Cheapest Term Life Insurance Rates
If you are in the market for life insurance you naturally want a cheap life insurance policy.
Some people look for the lowest premium others look at what their return on their dollar will be and compare that with what they lay out.
Experts feel that since life insurance is not really a good investment as far as return on your money during your lifetime is concerned the lowest premium is really what you should look for, thus cheap life insurance is important.
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Getting Cheap Life Insurance
Life insurance companies are constantly reviewing their premium rates and lowering them in order to compete. Term life insurance premiums are at an all time low so if you are looking for a cheap insurance now may be a good time buy. Let us look at some of the term policies available.
- Increasing Premium Term Life Insurance
The first policy that comes to mind is the yearly renewable term life insurance policy or increasing premium term life insurance policy…as it is most commonly known. This policy can be considered cheap. The initial premium is very low compared to other life insurance policies.
It, however, increases every year for as long as you own your policy. It is recommended for short term life insurance needs because if you plan to keep it for a long time you could do much better with another type of plan. The death benefit remains level for the duration.
- Decreasing Term Life Insurance
Another cheap life insurance policy is the decreasing term life insurance policy. This policy is usually used to pay off the balance owed on a mortgage in the event of the death of the homeowner. The face amount of this policy decreases every year, however, the premiums remain level.
- Level Term Life Insurance
Although these policies cost more than the two mentioned above they can also be considered cheap term life insurance. You can buy a policy for a duration of 5 years , 10 years , 15 years , 20 years , 25 years or 30 years.
The death benefits remain level for the entire period that the policies remain in force and the premiums also remain level. These are the most popular policies available and they are truly cheap policies.
- Universal Life Insurance
Some insurance buyers consider universal life policies cheap life insurance. It has a term life insurance base attached to a vehicle through which you can save some money.
It has a level death benefit as well as a level premium. You have the right to increase or reduce the amount applied to life insurance or savings when you desire to do so.