Life insurance is the ultimate safety net for your loved ones. In the event of your death, your life insurance policy can help your dependents — known as beneficiaries — cover many important costs, including mortgage payments, college education, and burial expenses. Ultimately, life insurance can ensure the financial security of your family.
Life insurance policies are not one-size-fits-all. There are thousands of policies available to purchase, all of which may vary in amounts of cost and coverage. Learn how to find the life insurance policy that best suits your needs.
You can save money on life insurance if you pick the right kind of policy at an optimal time.
Life insurance policies come with many different types of coverage periods at differing costs. To save money on life insurance you can keep these two simple ideas in mind:
- Less coverage = Less money out of your pocket.
If you choose a life insurance policy that only covers a certain amount of years (known as term life insurance) it will be much cheaper than choosing a policy that lasts until your death (known as permanent life insurance).
The downside to purchasing term life insurance is that no one gets paid if you are still alive when your coverage comes to an end.
- The younger you buy, the more you save.
People in their 20s and 30s are not usually thinking of life insurance but you can save a lot of money if you buy an insurance policy when you are young. Premium rates go up every year that you age so it is best to buy as soon as possible.
Discover how to save money on life insurance by identifying the type of life insurance that is right for you.