3 solid tips for finding cheap term life insurance

Among the different types of life insurance, you now understand the huge drawbacks when it comes to buying life insurance / permanent life insurance. Instead, take out term life insurance to protect you and your family.

Learn the difference between types of life insurance: term life insurance versus whole life insurance.

Tip #1 on finding cheap term life insurance

It is important to know the correct amount of coverage/death benefit you really need before actually going to an online life insurance comparison site to get quotes. You want to have more coverage than you actually need instead of being underinsured. Since term rates are the much cheaper of the life forms, you don’t have to worry about overprotection as much as you would with a lifetime policy (permanent life). When comparing the monthly premium cost for term versus whole life with the same amount of coverage, cheap term life insurance wins 100% of the time over expensive whole life/variable life/universal life.

Expenses to Calculate Before Purchasing Life Insurance:

Daily living costs (food/clothing) Education costs for the children (school) Costs for child care Mortgage payments / housing payments

Be sure to calculate those costs and consider future costs that may arise. This will give you a good idea of ​​the coverage you’ll need each month for 30 years or how many years you’ll need coverage.

Tip #2 on finding cheap term life insurance

Once you have your life insurance quote(s) online, you can narrow it down to 3 companies and the quotes you feel comfortable with, then view the company’s financial rating:

Highest rating / financial strength of the company:

Standard and Poor’s: A++ (Secure/Superior) AM Best: AAA (Extremely strong) Moody’s: A aa (Exceptional) Fitch: AAA (Secure/Highest)

Again, if you are looking for a good life insurance policy, make sure you check the insurance credit or financial rating of the company. That is an important part of what makes a solid policy. If you buy a life insurance product from a company with a terrible financial rating, your policy will be worthless. Why? If you die, the company may not pay your death benefit on your policy. You can certainly find a very good, cheap life insurance policy from a company with an extremely high or the highest financial rating.

Tip #3 on finding cheap term life insurance

Set not only the right term life insurance amount, but also the right duration of your coverage.

Knowing that you don’t have to have permanent insurance for the rest of your life, you only cover the years when your children grow up. Why is this the case? The reasoning behind this is that your children depend on your income, so you need to insure your income until they become independent, which is normally after they get a job after graduating from college. When they can create their own income, you will no longer have dependents who need your income and therefore no longer need insurance coverage.

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Term is normally quoted in the terms below: 30 year term, 25 year term, 20 year term, 15 year term, etc. (5 year increments). It is very cheap and is only needed for a limited time. Understanding that insurance gets much more expensive as you get older, you’ll only want to get it when you need it. Buying insurance is not a way to get rich. There are other ways to achieve financial freedom for you and your family beyond this type of insurance. Even at night you don’t have to keep an eye open!

Another great benefit of term-ins is that you can cancel your policy at any time without worrying about losing the “cash value” of the investment, as owners of lifetime policies do.

Take these 3 tips for finding cheap term life insurance to heart. Once you’ve bought your policy, you can rest easy knowing that if something happens to the income provider, the rest of the family is well protected for the long haul