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How To Fit Life Insurance Into Your Budget

Many people have a misconception that life insurance is unnecessary, or that it’s too expensive even if they did want to buy it. But neither of those things are true: life insurance provides your family with an important financial safety net in case of the unexpected, and it can be surprisingly affordable.

You don’t have to worry about being able to afford life insurance because there are many types of policies, meaning there is one to fit almost any budget. If you are considering purchasing a life insurance policy for your family, we can help you figure out exactly how to fit it into your budget, although it shouldn’t be too difficult, since life insurance can cost as little as $30 a month!

Is Life Insurance Possible On a Budget?

wrench with some coins in it next to a calculator — *Many people think that life insurance is expensive, but you can get an affordable plan, even on a budget.*

Many people overestimate the cost of life insurance, but you should know that there is a policy out there for everyone, and that many policies are much more affordable than you think. According to a study from 2020, 65% of people did not buy life insurance that year because they thought that it would be too expensive. Not only did they think a policy would be too expensive, but they also overestimated the cost to be 3 to 5 times the actual amount.

Just consider this example rate: a woman in her 30s can buy a life insurance policy with $300,000 in coverage or more for as little as $15 to $30 a month. It’s important to note, though, that multiple factors go into determining an individual’s policy rate, including their health, age, etc.

How To Fit Life Insurance Into Your Budget

If you want to start budgeting for a life insurance policy, you should start by tracking your spending. One way you can do this is by keeping a spending journal. Write down how much you spend every month, including in your list expenses like rent or mortgage payments, car insurance, groceries, utility bills, credit card bills, and any extras.

Once you’ve done this, if you are finding it hard to fit the premiums for your life insurance policy into your monthly budget, you can look at your journal for ways to cut any unnecessary spending. This can include little things that can add up, like daily coffee runs and online impulse buys. Making cuts can be tough, remember that life insurance can protect your family in the long run, while online shopping just takes away from what you could be leaving for your family.

paper with graphs and calculator and files — *After seeing that you can find an affordable life insurance policy, then the next step is to decide how much coverage you need.*

After determining how much money you can spend on a monthly life insurance premium, the next step is to determine how much coverage you need. If you spend a little time comparing life insurance policies from different life insurance companies. you should be able to find a great policy for a price that works for you.

And if price is the biggest issue for you, you can consider a cheaper life insurance policy, such as a term life insurance policy. Term life insurance can be cheaper than permanent life insurance, because term life covers you for a set length of time, usually anywhere from 10 to 30 years, as opposed to covering you for your whole life. You can choose the length of time that you would like to be covered for, and will pay one low fixed premium for the length of the term.

Need Help?

You should know that life insurance policies are accessible for everyone, and that there are multiple types of policies to choose from, so anyone can find an affordable policy that provides the coverage their family needs. The best way to find the policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with affordable rates, and give you ideas on how to cut down on costs. We have listed some companies to work with that will be able to find you the most coverage for less. Always check multiple sites to make sure you have bargaining power and to know the advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.

Do You and Your Spouse Both Need Life Insurance?

Do you and your spouse each have your own life insurance policy? Or does just one of you have a policy? The fact of the matter is that you and your spouse depend on each other, and so does your family. That means that life insurance is not something that only one of you should have, despite the commonly held belief that only the top earner of the household should have life insurance. Both spouses bring something to the table, whether they are the top earner, or they stay home with the children, so it is smart for both of you to have your own life insurance policy, each with the right amount of coverage to ensure that you have enough for your family’s future needs.

Stay At Home Vs Breadwinner

caucasian woman holding a baby — *Stay at home parents contribute to the household more than people think, and need life insurance too!*

So if you’re asking yourself if one life insurance policy is enough for your family, the simple answer to this question is that if someone depends on you, you should be covered by a life insurance policy. Even if you’re not working, or are staying home with your children, you bring just as much value to the household as the breadwinner: breadwinners help pay the bills, but stay-at-home parents help run the house and provide necessary childcare.

Just consider this: if your family didn’t have the person who runs the household, imagine how much money would need to be spent on daycare alone, not including a maid to clean your house, laundry services, eating out, and more. All of that adds up to thousands of dollars a year that your spouse contributes to the household, and is something that needs to be taken into consideration when looking into life insurance policies.

