Affordable Life Insurance Protection for Your Family

Which Life Insurance Is Cheapest?

If you are in need of life insurance protection for your family and you’re on a budget (like most of us), you probably want to find out which type of life insurance policy offers the lowest prices.

That’s simple. Without a doubt, Term Life Insurance offers you the cheapest rates on life insurance coverage, by far – without question.

 

What is Term Life Insurance?

Term life insurance protects you for a specific period of time, usually between 10 to 30 years. If you die within your policy term period, your beneficiaries will receive your death benefit. If your insurance plan expires before your death, your policy ends and you won’t get any more protection. There is no benefit payout if you outlive your term life policy.

Though some life insurance companies allow you to renew your term policy after it expires, premiums are usually much higher for your second term, because they are based on your age at the time you renew your coverage.  


What is Permanent Life Insurance?

As its name suggests, permanent life insurance policies don’t have an expiration date. As long as you continue to pay your premiums, you’ll have life insurance coverage your entire lifetime.

There are no guidelines or limitations on what your beneficiaries can do with your death benefit. 

Most people use it to pay for funeral expenses, pay off a home mortgage or co-signed debts, and use it to make up for lost income of the breadwinner who passed away.

Permanent life may build up some cash value inside your policy over time, from which the owner of the policy may take a loan.


Why is Term Life Insurance Cheapest?

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 30 years.
  • Life Insurance Only – You get death benefit coverage only, there is no investment feature.
  • No Cash Value – Term 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.

 

How Much Does Term Life Insurance Cost?

The premium you are charged for term life coverage will depend on several factors including the type of term policy, the amount of coverage, and the length of policy term. 

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

Start Your Free Term Life Insurance Quote

 

How Can I Save Money on Life Insurance?

Here are several tips for you to use which may help you save some money on your life insurance plan:

  • 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.

 

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.

 

Compare The Cheapest Rates on Life Insurance

 

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.

 

 

Which Life Insurance is Cheapest?

 


Disclosure: Compensated Affiliate