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2 of the best ways to get cheap life insurance

Life insurance is generally cheaper for younger adults than it is for older ones. Getty Images/iStockphoto

Life insurance comes in all shapes and sizes. No matter your goal or desired insurance type, there's likely a policy out there for you. 

Unfortunately, life insurance also comes in different coverage amounts and costs. Depending on a series of factors, you could end up paying a lot for a minimal amount of coverage or vice versa.

But the protections that life insurance offers - both for your loved ones after you have died and for you while still alive - are too important to pass on simply due to cost.

If you're in the market for life insurance or considering adjusting your coverage, start by getting a free online price estimate now so you know exactly what to expect.

2 of the best ways to get cheap life insurance

While there are multiple ways to obtain both cheap and discounted life insurance, here are two of the best.

Apply for a policy early

The older you are, the riskier you are to insure. That risk will be passed back to you in the form of higher premiums to pay (assuming you don't wait too long and get disqualified altogether). Not only will you have to pay a higher premium if you wait to get a policy - you'll also have significantly less coverage than if you were to secure a policy when younger.

A policy, say, for $500,000 will cost exponentially more for a 50-year-old than it would for someone half that age (again, assuming they aren't disqualified). What's more likely is that a 50-year-old will pay more for a $500,000 policy than a 25-year-old will for a $1 million policy.

Granted, these are approximations and the figures could change based on the individual's personal circumstances. But life insurance, just like most other insurance types, is generally cheaper the less risk you present. And for older people, whose beneficiaries could potentially cash in a policy quickly, there's significant risk involved.

This is why young people should apply for life insurance as soon as possible - and why you should too. If you want to get a cheap rate then apply today while you're still healthy and as young as you'll ever be.

Start by getting a free online price quote from Haven Life to see how much a policy could cost.

Choose a term policy

Whole life insurance policies are beneficial for two primary reasons: 

  1. They can cover you for the duration of your life
  2.  They come with a cash reserve that you can access while you're alive

Because of those two appealing factors, however, whole life insurance policies tend to cost significantly more than term life insurance ones. So, if affordability is a factor, you'll want to choose the latter type of policy.

That doesn't mean that term life insurance isn't valuable. There are multiple advantages to securing a term policy, particularly its low-cost relative to the coverage amount. For someone in their 30s or 40s, for example, a term life insurance policy could potentially be secured for hundreds of thousands of dollars (or even more than $1 million) for less than $100 a month.

Yes, that policy won't last forever. And it will be more expensive to renew than it was when first obtained. But if you're looking for cheap life insurance without having to sacrifice a final payout number, a term policy is the way to go.

The bottom line

While there are multiple ways to get cheap life insurance, applying early and getting a term policy are two of the best. Fortunately, it's easy to do both of these things online right now. Start by exploring some top life insurance providers here now or use the table below to learn more.

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