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Wondering how to get cheap life insurance? It may be easier than you think. A new study by LIMRA found that adults under age 30 overestimate the cost of life insurance by 10 to 12 times more than it actually costs.
The reality is, some healthy adults could get affordable life insurance for about what they'd spend on a streaming subscription each month. The trick lies in buying coverage while you're young, choosing term life insurance over permanent coverage when appropriate, and comparing quotes from several insurers before making a decision.
For most people, cheap life insurance comes down to a policy you can comfortably afford. And the amount you can comfortably afford might look different from your friend, coworker, or neighbor.
Affordable life insurance also comes down to you getting a good price for the coverage you actually need. For example, a $500,000 policy will almost always cost less than a $1 million policy. But if your family would need far more than $500,000 to replace your income, pay off a mortgage, or cover future expenses, choosing the lowest premium could leave them financially vulnerable.
#insurance #coverage
Wondering how to get cheap life insurance? It may be easier than you think. A new study by LIMRA found that adults under age 30 overestimate the cost of life insurance by 10 to 12 times more than it actually costs.
The reality is, some healthy adults could get affordable life insurance for about what they'd spend on a streaming subscription each month. The trick lies in buying coverage while you're young, choosing term life insurance over permanent coverage when appropriate, and comparing quotes from several insurers before making a decision.
For most people, cheap life insurance comes down to a policy you can comfortably afford. And the amount you can comfortably afford might look different from your friend, coworker, or neighbor.
Affordable life insurance also comes down to you getting a good price for the coverage you actually need. For example, a $500,000 policy will almost always cost less than a $1 million policy. But if your family would need far more than $500,000 to replace your income, pay off a mortgage, or cover future expenses, choosing the lowest premium could leave them financially vulnerable.
#insurance #coverage
3 months ago
