The majority of individuals realize how important it is to maintain an acceptable amount of life insurance in order to protect their family, but a common misconception is that all coverage is expensive and difficult to afford. The fact of the matter is that it is quite possible for consumers to purchase adequate protection if they understand what the cheapest kind of life insurance is. Term life insurance is the most inexpensive overall, but there are still additional selections that can make a policy more affordable.
Shorter Terms Mean Lower Premiums
Term life insurance policies are designed to provide coverage for a certain period of time and are often referred to as temporary protection. While there are insurers that are willing to extend coverage for a period of 30 years, the shorter terms almost always mean significantly lower premiums. A short term signifies less of a risk to the insurance company and as a result can save a consumer money with lower rates. The most popular term selected by individuals looking for the cheapest kind of life insurance is a 10 year term.
Medically Underwritten Policies Can Save Money
Although some applicants are going to have to look for life insurance that is not medically underwritten, individuals in good health often should not necessarily apply for these policies. Any consumer that has extensive medical history will find that an application with no health questions is very appealing, but the simple truth is that the policies associated with these insurers are also more expensive. The process may be easier when applying for life insurance with no underwriting, but there is a cost for the convenience and selecting to answer medical questions can save consumers a great deal of money.