How to Find the Best Cheap Term Life Insurance for 2021

Joseph Meyer
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The Best Cheap Life Insurance of 2021

Although each of the top-rated term life insurance companies presents its own unique features, there are actually a few things that can be applied purely at policy purchase time. In order for you to get cheap life insurance, you will need to look for the companies offering a set of benefits that would appeal to YOU the most. Although this would certainly mean a compromise between price and quality, it could guarantee you of the best cheap term life insurance for 2021 that is really worth your money.

Couple this with a plan to avail of the best value product from the same provider (when it comes to saving money on health insurance rates, it’s always a good idea), and you are assured of the best cheap term life insurance of 2021. (These are only plans, your actual savings may differ from these estimates.)

Cheap Life Insurance Company Reviews

A term life insurance policy provides coverage for a set or fixed term, to age 65 or to age 70 depending on which kind of term life insurance you choose. A term life insurance policy is generally the cheapest option or most economical option. (On average, term life insurance premiums are one quarter or less than the premiums for whole life.) Typically, life insurance policies for someone who is 65 years old would cost four times more than for someone who is 20 years old. So for someone who is looking for cheap life insurance quotes for 2021, when you are young, is best. The whole point of cheap term life insurance is to buy before you need life insurance … when you are the least expensive to insure.

Also, the higher your health risk, the more you will have to pay for life insurance, and the less you will get in term life insurance benefits. So, for cheap term life insurance for 2021, have excellent health … even if it means taking care of yourself and avoiding risk before you get sick for the next few years.

Many people think that they can buy life insurance later when they have a family and want a term life insurance policy with coverage for their family. But, if your family history includes high risks for serious health problems, they may reject your application.

Bestow

If you’re in need of cheap term life insurance for 2021, there are plenty of companies that are ready and willing to answer your questions. But, as is the case with any other product these days, there are features and terms that you should know to make sure that you’re buying the right policy.

Read on!

There are many considerations that will go into finding the best term life insurance company, but the best policy is one that will give you the most for your money without giving you more than you need.

You will want to be sure that you are buying a policy that doesn’t have any hidden costs that you’ll have to worry about later. Reinstatement costs or other hidden expenses will quickly make your policy unaffordable. Of course, you want a policy with a good low price to be sure that you’re not going to have to pay too much for it.

You also need to consider your buying options. There are limited options on the market these days when it comes to term life insurance and, while that can be a little bit more frustrating, it does mean that you will be able to make a quick decision. It’s also easier to compare different options when you’re working with smaller choices.

Ladder

The idea behind laddering is that you invest your money in stable cash-equivalent investments to fund the purchase of your life insurance while also increasing your rates of return. Laddering your cash also helps to maximize your cash and investment returns.

According to the Ladder strategy, the investment period for your ladder should be 20 years (this is determined by thinking about when you will be done with college and graduate school and settled into a job).

So what is Laddering? According to Investopedia

Laddering is a portfolio management strategy based on the premise that the return on stocks and other risk investments such as bonds changes over time and that these changes generally occur in distinct and predictable patterns.

A successful laddering strategy attempts to capitalize on the natural optimism and pessimism of investors while also providing a long-term road map for investing based on the oft-changing nature of the financial markets.

Laddering is a combination of asset allocation and periodic investing, in this case with cash, but instead of buying and holding different kinds of investments, they are purchased and sold within designated periods.

Why Laddering?

The idea behind laddering is that you invest your money in stable cash-equivalent investments to fund the purchase of your life insurance while also increasing your rates of return. Laddering your cash also helps to maximize your cash and investment returns.

Haven Life

Not many people think about it (and even if they do, they don’t like to talk about it), but death is an inevitable part of life. In fact, all of us will die. And those of us that die earlier spend the rest of our lives wondering what could have been.

The question is, what will happen if you die before you reach retirement age?

Fortunately for most people, life insurance is designed to protect your loved ones and your family from financial loss in the event that you die prematurely.

With Haven Life, you have access to a variety of life insurance products.

AIG Direct

Health IQ

Let’s face it – we all want to be as healthy as we possibly can be, but sometimes that’s not in our control. If you or your family has a history of severe health conditions, or if you are taking medication that could have serious side effects, you may want to consider getting term life insurance with a health condition discount. In this case, you can choose a policy where the underwriter will offer you a discount because of your medical condition or health history.

Maybe you are in good health now, but you are taking heart medication for a condition that you are managing well. If you develop complications from heart disease in the future, then you may not be able to get life insurance without health conditions. Alternatively, if you have any kind of health insurance with a high deductible, then you may not want that coverage to kick in at the time when you need expensive medical treatment.

So how can you find the best life insurance policy? We recommend taking the first step by finding out what kind of coverage you need, at the lowest possible price. But what is the cheapest term life insurance?

Read on for a step by step plan to find the best cheap term life insurance coverage in 2021.

