Affordable Life Insurance Protection for Your Family

Cheap Life Insurance for Adults

Term life insurance is the most affordable kind of life insurance policy you can purchase, giving you the maximum amount of insurance coverage for the lowest premium available. 

 

Term life is the cheapest coverage available by far, because it provides protection for a limited period of time, and your premium is fixed during the duration of your policy term.

 

You can instantly compare the lowest premiums available from several of the leading insurance companies to get a sense of what your price for life insurance may be.


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How Term Life Insurance Works

 

Term life insurance is simply a type of life insurance that lasts for a specific period of time called a term. If the insured individual dies within that specific period of time, the life insurance carrier pays a death benefit to the insured’s beneficiaries.

 

How Long Does Term Life Insurance Last?

 

You may choose a "Policy Term" (Duration of Coverage) of 10, 15, 20, 25 or 30 years, to meet your specific need for protection.

 

What is Term Life Insurance Good For?

 

Term life insurance offers a death benefit, which is intended to help your beneficiaries replace your income if you pass away. For example, the money can be used to help pay for things like a mortgage, education costs or everyday expenses, such as groceries.

 

Reasons for Buying Term Life Insurance

 

Here are some Common Reasons to purchase a term insurance policy:

 

  • Replace Your Income
  • Pay for Child’s College Education
  • Pay for Your Family’s Living Expenses
  • Provide for Spouse’s Retirement
  • Payoff Mortgage Loan on Home
  • Payoff Auto Loan
  • Payoff Credit Card Debt
  • Payoff Hospital and Medical Bills
  • Pay for Your Final Expenses – Burial and Funeral Costs

 

The Best Age to Purchase Life Insurance?

 

The best age at which you may want to purchase a life insurance policy is as soon as you know you have a need for protection. Rates at based in part on your age. The younger you are when you start your life insurance plan, the lower your rate, because you have a longer life expectancy when you are young.

 

When is the Best Time to Get Life Insurance?

 

The right time to buy life insurance varies from person to person, depending on family and financial circumstances. 

 

Generally, you need life insurance if other people depend on your income (spouse and/or children), or if you have debt that will carry on after your death; for example, a home mortgage loan.

 

What Do You Need to Know When Buying Life Insurance?

 

A good rule of thumb is to purchase enough life insurance so that your family can live off the interest of the payout (death benefit) from your insurance policy. 

 

You will need to determine your family’s annual cost of living, and then work backward to figure out how much life insurance you should purchase, to generate enough interest to meet their annual financial needs.

 

Why Term Life Is Most Beneficial to Young Adults 

 

  • Lowest Rates – Rates for permanent life insurance are usually 5-10 times higher compared to term insurance.
  • Rates Locked-In for up to 30 Years – You can lock-in your term life premium for 10, 15, 20, 25 or 30 years.
  • Conversion Option – Term life offers the option to convert your coverage to a permanent life insurance policy.
  • Renewal Option – You may be able to renew your original term policy for another term, when your current coverage ends, if you decide you still need life insurance.

 

Which Type of Life Insurance is Better?

 

If you need coverage for the long term, then whole life (permanent) could be better.


If you need coverage for the short term (30 years or less), then term insurance would be the better option to meet your needs at a much lower cost.

 

Cheapest Type of Life Insurance

 

Term Life vs. Permanent (Whole) Life Insurance

 

Term life is the cheapest type of life insurance available because it provides "Pure Protection".

 

This means term insurance pays out a death benefit, but has no investment feature or cash value inside the policy. And, many people may outlive the duration of their term life policy, so there would be no payout of any death benefit.

 

Whereas, permanent life insurance provides guaranteed lifetime protection, no matter how old you live to be. As long as you pay your premiums on time, you continue your permanent insurance plan. 

 

Permanent life pays out a death benefit, and builds cash value inside you8r policy over time, from which you may take a loan, if needed.

 

Permanent life usually costs up to 5-10 times more for the same amount of life insurance, compared to premiums for a term insurance policy.

  

How to Save on Life Insurance

 

Follow These Simple Tips to Save Money on Your Policy:

 

  • Choose Term Over Whole Life – Rates are much lower for term insurance.
  • Buy Now – Rates increase with age, so lock-in a lower rate now.
  • Quit Smoking – Smokers pay up to 2-5 times more for the same amount of life insurance compared to non-smokers.
  • Lose Weight – People who are overweight or obese are charged a higher rate per $1,000 of life insurance coverage, because overweight people have a shorter life expectancy.
  • Get Healthy – Exercise and lower your cholesterol to qualify for better rates on your life insurance plan.
  • Compare Pricing – Rates do vary by insurer, that’s why it’s important to compare prices from among several of the leading life insurance carriers. Get a Free Quote now.
  • Needs Calculator – Use a life insurance needs calculator to help you decide how much insurance you really need, so you aren’t paying for more life insurance than needed.

 

Key Pricing Factors for Life Insurance


There are several different factors that impact the rate you are charged per $1,000 of life insurance, including but not limited to the following:

 

  • Age
  • Gender
  • Health
  • Tobacco Use
  • Driving Record
  • Lifestyle
  • Alcohol Use
  • Drug Use
  • Occupation
  • Hobbies

 

Life Insurance Quotes

 

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.

 

 

 


Disclosure: Compensated Affiliate