Affordable Life Insurance Protection for Your Family
Are You Looking for the Cheapest Life Insurance Policy?
If so, you may want to find out which type of life insurance offers the very lowest rates.
That’s simple. It’s term life.
Why does term insurance offer the lowest prices on life insurance protection?
Because, term life is temporary coverage lasting for a period of up to thirty years.
With term insurance, you select a "Term" (duration) for your policy. You can usually choose from terms of 10, 15, 20, 25 or 30 years. However, older people may be limited to shorter a shorter term for coverage – maybe 5, 10, 15 or 20 years.
Answer to the Question "Which Life Insurance is Cheapest?"
The lowest priced life insurance is term life insurance for the shortest term available and in the lowest amount of coverage offered. The person who will qualify for the lowest premium will be the youngest adult in the best overall health.
Type of Life Insurance
There are several variables that affect how cheap, or expensive, your life insurance policy will be, and those variables include the type and amount of life insurance.
In addition, your personal risk factors, which impact your life expec6ancy (how long you are expected to live), play a part in determining your rate per $1,000 of life insurance coverage.
Duration of Coverage
The shorter your term for term insurance, the lower your cost of coverage, because the probability is less that you will pass away during the shorter period of time.
However, if the duration of your term life policy was longer, the chances are greater that you may pass away during the period you are insured for life insurance.
Amount of Insurance
Your cost of life insurance will increase with the amount of insurance you need.
For life insurance, you are charged a rate per $1,000 of coverage. So, the higher your amount of insurance, the more your policy will cost.
Example: $100,000 life insurance for 20 year term, at $2.50 per $1,000 coverage.
So, based on the above figures, your term life plan would cost you $2.50 X 100 = $250 per year.
Your rate would be higher for a 30 year term life policy because the odds you may pass away during the additional 10 years of coverage are greater compared to the chances of you dying during the 20 year term.
Personal Risk Factors
Several of the most common risk factors used by all insurers to help develop your rate for coverage include your age, gender, health, family health history, lifestyle, tobacco use, height-to-weight ratio, driving record, hobbies and occupation, among other things.
Which Insurance Company Offers The Cheapest Rates?
It varies based on your own personal risk factors, including your gender, age and health; as well as, the type of life insurance policy you need.
However, some of the more competitive insurers when it comes to pricing on life insurance policies include Banner Life, Mutual of Omaha, Principal, Protective, SBLI, North American, AIG and Fidelity Life, among others.
How to Find The Cheapest Life Insurance Policy
Are You Trying to Find the Cheapest Life Insurance Coverage?
If so, you may want to learn how your coverage may cost less, and what factors will have an impact on the price you pay for a policy.
Two Keys to Getting Cheap Life Insurance Plans
If you want to get the most affordable life insurance, there are several tips you can follow to lower your cost of coverage.
Although you don’t have control over your age, there are other pricing factors you can control to help lower your cost.
Tips to Save You Money
Why is Term Life Insurance Cheapest?
Term insurance offers by far the lowest cost coverage because it is temporary insurance and it is pure protection, meaning there is no cash value inside the policy, it is life insurance only.
Many people do outlive the duration of their term life policies, and others may choose to cancel their policies, or are unable to continue making premium payments.
That’s why only about 3% (approximately) of term policies pay out a death benefit, which is another reason rates are so low for term life coverage.
What Affects Your Life Insurance Rates?
There are several key factors that affect your rate per $1,000 of life insurance coverage, including:
In addition, several other personal risk factors play a role in determining your rate for coverage, including:
Personal Risk Factors:
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.
Highly Recommended – Haven Life
Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.
Applicants age 60-64 are eligible to apply for up to $1 million in coverage; subject to underwriting approval.
Some qualified applicants (U.S. citizens up to the age of 59) will be able to finalize coverage without the need for a medical exam. The majority of applicants are still required to take a medical exam.
Keep in mind: Issuance of the policy or payment of benefits may depend upon the answers given in the application and the truthfulness thereof.