Affordable Life Insurance - How to Get the Best Rate With a Top Company

Looking for affordable life insurance? Want to know how to get the best rate with a top-rated company? Here's how to do it.

What's the cheapest kind of life insurance?

Without a doubt, term life is the cheapest life kind of insurance because you pay only for insurance. With other types such as whole life and universal life, you pay for insurance plus a savings account known as "cash value".

Term life is available in increments of 10, 15, 20, 25, and 30 years. If your children are young and you have a lot of bills, especially if you have a long-term mortgage, consider purchasing a 30-year term policy. If your children are on the verge of leaving home and your mortgage is almost paid, you may want a 10-year term policy.

Most term policies are guaranteed renewable, which means you can renew your policy when the initial term is up without having to get a medical exam. For example, if you were to become ill and uninsurable, and you wanted to continue your insurance beyond it's initial term, you could renew it.

How do I figure how much to get?

In order to figure how much life insurance you need, ask yourself what kind of lifestyle would you want your dependents to have if you were to die. How much money will they need until they can get back on their feet? What bills will they need to pay such as mortgages, car payments, insurance, credit card bills, utilities, funeral expenses, etc?

Most financial planners recommend purchasing an amount of insurance equal to ten times your yearly income. However, if you're single, if you're married and both spouses work, or if you're a retired couple, you may only need to pay your funeral expenses, medical expenses, and any outstanding bills.

Where can I find affordable life insurance?

Rates vary considerably from one company to the next, so you need to shop around to get the best rate. The easiest way to shop rates is to go to an insurance comparison website where you can get rates from different companies all in one place.

Visit http://www.LowerRateQuotes.com/life-insurance.html or click on the following link to get affordable life insurance rate quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service.


The author, Brian Stevens, is a former insurance agent and financial consultant who has written a number of articles on how to get affordable life insurance.