Cheap Life Insurance
If you want to take care of your family after you pass away — but are short on cash — you may want to look into cheap life insurance policies. But if you’re like many people that have fallen on tough times you may think that you can’t possibly afford a luxury like life insurance.
Fortunately, you may be surprised to find that you can get thorough coverage (even without an exam) for a relatively small monthly investment. Not only can life insurance serve the practical purpose of helping keep your family afloat if the unthinkable happens, but it also gives you peace if mind (a priceless commodity).
While there are several affordable policies out there for you, here are some insights to help you find a policy within your tight budget:
- Get Several Quotes: The difference in prices between various insurance providers can be enormous. Use a great cheap life insurance site like MyCheapLifeInsurance.com to compare quotes. Many people make the mistake of going with the first or second quote they receive. Because this is such a large investment, you need to turn yourself into a serious comparison shopper as if you were buying a house or a new car. A few dollars of difference in monthly payments can add up to thousands of dollars over the life of the policy. It’s recommended that people get at least 6-7 cheap life insurance quotes before making a final decision on a policy. If you are really hurting financially, you may even have to opt for 10 or more quotes to find a plan in your price range.
- Read the Fine Print: No two cheap life insurers have the same coverage. It’s important that you understand in plain English exactly what they will do under different circumstances. Remember: there’s no point to life insurance of any kind (even affordable policies) if they don’t provide the coverage that you need. It may be worth spending a 5-10 extra dollars per month to get extended coverage.
- Read Reviews: It’s impossible to tell (even with a quote and a conversation with a representative) what kind of experience you’ll have with a particular insurer. Before making the final decision, round up your last 3-5 candidates and do a search for them online. One of the best places to look is the Better Business Bureau –which is a place that nearly all insurance providers are registered with. This site will provide you with a letter grading of each company and (more importantly) reviews from people like you. Oftentimes people find out that the best life insurance companies cost a bit more than low-cost providers and opt to spend a bit more.
- Cheap Life Insurance for Seniors: If you’re a senior citizen you can still qualify for a life insurance policy that’s not too expensive. Because life expectancy is much greater than at any other time, it’s not uncommon for people 85 years or older to get life insurance. However, it is ideal to start your policy at a younger age in order to qualify for lower premiums.
Cheap Life Insurance: Exam or No Exam?
No one wants to have to undergo a medical exam for any reason. And it’s even worse when you have to put yourself through the ringer just to get a quote on life insurance. However, you should understand that forgoing an exam is the fastest way to double or even triple your monthly payments. I recommend anyone looking for cheap life insurance to take a medical exam –even if you’re not in the best shape of your life.
You may wonder why a medial exam is so important for insurance companies when calculating your rates. If you look at it from their perspective, it makes sense as they need to know how healthy you are, and as morbid as this sounds, estimate how many years you have left on this Earth. The only way to do that is to take a snapshot of your current health –including your tobacco use, body mass index and certain blood measurements, such as cholesterol.
It’s best to at least get a medical exam from some of the providers you’re considering. That way you can see if the exam helps or hurts you. Although it won’t make a difference overnight, you can significantly reduce your rates by quitting smoking, losing a few pounds and eating a healthy diet. Not only is this a great way to save money on life insurance, but it’s one of the best decisions you can make for your body as well!
Cheap Life Insurance: Important For You and Your Family
Cheap life insurance is something you and your family need, no matter what financial situation looks like. Burial expenses and lack of income often put families into bankruptcy after the unexpected loss of a loved one. It takes time and effort, but finding a cheap life insurance policy is one the most important financial decisions you can make for your family’s well-being.
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