You feel you need to buy some cheap life insurance. Perhaps you recently got married, or you just had a new addition to the family.
You probably just purchased your first home or maybe you just started a business. These are all reasons why you may need some life insurance and you want the least costly policy you can get.
Not so fast, you want the cheapest policy you can get from a reputable carrier.
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You May Need Cheap Life Insurance
- Recently Married
You just said “I do” now you are looking ahead. You certainly don’t want the one you love to have financial problems even if you are not here. This is a happy time. Certainly, you don’t want to be thinking about death at this time.
You may as well get the life insurance buying out of the way so you can move ahead with your life. You find a life insurance needs calculator and determine how much you need. You find the cheapest 20 year term policy you can put your hands on from a very reputable carrier.
- New Baby
You have a new baby a couple of years later. You want to be certain this adorable child gets the best of everything. You know that as long as you are alive you will make certain of that.
But what if you should die. You decide you need some more cheap life insurance to take care of that eventuality.
- New Home
You are married and you have a new baby. You are doing pretty well and you have a few dollars saved. Your spouse and yourself plan to buy a new home. House prices have hit rock bottom. You decide to go and check out a few homes.
As you both walk through the front door of this particular house you know this is the house for you. The price is right too. Your spouse and yourself step aside for a few minutes and talk things over. You decide to buy this house. You put down a binder.
It takes a while but you get a loan because your credit is excellent. It occurs to you that this is a very large debt. You need some mortgage coverage.
As decreasing term is cheap life insurance you decide on this type policy. This type of life coverage decreases as the amount owed on your house decreases. This is very cheap coverage.
- New Business
Thing go pretty well for you thereafter. You watch your baby grow. You have a new addition to the family a couple of years later. Just at that time you see an opportunity to go into business for yourself.
You are very close to one of your siblings and you both decide to buy this business. You believe the potential for success is unlimited.
You form an S corporation. You have your attorney draw up all the papers. He recommends that you have a buy sell agreement funded by life insurance in case your brother or yourself should die too young.
As he explains, if you do this the survivor will own the business but your spouse will be fairly compensated for your share of the business. You want another cheap life insurance policy. You settle on a 20 year term policy on each life, yours and your brothers.
Whichever term policy you choose you should make certain that you can convert to a more permanent type of policy later on. Who knows what your life insurance needs will be like years down the line.
If you can’t qualify for a new policy at that time you can covert the insurance you already have. Keep in mind the conversion period as stated in the initial policies themselves.