Two surprising discount opportunities reveal that life insurance may be more affordable than many realize. This is the important rule to follow to make sure your family is covered in an accident or tragedy.
If you're under 70 years old and don't smoke, you may qualify for these two major discounts. In addition, there is a 51.3% potential savings by comparing multiple life insurers.1
There are life insurance companies offering coverage right now for single adults, children and full families–requring no medical exams. And, monthly costs are as little as a few dollars for adults and for children.
Term life insurance policies are the most popular and easiest to understand. Here's a brief explanation of popular plans:
Term: Choose to be covered for a certain amount of years (such as 10 to 30). If you pass during this time period, your family will be completely covered and financially secure. If you do live longer, many companies will allow you to convert the plan into a permanent life insurance plan.
Permanent: This is like term, but there's both a death benefit and a cash value. Also, it has no time limit and is expected to continue until one passes.
Whole: This may be best for those that need to stick to a strict budget. The monthly payment does not vary regardless of aging or developing health problems. The cash value component grows on a tax deferred basis. Cash in the plan will grow and even sometimes pay dividends to you through the years. The cash portion can be withdrawn or borrowed for any reason.
Universal: You get to choose how much of the funds go to a death benefit and a cash value. The cash portion can be withdrawn or borrowed for any reason.
Variable: You take part in invenstment options such as equities. There's way more upside with this but also a risk because its value changes based on the equities market. The risk is very low because you will get a guaranteed amount. There's a death benefit and cash value too.
Final Expense: This is also called burial insurance. This is typically purchased by seniors for the purpose of making sure their funeral expenses are met.
No Medical Exam: This often purchased by those that have health problems that can get them denied for other policy types.
There are many life insurers. By comparing insurers and plans, it is the best way to know if you're getting a fair rate.
No life insurance? Make sure your family is taken care of.