Cheapest Way to Buy Term Life Insurance
What is the Cheapest
Way to Buy a Term Life Insurance Policy?
If you’re in the market for term insurance you probably want
to get the best deal you can, to make it easy on your wallet. None of us wants to
spend more than we have to, and term life coverage helps you find affordable
protection to fit any budget.
How Does Term Life
Term life insurance is coverage that lasts for a limited
amount of time, typically 10, 15, 20, 25 or 30 years. During this term, your
premiums payments and amount of insurance remain the same. Term life is the
least expensive type of life insurance coverage available.
How to Get the Cheapest
There are several helpful tips you can follow to assist you
in finding the lowest pricing on your insurance policy, including:
- Shop and Compare
Rates – Make sure you get free price quotes from several of the best
insurers since pricing varies by company.
- Use a Coverage
Calculator – Use a life insurance needs calculator to help you find the
amount of coverage that meets your specific needs so you aren’t paying for more
coverage than you really need.
- Choose a Term Wisely
– Selecting the duration (term) of your policy is very important as you want to
make sure your coverage lasts as long as you need it.
- Don’t Delay – The
cost of your life insurance will be based in part on your age. The older you
are when you start your coverage the higher your rate per $1,000 of coverage.
- Healthy Lifestyle
– Stay healthy, eat right and exercise to keep yourself in good health which
will help you get a better price on your policy.
- Safe Lifestyle –
Rates for life insurance are also based in part on your lifestyle, including
any high-risk hobbies or high risk occupations. People with risky jobs or who
take part in risky activities usually pay a higher premium for coverage.
- Honesty on
Application – Make sure you answer all questions truthfully on the
application for your life insurance policy. If you are caught lying about your
health, tobacco use, or any other issue, you may be denied coverage or charged
a higher rate for your plan.
- No Riders – Don’t
add additional insurance coverage to your policy that you really don’t need.
- No Captive Agents
– Captive Agents sell life insurance for only one insurance company. Independent agents sell insurance for several insurance
companies. They can do the shopping for you by comparing the rates and coverage
options of several companies.
Different Types of Term Life Insurance
There are several different types of term policies available
that offer different rates based on the coverages provided.
- Level Term –
Offers the lowest pricing for term insurance. Level premiums each year and your
coverage remains the same for the entire duration of your policy.
- Decreasing Term –
Level premiums each year, but the amount of coverage declines each year for the
life of your policy.
- Return of Premium
– Higher annual premiums, but the insurer returns to you almost all of the
premiums paid if you are alive when your term life insurance policy ends.
Whether to Take a
Health Exam or Not
In addition, there are term insurance plans that offer you
the option to purchase coverage without having to take any medical examination.
Usually, these policies are for people who have average or
above average health. Some insurers offer same day life insurance coverage. You
can request a free quote, apply online and begin your insurance right away, if
you qualify. Although there’s no health exam, there are some health questions
for you to answer.
Term Life Insurance Quotes
Top Pick – JRC
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Cheapest Way to Buy Term Life Insurance
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Disclosure: Compensated Affiliate