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In This Article I’m Going To Talk About How You Can Qualify For Life Insurance While Keeping Your Monthly Premium Under $200 A Month
Most likely you’re reading this article because you have come to the decision on your own, or agreed with your spouse, loved ones, or children, that it’s important to have some kind of life insurance in place to protect against your eventual, uncertain death.
Perhaps you’ve already decided what kind of coverage would work well. Or maybe you’re new to the search and are not really sure what kind of coverage is right for you. Either way, your goal is to keep your insurance payment to around $200 a month.
If this is true for you, I want to help you identify what options you have for life insurance around the $200 a month mark, as well as help identify what steps you can take to keep your price premium affordable and well within your budget.
I put this article together because I’ve been selling life insurance since 2011 and have come across a lot of people, in many different economic circumstances. No matter what your budget might be, I believe the most important thing to remember when buying life insurance is not necessarily to base your decision on what type of coverage might seem best or worry which company you should work with (as long as it is reputable of course).
To me, the most important aspect of buying life insurance is to first and foremost ensure the monthly cost comfortably fits your budget.
Whether that’s $200 a month or $20 a month. That doesn’t matter to me.
My goal is is to find life insurance that is a good fit for your budget. Why? Because it’s important that you can continue to make payments comfortably throughout the life of the plan, rather than drop the plan because it’s too expensive. If you find a plan you like but it doesn’t fit your budget, it simply does not make sense to try to go with that plan.
The reason I mention all of this is to make sure that you understand that when it comes to helping people here at Buy Life Insurance for Burial, we’re on the side of the client.
We want to find the companies that are going to give you the best overall package price and value so you don’t have to pay more than you have to for your life insurance, while keeping it all affordable for the long haul.
The Topics We’ll Discuss Are As Follows:
- Tips On Buying Life Insurance For Under $200 A Month
- Stories From The Field
- What Kind Of Life Insurance Is Best?
- Case Study Example
- Top 5 Reasons Why People Buy Life Insurance From A Broker
- Short Term Policy
- Additional Benefits Or Riders
- Work With A Broker
- How Much Coverage Does $200 A Month Get You?
Tips on buying life insurance for under $200 a month
In the following section, I’m going to cover six different tips that you can follow to help keep your life insurance premiums under $200 a month.
Following one or all of these tips will help lower your premiums by up to 50 percent or more in many cases. Read through these tips and decide what you believe would be best suited for you.
You can also consult us here at Buy Life Insurance for Burial for a tailor made recommendation that will help identify what you are looking to accomplish and will ultimately meet your particular coverage goals.
We here at Buy Life Insurance for Burial are dedicated to helping people like you get affordable life insurance coverage. To get a free quote, call us at (888) 626-0439.
It takes less than 10 minutes to find out what you might qualify for. Our friendly representatives are here to help. You can also submit a message to the left-hand side of the screen and we will reach out to you within the next 24 business hours.
Understanding non-medical and medical insurance
In the life insurance business there are two different types of life insurance programs available. The first type is a non-medical exam or non-medical life insurance application. It generally just requires that you complete a paper application. Under some circumstances you have to do a phone interview, but under no circumstances is an examination of any sort required in the process of approval.
This is convenient for people who don’t like needles, don’t like exams, and want a quick and easy way to get life insurance coverage on the books. If your policy size is small enough and will certain companies, it doesn’t make sense. However, the downside to non-medical applications is that you are simply paying for the convenience of not doing an exam – an exam which could in fact lower your monthly payments.
If you decide to go the non-medical route, be aware in many cases premiums for non-medical applications are $300 to $400 a month. An exam on the other hand will help tremendously lower your premiums to as low as $200 a month.
Traditionally, to get a policy with an exam you will be required to complete an application and undertake a full physical examination. This entails several different aspects, but most life insurance companies require you have blood drawn for testing as well as your vitals and blood pressure taken. Sometimes with different policy sizes, and depending on your age, you may also have to get an EKG or stress tests in order to determine insurability.
Why are all these exam components required? Underwriters want the most accurate information in order to qualify you for the best rates. The exam provides very specific, current information on the health of the applicant.
If you’re in good shape and your vital signs can prove it, you’re rewarded in many cases with superior pricing, much better than what you can get through non-medical applications.
My recommendation is that if you are applying for life insurance and you’re in fairly good health, it’s much better to go through the hassle of getting an exam. In many cases, you’ll save thousands of dollars over the life span of life insurance with this option.
