How Inflation Impacts the Cost of Life Insurance

Inflation has everyone looking over their monthly budget. From the higher cost of goods and services to increasing travel prices, you may be wondering if inflation will impact the cost of life insurance. Fortunately, inflation has no impact on the cost of life insurance. However, it can emphasize the importance of life insurance and making sure you have enough coverage for your loved ones. Below we explore what to consider when it comes to inflation and life insurance. 

Will inflation change my life insurance premiums? 

Inflation or other economic changes will not change your life insurance premiums, regardless if you have a term or whole life insurance policy. The only time you’ll have to worry about a change in your life insurance premiums is when your term life insurance policy expires. When you purchase your life insurance policy, your rates are locked in. This is why it’s beneficial to shop for life insurance earlier rather than later, making it easier to get more affordable premiums. At SelectQuote, we can quickly help you determine what policy is right for you, your budget and what might impact your life insurance premiums. 

Affordable Life Insurance Coverage for Any Budget 

When it comes to finding affordable life insurance coverage, it’s not as hard as you may think. Especially when you have SelectQuote to help you shop some of the most trusted life insurance companies and compare prices and coverage for you. You may be able to find a policy for as little as $18 a month. 

Again, in order to get the most affordable coverage, you’ll want to shop sooner rather than later. 

Should I change my life insurance policy to save money in my budget now?

Inflation shouldn’t be the only reason you consider changing your life insurance policy. However, if either of the below apply to you, you may want to consider reshopping. 

  • You Can Find a Cheaper Policy
    If your monthly premiums are too expensive, you could shop around to see if there is similar coverage for a more affordable price available to you. Additionally, if your health has improved, (for example, maybe you’ve lost weight or quit smoking) you may be able to secure a cheaper policy. The easiest way to reshop your life insurance policy is by working with SelectQuote. We can quickly compare your options to make sure you have the right policy for your needs and budget.
  • Big Life Changes
    Life changes such as getting married, having children or buying a house are all reasons to reevaluate your life insurance policy. These big life changes also cause a big change in your finances. Making sure you have the right amount of coverage at a rate that fits your budget can be easy with SelectQuote.

It’s important to note that when you shop for a new life insurance policy, you may have to take another medical exam. Life insurance will be more expensive as you get older, so shopping for new coverage now is definitely better than later. 

No Matter Your Financial Situation, SelectQuote Can Find the Right Life Insurance For You

Our more than 35 years expertise has helped us find millions of families the coverage they need at a price they can afford. We’ll take the time to understand your situation to help find you a life insurance policy that will provide adequate coverage at a price that works for your budget.

Example rate is lowest available rate from one of the insurance companies SelectQuote represents in March 2022 for a 40-year-old male in excellent health for a $500,000 10-year policy at $17.85/mo ($209.99/year). Final rates will be based on the insurance company’s underwriting and a more complete review of the consumer’s health. Rates may also vary by term, policy amount, and state.

We do the shopping. You do the saving.