How Much Life Insurance Costs

If you’re looking for cheap life insurance that will provide adequate coverage without breaking the bank, look no further. Good life insurance doesn’t have to break the bank. It can be affordable and still carry a healthy death benefit as well. All you have to do is find the right provider.

Cheap life insurance is based not only on the death benefit, but on your age and health as well. If you’re looking for cheap life insurance, consider buying a policy when you’re young and in good health.

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Do you want cheap life insurance? You bet you do. You deserve to get the best deal on life insurance. The question isn’t whether you’re entitled or not but where to find it. 

Where to Get Life Insurance Quotes

You can get life insurance quotes online from the following providers.

Policygenius

Policygenius helps you compare your options, compare quotes and buy a policy all in one place. 

Not only does Policygenius search for the best life insurance policy for you, they offer the cheapest rates as well.

Policygenius does all the work for you, saving you as much as 50% on top insurance companies. These special deals would be hard to find on your own. Not only that, but Policygenius has licensed insurance agents on staff to answer all your questions. You not only get the best quote but the best information as well.

You can shop for insurance on Policygenius because it’s an insurance marketplace, not an insurance company. 

Policygenius combines marketplace experience with online tools, an expansive educational library and guidance from licensed individuals to help you get life insurance with confidence.

Fabric

Fabric offers term life insurance for individuals between the ages of 21 and 60. They believe that life insurance isn’t for you, it’s for your family. You can apply and see your price in under 10 minutes. Their policies are issued by Vantis Life, a Penn Mutual Company, so your policy is backed by a highly-rated, financially stable provider.

Apply online or in Fabric’s mobile app. They offer a range of term lengths and coverage amounts to help you find a policy that works for you. Choose from 10, 15 or 20-year terms and coverage amounts from $100,000 up to $5,000,000. 

To get an idea of how much you might spend on term life insurance with a Fabric policy, we gathered a real quote. A 20-year term life insurance policy for a 29-year-old female in excellent condition with a coverage amount of $250,000 would pay around $14.61 per month. Apply now and see what this affordable term life insurance will cost you. 

Bestow

With plans starting at just $8 a month Bestow is perfect for anyone on a budget. This affordable term life insurance allows you to skip the doctor appointment and say “no thanks” to the stacks of paperwork. You can get a quote quickly and when it’s convenient for you because everything is 100% online. Answer a few simple questions and get a decision instantly. 

There is no need to enter your name, email or phone number to get a quote. Bestow relies on data rather than feedback from a medical exam. Take life into your own hands by applying with Bestow, the ideal combination of age-old quality fused with modern technology to deliver one of the best companies on the market.

10 and 20-year policies are available, just another reason why this customizable life insurance makes our top list. You must be between ages 21-55 to qualify for this no medical exam life insurance.

Haven Life Insurance Agency

Haven Life backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual) is an innovative life insurance agency that offers a simple way to obtain term life insurance for those between the ages of 18 and 64. You can choose a term length of 10, 15, 20 or 30-years. 

What’s unique about this term life insurance is the way you can complete an application online and, if approved, digitally purchase coverage. 

Haven Life is backed and wholly owned by MassMutual, a nearly 170-year-old life insurance company with a long history of claims-paying ability. Also available is Haven Life Plus, a no-cost rider to the Haven Term policy for customers in eligible states. Some of the great services included with Haven Life Plus are:

• A world-class fitness app with thousands of workouts and (most importantly) great music
• An app that combines the latest sleep and neuroscience research to help prevent jet lag
• A customized, state-specific, legally valid online will

Affordable and dependable, Haven Life offers protection for your family in the event of an unfortunate loss. A 20-year, $500,000 Haven Term policy, issued by MassMutual, for a healthy 35-year-old woman, is $23.34 per month. For perspective, the average American adult spends around $50 every month on subscription services. Apply for Haven Life and see if you are eligible for InstantTerm* to help financially protect your loved ones. 

