Can I get cheap life insurance?
Posted in Cheap Life Insurance 8 months ago, 6 replies
Would term life insurance be cheaper and what company is affordable and still a safe bet.
Thanks!
Kendall :)
submitted by Kendall in Rockville MD
Would term life insurance be cheaper and what company is affordable and still a safe bet.
Thanks!
Kendall :)
I got my life insurance from a company called Rainbow who offered great advcie and a cheap quote. They had a policy for as little as £2.50 per month but i wanted a little more cover. I suggest looking at them if your want life insurance on the cheap. There web address is http://www.rainbowgrp.co.uk/Insurance/LifeInsuranceMain.aspx
Brian: are all the major companies priced about the same?
Andy: Thanks for the tip but I only want a US company.
Andy: Thanks for the tip but I only want a US company.
Kendall,
I would love to say yes they are all about the same, but it's just not the case. Some companies offer little to no features with their term products and others offer many features. Unfortunately, that means to the consumer/client that is looking for term insurance, it is nearly impossible to compare apples to apples.
If for example you want a 20 year term one company will give you that product at a decent rate and that's all it is...is 20 years of term life insurance.
Another company may offer you their 20 year term insurance product but it has some features to it...namely guaranteed convertibility. What does that mean to you? It means that say after 5 years you change your mind for whatever reason, and you want a whole life product...this product can be converted without going through the process of medical exams again, underwriting etc. So in the long run this product although costs more, has the benefits of being able to be converted, which you may or may not like.
So it's entirely up to you...but I can tell you that you do not get younger, and most of the time people do not get healthier by the time they really need insurance. I would contact someone in your area from companies like: New York Life, MassMutual, Guardian...very strong rated companies.
I would love to say yes they are all about the same, but it's just not the case. Some companies offer little to no features with their term products and others offer many features. Unfortunately, that means to the consumer/client that is looking for term insurance, it is nearly impossible to compare apples to apples.
If for example you want a 20 year term one company will give you that product at a decent rate and that's all it is...is 20 years of term life insurance.
Another company may offer you their 20 year term insurance product but it has some features to it...namely guaranteed convertibility. What does that mean to you? It means that say after 5 years you change your mind for whatever reason, and you want a whole life product...this product can be converted without going through the process of medical exams again, underwriting etc. So in the long run this product although costs more, has the benefits of being able to be converted, which you may or may not like.
So it's entirely up to you...but I can tell you that you do not get younger, and most of the time people do not get healthier by the time they really need insurance. I would contact someone in your area from companies like: New York Life, MassMutual, Guardian...very strong rated companies.
Thank you very much Brian. That is all very helpful information.
It definitely is worth the effort to comparison shop for life insurance online. You should look for websites that are broker sites so you are sure that your comparing like policies, and that you get support from a licensed broker.
Hope this helps.
Hope this helps.
Term insurance will be cheaper, but I would try and get a hold of someone who specializes in life insurance in your area. Your health and age are going to determine costs.