Affordable Life Insurance Protection for Your Family

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 Work?

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 Term Policy?

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.


Understand the 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 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.


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