Life insurance isn’t explicitly easy to acquire and can be quite the hassle. Cheap life insurance is even harder to find. Finding the right prices and the right policies for your particular case might prove to be a little bit too difficult on your own, especially if you’re doing it for the first time. Don’t worry though, for we are here to help you with that.
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First though, remember that life insurance is something you probably will need to consider eventually, so even if you’re not interested right now, you might still want to keep reading for future reference when you do end up in need of one for you and your family.
Now, with that said, first we’re going to give you some basic tips that’ll help you on your journey to find the best insurance at the best price. Then we will show you the cheapest offers available so that you can check on your own time if they’re actually good for you. Let’s go then.
Finding the Best Life Insurance
It’s imperative to remember first and foremost that there are two main types of life insurance in the United States. It can be term life insurance, or it can permanent life insurance. There are some more but these two are the primary ones. For those who don’t know, term life insurance is intended for set periods of time (say, 10 or 20 years for example), it doesn’t build cash value, and your beneficiaries get the money if and when you die within the established time period. On the other hand, permanent life insurance is, well, permanent; it lasts pretty much from the moment you get it until you die of old age or disease/illness. It of course is more expensive than term life insurance but offer cash value and it grows over time.
With that out of the way, here are some tips on how to get a good life insurance for the best price:
The younger you apply, the better. Since your age will indeed directly affect your chances of getting a life-threatening illness and/or an untimely death, and these companies base their prices on that, it’s often recommended that you get one as young as you realistically can.
Stop smoking. On the topic of personal health affecting the cost of life insurance, not smoking is perhaps the one thing that reduces the rate of your insurance the most, including the premium-type ones. Not to mention, life insurance or otherwise, smoking just isn’t good for you.
Think very thoroughly about your choice of insurance. If you are looking for longer-term insurance for when you’re older and have the cash for it, getting a permanent one might be the best choice, as even though you’ll end up paying a bit more you’ll get more benefits. If you intend on having it be on shorter side of things, getting term life is of course the right way to go.
Getting combined benefits and multiple policies can get you some discounts. Chances are that you will get some type of additional discount if you go and get multiple cover types on the same policy from the same company. Also, getting more than one policy (say, for you and your significant other) oftentimes will net you some overall discount as well. So, if you’re thinking of going all out, it might be worth asking for their current offers on that, as it will end up being more affordable than just buying them on their own.
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Cheapest Life Insurance Offers
So then, if you are currently wondering about getting some life insurance, be it for yourself or in some cases for someone else who’s close to you, but you are not exactly willing to spend a fortune on it over time, here we show you the cheapest, best-bang-for-your-buck life insurances in the United States:
Transamerica [1]
This life insurance company offers its clients quite the broad range of term life insurance options: insurances start at about $25,000 and go all the way up to $10 million. That’s not all. Most of these companies require that people applying to their insurance programs take a medical exam to check for anything weird before getting accepted, but if you don’t smoke and aren’t too old, Transamerica can skip this process entirely. The only relatively ‘bad’ thing we can think of is that if you’re a smoker you’ll have to pay a bit more, around $100 per year, so do keep that in mind.
State Farm [2]
State Farm operates across most of the united states (excluding Wisconsin, New York, and Massachusetts) so right off the bat its range is pretty much unbeatable. It offers some great life insurance policies and some of the customer service around, online or otherwise. It also has a very generous conversion policy if you decide you want to change to a permanent plan: Policyholders under 75 can switch at any time without having to take another medical exam. They’re a fantastic option, but check them out and decide for yourself.
Legal & General America [3]
Legal & General America, on top of being one of the oldest, most experienced and most renowned life insurance companies on the United States, offers some of the more affordable policies around. They’re available typically for as little as $12, and you can get a quote nice and easy via phone or through their online website contacting support. Choose whether you want to pay monthly, yearly, etc. Overall, we consider Legal & General America to be among the very best companies in this field. Visit their website and see for yourself if you’re not convinced.
As a final note, it is worth noting that these companies’ prices and policies will more than likely vary depending on your personal background. We advise, should you be interested in getting life insurance, that you thoroughly research the specificities of each of the many services offered by not only the companies we presented, but the many more that are out there.
In the end, this article is meant to serve as just a basis. You should always make the final decision with your own, personal and specific needs in mind.
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[1] https://www.transamerica.com/individual/
[2] https://www.statefarm.com/
[3] https://www.lgamerica.com/
