Cheapest Life Insurance: How to get affordable coverage

Buying life insurance doesn’t have to be expensive. Here are the most affordable life insurance options of 2019.

Just a few years ago, life insurance wasn’t just more expensive, it also required a bunch of paperwork, medical exams, only to wait up to 90 days to get a decision (which wasn’t always in your favor).

But that’s changing. Life insurance rates are more competitive than ever, and underwriting can be done anywhere from instantly, to just a few weeks.

We make comparing life insurance easier than ever. With just a few clicks, you can compare rates online. No name, email or phone required. And nothing is final until you sign.

Our agents are here to assist you at no-cost, and no-obligation.

The cheapest life insurance options

Accidental Death
Highlights:
Most affordable
Simple qualification
Coverage:

$50,000 - $500,000

Our take:

Accidental death is the cheapest and easiest type of life insurance, but only pays if the cause of death is accidental.

Term life insurance
Highlights:
Very affordable
Medical exam optional
Coverage:

$10,000 - $5,000,000

Our take:

Term life insurance is an ideal solution for those seeking full-coverage life insurance at an affordable price.

Highlights:
Affordable
No medical exam
Coverage:

$2,000 - $100,000

Our take:

Final expense is the cheapest life insurance solution for seniors.

Accidental Death – Cheapest life insurance

Accidental death life insurance is the cheapest and easiest type of life insurance you can get.

There is one important takeaway, your death benefit will only be paid if the cause of death is due to an accident.

This makes it a great introduction or addition to life insurance.

Qualifying for accidental death:

Since death by natural causes isn’t covered, there is no need for a medical exam (no urine or blood samples) or health questions.

That does not mean that you will be automatically approved however. Underwriters will still check some public records, to determine whether or not you are insurable.

Accidental death policy duration:

An accidental death life insurance policy will be in force as long as you pay the premium. The price will never go up, and the death benefit will never go down.

You can terminate the policy at any time, without any additional expenses or fees.

ProsCons
  • Most affordable
  • No health qualification
  • Price never goes up
  • Death benefit only pays if cause of death is due to an accident

Term – Best overall life insurance

Term life insurance is the most popular life insurance type, and for good reason.

Unlike accidental death life insurance, term life insurance will pay a death benefit for both accidental and natural causes.

Qualifying for term life insurance: 

Since your health is an important factor, you can be disqualified if you have serious health conditions.

Does that mean a medical exam is required? No, it’s not. In fact, for policies under $300,000, most companies won’t even ask for a medical exam.

Instead, your qualification will be based on your public records, such as prescription medication, financial history, and others.

Term policy duration:

A term life insurance policy as the name implies is for a specific term (or duration). Term life insurance is available in 10 year, 20 year (recommended) and 30 year terms.

During the term, the price will never go up, and the coverage will never go down.

If you ever decide you no longer need life insurance, you can always terminate the policy at no additional expense or fee.

ProsCons
  • Very affordable
  • No medical exam
  • Death benefit will be paid whether the cause of death is natural or accidental
  • Once the term ends, the policy will end (although the option to extend the policy may be available depending on the insurance provider)

Final expense – Cheap life insurance for seniors

Life insurance gets more expensive as you grow older, and certain products will be either very expensive or simply not available.

But even as you grow older, there are cheap life insurance options available.

Final expense life insurance is better known as burial insurance, since the goal is usually to cover burial costs, with a little extra.

The average funeral cost is between $7,000 and $9,000. This can be a financial burden on your loved ones. Even if you have enough money saved, the cost could be avoided for just $25 a month (sample quote: $9,000 coverage for a 50 year old individual).

Qualifying for final expense:

In order to qualify for final expense, you don’t have to be in superb health. After all, most individuals over 50 have some sort of health condition or history.

However, if you have a history of serious health conditions, such as heart attack or stroke, qualifying could become problematic.

Just like with most life insurance products, applying while you are healthy will pay off dramatically rather waiting until you are not.

Final expense policy duration:

A final expense life insurance policy is also known as a whole life insurance policy, meaning it will last your entire life (unless you decide to terminate the policy).

During the life of the policy, the price will never go up, and your death benefit will never go down.

ProsCons
  • Very affordable
  • No medical exam
  • Death benefit will be paid whether the cause of death is natural or accidental
  • Once the term ends, the policy will end (although the option to extend the policy may be available depending on the insurance provider)

Cheap life insurance quotes

Getting a quote for life insurance has never been easier. We provide online quotes from dozens of top rated providers, with no phone number or email required.

When you find a policy you like, you can submit your application request and a friendly True Blue agent will call you to answer any questions you may have.

They will also double check to make sure you found the best match, for the best price.

Our service is at no-cost and no-obligation to you. We get a commission paid directly by the insurance company.

How to get cheap life insurance

That’s the easy part. Depending on what product works best for you (see the comparison above), all you need to do is a run an online quote to compare dozens of top rated life insurance providers at once.

While you could shop directly through an insurance provider, you won’t get a cheaper rate, and comparing prices from other providers could become troublesome and extremely time extensive.

So save yourself time – and money – and give us a try.

If you’re not tech savvy, or prefer speaking to a professional, just give us a call at 1 (866) 816-2100. We’ll answer your questions and can even provide you a quote over the phone.

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About Ben

Creative Director