Whether you work full-time, part-time, or stay at home, you contribute to the house and your family, so you should each have a life insurance policy that fits your family’s needs. Now that you know how important it is that both of you have a life insurance policy, the next thing to figure out is just how much life insurance you each need.

How Much Life Insurance Do You Each Need?

Now that we have established that both spouses need life insurance coverage, you might be wondering how to balance the coverage between the two of you. To figure this out, you should add up all your day-to-day expenses, the cost of final expenses, child care costs, the amount of money your partner and children would need for future plans, and any income coming into the house that will need to be replaced.

Looking at all of this will help you determine what your family will need to stay financially secure should one of you pass away. Remember, too, that the stay-at-home parent can qualify for coverage based on the income of the entire household.

What Type Of Life Insurance Should You Get?

If you’re unsure what type of policy is right for each of you, speak to different insurers, or a life insurance agent. They can consider your individual earnings and determine how much coverage you will both need. Not only that, but they will also consider what type of life insurance you should purchase for your family’s needs. For example, term life insurance is great for a specific duration, such as to cover a 20 or 30-year mortgage. If you need more coverage, a whole life insurance policy is a permanent life insurance policy that will cover you for the entirety of your life or your spouse’s life.

Another option for couples is joint life insurance, which will cover both of you under the umbrella of one policy. It is important to note that these policies are more expensive than term life insurance because they are a type of permanent life insurance policy. You can choose between a second-to-die life insurance policy, which either covers your estate taxes or leaves a legacy for your children after you both pass away, and a first-to-die joint life insurance policy that pays out to the surviving partner after one spouse passes away.

The best way to find the best policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with affordable rates, and give you ideas of how to cut down on costs. We have listed some companies to work with that will be able to find you the most coverage for the least amount of money. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.

Wait- Why Are My Life Insurance Premiums Higher Than the Rate I Was Quoted?

Have you gotten a quote from an insurance company, only to find that your actual premiums are higher than expected? This can happen especially with life insurance policies because quotes are generated based on the small amount of information you provide while you are looking for a policy. Once the life insurance company looks a little more closely at you and your level of risk, they might find something that changes your rate.

Quotes Are Only An Estimate

large calculator — *Your initial life insurance rates provided are only an estimate.*

When you start researching life insurance, you will receive many quotes for policies. The quotes provided are only estimates of how much a policy might cost you based on the minimal information the insurance company has about you, or what you might call a “best-guess estimate.” These estimates are given to you before the life insurance company conducts a medical exam and gathers more information from you, so they will often change based on that information.

Why You Were Approved for Your Actual Rate

Once you provide your agent or insurance company with more information, you will be given a more accurate quote for your premiums: the more information you provide, the more accurate the quote for your premium rate will be. This is especially true after you have undergone a medical exam, because the insurer will then know the whole scope of your health history, as well as have information about your driving record, and any other factors that are used for determining rates. That means your real rates could be different from your initial quote because:

Your Initial Quote Was Not Based On Your Health

As we already mentioned, when you first begin looking at policies, your agent or insurer might not ask you the questions needed for a more accurate quote. For example, they might not ask you about your blood pressure readings, cholesterol levels, BMI, and so forth, and these stats help determine how much you will actually pay.

The Underwriting Process Reveals More

exam room tools — *After you undergo a medical exam, then the life insurance company can provide a more accurate rate.*

To follow on the above point, once you undergo a medical exam, your life insurance company will have much more relevant information about you, allowing them to better assess your risk. In other words, the more they find out about your health, the more accurate your quote will be. And if you are afraid of undergoing a medical exam, don’t be! It can work to your advantage, even if you have health issues: as long as you are managing any conditions and taking steps to improve your health, the exam can actually work in your favor.

The best way to get an accurate quote and not be surprised by your actual premium rates is to provide as much information as possible when comparing plans from different life insurance companies. There are many different kinds of life insurance policies to choose from, including whole life insurance, term life insurance, and final expense insurance, so if you’re not sure where to begin, consider using online tools, or speaking with an agent. The right policy for you is out there! We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Does BMI Affect Life Insurance Rates?

When you apply for a life insurance policy, your insurer will look at your health, your family history, and even your employment and driving records to determine how much you will pay in monthly premiums for your coverage. Of all of the factors that they take into consideration, your health is usually the one that your insurer will take most into account when setting your rates, since your health gives them a good idea of how much of a risk you are to insure. And one of the things that they consider when looking at your health is your body mass index, or BMI. If you have a high BMI you may be worried that it will be tough for you to get approved for a life insurance policy. But there is some good news: if you are overweight, it is still possible to get life insurance, because there are many different types of policies available.

