Budgets and Money

Finding Affordable Life Insurance

This article discusses four factors to help you get affordable life insurance, such as bundling policies, so you can start protecting the people who depend on you the most.

4 Ways to Get Affordable Life Insurance

Did you know that in a joint study conducted by Life Happens and LIMRA, 80 percent of Americans overestimate the cost of life insurance?1 The fact is, life insurance may be more affordable than you might think. If you're ready to get the life insurance you need to protect the people who depend on you the most, consider these four factors that may help you find a policy for a whole lot less.

  1. Maintain good health habits.

    Life insurance rates are based on many different factors - some within your control and some not. One factor that weighs heavily on determining what you'll pay for life insurance is your overall health and lifestyle. For example, if you're maintaining a healthy weight and don't smoke, you may find that rates can be quite affordable. And even if you do have a medical condition such as diabetes or blood pressure concerns, demonstrating that you are actively managing your condition may results in a lower premium.

  2. Get your policy sooner rather than later.

    Typically, the younger you are the more affordable your life insurance plan will be-so don't procrastinate. Getting a policy at a younger age can also lock you into lower rates for the duration of that policy as long as premium payments are made.

  3. Ask about discounts for bundling policies.

    Many insurers will offer you a discount if you have multiple policies with the same company.

  4. Get at least three quotes.

    As with anything else, it pays to do some shopping around to compare life insurance quotes. A good rule of thumb would be to get at least three quotes from reputable companies, and to compare apples to apples. In other words, be sure you are comparing similar policy types and benefit limits. For example, a quote for a 20-year term policy with a $100,000 benefit will differ substantially from a whole life insurance policy with the same $100,000 benefit.

For more information on how to shop for life insurance, visit the Protective Life Insurance Learning Center.

1. 2015Insurance Barometer Study, Life Happens, 2015

Was this article helpful?

All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

Life Insurance Quote

It pays to shop around to find affordable life insurance rates. You may be able to secure more affordable life insurance if you consider these four factors before buying a life insurance policy. Learn how to shop around to get the best life insurance quote. For more information, visit our learning center.