How To Find Affordable Life Insurance

Buying life insurance is primarily the best way to providing your family with long-term financial security. This is why getting the right cover at an affordable price is important.

Most people think owning life insurance is expensive, which is one of the reasons why only a few people own one.

What they don't know is, you can still get an affordable and comprehensive policy, if you choose a term life policy, buy one when younger, compare quotes, or avoid simplified issue life cover. You can visit for more info or answers to any questions you got. With that said, here are a few steps to consider when shopping for the right but cheap policy.

  • Buy life insurance early

Before getting life coverage, your insurer would want to know your age and health. These two key aspects will determine the amount of money you will pay for the coverage.

The younger you are the healthier you might be and vice versa. So, if you want a cheaper policy, you should get one while young. The cost of the policy increases annually, and the older you get the more it will cost you.

For example, you might spend close to $19 on a life term policy in your thirties but once you reach 40 the same policy will cost you approximately $31 a month.

  • Buy a Term Life Insurance Policy

The two main types of life coverage are permanent life policy and term life policy. The permanent life policy secures you your entire life while the latter provides you with coverage for a particular period, approximately 20 to 30 years.

Getting a term insurance policy is cheaper than the other. Similarly, a term life policy will provide cover for a period you need the most like until your kids finish school or until you're financially stable. The best part is, you can eventually convert it to permanent coverage if need be.

  • Create a Ladder of Term Policies

The larger the amount of coverage the more the premiums. This why experts recommend purchasing multiple smaller policies instead of one large cover. Nevertheless, you should not randomly pick a policy just to save money.

You need to do thorough research and only choose the ones that are beneficial to your family. Once you have identified the amount of life coverage you need, you can use the laddering strategy to lower down the cost.

Creating a life insurance ladder can help you, especially when your kids are younger or when you are paying your mortgage. Plus, you can reduce the amount later when your life coverage need reduces.

  • Avoid Simplified Issue Life Insurance

The standard life policy requires one to undergo a medical exam. Nevertheless, this is not the case with a simplified issue life policy.

This policy requires you to fill a quick online form with multiple questions about your lifestyle and health and you get endorsed or rejected without the medical examination.

Most people might find this type of policy ideal but you might end up spending more than what you would have spent on the one that requires a thorough underwriting. Still, if you prefer shortcuts, you can opt for a fast life policy that is much cheaper and easier to access.

  • Avoid Unnecessary Riders

Most life policies come with additional riders that can help you waive premium payments once you become physically incapacitated. Also, they allow you to add extra policies for your kids. However, it is in your best interest to avoid such unnecessary riders and instead go for cheaper coverage.

  • Compare quotes

As with purchasing any other item, make sure you shop around before settling for a certain insurance quote.

The rates of these quotes vary from one company to another so, you will be wise if you chose the one with the lowest rate. You can achieve this better by involving an independent insurance broker who works with several companies.

The broker can help you choose the company offering the best rates based on your health and age. In other words, ensure you compare similar policies and coverage limits.

  • Maintain good health habits

As mentioned, your current health along with other factors determines how much you will spend on your life coverage. This is why maintaining good health habits like eating right and exercising is important.

For instance, if you smoke a lot, your chances of getting lung cancer increase, and you might end up paying more for the policy. On the other hand, even if you have underlying health disorders like hypertension and diabetes, you might end up getting a lower premium by proving that you are actively controlling your condition.

Similarly, avoid undertaking risky hobbies like sky diving, crocodile wrestling, space jumping, riding a motorcycle, and more. Most insurers assume these types of hobby are dangerous and this can you cost extra monthly premiums.

  • Opt into employer-provided group life insurance

Some companies offer their employees' group insurance policies at zero or low cost. These types of coverages are affordable and the best option if you are looking for the cheapest insurance cover. Another good thing about them is that you can continue using them even after leaving the job. Make sure to consult your human resources for details on what is offered.

  • Ask about discounts for bundling policies

Before you consider multiple policies, as your service provider if they provide any discounts for the building policies. Most reputable insurers have a special discounted package for such policies. Click here to read more.


When looking for the ideal life policy, you probably want something you can afford. First things first, we recommend you talk to an insurance agent about the available options. You can also involve your financial planner if you have one.

Comparing insurance quotes is also a good approach towards getting the ideal policy. Plus, they are easily available, so make sure to compare quotes from different companies before settling for one.

On the other hand, you can also consider getting multiple policies with the same company and enjoy discounts that have comes with building policies.