Stories from the field
One of the things we pride ourselves on here at Buy Life Insurance for Burial is the ability to not only help our clients get affordable life insurance but also to get them set up with the most optimal life insurance coverage.
To do the job that it was intended to do, coverage should pay out a maximum death claim to the beneficiaries to provide the type of security and peace of mind that the insured intended originally when purchasing the program.
This story demonstrates the importance of working with a broker who can find quality coverage to meet immediate needs.
Early on in my career, I met a couple in their early 60s who were both retired. The husband had adequate coverage, but it dawned on him one day that he didn’t have coverage for his wife, who was beginning to have some health problems.
Luckily she was in good enough health that we were able to qualify her for first day full coverage with a reputable company.
Some time passed, maybe 3 years, before I heard back from this client. His wife had passed away from cancer and he wanted to file her death claim. He was pleased to hear that his life insurance coverage would pay out within several weeks since we had to wait on the death certificate to be processed before the money would be released.
There was enough indication of everything being in order for the funeral home to go ahead and proceed with the burial without full payment. This gentleman as able to bury his wife without worrying about how he would pay the funeral home for the expense.
I’ll never forget how he came to me and thanked me for helping his wife get coverage. It left an impression on me because I realized what a difference it made in this man’s life.
Had his wife not had first day coverage, he may have been left with the funeral expenses – something he simply couldn’t afford without going into debt.
What kind of life insurance is best?
There are generally two types of life insurance – temporary life insurance and permanent life insurance.
Temporary life insurance is designed for temporary reasons. I define temporary reasons as obligations, bills, funding your retirement plan, or replacing your income.
With wise financial planning you ultimately won’t need life insurance to protect you when you reach retirement. That’s where term insurance comes in.
You can get a temporary life insurance policy to cover how ever long of a period you feel you need coverage to last. It can be as little as 10 years, as much as 30 years, and can be custom tailored to the premium and the amount of coverage that fits your budget.
Most Americans tend to purchase term life insurance since most of their reasons for buying life insurance tend to gravitate around temporary reasons. Permanent life insurance, on the other hand, is best designed for permanent obligations. When I say permanent obligations, what I mean is obligations that regardless of how much time may pass, the insurance will always be required.
Most commonly permanent life insurance is used to fund the expense to bury or cremate a person.
This is a perfect product for such a need because nobody knows when their final day is going to be and it can be a great burden to come up with funds to pay final expenses. Why take a chance without leaving some kind of coverage like a term insurance plan?
So the good news is there are life insurance plans out there that will take care of financial obligations, cover the expense of burial or cremation, and replace incomes for senior citizens who may have pension discrepancies that aren’t transferable to the surviving widow upon the passing of a spouse.
To get a no-obligation quote today simply call us at (888) 626-0439. You can also send us a request using the message board found on this page and we will reach out to you within 24 business hours.
Case study example
Type 1 Diabetes
A young lady recently got in touch with us looking to get a 10 year term life insurance plan. She had recently decided to expand her business and needed to get a bank loan to add to her existing property. But the bank required she take out a life insurance policy in order to get the loan.
This young lady was in overall good health, but did suffer from type 1 diabetes. She took regular insulin shots to manage her blood sugar levels and was concerned this would cause her rates to be through the roof.
We took her information and looked at a number of options, finding a policy that would meet her $200 a month or less budget. I’m happy to say we were able to get her first day coverage at a premium rate that she was very happy with.
Every application is unique, so we cannot guarantee the same outcome for everyone, but we certainly do our best to provide quality coverage for every applicant.
Young Married Couple with Hypertension Issue
A young couple who had recently gotten married came to us looking to get life insurance in place. They realized since their marriage that they were financially responsible for each other and felt life insurance would be the best way to ensure that if one of the passed away, the surviving spouse would be taken care of financially.
The only issue was that the husband had a history of high blood pressure. He was taking medication daily to combat the issue and ensure he didn’t have any other complications. He had heard this could cause rates to be high and was concerned about staying with a $200 or less budget.
We were able to shop a number of providers for this couple and provide first day, full coverage for both them, even with the hypertension health problem.
Top 5 reasons why people buy life insurance from a broker
One of the biggest reasons why people buy from a broker is because they want the best rates possible. Because a broker represents a number of companies, they are able to shop for the overall best value and provide the client with a number of options to meet their budget.
If you want to stretch your dollar further, a broker has access to a number of providers, enabling a more diverse range of coverage and accessibility despite health conditions.
