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Finding Low Cost Life Insurance

When looking for low cost life insurance, there are certain ways to go about it successfully in order to locate the policy, the benefits, the insurer, and the premium price that is right for you. When doing so, it is important to work with a company that has access to a number of life insurance carriers. This way, you will be able to directly compare your potential options.

Knowing ahead of time what the underwriters need to know, as well as what goes into pricing a life insurance policy, can help you in keeping the cost of your life insurance low, while at the same time providing the maximum financial benefits for those that you love. low cost term life insurance

What Life Insurance Underwriters Need to Know

In applying for any type of life insurance coverage, there are several pieces of information that the life insurance underwriters will need to know. This is because the insurer will be taking on a big financial risk with each and every applicant that it accepts for coverage. Therefore, it will want to get to know you very well before it does so.

There are a number of factors that the life insurance company will analyze when determining whether or not an individual will qualify for life insurance coverage. Typically, this begins with the details that are included on the application for life insurance coverage. Information that is generally asked for on the application includes details regarding your:

  • Age
  • Gender
  • Height and weight (your weight as it relates to your height)
  • Smoking status / usage of tobacco products (including the occasional use of cigars)
  • Alcohol usage
  • Marital status
  • Whether or not you have children
  • Occupation and income (if applicable)
  • Overall health history
  • Family health history
  • Foreign travel frequency (if applicable)
  • Any other life insurance in force (and if so, the amounts)
  • Whether you participate in hobbies that are considered to be dangerous (such as sky diving, scuba diving, rock climbing, etc.)

If you have been diagnosed with any serious health conditions and / or if you have had any type of surgery over the past few years, you will need to include additional details about this for the underwriters.

For example, if you have certain health conditions, the underwriters will usually want to know when you were initially diagnosed with the condition, how often you visit your doctor regarding your condition, how severe the condition is, and what – if any – type of medication you are taking for the condition. If you have had any surgery, the underwriters will want to know how well you have recovered, as well as whether or not you have had any type of side effects from the operation.

In addition, for life insurance policies that are considered to be “traditionally underwritten” – meaning that they are applied for and the applicant’s health is analyzed by the insurer – the applicant is typically required to go through a medical examination as a part of the overall underwriting process.

Here, he or she will meet with a paramedical professional who will take their heart rate and blood pressure readings. They will also be required to provide a blood and urine sample. These samples will be analyzed and tested for any particular health issues that could cause a risk of claim for the life insurance company.

If the applicant has certain health issues such as diabetes or high blood pressure, they may be asked to undergo a more thorough medical exam. In addition, medical records from the applicant’s physician may also be required for review by the underwriters in order to make a more informed underwriting decision.

How Life Insurance Policies Are Priced

Once the life insurance underwriters have reviewed all of the pertinent information that they need – and provided that the application is accepted for insurance coverage – your policy will typically be placed into one of three primary categories. This will be based in large part on your health condition at the time of application.

While all insurance companies may differ in terms of their exact classifications – and many will also have several sub-categories – the three primary classes of insureds include the following:

  • Standard – An individual who is accepted as a Standard insured will be considered to be of “average” health in terms of condition, height, and weight. Because of this, the individual’s premium price for his or her life insurance coverage will be in line with that of other Standard, or average, insureds who are also of average health condition.
  • Sub-standard – For those who are not in good health, yet not in poor enough health to be declined altogether for coverage, the insurance company will accept them as a Sub-standard classification. This means that in comparison to the Standard insureds, their health is not as good due to some type of health condition, or due to other reasons such as being a smoker. Because the life insurance company is taking on an additional amount of risk with Sub-standard policy holders, these individuals will usually be charged more in premium for their coverage.
  • Preferred – Alternatively, if an applicant for life insurance coverage is in excellent health, and he or she also has a family history of excellent health, then they could qualify for a Preferred policy rating. This means that their health is better than average – and because the life insurer is taking on less of a risk with these individuals, their premium price for coverage will typically be less than that of a Sub-standard or even a Standard policy holder.

What Types of Low Cost Life Insurance Are Available?

When searching for low cost life insurance coverage, you will find that there is a wide variety of different types of policies to choose from. Because of this, low cost life insurance can be suited to fit a large number of coverage needs.

