When people are young, they believe their whole life is ahead of them and the last thing on their minds is comparing online quotes, coverage, and companies to get life insurance. Ironically, the best time to get life insurance is when a person is young and healthy, which is when consumers can get cheap life insurance rates.
Young adults or parents get the best rates on all types of life insurance, including term life insurance, and those who opt for permanent life insurance coverage like whole life insurance or universal life insurance can lock in those low rates for life.
Before purchasing life, consider getting free, instant life insurance quotes online to compare rates and find the best coverage.
Buying Life Insurance
While life insurance provides protection for financial dependents in the event of someone’s death, permanent life coverage also has many benefits for the living. Both whole and universal life insurance policies accrue a cash value which grows over time and earns interest, making life insurance a good investment for certain families.
Permanent life insurance also makes a great tool for financial and estate planning and returns on money invested in life insurance policies is tax deferred. Many people get life insurance to help them plan for future expenses like education for children, a mortgage payment, or their nest egg for retirement.
Financial Protection For Young Families
While young adults prefer not to contemplate their own death, it is vital to consider what would happen to spouses and minor children if a wage earner died. Without life insurance protection, a family might not be able to continue in their current lifestyle and they might even be left with debts they would be unable to pay.
An investment in whole or universal life insurance not only provides for future expenses, but life insurance also protects families in the event of a premature death.
Cheap Life Insurance Rates
Term life insurance offers the cheapest rates for coverage. Permanent life insurance, like whole and universal life policies, is initially more expensive to purchase than temporary term life insurance, but term life does not accrue a cash value and expires at the end of the specified term when the insured person must renew or replace the policy.
Over the course of a lifetime, many experts believe that permanent life insurance policies cost about the same as term life insurance, but provide an investment that grows. The cash value in life insurance can even be used for low interest loans.
However, every family is different and thus, we recommend everyone get free life insurance quotes online to compare rates, coverage, and insurance companies for your specifics needs. When consumers compare life insurance rates from multiple carriers, they feel more comfortable getting life insurance knowing they’ve found the best, affordable policy on the market.
Term Life Insurance
Most people can afford inexpensive term life insurance since the rates are low, especially for young adults. While it may not provide all the benefits of a permanent life insurance policy, specifically a cash value, term life insurance will protect financial dependents if the named insured should die within the policy term.
Anyone with family members that depend on their income should get life insurance to protect their financial future. Term life insurance is available in terms of 10, 20, or 30 or more years and has fixed life insurance rates over the life of the policy.
If a young adult, parent, family, or senior can not afford the full death benefit and coverage they need, consumers should consider buying a short term life insurance policy with cheap rates to provide temporary coverage until your income can afford the best life insurance.
Get Life Insurance Quotes
The best way to find out how affordable life insurance can be is to get life insurance rate quotes from several companies. MyLifeInsuranceQuotes101 offers free, instant online quotes from multiple top ranked life insurance companies. Consumers simply provide basic rating information and the type and amount of life insurance they want and we provide life insurance quotes online. Quotes online are only estimates and actual life insurance rates may differ based on information in the insurance application and the outcome of the medical exam.
Life insurance can provide a tool in financial planning, an investment for future expenses and protection for families who lose a loved one. Those who get life insurance when they are young get the lowest possible rates for the protection everyone should have.