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How to Get Affordable Insurance

Why would you need life insurance? Life insurance pays beneficiaries in the event of your death. While this can seem a gruesome topic, if you have children or a home, or debts, purchasing life insurance is the only responsible thing to do.

Do you need more life insurance? If so, you number among 30% of Americans.

However, finding the right plan that balances your budget with your needs can be overwhelming if you try to go it alone. When it comes to affordable insurance, knowing what to look for and how to look for it are the keys to finding your ideal policy.

In this guide, we’ll cover what types of life insurance policies are out there and how to hunt for an affordable one. Ready to protect your loved ones? Continue reading to learn how.

What kinds of life insurance policies are there?

With three types of life insurance available, it’s a good idea to understand each type before pursuing a policy of your own. In this section of our guide, we’ll cover:

  • Term life insurance
  • Whole life insurance
  • Universal life insurance

To find out which type of insurance policy you need, keep reading.

Term Life Insurance

Term life insurance is aptly named because it lasts for a given term, for example, 20 years. Then the policy ends, regardless of whether it has paid out.

Term life insurance might be right for you if you want the flexibility to choose how long the policy will last, and if you want the most affordable option.

Understand that the most affordable doesn’t always mean the best deal. For some, term life insurance is the best deal while for others, it’s simply the cheapest.

Whole Life Insurance

One of the two types of permanent life insurance policies, whole life insurance is known for its longevity and ability to build cash value.

Whole life is typically more expensive than term life insurance, but because the policy builds cash value, your beneficiaries get a higher payout the older the policy is.

Universal Life Insurance

This is a unique type of policy in that it is not always the most affordable, but it is the most flexible.

You can adjust premium payments to make this policy more affordable at certain times of your life.

Another benefit of this type of policy is that it can act as an investment. This is different from simply building cash value, and you should consider how whole life and universal life policies would impact your financial portfolio–as well as that of your beneficiary.

Now that you understand the three different types of life insurance policies, let’s move on to discover how you can find the most affordable policy to meet your needs.

How to Find Affordable Insurance

The best ways to find affordable life insurance is to do your homework. You’ll want to shop around and get quotes from different insurance providers to see which best matches your budget and your goals.

Don’t make the presumption that one company will be more or less expensive than another. Quotes are free, so you might as well find out what many companies would charge.

If you need help finding affordable insurance, contact us today.


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10 Responses to How to Get Affordable Insurance

  1. Esperanza Khan

    Im almost in my 30’s and I am thinking about getting a life insurance. Great article!

  2. Miaka Yuuki

    It will help to scout the features of each company and plans. For safety look at legit offers only.

  3. Margret

    What do you think is the best age to get life insurance? I’ve been thinking to get one. Thanks for this very informative article about life insurance.

  4. Ales

    I already have an idea on what to get. Thanks for sharing this info.

  5. Katy

    Universal life insurance seems suitable for me. The word “investment” got me. Thanks!

  6. Peachy

    My Mom has been nagging me to get a life insurance already. She has droning on and on about the importance, the benifits, etc. Her tip is also to make sure to check the background of the insurance company before anything else and, yes, to research and choose what kind of insurance plan will suit you best.

  7. Mau

    Still thinking about getting life insurance. I know it’s useful but being fairly young and single, I’m doubting if I need it at this moment…

  8. Hari Priya

    This is an excellent article showcasing the different kinds of insurance schemes available for us to choose from. Like you said we need to do our homework to see which is suitable for our own needs. You have stressed the importance of having insurance very well. Thanks for the article.

  9. Dulce Pizano

    This information is definitely helpful when choosing the right insurance. I discovered through this article that universal is best for me, thanks for sharing!

  10. Grace

    Although the Universal Life Insurance is not the most affordable, I may be willing to pay more due to its flexibility.

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