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 policy. Your 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 the best option for you. The only difference is 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 policy, we recommend a 20- to 30- year term policy 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 leftover end-of-life costs.
This type of 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.
Term life insurance is a simple and straightforward policy that is intended for a specific period of time and has no cash value component.
Term life insurance works well for those who want a basic and affordable plan to provide coverage for a certain time period. The biggest downside is if they want to renew and extend the plan for another time period, they will have to reapply, take a medical exam and pay a higher rate, since they will be older than when they bought their previous policy.
Understanding What Whole Life Insurance Is
Whole life insurance is a type of permanent life insurance intended to provide a death benefit at the end of the insured’s life, no matter how long the person lives. In the early years of the policy the premiums are higher than term life, but the monies go toward a special account that is invested (at a typical rate of 2% to 4 %) and builds up a cash value.
A whole life insurance policy works best for those who can afford the higher premiums and want a guaranteed death benefit for their family members or estate, no matter how long they live.
Understanding the Different Types of Life Insurance Quotes
While there are different types of life insurance, in many cases life insurance of any type seeks the same goal: income replacement. Wage earners who want to buy life insurance so they can provide a financial safety net to family members in the event of their early death are making a wise decision.
However, purchasing life insurance isn’t as straightforward as buying auto or home insurance. Not only must consumers choose what level of coverage but also what type of insurance is best for their needs.