How BMI Affects Life Insurance Rates

In most cases, when you apply for life insurance, you will have to undergo a medical exam to determine your rates. This exam will include measuring your BMI, which is a simple calculation of your body fat based on your weight and height. The scale is the same for men and women, and it does not account for factors like your body build.

To make sense of the numbers you will see when your BMI is measured, the scale looks like this:

Underweight = <18.5
Normal weight = 18.5-24.9
Overweight = 25-29.9
Obese = 30 or greater

Why do life insurance companies look at your BMI? The higher your BMI, the higher your risk for developing conditions such as heart disease, high blood pressure, diabetes, and even some cancers. And because being overweight means that you are more at risk for developing these health conditions, it also means that you’re more likely to have a shorter life expectancy, and you are more of a risk to life insurance companies.

Every life insurance company has its own set of criteria that will determine your rates for their insurance policies. If you do have a higher BMI, it’s generally not something to worry about, because BMI is only one part of what goes into determining how much you will pay for coverage.

Options For People With High BMI

many weight doors in a row — *There are many different life insurance policies available, even if you are overweight.*

Even if you fall into the overweight or obese category, there are life insurance options available to you. If you are denied life insurance, you can still shop around for policies that don’t require a medical exam, such as simplified life insurance.

The best way to find a great affordable plan is to compare plans from different life insurance companies, especially because each insurer has its own separate BMI requirements, along with different ratings for other factors. In the meantime, while searching, you should consider making some lifestyle changes that can improve your overall health; making these changes will mean that many insurers will be more likely to approve you for coverage, or even possibly lower your premiums.

The best way to find the most affordable policy for you is by working with a licensed agent from a top-rated insurance company. They can help you find a company with good rates, and give you ideas for how to cut down on costs. We have listed some companies to work with that will be able to find you the most coverage for less. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.

What is Spouse Life Insurance?

Purchasing a life insurance policy is a great decision when you have a growing family, but you have to remember that your life insurance policy only covers you. Your family will not receive a death benefit if your spouse dies unless they have their own life insurance policy. But what if your spouse does not have a policy? Is it possible for you to take out a life insurance policy on your spouse?

What Is Spouse Life Insurance?

Spouse life insurance is a type of policy that covers your spouse or partner, leaving a death benefit for you and your family if they die. A partner can purchase the policy on their loved one, including a husband, wife, common-law spouse, or domestic partner. This type of life insurance falls into the category of dependent life insurance, which generally provides less coverage than standard policies.

How Does Spouse Life Insurance Work?

If you decide to take out a life insurance policy on your spouse, you will still have to go through the underwriting process – but only if you choose a permanent or term life insurance policy that requires you to do so. Your life insurance company will have to verify that your spouse is eligible to be insured and assess how much of a risk they are so that they can determine their coverage amount and premium rate. Once you have provided all of the required information, your insurer will offer coverage if your partner meets their requirements.

Reasons To Consider Buying Life Insurance On Your Spouse

If you are conflicted about whether you should purchase a spouse life insurance policy, consider the following reasons why it might be a good idea:

Spouse life insurance can replace their income- If your spouse is the breadwinner of the family or head of the house, life insurance is very important to have, so that your family would not have to struggle if your partner were to pass away. Their income probably covers many expenses, including mortgage payments, and you don’t want to lose your house or struggle to pay any other household bills.
You have debt– If you have shared debt or loans, you also share the responsibility of repaying them, even if your partner passes away.
You’ll need help running the house– If your spouse takes care of the household chores, including taking care of the kids, cooking, cleaning, and laundry, and they pass away, you might need to pay someone to help with all of these things, and life insurance benefits can help with this.

Can You Take a Policy Out On Your Spouse Without Their Knowledge?

white question mark in a green circle — *You cannot take out a life insurance policy on your spouse without their consent.*

Both partners in a family need to be covered by life insurance in case the unexpected happens, since each partner has a role and adds value to the household in different ways. But purchasing a policy to cover your partner is something you need to discuss with them, especially since it is illegal to purchase life insurance coverage for your spouse without their knowledge. You must first get their consent and their signature for the policy – even only getting verbal consent to sign the policy can be considered insurance fraud.

