Whether you aren’t sure you can afford life insurance or just want to make sure you’re getting a good value for your money, you may have more options than you realize.
If you’ve been going without coverage because of the cost—despite a desire to protect your loved ones—these tips could help you buy the right life insurance for your budget:
- Choose term for temporary needs. Term life insurance is usually far less expensive than permanent because it expires after a set number of years. Common uses include replacing one partner’s income during their working years, covering the term of a mortgage or covering the period until minor children become independent adults.
- Choose permanent for unending needs. Permanent policies cost more because they’re guaranteed to pay a death benefit if you don’t let your policy lapse. They’re often used to provide for dependents with lifelong special needs or to cover final expenses that survivors would struggle to afford. Examples include whole life and burial insurance.
- Get creative to meet your unique needs. You can cover some of your needs with term and others with permanent insurance. You can buy several term policies of varying lengths and amounts. You can supplement workplace coverage with individual coverage.
- Don’t disqualify yourself. Did you know that different insurers will evaluate the same health conditions as higher or lower risk? Being rejected or offered unaffordable coverage from one company doesn’t mean you’re out of luck with all companies.
Talking to an independent agent who understands how to get you the coverage you need is the best way to find out what your options really are—and you probably have more than you think. Best of all, our services are completely free to you. Please send an email or pick up the phone and let us know how we can help.