Many families with limited incomes, budget, and assets believe they cannot afford life insurance, even the cheapest term life insurance, or simply don’t need it at all, when the truth is they cannot afford to be without it in the case of a tragedy. If the breadwinner of the family or one of the wage earners die prematurely, these families are left to struggle with debt from mortgage payments, credit card and medical bills, living expenses, funeral expenses, and education costs, and may not be able to survive on their current savings and assets. Cheap term life insurance is an affordable way to provide families with the life insurance policy and coverage they need.
There are many ways to get inexpensive term life coverage, like choosing the best type of policy for your needs, the death benefit amount, and lastly, getting instant life insurance quotes online to compare rates, coverage, and companies, helping you find cheap rates you can actually fit into your budget.
What Is Term Life Insurance?
Term life insurance is also called pure life insurance because it does not have a savings or investment feature like most permanent policies. Term life coverage is temporary, although policies are available for periods from 5, 10, 15, 20, 25, or 30 years.
If the insured person dies within the term period, the stated death benefit is paid to survivors. If you do not die, the company retains the premiums and the policy expires, requiring you to purchase another cheap term life insurance policy to continue coverage. This reduced risk to the life insurance company is the reason why carriers are able to provide lower rates compared to whole or universal life insurance.
Term vs. Permanent Life Insurance
Whole life insurance and universal life insurance are types of permanent policies that never expire or have to be renewed as long as the fixed premiums are paid and the policy remains in good standing. Whenever the insured person dies, whether it is at age 35, 65 or 95, permanent life insurance is guaranteed to pay the death benefit. For this reason, cheap term coverage is priced much lower than permanent policies because the insurer may never have to pay the death benefit for term protection.
Potential applicants should compare the pros and cons of term vs. permanent life insurance before purchasing a policy. For example, universal and whole life policies have fixed premiums for the duration of the policy, whereas level term life insurance is the only term plan that has a fixed premium. If term life expires after 30 years, consumers will likely have their premiums increase substantially the next time they renew their coverage.
Other benefits of permanent life insurance include the savings and investment features of each policy, allowing you to build or accrue a cash value to be used for retirement, a down payment for a house, or collateral for an interest-free loan. On the other hand, term life insurance cannot be used as an investment, which is why term life policies are called temporary or pure protection.
Why Buy Term Life Insurance?
If an income earner dies while supporting financial dependents, not only are the dependents deprived of his/her income, they may also be left with unpaid debts, loans, bills, and funeral expenses. Even the cheapest term life insurance provides cash for dependents if a tragedy occurs so they are not burdened financially.
Not everyone can afford the protection of permanent life insurance, but the cost of a term protection is cheap and affordable even for families on a budget, making it the most popular one available.
Free Insurance Quotes Online
To help consumers compare premiums and different types of policies, we offer free and instant life insurance quotes online for all policies. These term life insurance quotes are provided by the best life insurance companies in the country and allow you to review rates and policy options in your search to find the best life insurance for you.
Applicants requesting a term life insurance quote must complete a short form with basic rating information and the amount and kind of policy they are interested in. The rate quotes are available instantly, making it free and simple for you to compare rates and find cheap term life insurance.
Benefits of Buying Life Insurance Online
Buying term life insurance online actually saves money compared to buying through an agent or broker since agents are paid a commission, which is often added to the cost of your policy. By purchasing online, the agent’s commission fee is eliminated. Automatic payment plans through a checking account or credit card add to the convenience of buying life insurance online and result in you getting discounts.
In addition, insurance companies offer multi-policy discounts when consumers buy more than one type of insurance through the same company. For this reason, consider buying auto, health, life or home insurance with the same carrier.
Cheapest Term Life Insurance
For consumers who do not believe they can afford life insurance, cheap term life insurance can provide the most protection at the lowest rates. Free life insurance quotes can help individuals find the best coverage they need at prices they can easily afford. You may be surprised at how cheap and affordable term life insurance can be for the amount of coverage you need.