Cheap Life Insurance
Protecting the one thing you really don't want to lose — at an affordable cost
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Insurance doesn’t have to be boring. That’s why we hired Sara East to be our BA insurance writer. Maggie specializes in making mundane subjects hella-entertaining.
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Paul Martin is the Director of Education and Development for Myron Steves, one of the largest, most respected insurance wholesalers in the southern U.S.
If there’s anything that’s more valuable than your life, we’re all ears to hear what it is. Just like you wouldn’t skip out on insuring that brand-new $50,000 car, you definitely shouldn’t cut corners when it comes to insuring your life. It’s sorta all you’ve got.
With that said, you’re still human and still looking for affordable 40. Don’t worry, no judgment here. Instead, we’ve got a huge network of independent insurance agents who are anxiously waiting to help you find life insurance. But first, let's discuss how you can go cheap without looking cheap.
Why Cheaper Could End Up Costing More
The only time going cheap may be good is when you replace a $1,000 name-brand product with a $300 Kirkland product of the same quality. But there’s no Kirkland brand when it comes to life insurance.
In the long run, skimping on life insurance may not affect you (you’ll be dead remember?). But someone you love will be affected by your financial choices, so it’s best to only cut back on your insurance policy if you’re going to do it the right way.
Since your life is unlike anyone else's, some time, consideration, and professional help should go into finding a cheap life insurance policy.
How Can I Cut Costs on Life Insurance?
Before you go nickeling and diming your life insurance policy, make sure you’re not sacrificing the parts of your policy that matter the most. We can’t tell you what those parts are, that’s for you and your insurance agent to determine. But here are a few things you can keep in mind.
- Get into shape: The good and bad news about life insurance is that a lot of it is based on how you live your life. If you’ve been hitting the In’n’Out drive-thru four times a week and you’re watching Netflix specials quicker than they’re released, you may need to reevaluate.
- Get insurance young: If you’re under the age of 30, healthy, single, and debt-free, you may be thinking, "Why on earth do I need life insurance?" The answer is that if you get sick, you can’t get it. Plus, the younger you are, the cheaper your premium will be.
Average Annual Life Insurance Rates for Women
| Age at Purchase | Policy Amount | 20-Year Term Life | 30-Year Term Life |
| 30 | $250,000 | $141 | $206 |
| 30 | $500,000 | $208 | $335 |
| 30 | $1,000,000 | $347 | $585 |
| 40 | $250,000 | $185 | $314 |
| 40 | $500,000 | $306 | $553 |
| 40 | $1,000,000 | $534 | $1,026 |
| 50 | $250,000 | $375 | $689 |
| 50 | $500,000 | $669 | $1,284 |
| 50 | $1,000,000 | $1,233 | $1,349 |
Average Annual Life Insurance Rates for Men
| Age at Purchase | Policy Amount | 20-Year Term Life | 30-Year Term Life |
| 30 | $250,000 | $156 | $240 |
| 30 | $500,000 | $242 | $403 |
| 30 | $1,000,000 | $415 | $720 |
| 40 | $250,000 | $210 | $384 |
| 40 | $500,000 | $348 | $687 |
| 40 | $1,000,000 | $631 | $1,281 |
| 50 | $250,000 | $491 | $913 |
| 50 | $500,000 | $898 | $1,725 |
| 50 | $1,000,000 | $1,477 | $3,301 |
- Know how much insurance you need: Scanning the internet for cheap insurance policies will only land you on a site that promises to assess your life in 30 seconds or less and plop out the perfect cheap life insurance policy. Sitting down with an agent to discuss your goals for life insurance can help you determine how big a policy you need and where you can make some cuts.
- Consider term life insurance: Term life insurance covers you for a fixed period, usually 10, 20 or 30 years. It’s also the only insurance option that doesn’t come with a savings component. This makes term policies cheaper.
Sample Monthly Rates for a Woman, 20s, Non-Smoker
| $250,000 | $500,000 | $1,000,000 | |
| 10 Year Term | $8.53 | $11.08 | $16.07 |
| 20 Year Term | $11.26 | $16.04/mo | $24.34 |
| 30 Year Term | $15.12 | $23.91 | $39.72 |
Sample Monthly Rates for a Man, 30s, Non-Smoker
| $250,000 | $500,000 | $1,000,000 | |
| 10 Year Term | $9.77 | $13.64 | $20.37 |
| 20 Year Term | $13.14 | $20.24 | $33.15 |
| 30 Year Term | $20.17 | $33.38 | $59.01 |
Sample Monthly Rates for a Woman, 50s, Non-Smoker
| $250,000 | $500,000 | $1,000,000 | |
| 10 Year Term | $23.44 | $38.72 | $70.84 |
| 20 Year Term | $36.95 | $66.51 | $121.63 |
| 30 Year Term | $66.25 | $119.57 | $224.14 |
- Combine and conquer: Got a spouse? Come together and get joint life insurance. One policy can cover both of you, saving some money on your premium. Just don’t forget that whoever dies first will use all the benefits and whoever is still alive is left without life insurance. So make sure you’re the first to go.
- Don’t rely solely on your life insurance: The more money you have to pass on to whoever you’ve determined will take care of your expenses when you die, the less life insurance you need. While it sounds fun to spend every last dime you have before you leave earth, having investment funds and smart spending habits makes it so not all of your death eggs are in your life insurance basket.
Save on Life Insurance
Our independent agents shop around to find you the best coverage.
The Benefits of Independent Insurance Agents
They work hard, they’re local, they understand your needs, and most importantly, they care about your life. If that’s not enough, they just make it easier. There are so many life insurance policies available that it’ll make your head spin, so let it make someone else’s head spin.
Plus, independent agents can shop around in a way that no one else can. Not even your ninja Google search skills can top those of an independent insurance agent on the hunt for the perfect life insurance policy. They’re with you from the beginning to the end (literally), and after that, they’re there in your afterlife, helping your family.
What to Know about Online Life Insurance Quotes
Can anyone really get to know you and your life goals through a five-question online form? The answer is no.
We know it may seem like those BuzzFeed quizzes are always channeling your inner truth, but really they’re channeling an internet robot and algorithm. The same goes for online out. There’s simply no way they can fully assess all the factors that go into a cost-effective but valuable policy.
But do you know who can? That’s right, a trusty independent agent, like the ones found right here on Trusted Choice. A few extra minutes today can save you a lifetime of hassle.
Next Steps
You've now got all the information you need to find life insurance that fits your needs and your wallet. The secret ingredient lies with finding the right insurance agent. So take your new found knowledge and head over to our insurance agents and go back to living your best life, for a long, long time.
https://www.marketwatch.com/press-release/new-study-reveals-more-than-40-percent-of-americans-dont-have-any-form-of-life-insurance-2018-09-04