Affordable Life Insurance Protection for Your Family

How To Get The Cheapest Life Insurance

If you are shopping for a new life insurance policy and on a budget, you may be looking for the most affordable coverage you can find.

It only makes sense, especially with inflation on the rise.


So, how can you get the cheapest life insurance policy to protect the ones you love?


Tips to Help You Save Money on Life Insurance


  • Purchase a Policy While You are Young – The longer you wait to buy a life insurance plan, the higher your rate for coverage.
  • Improve Your Health – Manage the parts of your health that are in your control. Make sure you exercise, eat healthy and lower your cholesterol.
  • Stop Smoking – Quit smoking and/or using other types of nicotine products. 
  • No High Risk Activities – Avoid all dangerous activities; such as, skydiving, mountain climbing and bungee jumping, among other things.

Why is Term Life Insurance Cheapest?


Term insurance is generally cheaper than permanent life insurance because the coverage is available for a specific number of years. In many cases, the insurer will never pay out a death benefit, because you will outlive the policy term and the insurance coverage will expire.

However, term premiums can and do increase with your age after your policy term ends, whereas whole life premiums stay level your entire life.

Term insurance offers by far the lowest pricing on life insurance for the following reasons:

  • Temporary Coverage – Your policy provides coverage for a specific period of time up to thirty years.
  • Life Insurance Only – You get death benefit coverage only. There is no investment feature or cash value.
  • No Cash Value – Term life policies have no cash value, they are insurance only policies.
  • May Outlive Coverage Term – The insured person may outlive the duration of coverage, which means many policies providing term life coverage may not pay out any death benefits.

Which Type of Term Life Insurance is Cheapest?

There are several types of term policies including level term, decreasing term, return of premium term and no exam term insurance plans. 

The cheapest type of term life policy is Level Term.


How Does Level Term Life Insurance Work?

Level Term Policies Have Several Common Features:

  • Premiums remain the same for the term (entire duration) of your policy.
  • The amount of life insurance stays the same for the duration of your policy term.
  • Term Options may include – 5, 10, 15, 20, 25 or 30 year of coverage.
  • Level term coverage may offer the option to renew your policy for another term (usually 10 years) when your original policy term expires.


How Much Does Term Life Insurance Cost?

The premium you are charged for a term life policy will depend on several key factors including the type of term policy, the amount of insurance, and the duration of your policy. 

In addition, several personal risk factors will impact your rate, including your age, gender, health, tobacco use, occupation, hobbies, height-to-weight-ratio, lifestyle, and driving record, among other things.

Compare Term Life Insurance Quotes


How Can I Save Money on Life Insurance?

Here are Several Tips for You to Use Which May Help You Save Money: 

  • Compare Rates – By shopping and comparing pricing online you may save up to 50% or more on your policy.
  • Annual Premiums – You can save money by choosing to pay your premiums once per year (annually) instead of monthly, which charges a service fee.
  • Quit Smoking – Smokers pay up to 5-10 times more for the same amount of life insurance compared to non-smokers.
  • Get Healthy – The healthier you are when you apply for life insurance, the lower your rate.
  • Term Instead of Permanent – Permanent life insurance usually costs up to 5-10 times more than premiums charged for the same amount of term life coverage.
  • Select a Term – Choose the right duration (term) for your policy. The shorter your policy term, the lower your annual cost of insurance.
  • Amount of Coverage – Don’t pay for more life insurance than you really need. Use a life insurance needs calculator to help you determine how much insurance you actually need.
  • Buy Now – The younger you are when you buy life insurance, the lower your rate for insurance, because you have a longer life expectancy.


How Long Does Term Life Insurance Last?

The duration of your term coverage will depend on the policy term you select when purchasing your life insurance. Usually, life insurers offer policy terms of 10, 15, 20, 25 or 30 years.


Can I Renew a Term Life Insurance Policy?

Yes, you may be able to renew your term life plan if your policy offers Renewability

This basically means you can choose to renew your policy for an additional term (usually 5 or 10 years) when your current term policy expires. 

However, the premium you are charged for the renewal policy will be based on your age at time of renewal.

In addition, you will not have to take a health exam to prove insurability, you are automatically accepted for coverage.


Do Term Life Rates Increase Over Time?

That depends on the type of term life plan you own. 

Level term life insurance provides premiums that remain the same for the entire duration of your policy term – up to 30 years.

However, other types of term policies; such as, Term to Age 70 may have level premiums the first 20 years, then the premiums increase each year thereafter.


Cheapest Life Insurance Carrier Rates?

Several of the most competitive insurance companies for low cost life insurance policies include TIAA Life, Transamerica, Amica Life, New York Life and State Farm, among others. 

TIAA offers some of the cheapest life insurance pricing, plus the option to convert your term life policy into permanent insurance.  


How Do I Find the Lowest Price for Coverage?

That’s simple. You request and compare free, instant term life insurance premium quotes from a quote provider; such as, JRC Insurance Group. 

JRC has a network of more than 45 leading life insurance companies. 

All you have to do is fill out a short Quote Request Form, and JRC instantly shows you the lowest pricing available from their network of insurers.


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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