Finding Affordable Life Insurance Policies
May 11, 2021
MAY 11, 2021: We all feel uncomfortable thinking about death. However, it is important to prepare to ensure your family’s future. Life insurance is an integral part of this preparation. Yet, many people don't feel that they can afford the premiums for an adequate amount of coverage to take care their family when they are gone. The reality is that life insurance can be affordable not matter what your budget. The amount of coverage you need is based upon expenses.
What Makes Life Insurance Affordable?
Affordability is defined as “believed to be within one’s financial means”* or the ability to fit into your budget. Think about what you can afford now and in the future. As you increase the amount of your family’s income over time, affordability changes. You may also have more to protect with a growing family. You may need to add coverage as your responsibilities change. It is important to remember to keep paying the premium. Life insurance needs to be in force for the death benefit to be paid out.
Where Can You Find Affordable Life Insurance?
Affordability is not far out of reach. The following pieces of advice will help you narrow down a policy that fits your financial profile.
1. Buy Early On
The cost of insurance depends on age and your health for the initial policy purchase. Applicants who are young and healthy tend to have much lower rates. Risk is lower in these clients. The policyholder can lock in a rate for the life of the policy.
2. Buy Term Insurance
Purchasing term life insurance oftentimes gives you the lowest cost life insurance. This coverage doesn't build any cash value. It is a temporary form of coverage, but the benefit when combined with conversion options can be an option for affordable permanent whole life. Permanent life insurance is just that, it can be active your entire life as long as premiums are paid. It also builds cash value.
3. Check Instant Quotes
Getting a quote for life insurance is easy. Visiting the carrier’s or broker's site or calling for a quote may give you an approximation of costs without the obligation to buy.
4. Select the Right Coverage
Many people are underinsured when it comes to life insurance. Usually, it is because they don't know the total cost of their living expenses, outstanding debt, or costs of future college educations. The right amount of coverage matters. Make sure it’s the right amount of benefit to leave loved ones.
Life insurance is affordable. It’s also easy to apply for. Find out how much you may need today.
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About 1891 Financial Life
At 1891 Financial Life, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to annuities, like our new MYGA, to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.
*Dictionary.com