Quotacy

Quotacy is not an insurance company. Quotacy works with insurance companies to find the best policy for you — companies like John Hancock, Mutual of Omaha and AIG. With a Trustpilot rating of 4.9 out of 5, you can rest assured Quotacy is working for you.

When finding the best life insurance policy for you, Quotacy asks all the right questions:

1. How much life insurance do you need?
2. How much can you afford?
3. How long do you need the policy?
4. Which type is best for you?
5. How can you expedite the process?

Quotacy is an advocate for you, the consumer, and not beholden to any 1 insurance company.

What Is Life Insurance?

Life insurance is a contract between you and an insurance company. The contract stipulates that you pay a certain monthly rate (premiums) for a predetermined period of time, and in return the insurance company promises to pay a death benefit to your beneficiaries, at an amount agreed upon signing.

Types of Life Insurance Explained

You can choose from 2 types of life insurance: permanent and term. Permanent life insurance policies like whole, universal and variable life, are considered permanent policies as they last for the duration of your life. They are also, unfortunately, the more expensive type. For more affordable life insurance, permanent policies are cheaper when purchased while you’re young.

While permanent life insurance is more expensive, it comes with a savings component and a cash value. You can take out a loan, and some policies even pay for long-term care against your death benefit. When it comes to cheap life insurance, however, permanent policies are not the most affordable.

Whole Life Insurance

Just like the name says, whole life insurance stays with you your whole life — as long as you pay the premiums. Whole life policies are more expensive than term, and while they do add a cash value to the policy, they are generally prefered by higher income individuals looking for additional tax-deferment for their investments.

Whole life policies are more like savings accounts with a death benefit. Universal life, another type of permanent insurance, even allows you to have sub accounts and invest your money in stocks and bonds. These types of insurance are not recommended for the passive investor or those just looking for death protection.

Disadvantages to a whole life policy include:

• Higher rates
• Lower death benefit
• Longer duration
• Potential probate delays
• Fluctuating premiums

While whole life insurance does last for the duration of your life, it is more often thought of as an investment vehicle than death protection.

Term Life Insurance

If you’re looking for the cheapest life insurance, however, term life is the best coverage for you. Term life is a strictly death-benefit policy without all the bells and whistles. While term life does not offer cash value, it is, on the other hand, very affordable.

Term life is for a predetermined period of time. You can sign up for 10, 20 or even 30 years. If you’re young, premiums are going to be cheap. Term life is perfect for young parents wanting to protect their families financially, and it carries no lifetime obligation like with a permanent policy.

Advantages to term life include:

• Cheaper rates
• Consistent premiums
• Greater death benefit
• Shorter duration
• Quicker payouts

Term life insurance is the cheapest form of life insurance, especially for young families.

How to Buy Cheap Life Insurance

If you’re looking for more affordable life insurance, the best way to get it is to compare quotes from multiple providers at once. You can do this by using a quote aggregator like Policygenius or Quotacy, or comparing quotes from our featured providers.

You’ll want to base your search on the following:

• What type of coverage you need
• How much you’re willing to pay for a premium
• What type of benefits you’re looking for 
• Whether or not you want to take a medical exam

While this isn’t an exhaustive list, it’s a general guideline to follow.

Protect Yourself, Protect Your Family

Is life insurance worth it? If you get a good deal it is. When it comes to getting cheap life insurance, consider buying it when you’re young. When you’re just starting your family and need that added protection life insurance provides, that’s when you’ll find the best deals.

Not only is life insurance cheaper when you’re young, but that’s when you need it most. Maybe you’re not going to have a heart attack when you’re in your mid-twenties, but accidents do happen. Who’s going to be there for your family if something unexpected happens to you? Life insurance, that’s who.

Disclaimer

Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY. In CA, Haven Term is DTC-CA. Our Agency license number in California is OK71922 and in Arkansas, 100139527

Haven Life Plus (Plus) is the marketing name for the Plus Rider which is included as part of the Haven Term policy. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).

*Not all applicants will qualify for this ‘InstantTerm’ approval process and that Issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.