In this uncertain economy, many people need ways to cut expenses. Despite the challenges, many families across the U.S. are surprisingly creative when it comes to saving a few dollars. But, in the end, they may scrimp on things they shouldn’t. For instance, many people opt out of having life insurance as part of their money-saving strategies. The good news is affordable life insurance is available for people on a tight budget.
In case you’re concerned about not having life insurance to protect your family, these tips for finding affordable life insurance can help.
What Is the Most Affordable Life Insurance?
Generally, the most affordable life insurance is Term Life. A term life policy provides coverage for a specific period such as 10, 20, or 30 years, or until you reach a certain age. You can choose how long you wish the coverage to last. This type of coverage is more affordable than Whole Life Insurance. The difference, however, is that Term Life doesn’t build cash value like Whole Life does.
Is There a Minimum Coverage Limit?
With most Term Life insurance companies, the smallest amount of coverage is $100,000. Fortunately, some companies offer smaller limits, such as $25,000 or $50,000. Keep in mind that the lower coverage means less money your family will have for expenses if you die.
Term Life is the most popular type of life insurance due to its affordability and flexible term. It is the cheapest way to provide protection for your family.
Tips for Finding Affordable Life Insurance
Imagine leaving your loved ones without protection if you were no longer around to provide for them. For many reasons, it’s not a good idea to opt out of life insurance. So, to help you get the coverage you need, here are some tips to help you find affordable life insurance:
- Start with an affordable Term Life policy. Later you can switch to Whole Life, or a combination of both Term and Whole Life. You also have the option of increasing the coverage amount later.
- Buy insurance when you’re still young and healthy. You may be able to lock in the low rate for the long term. You will also avoid the risk of having health conditions that can affect your policy premium. Furthermore, health issues can be a factor in whether you can qualify for insurance at all.
- Find out about group coverage from your employer. A group life insurance policy through your workplace is an affordable option. The only downside is that if you lose the job, your insurance is no longer valid. However, some companies allow you to take over the employer’s part of the payments yourself to keep the insurance active.
- Ask about a renewal guarantee. A renewal guarantee means your policy automatically renews without requiring a medical exam. The premiums are based on your age, not your health. That way, you can keep your insurance even if your health declines.
- Ask about discounts. Some insurance companies offer discounts if you pay the yearly premium upfront. Also, some providers offer discounts based on coverage levels. For example, it may be cheaper to buy $250,000 of coverage rather than $200,000 if the discount is available.
Gain Peace of Mind for Yourself and Your Family
As a budget-conscious individual, you’ve already learned the importance of comparison shopping. The same scrutiny should apply when it comes to life insurance. Since insurance coverages and premiums vary widely from one insurer to another, you need to compare quotes.
Most importantly, you’ll gain peace of mind knowing your family is protected. Their financial security is something you can’t put a price on.
Trust the Insurance Specialists at Sandifer Insurance
You don’t always have to go with cheap life insurance, even if you are on a budget. The cheapest insurance may not provide the coverage you need. The best way to get affordable life insurance for your family is to talk with a local insurance agency. You’ll get personalized service that you can’t get from large companies. Even if you’ve been denied life insurance, there may be options available you wouldn’t find on your own.
We are a local, family-owned insurance agency, proud to have served Cheraw, SC, and surrounding areas for over 40 years. If you are shopping for affordable life insurance, Sandifer Insurance Agency will find the policy that aligns with your financial situation.
Whatever your insurance needs, Sandifer will work with top insurance providers to get the coverage and rates you seek. We specialize in life, automobile, homeowners, farm, and commercial insurance. We can also bundle your insurance policies so you will save even more money.
Contact Sandifer Insurance today by phone, email, or online for a no-obligation, free quote and to learn more about our services. We look forward to helping you get life insurance that will give you and your family more security.
forbes.com/ – How to Purchase Life Insurance