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Affordable Life Insurance
If you’re looking for affordable life insurance, you might want to consider a term life insurance policy. Term life insurance helps protect your loved ones financially in the event of your death, but is generally more affordable than permanent life insurance. This is because permanent life insurance remains valid for your entire life, while term life insurance remains valid for a predetermined amount of time (or term). For many, term life insurance is all they need. Here’s what you should look for as you compare life insurance companies, policies and quotes.
Types of Life Insurance
The most affordable life insurance policies are usually term life policies, which have a fixed, temporary period of coverage. However, older people and people in poor health are often denied coverage for term policies.
If you've been denied a term life policy, you may want to consider final expense life insurance or a whole life policy.
Final expense policies are designed to cover end-of-life expenses, such as medical, funeral and burial costs. However, final expense payouts can be used any way the beneficiary chooses. Most final expense policies are guaranteed issue, meaning insurance companies will not evaluate yourhealth to determine coverage eligibility. This makes it a good choice for many older people who have been denied term life insurance coverage. These plans may have a graded death benefit for an initial period of time.
Whole life insurance policies are more expensive than final expense policies because the payout they provide is usually much larger. If you need to leave a significant death benefit to your beneficiary, it could be beneficial to choose a whole life policy over a final expense policy.
If affordability is key for you, you should consider a few other factors that can influence the price of your policy.
Pricing structures. A policy may be listed as “yearly renewable.” That means premiums begin low, but rise each year. Another kind of pricing structure involves a “level term,” in which your premium remains flat for a set amount of time, but then increases every year. Last, a “step rate” term policy has premiums that stay flat for a fixed amount of time. After that time period, premiums will jump to another rate, for another fixed amount of time.
Getting back your premium. Some term life insurance policies return a portion of your paid premiums. The requirement may be that you live beyond a specific number of years, and then decide to cancel your policy. These kinds of term life policies often feature higher premiums.
Forgoing a medical exam. Some life insurance policies do not require a physical exam to gain coverage. While this may be a benefit for you if you have health problems, this option may also raise the cost of your policy or lower the death benefit you may select.
Speak With an Agent
For help finding the right life insurance policy, speak with a licensed agent at 800-966-7169.
*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.