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It’s normal to assume a million dollar life insurance policy would cost a fortune, but the truth is, you may be able to get substantial coverage at an affordable rate. We can compare coverage and rates to determine what policy is best for you.
Is term life insurance affordable?
Term life insurance is arguably one of the most affordable life insurance options, especially compared to whole or permanent life insurance. The cost of term life insurance is determined by a number of factors, including things such as term length, coverage amount, age, gender, health and lifestyle. Additionally, many term life insurance policies feature “guaranteed level” premiums, meaning you pay the same premium for the length of your policy, and oftentimes, they’ll offer an additional discount if you choose to pay the premium on an annual basis instead of monthly.
At SelectQuote, we can shop some of the most trusted life insurance companies and compare prices and coverage for you, providing you with your best options in just minutes.
Term Life Insurance Explained
Term life insurance is an easy way to protect your family’s financial security if something were to happen to you. As the name suggests, you have the option to choose your term length and only buy it for as long as you need it. The types of term life insurance typically includes lengths of 10, 15, 20, 25 and 30 years.
Three Financial Benefits of Term Life Insurance
There are a number of benefits that come with purchasing a life insurance policy, including flexible payment options, pre-existing condition-friendly, fixed monthly payments and more. Explore the three biggest financial benefits of term life insurance below.
1. Most Affordable Life Insurance Option
Term life insurance is one of the most affordable types of life insurance policies you can purchase. Because it doesn’t build a cash value and only covers a specific period of time, it’s often going to be less expensive than whole life insurance. The younger and healthier you are, the greater your chances of a favorable rate, meaning you could potentially find a fixed rate for a longer period of time.
2. Pay for the Term Life Insurance Coverage You Need
With different term options comes more flexibility, meaning you’re only paying for the coverage for as long as you need it. Term life insurance can be an affordable way to get peace of mind during the years you’re building a nest egg for retirement, paying off a home mortgage or putting away funds for your child’s college tuition.
3. Provides Financial Assistance
Term life insurance is one of the easiest ways to protect your family’s financial security if something were to happen to you. It’s a safety net so your family can continue living life without worrying about affording things such as the mortgage, college tuition or even final expenses.
Get a Free Term Life Insurance Quote from SelectQuote
Navigating the complexity of buying term life insurance can get overwhelming, but we’ll take the hassle out of it, providing unbiased term life insurance quotes for you in just minutes from some of the most trusted companies.