3.Wants client-focused service
Who doesn’t want a client-focused service. This is especially important when it comes to tailoring a life insurance plan that is right for your unique circumstances. Because agents represent only one company, they are far less likely to focus on the needs of the client. At the end of the day, regardless of your circumstances, they will offer you the same product.
Brokers on the other hand have access to a number of providers, so we can look to see what coverage will work best to meet your specific needs and budget.
Though it’s not possible to completely eliminate bias in the insurance industry, brokers certain do a great job of opening up the doors for more opportunity to get quality coverage.
If you like to have options, you should work with a broker. We partner with multiple providers to ensure we can offer our clients the ability to choose a plan that works best for them. This is something an agent simply can’t do with one product.
Short term policy
If you have tried every option and are still struggling to lower your premium to $200 a month, I would suggest you consider purchasing a shorter term length. But only do this as a last ditch effort. So for example:
Instead of a 30 year term insurance policy, you go for the 25 year.
Or instead of the 20 year period you go for the 15 year.
This is again an easy way in which you can reduce the amount of coverage. By taking a shorter term you reduced the amount of premium that you pay while not sacrificing the coverage that you need. Also, be selective with which writers you add to your policy.
Additional benefits or riders
Life insurance is simply not life insurance anymore. All sorts of life insurance companies have come up with fairly creative ways to spice up their life insurance offerings by offering what’s called a rider or additional benefits. These additions make life insurance policies more attractive, not just for the purpose of life insurance payable upon your passing, but also for living benefits to help offset expenses that the insured will experience.
For example, one of the more popular writers available is the chronic cash benefit rider. If you become ill with cancer or have a heart attack, the benefit on the policy will pay a predefined amount of money to you to help offset the expenses associated with that illness. Giant dinosaur right now.
Other popular writers include:
- disability income rider that pays an income if you become ill and cannot work
- disability waiver
- premium waiver
- accidental indemnity plan
While all of these riders are available, they’re not all necessary to your ultimate goal. Some insurance advisers will try to sell you every single writer that’s available. When I consult with a client I look at their goals first. I then establish a plan by selecting the riders I think will best suit their individual goals.
One of the most important writers is luckily the least expensive – the disability waiver rider.
Again, this rider is designed to waive freemiums if you fall ill and cannot work after a period of time. I’ve seen the utility of these riders first hand when I visit clients and find they’re extremely thankful they had these kinds of riders in place to take care of these types of expenses.
Work with a broker
One of the best and easiest ways to find affordable, quality coverage to meet your budget requirements is to work with a broker. Working with a broker like us here at Buy Life Insurance for Burial will give you the opportunity to shop around. And unlike companies that only offer quotes from their main line company we actually work with a multitude of companies, which means we can shop and research for the best policies, best companies, and best value to maximize your value.
If it’s absolutely vital to keep your premiums below the $200 a month mark, working with a broker like us will give you the best opportunity to get your premium as low as possible.
You’d think that shopping around would be a normal activity for brokers, but there’s so many agents out there that offer only one company or at best two or three and don’t spend time looking for the best deal for their clients. If you look at and compare all the different quotes that are available, there can be huge discrepancies between the low end and high end of a premium.
You could pay 30, 40, 50 percent more for the same exact type of policy between different companies. And to make matters worse, they could tag on hidden benefits you might not even need. Why pay more when you don’t have to?
Remember, some insurance is better than no insurance
Lastly, some insurance coverage is always better than nothing at all.
If you have searched for the ideal coverage and found you could not stick within your $200 month budget, do not quit the search all together.
If you have no life insurance coverage, but you know you need the coverage, adjust your ultimate goals to get at least something in place. If you turn down minimum coverage and die within the next short period of time, your family will suffer the consequences because there will be no policy in place to protect them.
The coverage you get may not be ideally what you originally set out to buy, but at least you will have some coverage. A few years down the road your income may change, you may pay off bills or be in a better position financially, and be able to go after the coverage you want.
Remember, there’s no rule that says you can’t own multiple life insurance policies. In fact, it’s quite normal to own more than one policy.
As the old saying goes, strike while the iron’s hot, not because it’s good for the agent, but because it’s good for you.
How much coverage does $200 a month get you?
10 Year Term Life Insurance Rates
Whole Life Insurance Rates
Guaranteed Universal Life Insurance Rates
I hope you have found this article useful in your search for getting life insurance under $200 a month. If you have any remaining questions or would like to speak to an expert in the field, please get in touch, we are hear to help.
You can call us at (888) 626-0439 or send us a request using the message box found on this page. Thanks again for stopping by and we hope to speak with you soon.