More than half of Americans believe life insurance costs over three times higher than it actually does, according to a 2021 Insurance Barometer Study from LIMRA. Consequently, they make the costly mistake of delaying purchasing a policy. However, there are ways you can secure affordable life insurance without breaking the bank.
Imagine what would happen if you passed away without life insurance. Your loved ones could be left to cover funeral costs and other final expenses. And they may inherit any outstanding debt or various other household and living expenses, such as a mortgage or college tuition.
Life insurance can give your family the financial security they need if they're unexpectedly left without your income. And you'll have peace of mind knowing your loved ones are protected if you pass away. The benefits of carrying life insurance far outweigh the cost of not having coverage.
You don't have to spend hours searching for cheap life insurance. However, you also want to avoid buying a policy based solely on its rate. Keep these tips in mind as you begin your hunt for a quality, low-cost life insurance policy.
Decide which type of coverage is best for you.
There are two primary types of individual life insurance: whole life and term life.
Whole life insurance, also known as permanent coverage, covers you until you die as long as you pay your premiums. This form of coverage offers a cash value that accumulates over time, and your beneficiaries receive a payout when you pass away. If you're between the ages of 66 and 85, you could get approved in minutes with Ethos, and coverage lasts your entire life. Once you turn 100, you'll no longer have to pay premiums. Even better, you're eligible for coverage of up to $30,000 even if you have health issues—and there's no waiting period.
Term life insurance offers coverage for a set period only and is generally more affordable than whole life insurance. No cash value accumulates, and your beneficiaries only receive a payout if you pass away while the policy is active. Many insurers allow you to renew the policy if you outlive its duration. You could qualify for a 10, 15, 20, or 30-year term life policy with no medical exam or lab tests—just answer a few questions to see if you're eligible. Coverage amounts range from between $20,000 and $2 million.
Shop online for a policy.
Not all whole and term life insurance policies are the same. And some companies charge hundreds or even thousands more for comparable policies. That's why it's important to shop around for the best rates.
Online platforms such as Ethos make it easy to explore affordable life insurance policies. Ethos Life's online application is quick and easy - just answer a few health questions and you're all set. We've eliminated medical exams or blood tests and you don't even have to talk to an agent if you don't want to. In fact, with Ethos, there's no obligations or hidden fees if you apply or get a quote with us.
Ethos makes online life insurance more accessible with flexible coverage options that fit various budgets. And the application process is seamless and secure, taking the stress and guesswork out of shopping for an affordable life insurance policy.