The most affordable life insurance policy you can buy is a 10, 15, 20, or 30-year level term life insurance policy.
A popular option for families looking for a budget-friendly solution, term life insurance is often the least expensive way to obtain life insurance coverage if you only need insurance for a limited amount of time.
To save the most money, we recommend a 20- to 30-year term life insurance policy. Your life insurance rate will be locked in and will not go up as you grow older.
Hate needles or don’t want to be bothered with medical exams? Then a term life insurance policy without the medical exam is a great option for you. There is a slight difference in rates, though you aren’t required to have an exam — everything else stays the same.
This option is ideal for those who want the coverage of a term life insurance policy, but not the hassle of scheduled medical exams.
Just like with a traditional term life insurance policy, we recommend a 20- to 30- year term to provide the best coverage value. These rates will also be locked in over the life of the policy.
A low-benefit whole life policy may be the solution you need to ensure that your loved ones aren’t burdened with end-of-life costs.
This type of life insurance policy is great for seniors and people who are unable to qualify for more traditional forms of life insurance, who want to protect their loved ones from the financial burdens that might be left behind.
Given the increasing cost of funeral and burial expenses, we recommend a $25,000 guaranteed-issue policy to ensure there’s enough coverage.
Understanding the Different Types of Life Insurance Policies
While there are different types of life insurance policies, they all accomplish the same goal: pay the death benefit to your beneficiaries. Wage earners buy life insurance so they can make up for the lost income for family members in the event of their early death.
We believe the majority of people are best served by purchasing term life insurance. However, life insurance also provides tax benefits such as tax-deferment of cash value and tax-free payment of the death benefit. This makes permanent policies attractive to those doing estate planning or looking for a tax-favorable investment vehicle.