Of course you want an affordable term life insurance rate. You will buy
the type of life insurance you can afford.
If you give it some thought you can only conclude that all term life insurance is affordable.
We will look at the least and most costly term policies and why you would buy the particular type you choose.
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The type of life insurance that anyone with a job and in good health can afford is the yearly renewable term
life insurance policy.
This policy is also known as the annual renewable term policy or the increasing premium term policy. Although this policy is the cheapest it could end up being the most costly.
You pay a very affordable premium
the first year but, as the name implies, each year you will need to
renew your policy at a higher premium. After a few years the premiums
can get quite prohibitive.
If you want coverage only for a few years this may be fine otherwise it may be best to buy a term policy for a longer period of time.
If you buy a 5 year term, a 10 year term, a 15 year term, a 20 year term, a 25 year term or a 30 year term policy you get a level death benefit just like your yearly renewable term policy but you also get premiums that never increase.
Keep in mind that although the premiums for these policies remain
level the longer the period you contract for the the higher the
premiums. You may be puzzled as to why this is so.
The carriers are on the hook for longer periods. The older you get the more likely you will die. The life insurance companies are simply covering themselves just in case you die too soon.
If you have a
you are more likely to need
for longer periods of time. The same applies to business needs.
If you need large amounts of life insurance but cannot afford the premiums then it may be wise to buy a policy for a shorter period then convert it later on when you can afford it. You could start out with a 5 year term or 10 year term policy.
You may have committed yourself to assisting a child or
grandchild with college costs. You know that as long as you are alive
and have an income you can afford to meet your obligation.
It may be wise to buy a 5 year term policy or a 10 year term policy to take care of these commitments. You will find that these policies are built around very affordable term life insurance rates.
More important than finding an affordable term insurance rate is finding out how much you need and what type you need. When you know this you can then proceed to find an affordable term insurance rate.
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