Prudential

Vs. State Farm

When it comes to term insurance, one of the oldest names in the industry is Prudential, and considering its been around for a long time (since 1875), they must be doing at least one thing right … right?

Their rates offer the same level of insurance as you’ll find at any of the other major providers.

The difference, however, is in the price. Prudential consistently offers cheaper rates, and we haven’t found any other provider that consistently beats them on costs.

How to Get Cheaper Life Insurance

We know it can be hard to pay for the insurance you need. Insurance can be used as a tool to cover necessary expenses, but typically, it ends up being just another expense in the budget. The good news is that there are some ways life insurance can be cheaper.

One of the most simple ways to reduce life insurance is to work with a company that is competing for your business. Other than that, there are a few tips to help you lower the cost of life insurance.

The biggest way to reduce the cost of insurance is to look for a term life insurance quote. Term life insurance is significantly cheaper because the policy lasts for the term of your life. As your life ends, your policy ends, so you're not paying for coverage past you're time on earth. Why pay for life insurance past your need? Get a quote for term life insurance with a 30yr term and pay a fraction of what you would pay for permanent life insurance. This article will help you know what you're looking for when looking for cheap term life insurance for 2021.

Tip #1: Compare Multiple Quotes

And Choose the Best Value.

As with any life-changing event, you should compare as many policies as possible. Different life insurance companies calculate your rates differently, so it’s important to get to know what’s in your policy and compare quotes from at least three companies that provide term life insurance.

Here are a few steps you can take to make sure you’re getting the best value for your premium:

Shop online for term quotes. Online rates will be the lowest rates you’ll find.

Shop multiple term life insurance companies. You can get several quotes quickly and easily.

Evaluate the premium AND bonus features of your life insurance policy.

Find a policy without unnecessary restrictions or conditions.

Understand how the company uses your policy premium, and don’t be shy about asking questions.

Tip #2: Don’t Procrastinate

The most important advice I can give to anyone searching for cheap term life insurance is to not procrastinate their decision. The insurance rates and term lengths go up as you get older. Just keep in mind that the older you get, the smaller the available life insurance term lengths will be. This means that you’ll have to pay more per year for a term coverage when you’re older than when you’re younger.

If you’re extremely young, I recommend that you look into permanent life insurance products. The rates will be much lower than those for term insurance. In the end, it’s safe to say that term insurance rates generally start out lower than permanent insurance rates, so if your goal is to pay less/ the same amount for life insurance, you’re out of luck.

So if you can avoid waiting until the last minute, you’ll be better off. In fact, I know several older people who continue to search for cheaper life insurance quotes because they procrastinated before purchasing a policy.

Tip #3: Get Healthy

Insurance companies are in business to make money; they don’t make money by paying out an insane amount of life insurance claims. So the more health risk you have ” the more health problems ” the more they charge you for. That makes the first step in finding cheap term life insurance in your 2021–21 coverage years, getting and staying healthy.

Tip #4: Don’t Smoke (or Chew)

According to the CDC, 25% of regular smokers die prematurely (i.e. before age 65) from smoking-related conditions including lung cancer, heart disease, and emphysema. That’s a greater than 1 in 4 chance of dying if you smoke regularly.

The mortality rate for alcohol-related deaths is also staggering. Paired with the increasing cost of health insurance, smoking and drinking are likely to keep you from having anywhere near the coverage you need.

Before you decide on making your purchase, take this perk into consideration by asking: Any activity that is likely to shorten your life could keep you from receiving the death benefit your family is likely to need. Some smokers have been able to get good rates by getting help from third-party insurance agencies like Navigators with 25 years of experience under their belt.

Tip #5: Slow Down

The longer you take to decide on your life insurance needs and eligibility, the higher your odds of finding the best term life insurance plan for you. Start by comparing some of the cheapest term life insurance for 2021 today, and compare based on when you need the term policy to start and end, and include a careful review of what features are included in the policy.

As you do your reviews, bear these three features in mind: Maximum coverage amount, Renewable, and Value of your policy.

Determining the death benefit value of your policy will help you pinpoint how much coverage you need in the event of a untimely death. Review your life insurance needs in 2021 as well as your financial future to help determine how much you need to insure.

Next, take into account that the amount you receive for the death benefit can be renewed as long as it’s used to pay off outstanding debts and for burial arrangements. Proof of those payments will be required when you reapply for the policy.

Also, consider the amount of time you’re in a bind with a policy on a temporary basis. Some policies provide a 30 or 90 day guarantee period, which means you may be able to hold onto your policy for a short time after your death.

Tip #6: Don’t Forget the Family

Consider insuring your family members.. It’s quite common for a lot of term life insurance applicants to think about insuring themselves only, and to neglect their family members. It’s so easy to forget about it since your life is the highest priority but you need to remember that you have a family to look after and their security is important. Your family members should be financially stable and protected regardless of what comes their way.

If you’re not keen on insuring your family members, at least, include them in your insurance policy and promise to be a better father, husband and provider.

