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HOW TO FIND AFFORDABLE LIFE INSURANCE COVERAGE

Do you need life insurance but do not want to spend a lot on coverage? If so, calculate how much coverage you need and then use this guide to get coverage for as little as possible.


1. Check Whether Your Employer Offers Coverage


Before you begin to search for a personal life insurance policy, first check to see whether your employer offers any life insurance coverage. Not all employers offer life insurance, but some do provide this to their employees as an automatic benefit — and the coverage's premiums are frequently paid by the employer when coverage is provided.


If your employer offers life insurance coverage as a free benefit, you certainly should take advantage of the coverage. It likely will not provide all of the protection you need, but it can supplement a life insurance policy that you purchase and lower how much you need to buy.


Often, employer-provided life insurance provides coverage that is equal to $25,000, $50,000, or one year's salary (rounded to the nearest $1,000). To see how this type of coverage can help reduce how much you need to pay for life insurance, assume you want $500,000 in total life insurance coverage and your employer offers $50,000 worth of coverage at no cost to you.


In this example, you would only need to purchase $450,000 worth of coverage and would not need to pay premiums for a full $500,000 policy as a result. The difference in premiums between a $450,000 and a $500,000 life insurance policy might not be huge, but any amount you can reduce the premiums by will help you save a little more over the duration of your policy.


2. Find an Independent Life Insurance Agent


Not every life insurance company will charge you the same amount for a policy, and the only way to find out which insurer has the lowest premiums is to shop around. While you can compare life insurance policies on your own, you will save a lot of time if you go to an independent life insurance agent.


An independent life insurance agent is not committed to just one insurance company, and they can request quotes from multiple life insurance companies that operate in your state. Once they have several quotes, they can go over each option with you to show you which company offers the lowest rates for your situation.


3. Stick With Term Insurance Policies


When you look at life insurance policies, you will have an option to choose between term policies and permanent policies. Permanent life insurance policies may be referred to as whole life or universal life policies.


Term and permanent policies have distinct features that make each preferable in different situations. Between the two, though, term life policies will be far cheaper than permanent policies. This is because term policies provide coverage for a set amount of time, while permanent policies offer coverage for the duration of your life.


4. Pay the Full Premium Up Front


Unlike many other types of insurance policies that offer numerous potential discounts, term (and permanent) life insurance policies do not have too many discounts that you can take advantage of. For example, life insurance policies will not offer a discount for a security system like many home and auto policies do.


Most life policies do have one discount available, though. If you pay your premium annually instead of monthly, you will probably get a slight premium reduction. Not everyone can afford to pay their annual life insurance premium at once, but this will save you a little if you are in a financial position to do so.


If you need life insurance, contact Boone Ritter Insurance.


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