Is Life Insurance Affordable?

Everyone should have life insurance – but is it affordable? The short answer is YES; families and individuals have plenty of options. 

What Impacts the Cost of Life Insurance?

Let’s go over the factors that impact life insurance costs. Some of these are habits you can change to improve the affordability of your policy. Other life factors may be predetermined or out of your control, but it is still useful to understand what goes into the pricing of a plan.

Some of the factors most companies will review include:

• Age, gender, health status
• Professional job or field
• Driving record
• Whether or not you smoke
• Your family health history
• Financial status/credit
• Criminal history
• Hobbies

Many of the determinants sound logical. Companies are more likely to offer a young, healthy person lower rates. And in general, women pay less than men. 

A good number of factors are something you cannot change nor control. If your family has a history of cancer, passing at a young age, heart conditions, etc., a company may be more wary of extending you an affordable offer.

However, some of the categories are within your power to control. Not committing crimes, not smoking, or avoiding dangerous hobbies like skydiving will probably help you reduce your rates. Living a healthy life, maintaining a solid credit score, or working consistently can all help your premiums drop, too!

How Can I Find Affordable Life Insurance?

Factors aside, you can find policy premiums that fit into your budget, no matter its size. One option to seek lower costs is to select “Term” life insurance instead of “Whole.” As the names imply, a term life policy will be good for a certain number of years. For example, a Term-30 policy is good for 30 years. 

Whole life insurance can be a financial asset in the long run, though may have slightly higher monthly premium costs. If you are someone that hopes to put money into something in order to have ownership or value in it, whole life can be viewed as an investment, where term life does not have such value built into it.

Consider the amount you want to insure your life for prior to selecting a plan. Obviously, a million-dollar policy will have a higher monthly cost than a $250,000 payout. Some universal plans will help save you on the bottom line, as there is no medical exam. Some national organizations offer adults of an older age a guaranteed basic life policy that you cannot be turned down for, no matter your health. 

Much of your choices will depend on your unique life experiences. So, how do you know which is best for you?

Always Here to Help You Select Insurance

No matter the type of policy, the monthly premium budget, or the payout amount, there is a policy out there for you. The best way to find that policy is with the help of a professional. As an independent agency, I can pull quotes for a wide range of companies to find the right fit for your needs.

I promise there are affordable plans, and I can help you find them. If you’re ready to seek the coverage you deserve, click here, and let’s chat!