Here’s a thing we don’t even think about before getting married and starting a family: life insurance. Just like retirement and college saving, life insurance is one of the things that we must do to be sure our spouse and kids will be financially supported if the worst happens and we won’t be able to be around anymore.
So, the first question is: which insurance should I get? Term life or whole life?
Well, they have two main differences:
1- Term life covers only your death during the years you decided to pay, while whole life covers, well, your whole life.
2- Term life is for sure the cheapest insurance type you could get.
Even though it’s not as complete as the whole life insurance, you can choose how many years you want the term life to cover you and you can also renew it or change to whole life at any time. Take in consideration the fact that you still have to save for retirement and still have to save for your kids’ college, so yeah, we could say that this is the best you could take!
So, here are some of our tips on how to get a cheap life insurance deal:
SAY NO TO ADDITIONAL INSURANCE
They’ll try to offer you child policies and more insurance without going to the medical exam, in the future. It’s ok if you need child insurance for your kids, but otherwise, say no! We know it might look a great deal, but the point here is to save you money for something that we don’t even want it to happen, so just go with the basics and stick to it.
GET QUOTES. LOTS OF THEM!
If you want the best deal you could get, don’t settle for the first company offer you get. It takes time and patience to keep looking and comparing until you find the best one for you. Maybe an online quote tool could help you out (there are like zillions on the internet), but we’d rather do it by ourselves. Also, after checking which one is the cheapest, you should take a look on how is the financial stability of that company before signing up. It’s always better to pay a little more for somewhere that will pay you back in case it’s needed, than one that will put you in bad shoes after years and years of paying sacredly.
MAKE A DEAL AS SOON AS YOU CAN
The thing is, the younger you are, the cheapest it’ll cost you. As years pass by, life insurance will become more and more expensive, so we recommend you to take step two and do it now. Or maybe tomorrow, but no further than this!
If you’re thinking about car and home insurance too, the best way to get a great deal to all of them is bundling everything up! Most of the huge insurance companies provides you fairly cheap options, so we recommend you to take it as consideration and analyze if it’s something that would be useful for you.
So, these are our best tips to help you get a good insurance for the lowest price. Do you have some other tips to give us too? We’ll be glad to hear!