by Chris Funnell
Some people don’t want to consider the idea of life insurance because they don’t want to think about dying. They consider the subject morbid, and for some even thinking about death can actually hasten it.
Many people also consider life insurance an expensive addition to their budget, so they don’t even entertain the idea of getting life insurance quotes.
However, the truth is, there are cheap term life insurance alternatives in the market today that can easily fit in anyone’s budget.
For instance, a 35-year old woman, non-smoker, and in good health can get a $500,000 20-year term life policy for as little as $27.27 a month with RBC Life.
If everyone knew just how cheap term life insurance can be, many Canadians wouldn’t have second thoughts about protecting their family with it.
Unlike low cost term life insurance, there are expensive life insurance plans such as whole life or universal life. These types of permanent life insurance plans are not necessary for most families, unless you’re dealing with a special situation such as a special needs child who depends on you for lifelong care and security.
There are cheap term life insurance options for budget conscious families.
For instance, if you have young children, you can purchase a 20-year term life insurance that will provide protection until the kids are finished college. At which point, you may no longer need life insurance as the children will have their own jobs and income, and can fend for themselves should something happen to you.
The same is true if you have kids who are in their teens. You may only need a 10 year term life plan because by the time the 10 years is up, the children will be in their early 20’s and graduated from college or university.
The important thing when thinking about cheap term life insurance is to figure out just how long you need protection for your family. Consider the age of your youngest child, and when you’re likely to pay off your mortgage.
Doing this will help you avoid paying too much for your life insurance, and paying for more years than necessary.
Also, it’s easy to be lured into buying expensive whole life or universal life with the cash value being touted as an investment. Remember these cash values make the life insurance premiums much higher than cheap term life insurance, and the cash value is accessible only if you cancel your insurance.
Most families who need life insurance are much better served with cheap term life insurance to keep their insurance costs as low as possible. The secret to protecting your family is that cheap term life insurance is more affordable than most people realize.