Finding Cheap Life Insurance

Finding Cheap Life Insurance

by David Redmond on 14 Feb, 2011

Many people put off buying life insurance or increasing the amount of coverage they already have because they either don’t see it as important or consider it to be a task too hard to get done easily. Cheap life insurance is easy to find if you know where to look and are willing to put a bit of time into it. Remember, time doesn’t equal effort so you can rest assured that just because you will be spending some time on this, it doesn’t have to cause you any stress or worry.

The reason finding cheap life insurance can take time is simply because it is always best to shop around when choosing such an important policy. There are many ways in which to do this, the most common being to visit a price comparison website. On these websites you are usually able to fill out simple forms which will then given you quotes from as many different life insurance providers as possible so that you can look over the figures and easily see which is cheapest.

Before you decide on any one policy, you should ask yourself some questions:

Do I need life insurance?

Life insurance protects your family and can help ensure their financial security if anything were to happen to you. There are several reasons as to why someone might need life insurance. For example, if anyone depends on you for financial support. This could be a anything from a business partner or parents to a spouse and children.Another reason could be if you want to provide finances to pay off debts, bills, funeral expenses or other financial needs  that may not be dealt with when you die.

How much life insurance do I need?

How much life insurance you need will depend entirely on your individual situation. Someone with large earnings and low dependancies will need an entirely different type of policy to someone with low earnings but high dependancies. Whether through a price-comparison site or through individual vendors, each insurance company will have insurance professionals that will be able to help you make this decision. This is another good reason to shop around as different insurers may offer you different advice on what insurance you need. With all the information gathered you will be able to gain a clearer view of what you need.

Do I need term or whole life insurance?

There are two main types of life insurance: term and whole life. Term insurance tends to be less expensive because it does not include an investment component like whole life insurance does. This is another example of why it is always advised that you take your time and shop around for life insurance. As previously stated, life insurance is entirely dependant on your individual situation and as such all advice should be taken.

Because it is you that is looking to take out an insurance policy, you can take charge and not let this process become one of stress and worry but instead make it easy and simple.

About the Author

David Redmond

David Redmond is a Partner of Don Gilliard Finance Group. He is a fee-only, independent financial advisor and financial planner. For over 15 years, he has been helping individual investors and their families realize their investment goals.