Like it or not, insurance is a necessary evil. If you do not have life insurance, you run the risk of leaving your loved ones with a heavy financial burden.
Don’t be that person!
Worse yet, if you were the sole breadwinner of your household, you will be leaving them without any livelihood. I’ve heard of too many horror stories of husbands/wives that put off buying term life insurance saying they’ll “get around to it”. It needs to be a priority.
Lack of time is a common excuse that most people have. An even worse excuse is that it cost too much. In a video that I shot on my blog GoodFinancialCents.com, I share exactly how cheap term life insurance really is. For $250,000 of coverage, you can expect to pay under $20 per month (for a healthy 30 year-old).
That doesn’t mean though that you can pay more for life insurance than you should. In order to ensure that you are leaving your family well cared for after you pass away, you will need to find low cost life insurance. Finding cheap life insurance is not difficult, but you do need to know how to find it.
All Things Are Not Equal
Not all life insurance policies are created equal. Therefore, you will need to do a great deal of research before you jump into any policy, even if it is a good deal. You will need to find a low cost life insurance that provides you with adequate coverage at the same time. Some policies are affordable, but do not provide enough coverage to make them worthwhile. If a policy is not going to cover the needs of your loved ones after your passing, then it isn’t worth taking out.
Newer policies offer instant coverage without having to take a medical exam. In certain situations these type of policies might make sense, but they’ll usually cost more. Much more. Typically I’ve seen where no exam term life policies will cost at least 20% more than a traditional term policies. Sure they issue much faster, but there’s a price to pay for it.
How to Make Sure It’s Cheap
So how do you find cheap life insurance that will provide ample coverage for your loved ones when you pass away? The best place to start looking is online. One word of caution: you do need to be discerning about where you look on the Internet for your term life insurance quotes. Carefully evaluate the source you are basing your decision on and where the results come from. I’ve seen a ton of spammy life insurance lead sites where there only purpose is to sell your information so that 10 different life agents can harass you over the phone. Do not enter you information if the site looks sketchy.
Do a basic web search for affordable life insurance and you will likely get a wide range of search results. Look for the best results and start there. Sift through the results until you find some websites with real authority that you can trust. Look for a real person that works for a true independent agency.
How Much Do You Need?
Once you have some trustworthy resources to base your decision upon, you will need to look into specific policies and see what the best options are for your needs. Have you evaluated the minimum coverage you will need in a low cost life insurance policy? If you have not, then you need to figure out the baseline coverage you will need from a policy and then go from there. In order to find an affordable term life insurance policy that will work for you, you need to know what kind of coverage you really need.
After determining the minimal coverage you can purchase to get by in the event of your death, you can start to consult the companies that you have selected as your best, low-cost options. If you plan to shop for life insurance online, make sure the company you are working with has exceptional customer service. Simple Googling the companies name followed by “review” should be good start. Ex: “Insurance Company Review”.
You will most likely have a lot of questions and you will want to be able to contact your representative at any time throughout the process. Many life insurance plans are similar so choose the one you think will work best for you. If you cannot decide, go with the plan offered by the company you trust the most. You can also review the list of the best life insurance companies that I put together where I sorted by their financial stability rankings. After all, the future of your loved ones will depend on the quality of your life insurance policy should anything ever happen to you.
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