How to get affordable life insurance

Everyone wants to save money, especially on things which aren’t very fun like life insurance. Here’s a little guide to help you find the most affordable life insurance plan you can:

1. Ask yourself why you want life insurance – this will clear up in your head exactly what kind of insurance you are looking for.

2. Research the different types of insurance available and see which is most aligned to your needs. To make this easier we’ve included summaries of the main types below.

3. Look for recommendations from friends and family. Also check in consumer magazines, online forums and blogs and see if any insurers have won awards for the type of insurance you are looking for.

4. Search for special offers and deals on the web and keep your eyes and ears open when going about your day.

5. Compare quotes using quote comparison sites like ours. Also remember to compare between comparison sites to find the best of the best rates.

6. Share the cheapest quotes that meet your needs with those who the insurance is meant to benefit - your spouse, your children, your parents, your business partners. Ask them if they have any suggestions of changes you can make to make your plan even cheaper.

7. Call up the agents whose policies you are most happy with and explain you are on a very tight budget and looking for the most affordable life insurance. Discuss your needs with them to see if they can make the quotes any cheaper.

i. Ask if there are any deals now or in the future you can take advantage of.

ii. Let the agent know you are comparing quotes and even tell them the prices you have been quoted by some of their competitors to see if they will bring down the price for you.

iii. Talk about the different payment options available and see if any are cheaper e.g. direct debit.

8. Consider the options you have left. Maybe write them down side by side so you can see how they differ or you could even make a spreadsheet.

9. Pick the policy which seems like the most affordable life insurance to you.

BONUS: Live a healthy lifestyle and tell your insurers about it. Also let your insurers know about yours and your family’s medical history, especially if it is good. Visit the doctor for regular checkups and keep your insurer informed. Insurer’s are like over protective parents – they want to make sure you’re doing all the right things and not getting into any trouble.

Types of life insurance explained

  • Term life insurance is the most affordable life insurance policy available. Term life insurance offers life insurance for a specific length of time for an agreed price. Your premiums do not fluctuate; you pay the same premium throughout the life of the policy. Another benefit of term life insurance is that you can usually get a higher death benefit than you can with any other types of life insurance. Although term life is only for a specific amount of time, it is renewable in most cases, providing your health or lifestyle has not changed dramatically. If money is of great importance, term life insurance is the most affordable life insurance available.
  • Whole life insurance is the most expensive type of insurance on the market today. However, it is more valuable. If you are not only looking for affordable life insurance, then this life insurance may be for you. Whole life insurance lasts for the rest of your life and cannot be revoked if your health or lifestyle change. Whole life insurance also has a cash value that you can either borrow against or cash in if the need arises. While whole life insurance is the most expensive insurance financially, it may be the most affordable life insurance if you are looking for more bang for the buck.
  • Universal life insurance is another option available. While just slightly more expensive than term life insurance, it offers the benefits of both a term life insurance policy and a whole life insurance policy. Universal life insurance is the most affordable life insurance for those who are looking for a policy that not only accumulates cash value, but also offers a great deal of security. With universal life insurance you are still able to borrow against the cash value of the policy. The cost of universal life insurance falls in between the cost of term life insurance and whole life insurance. If you are looking for both flexibility and the potential for return on your investment, universal life insurance might be the most affordable life insurance for you.
  • Variable life insurance is yet another option for those looking for the most affordable life insurance for your unique situation. Variable life insurance gives you the option of making the investment choices yourself. With variable life insurance you are able to adjust the investment according to the conditions of the market. If the market is going through a down turn, you can move the money in to a more conservative option, if the market is booming you can move your money to a more aggressive investment option. Usually the cost of variable life insurance compares with that of universal life insurance. Like all investments, your policy can lose, as well as gain value. The main reason to choose variable life insurance is if you want to control where your money is invested.

Affordable vs Valuable

There are many different definitions as to what affordable life insurance means. What most people are looking for when searching for affordable life insurance is value for money, not just the cheapest option. If a policy doesn’t cover you for what you need, or doesn’t payout the right amount in the right way, then it doesn’t matter how cheap it is, it isn’t affordable life insurance, it is a waste of money.

When looking for cheap life insurance you must do your research. Sometimes low cost life insurance is not always the least expensive. Follow our guide and educate yourself on all the life insurance products available. Once you know what you want and what the life insurance industry has to offer, you will be more likely to find the most affordable life insurance policy for your needs. Get a quote now!