Learn How To Get the Peace of Mind You Deserve with Low Cost Life Insurance

low cost life insurance

If you’re worried about leaving your loved ones unprotected, you are not alone! We all want the best for our family, especially when it comes to their financial well-being. One of the best ways to ensure that your family is financially secure even when you are not around is by purchasing term life insurance as it tends to be low cost life insurance pending each individual’s qualifications.

So when it comes to protecting your family, term life is the most affordable way to go. Read on for a real understanding of term life insurance and why it is a must-have for every family.

What Is Low Cost Life Insurance?

Low cost life insurance tends to be term life, which is a policy that provides a death benefit to your beneficiaries if you were to pass away during the term of the policy. The term can be anywhere from one year to thirty years, depending on what you choose.

Although the coverage is for a specified period of time, it works out for some because if a person passes away during the term of the policy, the beneficiaries will receive a lump-sum payment that can be used to pay for funeral expenses, outstanding debts or to provide an income for your family. Most don’t know when their time is coming, so having this type of policy let’s them know that their family will be ok no matter what happens!

To keep the coverage going during the specified period of time, the policyholder pays a premium every year. As mentioned, the beneficiaries will receive a death benefit if anything happens to you. But please note that if the policyholder outlives the term, the coverage ends, and the premiums paid are not returned.

It’s Affordable

low cost life insurance

Term life insurance is the most affordable way to protect your family. A person in their thirties, for instance, could get a $500,000 policy for as little as $20 a month. The younger you are, the lower the premium you will have to pay. You may be wondering “how is low cost life insurance even possible?” Term insurance has no cash value or investment component, which is how companies are able to keep the price lower than other types of life insurance policies!

Some people like that they can change the amount once the term is over because of a change in life circumstances , such as when children leave home, and mortgages are paid off. This means you can adjust your policy to fit your life stage and budget. But please not that term life insurance premiums typically increase over time.

Since this type of policy is usually cheaper compared to permanent life insurance policies (i.e. whole life, universal life insurance, etc.) people do gravitate towards term life. It is recommended to purchase term as a supplemental policy in addition to a permanent whole life policy, so that you know your basics (i.e. burial, medical expenses, etc.) are always covered.

Also, per the National Association of Insurance Commissioners (NAIC), there are term policies that come with a return of premium (ROP) rider. ROP basically means that if nothing happens to you and the death benefit is not paid out by the end of the term, you’ll get back all or part of the premiums you paid! Of course we have to caveat that this is a more expensive option.

Low Cost Life Insurance Is Customizable

Term life insurance policies are customizable, which means you can choose the length of the term, the amount of coverage, and the premium you can afford. You can also add additional riders to your policy, such as accidental death or disability riders, to provide more coverage.

The amount of coverage you need depends on your financial obligations, living costs and any other expenses like education or healthcare so that your beneficiaries have enough funds. You can calculate your coverage needs by looking at your current income, any debts you have and anticipated future expenses. A good rule of thumb is to aim for coverage that is five to ten times your annual income.

Here’s some examples (But definitely not limited to these!):

  • You have young children and want to make sure they are taken care of if something were to happen to you or your spouse, you can get a term policy that will last until they are grown up.
  • You are nearing retirement and want to make sure your spouse is financially secure, so you can choose a term policy that will expire upon your retirement.

Covers Your Whole Family

term life insurance covers your whole family

Term life insurance is not just for breadwinners. It is also available for spouses, children, and stay-at-home partners. Having adequate coverage for everyone in your family can give you peace of mind, knowing that everyone you love is financially protected!

Importance of Having Life Insurance

Having low cost life insurance gives you and your family the security of knowing that, in the event of your passing, they will be taken care of financially. This can be especially important if you’re the one the family relies on for income. And you’ll be able to rest knowing that your mortgage will be paid off, your children’s educational expenses will be met, your debts will be paid and that beautiful family of yours will be financially secure.

Conclusion

Your term life insurance premiums depend on several factors, such as age, health, family medical history, lifestyle, occupation and the amount of coverage you need. Take the necessary steps to maintain good health, like exercising regularly eating healthily and quitting smoking to lower your premiums. Also, consider getting the policy while you are young as younger policyholders typically pay lower premiums.

Now that you understand the importance of term life insurance and why it is a must-have for every family, it’s time to start considering your options. Don’t leave your loved ones unprotected! Instead, ensure their financial security by getting the right term life insurance policy today.

And remember, every family’s needs are unique, so make sure to work with a reputable insurance broker to help you build a policy that is customized just for you! Low cost life insurance is possible!

Call 732-705-1332 or request a free quote here.