Getting Cheap Life Insurance in Today’s World

When was the last time you thought about purchasing a new life insurance policy? Probably never. Many Americans avoid thinking about their mortality, as it’s something that makes sad. The fact is that life insurance is a reality for us, especially after the important life cycles, such as becoming a parent, or purchasing a home. Those are the moments when you realize that how much you love your significant others and how will they handle everything if something happens to you.

You try to do everything to provide them with financial protection. Financial stability now becomes the most important factor and all of a sudden that uncomfortable topic becomes a non-forgotten reality of being a responsible adult. Buying life insurance now becomes part of an overall financial plan, part of your investments and college savings plan.

The search now begins…You try to find an affordable policy that offers the ideal amount of coverage for the maximum period of time. Most first-time buyers grow concerns over the myriad of policy choices because they want to be guaranteed that they’re getting the best coverage at the most economical price.

Two Vital Points For Getting Cheap Life Insurance Rates

  1. Aim for a term life insurance policy
  2. Get quotes from numerous providers

The goal is always to find the best coverage for the best rates. Keeping in mind that there are some factors, such as age, and your family health history that you cannot control, we are here to help educate you about price factors you can control.

Why Is Term Life Insurance the Cheapest?

Generally speaking, there are two types of life insurance:

Term Life Insurance
Permanent Life Insurance

Term Life Insurance

Term life insurance does exactly what the title says, insures you for a specific term period, or length of time. As long as you pay your premiums for that coverage monthly, quarterly, or annually, you are covered for the entire length of the policy, generally 5-30 years. Term life insurance is the cheapest form of life insurance because the policy is only held for a predetermined length of time. Hopefully, the insurance company will not have to pay out because you will outlive the policy. Basically the policyholder is buying peace of mind for the “what if” in life.

Permanent Life Insurance

Whole life insurance is the most common type of permanent life insurance, and it remains in force throughout the entire lifespan of the insured client. These policies are also called “cash value” insurance because the policies build value, that you can borrow when needed for living expenses. The premiums you pay for this type of policy are invested to hopefully produce gains toward its “cash value.” You will however, pay significantly higher premiums for this type of coverage as compared to term life insurance, due to its investment component and because it is lifetime coverage.

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What Factors Affect Your Life Insurance Rates?

The two biggest factors that affect price are age and health. This is how insurance underwriters calculate their cost to insure you, and handicap your risk of dying prematurely. Here are the major factors that affect your rates:

  • Current Medical Health/Chronic Diseases
  • Smoking/ Drinking
  • Family Health History
  • Age
  • Gender (Women pay less because they live longer)
  • Hobbies/Hazardous Activities
  • Driving Records
  • Financial/Credit History/Bankruptcy
  • Occupation
  • Location

How to Effectively Use Life Insurance?

Once you’ve made the decision as to which policy is suitable for you, the next big question is, How do I use my policy in the most effective manner where it coincides with all my future goals?


Here’s an example:

A 35-year-old man, with two children, a home and two vehicles.

This man will want several things covered in case of his death:

  • Home mortgage
  • Vehicle expenses
  • Child care and living expenses for both children
  • College funds for both children


Let’s say the time frame needed to cover these expenses will be roughly around 20 years. This individual can choose a 20-30 year term life policy to last through the time necessary to raise and educate his family and to cover the outstanding mortgage debt. He can also choose to convert his term policy to a whole life policy, in order to build cash value and have available cash for any necessary living expenses throughout his life.

cheapest life insurance

How Much Insurance Do I Need and When Is the Best Time to Get Started With This Investment?

The rule of thumb when deciding to purchase life insurance is to buy 10-20 times your annual salary, depending on yours and your family’s lifestyle. So if you make $100,000 a year, you would want a $1,000,000 life insurance policy but again, this depends on how you live and what you think they will need to live a comfortable life.

The best approach to take for a more accurate rate cheap life insurance policywould be:

  • Calculate expenses of your mortgage, college plans or tuition loans
  • Tallying up annual expenses for the period you want coverage.
  • Credit card debt, or any financial responsibilities you don’t want to burden your family with.

Figuring out an organized financial plan is the best way to sum up the appropriate amount of coverage you may need.

How Do I Get Started?

Generally speaking, one does not really think of purchasing life insurance until certain life cycles kick in; a marriage, a baby, the purchase of a home. This is when reality also kicks in because life suddenly seems more fragile and worth protecting. Buying insurance at a young age will give you a better shot at getting the cheapest life insurance rates on the market from top insurers because statistically you will live longer, and the carriers will reward you for that with low prices. You’ve got nothing to lose by going online and getting a quick quote with a ballpark figure of what it will cost you to get insured. It only takes a couple of minutes of your valuable time to compare companies and policies side-by-side to see if it will fit into your budget.