By following these 5 important tips, you will be able to find a cheap life insurance policy that will provide you with the protection you need.
1. Get Multiple Quotes
Obtaining multiple quotes by using an online quoting tool is quick and reliable, letting you do side-by-side price comparisons from top-rated life insurance companies instantly.
Getting an instant life insurance quote is free and easy. It normally takes 3-5 minutes and you can easily view and compare quotes from different companies. The remaining process can also be done online without even visiting any office. If you have any questions or concerns, the experienced life insurance agents are always available.
2. Avoid Riders and Additional Insurance
If your ultimate goal is to find the low-cost life insurance policy, you might want to avoid special policy riders that will increase costs. These add-on options include child riders to cover your kids in the policy, as well as a “conversion” option to be able to convert your term insurance into permanent insurance during the life of the policy without having to prove your health insurability again.
These riders can be invested in your overall death benefit coverage amount. That conversion option might be well worth the investment because you can roll the existing term policy into permanent whole life coverage that will last you until age 100 and beyond. However, you will pay significantly more for that new policy but you will theoretically have more money to spend at that stage of your life. No policy is “one size fits all” but if budget is paramount right now, then avoiding these riders will help minimize costs when searching for the cheapest rates.
3. Say No to Single Company “Captive” Agents
All of the large insurance companies in the nation have their own fleet of agents, called “captive” agents because they are literally on staff with these insurers. They are the opposite of independent insurance agents because they only offer policies from their specific companies. Conversely, independent broker/agents represent many top-rated life insurers and are unbiased in offering you a variety of affordable policies for you to compare and choose.
4. Don’t Wait
Typically the optimal time to buy a term life policy is when you are younger and presumably healthier. That is because life insurance companies consider your risk of dying to be much lower and therefore unlikely to cost them having to pay a death claim. If this happens to be a time when you just got married, started a family, or purchased your first home, then it might indeed be the peak period to buy a policy for the cheapest price.
5. Check the Financial Stability of the Insurer
Purchasing cheap life insurance is a good goal but choosing a top-rated insurer with financial strength and high ratings is critical.You want to choose a company that has the financial viability to be able to pay a claim. You can review your company’s ratings instantly after receiving online quotes from rating services such as A.M. Best. They provide advanced information on financial strength for nearly all life insurance companies.