People tell me they are seeking affordable life insurance. There is nothing new about this! Life insurance premiums have steadily decreased over the years, finding premiums that are affordable should be like walking in the park. All the life insurance companies get more competitive every day. That is quite a statement isn’t it? It is true though.
Let us examine the companies I like most, they are Protective Life, Banner Life, Genworth Financial, Sagicor Life and The National Life Group. The first three are fully underwritten, the last two are non medical carriers. They all offer very competitive and very affordable life insurance premiums. They are highly reputable carriers and are available on line.
Getting an affordable life insurance policy is a simple matter if you qualify. These companies are going to check you out thoroughly whether they ask for a medical exam or not, if you are in fairly good health you will be offered a policy at a low rate.
Term life insurance costs less than permanent policies like whole life or universal life. The type of term policy you would buy depends on how long you want the coverage to last, whether your needs are short term or long term. 10 year, 15 year, 20 year and 30 year term policies are there to choose from. They all offer low premiums, the shorter the term the lower the premium.
You can add affordable riders to your policy. First the very popular waiver of premium rider is offered. If you should become disabled the company will waive your premiums for as long as you are disabled even if it is for the rest of the term period. You must be disabled, usually for a minimum of 6 months for the waiver to kick in. Whenever you are able to return to work you pick up premium payments again. The cost is minimal.
Another affordable life insurance rider is the accidental death benefit rider. You can add this for very low cost. If you should die in an accident the life insurance company will pay twice or three times the face amount, depending on your selection and what the company you select offers.