Life Insurance Tools

Our goal is to create savvy life insurance consumers that are able to get the policy they want while staying within their budget. To do this we've pulled together several life insurance tools that will help save big money on your term life insurance policy.

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Life Insurance Buying Guide

#1 Who Needs Life Insurance?
Just about everyone needs life insurance whether you're single, married with children, or a stay-at-home parent. Life insurance provides security to those you leave behind, so even if you provide household and child care but you don't bring home a paycheck, those services have financial value. The main breadwinner has to consider replacing that lost income for everything from paying off a home mortgage to paying for your children's college tuition.

#2 The Two Types of Life Insurance.
There are term life policies, which last a period of time, usually 10-30 years, which provide a death benefit, or the face value of the policy to your beneficiaries tax free. The others fall under the category of permanent life insurance, such as whole life. These policies also have a cash value – a return on a portion of your premiums invested by the insurance company. The cash value is tax deferred, until you make a withdrawal and is available if you surrender a policy before your death.

#3 Term Life Insurance is Cheaper than Whole Life.
Term life policies are significantly cheaper than permanent life policies. And, the shaky economy has fueled a competitive price war among America's insurers who are vying for your business. Rates for term life insurance are at historic all-time lows. You don't have to break the bank to buy life insurance; you can stay on budget by selecting the price you want to pay. The younger and healthier you are, the lower your rates so it's smart to lock in your rate today for as long a term as you can afford.

#4 Buy enough life insurance to cover your needs.
Start by identifying your current expenses – such as mortgage, utilities and health care costs, and add that to any future expenses like your kid's college tuition and your retirement. This will help you estimate how much your family would need after you’re gone to meet all your current and future financial obligations. Don't underestimate how much you need or for how long you will need it. Lock in your rate now because the older you get the more you will pay for life insurance coverage.

#5 Healthy Buyers Pay Less.
The older you get, the higher likelihood that you will develop health issues and both age and medical problems will translate into higher life insurance rates. So buy as early as you can and for as long as you can afford. A healthy, non-smoker under age 45 could pay as little as $25 a month for term life insurance coverage.

#6 Compare Quotes for the Right Policy.
Comparion shopping for life insurance quotes has never been easier than it is now, thanks to the Internet. But that's also the problem, too many choices and differences in premiums can be confusing. That is why you might need the help of our licensed insurance professionals to point you in the right direction. Cheapest Life Insurance makes it easy for you to get a free, no-obligation quote by selecting the price you want to pay and then compare the companies that most closely match your budget. We work only with top rated carriers with the most highly rated life insurance products but you might still need our agents to help you choose the one that is right for you.

#7 Better Health, Lower Premiums.
Premiums are determined by the health class insurance carriers put you in. The guidelines vary by insurance company but "Preferred" rates are the best rates and are reserved for the policy holders in excellent overall health who lead a healthy lifestyle. Tobacco use, weight to height ratio, cholesterol, blood pressure and notable personal health issues are all considered when putting applicants into a health class. But even if you don’t qualify for preferred rates, you should buy a policy to protect your family now and start making positive lifestyle changes. If you need to lose weight, quit smoking, or control your blood pressure and cholesterol with medication – you can reapply after these health improvements have been made so that your insurance carrier might consider placing you in a better health class.

#8 Be Truthful and Accurate on your Insurance Application.
Not providing accurate information on your life insurance application could result in a denial of coverage. Not disclosing key health information or risky lifestyle behavior in order to get a better premium may affect your coverage now or your claim in the future. Before a policy is issued, applicants must undergo a complete medical examination to determine an applicant's overall health. The blood work will detect nicotine use. Your family's health history, past drug or alcohol use, or potentially dangerous hobbies are also considered. Be honest with our licensed insurance professionals and they will help guide you to a company that best fits your health or lifestyle needs.

#9 Understand What you are Buying.
Life insurance has it's own unique language of legal terms and definitions. We believe in the power of knowledge and strive to make you an educated insurance buyer. Here we provide all the information you need to make an informed choice and understand what you are paying for. Understand things such as termination clauses, conditional binders, renewals, what your beneficiaries need to do to obtain benefits after your death, and more. Our licensed insurance agents are happy to answer your questions. We also recommend that you exercise your no-obligation "free-look" period after you receive your policy so you can review and understand it.

#10 Talk about Life Insurance.
We know the topic of death is not a pleasant one for you and your family but having an open dialogue about life insurance might give your loved ones some peace of mind. As the saying goes, the only things in life that are predictable are death and taxes. Telling your family that you are thinking about their future security let's them know that you care. A frank discussion is a great opportunity to tell your loved ones that you are prepared for the unexpected and that they will be protected with the life legacy you will leave them.

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