If you’re looking for life insurance for you, your partner, or both of you, the best way to find the most affordable policy is by working with a licensed agent from a top-rated insurance company. They can help you find a policy with good rates, and give you ideas on how to cut down on costs. We have listed some companies to work with that will be able to find you the most coverage for less. Always check multiple sites to make sure you have bargaining power and to know the different advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today

Understanding Life Insurance Clauses

How often do you sit down and read the fine print before buying or agreeing to something? Far too often, consumers make big purchases or enter into contracts without reading what they’re getting into – and purchasing a life insurance policy is often no different. But when it comes to purchasing life insurance to protect your family, there will be clauses in your policy that you need to pay attention to and read carefully: these clauses are important, and the more you know, the better the decision you can make when purchasing your policy, or when you need to make a claim.

Contestability Period

First, it is important to understand what is known as the contestability period of your policy. This is a period of time, typically one to two years after you purchase your policy, during which your life insurance company has the right to review any claims made after your death. If the circumstances of your death are suspicious to them, or if your insurer suspects that you had an undisclosed medical condition, they have the right to investigate, and possibly reduce your beneficiary’s payout, or even deny their claim altogether.

Common Life Insurance Clauses

All life insurance policies generally have one or more clauses or exclusions written into them. The clauses are meant to help protect you: the whole point of them is to make sure that your policy’s contract is carried out in a fair manner.

Some common life insurance clauses and exclusions include:

Freelook period– This allows you to cancel your policy and get a full refund within a specific period of time, typically 30 days.
Grace period– If you miss a premium payment, you w
ill generally have a grace period, meaning your policy will remain active for a certain period, usually 31 days, giving you a chance to pay your premium before the policy is canceled.
Spendthrift clause- If the person you named as your beneficiary is in debt, this clause will protect the policy payout from being claimed by creditors, allowing the beneficiary to receive the full payment.
Misstatement of age clause- If you lie about your age during the application process, your insurer can raise your premiums, adjust the benefit amount, or decide to terminate your policy altogether.
Entire contract clause- If you make any false statements on your application, your insurance company has the right to terminate the contract and deny any payouts to your beneficiary.
Suicide clause- The substance of this clause can differ among different life insurance companies, but typically having a suicide clause in your policy means that your insurer will not pay out any claims if you die by suicide within a specific period after purchasing the policy – typically two years.
Reinstatement clause- If your policy ends up getting terminated because you have fallen behind on payments, you can reactivate it by paying all of the premiums that you have missed plus interest.

Do You Still Have Questions?

question mark faded with 4 question marks in front of it — *If you still have questions, an experienced life insurance agent can help you.*

There is a lot to understand about life insurance policies and all of the rules surrounding them, but speaking to an agent can help make the process easier. A licensed agent from a top-rated insurance company can also help you find the best policy for you: they can help you find an insurer with affordable rates, and give you ideas for how to cut down on costs, as well explain all the ins and outs of each policy.

We have listed some companies to work with that will be able to find you the most coverage for less. Always check multiple sites to make sure you have bargaining power and to know the advantages of each company. Make sure a hard time for your loved ones isn’t made harder by a financial burden, check life insurance rates today.

Tag: life insurance help

How To Fit Life Insurance Into Your Budget

Is Life Insurance Possible On a Budget?

How To Fit Life Insurance Into Your Budget

Need Help?

Do You and Your Spouse Both Need Life Insurance?

Stay At Home Vs Breadwinner

How Much Life Insurance Do You Each Need?

What Type Of Life Insurance Should You Get?

Wait- Why Are My Life Insurance Premiums Higher Than the Rate I Was Quoted?

Quotes Are Only An Estimate

Why You Were Approved for Your Actual Rate

Your Initial Quote Was Not Based On Your Health

The Underwriting Process Reveals More

Does BMI Affect Life Insurance Rates?

How BMI Affects Life Insurance Rates

Options For People With High BMI

What is Spouse Life Insurance?

What Is Spouse Life Insurance?

How Does Spouse Life Insurance Work?

Reasons To Consider Buying Life Insurance On Your Spouse

Can You Take a Policy Out On Your Spouse Without Their Knowledge?

Understanding Life Insurance Clauses

Contestability Period

Common Life Insurance Clauses

Do You Still Have Questions?

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