Cheap Life Insurance for Family
How to Find Cheap Life Insurance for Your Family
Affordable family life insurance protection provides your family with the financial security they need at a price that fits your budget.
You’re married, you’ve started a family, and you have goals for your family's future.
But, what if something happened to you?
Who would pay the mortgage on your family’s home? How would your kids be able to afford a college education? Who would pay the monthly bills? Your spouse may need to get a job, or even take a second job. There would probably be childcare costs, in addition to the loss of your income. How would your family maintain their lifestyle.
You may have some life insurance from your job. It’s usually equal to one or two times your annual salary. That may seem like it’s enough, but many financial advisors recommend you carry between 7-10 times your annual salary.
And, what happens if you quit, leave your job, or you get fired? You would need to buy your own individual life insurance, and what if you have a health condition, or couldn’t afford your own plan?
These situations happen. It’s not meant to scare you, only to make you aware. Even though you have credit card bills, mortgage payments, and other expenses – life insurance can provide financial security for your family for years to come.
Term insurance is a very affordable way to provide up to one million dollars (or more) of financial protection for the ones you love. You can even add additional coverage (life insurance riders) for your spouse and children to your own individual life policy.
The way to find the cheapest life insurance coverage for your family is to compare prices from among several top-rated life insurance carriers.
But, before you request your free premium quotes, consider the following:
What is the Financial Strength Rating of the Insurer?
The higher the rating, the more financial secure the insurer. When you request your life insurance quotes they provide the financial ratings of the insurers quoted.
Does Your Policy Pricing Stay the Same Each Year for the Entire Policy Term?
Level term life insurance plans have premiums that remain the same each year for the entire life of your policy.
How Many Years Do You Need Coverage to Last?
Term life offers low cost options of 10, 15, 20 or 30 years of life insurance protection.
How Much Life Insurance Do You Really Need?
It is usually recommended that 7 to 10 times your annual salary may meet your family's needs.
However, to make sure, you may want to use our life insurance calculator to find out how much coverage you really need.
Life Insurance for Family Members
Make sure to consider purchasing life insurance policies for you and your spouse. If one of you passed away, it would be difficult to provide the funds needed to replace your income, or all of the work performed by a stay-at-home parent.
You can add a child rider to your own life insurance policy to provide low cost life insurance protection for your children. Or, you could purchase a separate child life insurance plan for each of your kids.
How to Save on Life Insurance
Here is a list of helpful tips to save you more money on your term life insurance.
Tips for Comparing Pricing:
- Policy Duration – Compare Pricing for 10, 15, 20 and 30 years of term life coverage.
- Financial Rating – Review the Financial Strength Ratings of the insurance companies.
- Limit of Coverage – Comparing different Limits of Coverage, as you may find it's not that much more expensive to buy a higher limit of life insurance; for instance, $300,000 instead of $250,000.
Tips to Save Money:
- Compare Rates – You may save up to 50% or more on your premiums by comparing prices among several insurers.
- Type of Insurance – Choose Term over Permanent – Permanent life insurance usually costs up to 5-10 times more than the same amount of term life coverage.
- Amount of Insurance – Don’t Buy More life insurance than you Need.
- Buy Now – Buy life insurance while you are Young and Healthy, as rates increase with age.
- Annual Premium Payments – Insurers charge an additional processing fee for monthly or quarterly premium payments. Paying premiums once (annually) per year will save you money.
- Get Healthy – Improve your overall health by eating right, exercising and lowering your cholesterol to qualify for a better rate on life insurance.
- Quit Smoking – Smokers pay up to 5-10 times more than non-smokers for the same amount of life insurance protection.
- Lose Weight – People who are obese or overweight pay a higher premium because of the greater risk of developing health problems which could shorten your life expectancy.
- Avoid High Risk Hobbies – People who take part in high risk hobbies; such as, B.A.S.E. Jumping, mountain climbing, racer driving or skydiving pay a higher rate for life insurance.
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.
Resources:
- What are Life Insurance Quotes?
- How Much Life Insurance Do I Need?
- Benefits of Child Life Insurance Plans
- How to Get Burial Insurance for Family Members
- Can I Buy a Life Insurance Policy on My Adult Child?
Term Life Insurance for My Adult Children
Buy Cheap Life Insurance for Spouse
Cheap Life Insurance for Family
Life Insurance for New Parents
Disclosure: Compensated Affiliate