Mike’s Life Insurance Advice

Dear Luke,

Good question.

Cheap life insurance doesn’t necessarily mean that a policy costs less and it certainly doesn’t have to be inferior to a more expensive policy. The term just means that the policy owner is getting increased value for the premiums they’re paying.

A cheap life insurance policy is one that’s been gotten at a very reasonable price. It does not indicate a lack of quality.

And here’s a bit of good news: cheap life insurance rates are going down.

If you are looking for cheap life insurance you’ll find that the premiums are considerably lower than they were years ago. That’s because mortality rates have been decreasing while competition within the life insurance industry has been increasing.

However, cheap life insurance rates are usually offered to folks that are healthy and fit. If you have some relatively serious health problems you will probably be offered standard rates rather than cheap life insurance rates.

Term life insurance policies are sometimes called cheap life insurance policies. If you’re like most people, you’d most likely opt for an additional five or ten years of coverage if it only cost you a couple of dollars more a month. When you compare rates you’ll probably find that the premiums for a 30 year term life insurance policy are only a little bit more than the premiums for 20 or 25 year term life insurance policies.

Before buying life insurance, whether it’s cheap life insurance or not, make sure that the company you purchase your insurance from is reputable and stable. If it’s not, and you pass away, your loved ones might not receive the benefits you paid for.

In general you should choose a company that has been in business for awhile and not “the new kid on the block”. We live in the Internet age. Going online makes it easy to research the companies you are considering. Take your time and make sure you’re comfortable with the insurance company before you buy your policy.

Mike