How To Save

While many people understand the importance of life insurance, it often can become an after thought as many people's budgets get squeezed. Find out tips that can help you save when purchasing your life insurance policy.

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Avoid Fees and Other Charges

The easiest way to avoid life insurance fees and other charges is to buy a Term Life Insurance policy. In general, most term policies don’t contain any additional fees or commissions besides the monthly premium amount. Where additional charges are frequently added is within Permanent Life Insurance policies such as Whole Life. These policies are often referred to as “cash value life insurance policies”, and one of the largest charges comes from what is called Premium Allocation. A Premium Allocation Charge is the percentage of your monthly premium that is deducted from the investment portion to be used towards administration charges. Frequently, these Premium Allocation Charges start out higher in the beginning years of the policy, and can vary widely from life insurance company to life insurance company.

Ask a Cheapest Life Insurance Representative or your financial adviser to fully disclose these or any additional fees or charges.

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