The two primary categories of life insurance coverage are term and permanent. Within each of these two categories, there are additional classes of coverage, allowing policy holders to further customize their life insurance to fit specific needs.

Term Life Insurance Coverage

One of the most popular types of low cost life insurance is term. With term life insurance, you are purchasing pure death benefit protection. Because of this, the premiums that are charged for term life insurance are usually lower than for a comparable amount of permanent life insurance protection. Yet, while term life does offer the lowest cost option in most instances, the needs that are served differ between term and permanent policies.

Term life insurance can be purchased for a certain length of time. For example, these plans can be bought for 1-year “terms,” all the way up to 30 or 40 year time frames – depending on your needs, as well as your age and health condition at the time of application. Once the policy’s time limit has expired, it is up to the insured to either re-apply for coverage or forgo coverage after that.

Should the insured opt to re-apply for coverage, they will need to do so at their then-current age and health condition. Because of that, the premium for the new coverage will likely be higher due to their older age. And, if he or she has contracted any type of adverse health condition, it is possible that it could affect their ability to qualify for new coverage.

There are many great uses for low cost term life insurance coverage. This type of life insurance is oftentimes used for what are referred to as “temporary” needs. This means that the insured knows approximately how long he or she must cover a certain financial obligation. As an example, if an individual wants to ensure that his family’s home mortgage will be fully paid off if he dies so that his family will be able to remain in their home, then he could purchase a 30-year term life insurance policy at the same time that he obtains a 30-year mortgage. That way, the policy will expire at approximately the same time that the mortgage is paid off. Throughout the 30 years that there is a mortgage balance, however, the insured’s loved ones will be covered with this insurance protection.

Permanent Life Insurance Coverage

Permanent life insurance coverage can also be purchased via many low cost avenues. With this type of life insurance, an individual gets death benefit protection, as well as a cash value component that allows funds to grow on a tax deferred basis over time. Because of this, the cash has the opportunity to grow substantially throughout the years – allowing the policy holder to withdraw or borrow it if he or she needs money in the future for various needs.

Because of the cash value feature, the premiums for permanent life insurance are usually higher than they are for a comparable amount of term life insurance coverage. However, because there are no time limits on a permanent life insurance policy, these policies do not expire (unless the policy holder stops making the premium payment). Therefore, the premium amount will typically remain the same amount throughout the life of the policy. These policies can be beneficial in that an insured will never have to re-apply and re-qualify for coverage once they have a policy in place.

Permanent life insurance can be used for those who plan to keep their life insurance in place for their entire lifetime. They can also be used as a supplemental savings vehicle for those who may want to add to future college savings and / or retirement savings plans.

Why Consider Low Cost Life Insurance?

Low cost life insurance is something that most people should at least consider. It can be a way to obtain the coverage that you need at a premium price that is affordable. Today, even the price of final expenses can be in the range of $10,000 or more. Many individuals and families do not have this kind of money in place to pay these costs immediately upon request when they are due – especially if death is unexpected. This will typically cause loved ones to dip into savings, retirement funds, or worse yet, put these expenses on high interest credit. None of these options are favorable.

Yet, a low cost life insurance policy can provide the solution that you need – and the relief that they deserve – in a time that will already be stressful, and at a price that is much more than affordable for all.

 

How and Where to Obtain Coverage

When seeking to purchase low cost life insurance coverage, it is typically best to work with a company that has access to more than just one insurer. This way, you will be able to directly compare policies and benefits, as well as premium quotes, in an unbiased manner. You will be able to then determine which plan will be best for you and your specific coverage needs.

If you are ready to begin the comparison process for low cost life insurance coverage, we can help. We work with many of the top rated life insurance carriers in the market place today, and we can get you all of the information that you need quickly, easily, and conveniently – directly from your computer, and without ever having to meet in person with a life insurance agent. When you’re ready to begin the process, all you have to do is use the form on this page.

Should you find that you have any questions at all along the way with regard to low cost life insurance coverage, how to obtain premium quotes – or even just about life insurance in general – we are here to help. You can reach us directly, toll-free, by calling 888-229-7522.

We understand that shopping for life insurance can at times seem overwhelming. There are many options to choose from – and you want to make the right decision in providing the important financial protection that your loved ones deserve. That’s why we’re here. We help to make the process easy and fast – so that you can move forward with what’s really important – life. Contact us today – we are here to help.

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