Cheap Life Insurance
Low Cost Term Insurance
We buy cheap life insurance simply because it is the intelligent thing
We should, however, satisfy ourselves that we are doing business
with a reputable life insurance company.
It is usually best to buy from
one that has been around for a while and has a high rating from
The A M Best Company.
Let us now take a look at a few cheap life insurance policies and what makes them so appealing to the consumer.
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Cheap Life Insurance Policies
The first types of policies we think of when looking for cheap insurance is
term life insurance.
The appealing thing is that you protect your family in the event of
your death at a cost of just a few cents on the dollar.
The younger you
are the lesser the cost of your policy. Even though all term policies
can be considered to be cheap we should take the time to look at which
one best fits our particular situation. Let us begin with some of the
- Decreasing Term Life Insurance
The reference here to the word "decreasing" is applied to the
face amount of the policy. These policies were designed to take care of
the balance owed on a mortgage upon the death of the breadwinner in the
As the mortgage balance decreases the face amount of the policy
decreases as well. The life insurance attempt to keep the death benefit
as close as possible to the actual mortgage balance...thus the name
decreasing term life insurance.
This is life insurance in it's purest form, or close to it. This is really cheap life insurance.
- Yearly Renewable Term Life Insurance
Another of the cheapest life insurance policies is the
yearly renewable term policy.
This is really a one year term with the option of renewal for a
specific number of years.
Unlike the decreasing term life insurance
policy which maintains a level premium for the life of the policy the
premium of the yearly renewable term policy increases every year.
of it this way, the older you are the more life insurance costs so these
premiums are just keeping pace with what can be looked upon as a fair
premium cost for an insured at a given age. The premiums are truly cheap
life insurance premiums.
People usually buy these policies if their
need for life insurance coverage is really short term as these costs can
become quite prohibitive as you get older.
- 5 Year Term Life Insurance
Another cheap policy that is worth looking at is the
5 year level term policy.
This policy is also bought for short term life insurance needs.
face amount of the policy remains level for the entire 5 year period and
so does the premium.
- 10 Year Term Life Insurance
People like to buy the
10 year term life insurance policy.
One reason may be that 10 years is n easy period to plan for. Since
this is another truly cheap life insurance policy many of these are
The face amount of the policy is level throughout the policy
life and so are the premiums. Some life insurance companies let you pay a
slightly lower premium in the first 5 years and then increase it for
years 6 through 10.
- 15 Year Term Life Insurance
This policy was created to fit right in between the 10 year
term policy and the most favored 20 year term policy. The actuaries
became aware that coverage for
would be ideal for some applicants.
This cheap life insurance premium
is also level in most cases and falls comfortably between the cost of
the 10 year term and the 20 year term. The face amount of the policy
remains level throughout.
- 20 Year Term Life Insurance
When most people think about buying cheap insurance the
20 year term policy
always seems to come to mind. Young people want it to provide for their
young families in case of untimely death.
Business people also like it
because of the cost and the duration...20 years. Premiums as well as
face amount remain level for the life of the policy.
- 25 Year Term Life Insurance
I think this one was really an afterthought. The 20 year term
was extremely successful. The insurance companies must have figured to
themselves that may be people wanted to keep their policies for an
additional 5 years.
They were also aware that in order for this policy
to sell it had to be cheap life insurance. The premiums are level for
the duration and so is the face amount of the policy.
- 30 Year Term Life Insurance
I like to think of the
30 year term life insurance
policy as a policy for people with foresight. These people are very
aware that even though the children are grown and on their own or even
though they have turned over the business into the capable hands of a
son or daughter they may still need some life insurance in their later
The 30 year term life insurance policy could fit squarely with
this type of thinking. Even though the premiums are a little more that
those of the 20 or
25 year term policies
this is still cheap life insurance.
You can add the
waiver of premium rider
as well as the
accidental death benefit rider
to any of these cheap life insurance policies. Another thing that is
important to keep in mind is that most of these policies have a
conversion privilege built into the policies.
You have the right to
convert to a permanent policy within specific periods of time. This
period varies depending on the policy.
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