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The Best Low Cost Life Insurance Right Now Is A Term Policy


During a recession, every single household expense becomes more of a burden, from the monthly mortgage payment to the weekly grocery bill. It's at times like these when it's most important for a person to know that if something were to happen to him, his family would be financially secure.

He needs life insurance to cover not only his final expenses, but debts that his family would not be able to pay without his income. However, it's also at times like these when extra expenses like life insurance are most difficult to afford. One must look for the cheapest Low Cost Life Insurance possible that offers reasonable coverage.

There are two main types of life insurance: term and whole life insurance. Both types have their advantages and disadvantages. As far as cost is concerned, both term and whole life insurance can offer low cost, but at different points during the policy term.

A term life insurance premium will generally cost less initially, but will cost more the longer it is kept. A whole life insurance premium may initially cost more than one for term life insurance, but whole life insurance premiums can go down over time. In short, if one wants Low Cost Life Insurance right now, term life insurance is the best choice.

However, one must consider the possible future disadvantages of deciding to buy term life insurance now for the immediate premium savings. If one purchases a renewable term life insurance policy, the premium will initially be low, but will increase periodically.

For instance, a $5000 policy that costs $5 a month now may gradually increase to $30 a month by the time one retires and is living on a fixed income. By that time one also may have paid more in Low Cost Life Insurance premiums than what the policy is worth, but if he stops paying them, the policy becomes worthless. Additionally, one may only be allowed to hold a policy until, for example, age 80.

An alternative is to purchase instead a term life insurance policy with a fixed rate, so that premiums never go up. However, time is also a limiting factor with this type of term life insurance policy. One may only be able to hold a fixed rate term life insurance policy for 20 years, for example. Either way, a term life insurance policy will not benefit someone who lives a very long and healthy life.

However, it is still an excellent choice in Low Cost Life Insurance for a young or middle-aged person who wants to be sure that his final expenses and more will be covered in the case that the unexpected were to occur.

 

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