

Size of Insurance Company – An insurer with a larger amount of assets may be more financially secure than a smaller insurance carrier.

 

Compare Term Life Insurance Rates


Top Pick – Wholesale Insurance

Compare the best term life insurance quotes from 40 of the leading life insurance companies in less than 2 minutes. Save up to 73%. Request a free term life insurance quote.

 

Highly Recommended – Haven Life

  • Get up to $1,000,000 of affordable term life insurance today
  • Apply online in under 20 minutes, start coverage today
  • Backed by MassMutual, rated A++ by AM Best

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Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.



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