Cheap Life Insurance
Low Cost Term Insurance
We buy cheap life insurance simply because it is the intelligent thing to do.
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 cheapest.
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 family.
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.
Think 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.
The 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 bought.
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 15 years 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 years.
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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