Cheap life insurance is what I want. If that is what you want, this is a great time to get term life insurance. With more companies than ever competing for your business and life expectancy increasing, the rates are at all time lows. Obviously, some companies have had to adjust rates up to deal with losses with the economic turbulence that we have experienced over the last couple of years.
Everybody has their idea of what cheap is, but term life allows you to buy a lot of death benefit with little money. The variable here can be health. If you are relatively healthy, the premiums will be more affordable than if you are unhealthy.
We will find out the amount that the client would like to shop and then we run an analysis with the major carriers. In a matter of seconds the carriers rates will appear for comparison. For a healthy male, non smoker, age 35 his two best rates for 1 million of 20 year term would be, Banner Life at $39.81 per month and ING at $40.95 per month. That is pretty darn inexpensive for 1 million of coverage. Another consideration is to look at the return of premium option. While it is appealing to get the cheapest term, it may be a good option to get all your premiums back if you live through the term. For that same 35 year old, he would be looking at a best rate of 117.03 with Assurity with return of premium. Chances are he will live through the 20 year term and then have no coverage. He might as well get all the premiums paid in to the policy, back.