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pencils forming ladder for Quotacy blog Insider Tips for Affordable Life Insurance

Insider Tips for Affordable Life Insurance

By Jeanna Simonson | Expert reviewed by Natasha Cornelius, CLU
July 20, 2023
Our goal is to educate and advise on life insurance options, so you can feel confident in making the right choice, whether that’s through Quotacy or somewhere else. To ensure we provide accurate and trustworthy information, our writers follow strict editorial standards.

Life insurance ranks among the most significant purchases you can make for your family’s future.

At Quotacy, we’re committed to simplifying the process, making life insurance more accessible and easier to understand. Our agents aren’t driven by commission but instead strive to find the best policy that suit your individual needs and budget.

In this article, we share valuable tips on how to find an affordable life insurance policy.

Life insurance tips we’ll explore today:

  1. Work with an independent broker.
  2. Consider term over permanent life insurance.
  3. Buy life insurance as soon as you realize you need it.
  4. Choose a life insurance policy that’s medically underwritten.
  5. Consider laddering coverage with multiple policies.
  6. Only buy what you can afford long-term.


Work With an Independent Broker

There are hundreds of life insurance companies. Did you know that not all of them offer the same pricing?

Some life insurance companies evaluate factors like health and lifestyle differently based on their experience with the particular risk. It would be overwhelming to shop around to find the right fit. This is where a broker comes in.

A life insurance broker, unlike a captive life insurance agent, has access to an array of insurance companies. This broad access enables them to help you find the most favorable policy even if certain health or lifestyle factors might increase your premiums with one company.

The right broker, like Quotacy, will personalize your search, ensuring the best fit for your individual situation. Consider us your life insurance matchmaker.

The benefits of using a broker:

  • Access to multiple insurance companies
  • Tailored insurance search based on individual needs
  • Help in finding the most favorable policies

Consider Term Over Permanent

Term life insurance stands out as the most affordable form of life insurance. More often than not, it aligns perfectly with the needs of most families. Unlike permanent life insurance, term life insurance isn’t designed to last your entire life; it’s intended for specific, short-term financial obligations, like covering a mortgage or the costs of raising children.

Life insurance primarily serves as an income replacement for families if a provider were to die unexpectedly. Term life insurance can provide the necessary financial support during such crucial times, protecting your family from potential financial stress.

Advantages of term insurance:

  • Affordable compared to permanent life insurance
  • Designed for specific, short-term financial obligations
  • Protects families from potential financial devastation

Learn the differences between term and whole life insurance to help decide which type is best for you and your family.

Buy Life Insurance as Soon as You Need It

Life insurance rates are heavily influenced by age—the younger you are, the lower the premiums. Term life insurance policies offer fixed rates, meaning your monthly payment remains constant for the entire policy term.

$250,000 30-Year Term Life Insurance Policy
Monthly Quotes for a Healthy, Non-Smoker

The sooner you purchase, the lower the rate you can lock in. This is just one reason why it’s important not to procrastinate buying life insurance.

Why buy ASAP:

  • Lower premiums for younger applicants
  • Lock in a fixed rate
  • Provide family peace of mind


See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

Choose Life Insurance That Requires a Medical Exam

Though it might seem counter-intuitive, if you’re in reasonably good health or even just average, opting for life insurance that requires a medical exam could be advantageous. No-exam life insurance policies generally come with higher premiums as insurance companies take on more risk by waiving the medical check.

The life insurance medical exam is really quite simple. You schedule the time. You choose where the examiner meets you. You can even get the exam done right at your home or office.

Not only is the medical exam quick and convenient, you can request your results. Rather than spending out-of-pocket copays at your doctor to find out what your blood pressure, cholesterol, and glucose numbers are, get the results for free from your life insurance medical exam.

Advantages of medically underwritten policies:

  • More affordable premiums for healthy individuals
  • Useful health information from lab results

Consider Laddering Life Insurance Policies

Laddering life insurance policies, or owning more than one policy at a time, can help cater to different financial responsibilities over time. Instead of buying one hefty policy to cover all financial obligations, you can purchase multiple smaller policies that expire when the associated financial responsibility is no longer relevant.

This approach can potentially save you a significant amount of money on premiums over the years.

Benefits of laddering:

  • Caters to different financial responsibilities over time
  • Potential savings on premiums in the long run

Buy What You Can Afford

You want to do the best for your family—we get that. Your family receiving one million dollars in life insurance if you suddenly died would definitely help them get back on their feet, but are the premiums affordable long-term?

Everyone’s budget is different. If you’re looking to buy life insurance and are unsure that you can afford to keep the policy inforce, reduce the coverage amount. If you die, leaving your family a small amount of life insurance is better than nothing.

Too often people buy life insurance with good intentions and then cancel it because they later on decide the premiums cost too much. At Quotacy, we always say a $100,000 life insurance policy is a million times better than nothing.

Finding the right amount of life insurance can seem like a daunting task, but tools like our life insurance calculator can help simplify the process. It allows you to input some basic information to generate an estimated coverage amount suitable for your circumstances.

Remember, the goal is to secure an affordable policy that matches your current budget and future needs. In the end, even a modest life insurance policy can offer a level of peace-of-mind protection for your family’s future that is truly priceless.

Note: Life insurance quotes used in this article are accurate as of July 20, 2023. These are only estimates and your life insurance costs may be higher or lower.


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