It’s quite common for a lot of term life insurance applicants to think about insuring themselves only, and to neglect their family members. It’s so easy to forget about it since your life is the highest priority but you need to remember that you have a family to look after and their security is important. Your family members should be financially stable and protected regardless of what comes their way.

If you’re not keen on insuring your family members, at least, include them in your insurance policy and promise to be a better father, husband and provider.

Tip #7: Stop Living Like Sir Richard Branson

If you want to live like the “Billionaire who got there honestly” then you too can afford to pay all your monthly bills at the same time. Can you imagine what it would be like to not have to worry about getting a loan, filing for bankruptcy or paying off bills?

When you consistently spend less than you earn, you are generating monthly cash flow that will let you not only pay all of your bills at once but also save a sizeable amount in the future.

It’s that simple.

Unfortunately it’s also that difficult.

Tip #8: Tell the Truth

You have the choice to disclose certain answers to the question about smoking. Yes, some people lie on their medical insurance applications and applications for life insurance. Many of us have smoked, we may have quit and we may be a smoker today. Does this mean you have to disclose that you are a smoker? The truth is, it depends. If you have smoked on and off, this is your choice. You can answer “yes” to the question.

Now, if you are a regular smoker who smokes daily, you can also answer “yes.” The reason why you can answer “yes” is because most companies who sell life insurance policies are clear about the fact that they will penalize you for being a smoker. So this means that if you are a smoker, you can expect to pay more for life insurance coverage.

If you want to have the best chances of getting good coverage with your life insurance rates here are a few things you can do.

{1}. Tell the truth.
{2}. Understand your health.
{3}. Understand how your health might impact the cost of your life insurance policy.
{4}. Get a free quote.

Tip #9: Establish Your Goals – What Do You Want Your Policy To Do For You?

If you’re having trouble falling asleep at night, ever wonder why? Did you position your mattress in the wrong way? Was the pillow too fluffy, not fluffy enough, or just the wrong kind of pillow altogether? Or is it a different problem altogether?

It could be that you’re not actually tired. Maybe you’re not making enough time for actual sleep in your daily schedule. Maybe you’re stressed. If that’s the case, it may serve you to address the issues.

In this post, we’re going to talk about why you’re having trouble sleeping at night and what you can do about it. But we’ll take a different approach.

Instead of focusing on your mattress, your pillows, the room temperature, or anything else physical, we’re going to focus on your mental state. If you feel frustrated, anxious, nervous, or any other emotion, these feelings can work their way into your nightly sleep patterns.

But once you’re aware of them and can identify the root cause of your lack of sleep, you can make plans to fix it. Here’s what we’re going to cover in this post:

Tip #10: Only Buy What You Need

Tip #11: Decide Whether Skipping the Medical Exam Is Worth It!

Although skipping the medical exam may seem like a no-brainer at first glance, it may not really be worth it in the long run. There are a few things that you need to think about.

First of all, when you apply for life insurance, you have to submit a blood test report. This is called a lab report. And you have to obtain this report from the doctor that will conduct your medical exam. Without the medical exam, you could have trouble getting the lab report, and you could even run into delays in the process.

In addition, when you apply for life insurance, you have to answer a ton of questions about your physical condition. A lot of these questions will have to do with your medical history. For instance, if you have been diagnosed with diabetes, they will ask you when you were diagnosed, what your blood sugar level records look like, whether or not you use insulin, etc.

So if you don’t get a medical exam, you’re not going to know what to tell them. You may not have that information. And not having that information could end up hurting you.

Additional Ways To Save Money on Your Term Life Insurance Policy

If you’re looking to find the best cheap term life insurance for 2021, you’re in the right place. As shares of life insurance like permanent policies remain flat, term insurance has become the low-cost leader in life insurance cover. Term life insurance, in its most basic form, comes with a set duration (term) and can be renewed at the end of its term.

History has taught us that as an individual reaches middle age, it’s good practice to consider your insurance needs. Though it’s ideally wise to make this decision sooner, you will find that the best cheap term life insurance for you comes in later in life. But even if getting a term life cover is not your first priority, it’s a good idea to start now, and if you can, get the cheapest life insurance you can and keep on renewing it every few years for the rest of your life.

Get a Free Life Insurance Quote Today and Save

When you think of getting a life insurance policy, your initial reaction may be to contact your favorite insurance agent, who’ll probably do a good job of explaining the different products they have to offer. However, this isn’t the only way to get life insurance. A free quote online can save you money and allow you to compare quotes from different companies easily and effectively.

It’s one of the simplest and most effective ways to save money on the life insurance you need. We’re going to help you understand what a free quote is and explain why it’s worth considering.

About the Author

Ward Hiram has been investing for more than 20 years and is the author of The Mother of All Budgets – a book about family finances.

His goal is to help you take control of your finances by managing your money better. His advice is all about family budgeting based on real experiences. He�s always looking to save you time and money so you can enjoy life to the fullest.

You can follow Ward on social media such as Twitter, Facebook, or Google+.

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