How to Find Affordable Life Insurance

The concept of life insurance brings to mind our own mortality, so it’s rarely considered a pleasant thing to think about. Still, if you examine your finances and consider the people who depend on your income and support, you may find that you’re far from prepared for the worst. You have insurance to protect your important assets like your home, car, and other property, so why wouldn’t you have insurance coverage on the most important thing there is—your life? Life insurance coverage helps your family, or other beneficiaries, deal with final expenses, cover outstanding debts, and replace lost income if the unthinkable should happen through a guaranteed death benefit.

Naturally, the death benefit amount will depend on your type of life insurance and the coverage amount, and you may wish to speak with a financial advisor to decide the amount of coverage appropriate for your unique situation. Of course, if money is tight at the moment, it may be difficult to squeeze in yet another monthly premium for a life insurance policy. Here are some ways you can make it as affordable as possible.

Start Early

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You may not feel like you need life insurance until you have a family, but you’ll be able to find the best rates when you’re still relatively young and in good health. This means that, even for a single person, it can be a good idea to go ahead and find a life insurance policy as soon as possible. You’ll have even better luck with your premiums if you don’t use tobacco, alcohol, or engage in dangerous hobbies.

Most traditional insurance companies will require you to take a medical exam during the underwriting process, and it’s best to go through this before you have any pre-existing conditions, if possible. Obtaining life insurance early can also pay off more in the long run if you have a policy with a savings component or investment options.

Consider term insurance at first

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If premium payments are a real concern for you, but you still want some decent protection for your beneficiaries, then consider getting term life insurance. A term life insurance policy, as the name suggests, guarantees a death benefit for the length of an agreed-upon term, which is often selected in increments of ten years. Once the term is up, you can choose to extend the term or convert the term life plan into a form of permanent life insurance.

A term life policy can be a great choice for those who need affordable insurance just long enough to reach a financial goal, like paying for college tuition. A term policy can also be a great starter policy to provide peace of mind while you become more financially stable.

Find a policy that can pay for itself

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While term life insurance only offers a death benefit, many permanent life insurance policies are able to accrue cash value or include investment options. A whole life policy, for example, builds value through dividends, and you can speed the rate up by paying monthly premiums early. Eventually, the cash value can build enough that you’ll be able to use it to pay your premiums each month for the rest of your life.

With variable life insurance, you can even invest the accrued cash value in subaccounts that behave like mutual funds. This meets your life insurance needs and doubles as an investment vehicle. While this life insurance option provides the highest possibility for returns, it’s important to remember that market changes make it a riskier option than other policies.

Regardless of the type of policy that you’re after, start by searching online for life insurance policy quotes. This is a great way to quickly learn what policies are available to you and which life insurance companies match your needs best. You’ll just need some basic personal and medical information (age, weight, health conditions, etc.), as well as family health history and previous coverage details. Compare quotes today, and find the policy that’s right for you!

The post How to Find Affordable Life Insurance appeared first on Women Daily Magazine.



source https://www.womendailymagazine.com/how-to-find-affordable-life-insurance/

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