Cheap Life Insurance Can Save Your Loved Ones From Financial Hardship

A family will be put to extreme financial hardship if the head of the family dies without leaving adequate savings.  One good and safe form of savings is a life insurance policy and it is easy to get an affordable insurance life quote by browsing thoroughly on the Internet.  There are expensive and cheap life insurance policies and a person must know what cheap life insurance is and how to go about getting one.  

• Choose the type of insurance you want

• Check the credit rating of the company

• Go with your current insurance provider if you have one

• Get extra coverage using policy riders

• Get tips on what to do to get cheap life insurance

The two basic forms of insurance are term life and whole life.  Term life is taken for fixed periods and does not have a savings option.  If the person is alive once the period is over, the insurance company will pay the entire coverage amount.  Otherwise you will lose the money unless you take the renewal option.  This is considered a cheap life insurance since it is ‘pure’ insurance with no cash value.  The whole life insurance is taken for the entire life, has a savings option that can earn additional income and is more expensive.

Once you make your choice of which life insurance quote to get, you can go ahead and look for the cheapest quotes.  Make sure you look for a cheap premium and identify an insurance company that is rated in the ‘A.M.Best’ list.  This rating provides letter grade rating for insurance companies and this is based on financial stability and their ability to pay all insurance claims.  While the US government has similar laws that make insurance contracts the same across companies, it is safer to go with a reliable company that will not die before the insured person.  

If you have homeowner’s or car insurance, ask that company if they have cheap life insurance.  If you have insurance policies with a company, chances are they will give excellent discounts on a life insurance policy.  Apart from taking advantage of their lower rates, you can go with a company you know and trust.  Find out the extra coverage you can get from the policy – instead of taking a $300,000 policy, you can opt for half than amount with an accidental death double indemnity clause. 

This especially makes sense if the person is young, for accidental death is the leading cause of death among working adults.  Finally, there are some ways a person can ensure he gets cheap life insurance like – a young person who does not smoke or is not overweight can get really reasonable insurance rates.  On the other hand, thousands of people are not able to qualify for any insurance because of various health or lifestyle issues.  These people have the option of going in for life insurance or term life insurance no medical exam.  

Only those who undergo a complete medical exam can get affordable life insurance.  However, this does not mean insurance is not available for others who do not want a medical test.  The term life insurance no medical exam allows these people also to get coverage but at a higher rate.  There are many reasons why people will opt for a term life insurance no medical exam.  They could have a pre-existing medical condition like high blood pressure or high cholesterol.  

The term life insurance no medical exam works the same as other forms of term policies.  The premium payment schedules, coverage terms are all similar and monthly payment schedules will not change with other economic factors.  A term life insurance no medical exam can be purchased online and with no time delays since a person does not need to undergo medical tests.  Very often, this policy can commence within 24-hours of completion of the application.  However, there are a few stringent terms and conditions that come with a term life insurance no medical exam.  

A person must answer all questions honestly on the application for if not, the policy can be cancelled if the insurance company finds discrepancies upon verification. If the insured dies within 2 years of the policy taking effect, then the company will not pay any coverage amount unless the death is due to an accident.  Another factor is that this form of insurance is very expensive, so opt for this only if other avenues are closed.

Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on insurance life and instant term life insurance quotes, visit his site today.