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Whether you’re looking for coverage on yourself or for a loved one, you’re here today because you believe life insurance plan is important in protecting your family’s welfare, should you pass away unexpectedly.
And like many smart people, you have an idea of what you want to spend per month, and wonder what $150 a month for life insurance coverage will get you.
If this describes you, you are at the right place! Because in this article, I’ll review…
How You Can Purchase Life Insurance For Under $150 A Month
First of all, allow me to congratulate you for recognizing the need for life insurance, and having motivation to do something about it.
Second, I’ll alleviate any anxiety you may have and ensure that it is quite possible to get a policy for $150 or less per month.
I have been a life insurance agent since 2011. One of the biggest problems in the insurance business are agents pushing policies that cost too much.
This frustrates me, as I’ve seen many opt to cancel the life insurance policies only months later, after the person couldn’t afford it.
The result? A waste of money and NO life insurance protection. Sad!
Unlike greedy insurance agents, we at Buy Life Insurance For Burial believe talking budget up front with our clients is critical.
I have trained my agents that agreeing on a comfortable premium early on makes the life insurance shopping experience much better.
Now, let’s transition to talking about my favorite strategies to keeping your life insurance premium at or under $150 per month.
Here’s An Overview Of Today’s Topics:
- Work With A Broker
- Be Careful About Adding Riders
- Term Insurance Versus Permanent Insurance
- What About An Exam?
- Remember, Something Is Better Than Nothing
- How Much Coverage Does $150 A Month Get You?
Work With A Broker
Wouldn’t you agree that having more options available gives us a better chance at finding a good deal?
That’s why deciding what type of agent to work with makes ALL the difference in what you’ll pay.
Unlike working with a captive life insurance agent, working with an independent broker agent gives you access to a variety of life insurance options.
When you work with a captive agent, you commonly only have one life insurance option.
Why is this a problem?
Each life insurance company sets different guidelines over who may qualify for coverage and at what price.
And since life insurance companies all have different underwriting and premium guidelines, each company may look at certain health issues or lifestyle decisions differently, assigning higher premiums than others.
Here’s my point…
Working with a captive agent with one policy choice restricts your options and causes you to pay higher premiums with lower, less comprehensive coverage.
It’s an all-too-familiar experience to meet people who could save hundreds of dollars a year on life insurance since they purchased from a captive agent.
The solution? Work with an independent broker agent like us at Buy Life Insurance For Burial. We represent a variety of life insurance companies. Our goal is to find the company who will provide you the best combination of price and quality of coverage.
Buy Life Insurance for Burial can save you sometimes as much as 50 to 75 percent on your premiums relative to what some of the other companies can offer, not to mention potentially acquiring more valuable coverage.
Watch The Riders
First, let’s define life insurance riders, and explain why careful consideration is important.
Riders are add-on benefits to your life insurance policy. Usually you add them on at the time of application, and most provide benefits to the policyholder while alive.
While riders can enhance your life insurance plan, you must carefully consider which riders are most important. Adding too many may increase your premium 50% to 100%.
Here are the most popular life insurance riders:
- Chronic illness riders. These pay a cash benefit if you’re diagnosed with a chronic illness such as a heart attack, stroke, cancer, and other debilitating health events.
- Disability income riders. If you get hurt, sick, and cannot work, this rider pays a monthly cash benefit to replace part of your income.
- Waiver of premium. This rider waives premium payment if you become sick, ill, and cannot work after a period of time.
- Accidental death benefit. If you pass away from accidental causes, this rider gives additional death benefit payout to your beneficiary/
While all these riders are beneficial, purchasing multiple riders may cause your policy to become overloaded with additional costs.
Cutting out unnecessary riders can reduce your premium to the $150 a month range. Choose wisely.
Term Insurance Versus Permanent Insurance
Not all life insurance is the same!
Between length of coverage, rider availability, and underwriting standards, selecting the right type of life insurance program can become confusing quickly.
Fear not! Despite the variety of options, we can group life insurance products into 2 different camps.
First, there’s term life insurance.
Second, there’s permanent (universal or whole) life insurance.
Term Life Insurance
Need coverage to replace your future income if you die earlier than expected? Or do you need coverage to pay off your debts like your mortgage if you die unexpectedly?
If so, term life insurance may be the best insurance solution.
Here’s how term works. Term pays a cash benefit to the beneficiary of your choice as long as you die while the policy is in force.
Term life insurance is best utilized to cover temporary concerns. Debt paydown and income replacement are usually (not always) temporary problems. Why? Because you’ll eventually pay off your mortgage and have some sort of retirement income to replace your working income.
Because term insurance is temporary, life insurance companies charge a MUCH lower premium than for permanent life insurance options.
This most likely is why the vast majority of Americans purchase term insurance. It’s affordable, comprehensive life insurance coverage that protects your family.
Other ways to save on term life insurance
What if you find a term life insurance policy that exceeds your $150 a month budget?
One option to consider is a shorter term period.
Lowering your length of term is a quick fix to adjust the premium downward.
While I usually don’t jump to this recommendation, it’s one worth considering if you’re already working with a broker and have wisely selected only the most appropriate riders.
Permanent Life Insurance (Whole Or Universal)
What if your life insurance problem isn’t temporary?
What if you’re worried about having life insurance at ANY age to pay your burial costs?
What if you’re worried your spouse will financially suffer due to losing your retirement income at ANY age you pass away?
These concerns are what I refer to as permanent problems.
And the only answer to a permanent problem… is a PERMANENT solution, right?
Unlike term life insurance, these permanent plans can never cancel due to age or health. As long as you continue making premium payments as prescribed, you can never outlive your policy.
This is VERY important when we know we’ll need SOME kind of money at a future date. Permanent life insurance GUARANTEES a cash benefit payout to your beneficiary as long as you pay the recommended premium.
This is why whole life insurance and guaranteed universal life insurance products are perfect, especially for seniors needing 100% assurance that their policy will pay out upon death regardless of the senior’s age.
And while some seniors may have need for term life insurance, it’s more common that a permanent insurance product is a better choice.
Bottom line, I recommend permanent insurance when the need is permanent. The biggest buyers of permanent insurance are seniors want burial coverage and are interested in leaving money behind to a loved one.
Do I Have To Take An Exam?
Have you wondered if getting a physical and blood withdrawn is necessary to get life insurance coverage?
The good news is in most cases it’s YOUR decision if you want an exam or not.
Let me explain…
There are two options to qualify for life insurance coverage:
- Traditional underwriting. This includes an exam, providing a blood sample, and the possibility of completing an EKG or other types of exams depending on how much coverage you’re applying for.
- Non-medical underwriting. As the name implies, there are no requirements to complete a physical, give blood, or do any clinical tests to establish insurability. The insurance company simply requests your medical records, prescription history, and background check to determine if you are eligible for coverage.
Why opt for an exam?
Taking an exam may award you with far superior prices than you’d find with a non-medical application.
Here’s why. Life insurance companies are more willing to award lower premium rates when they have up-to-date information collected on the applicant.
Of course, this assumes you’re in fantastic shape, and no negative information arises from your exam results. The risk of higher premiums is certainly there if the underwriters uncovers a disease or health issue you were unaware of.
Bottom line, consider taking an exam-based application with traditional underwriting if you feel your health is excellent (and don’t mind needles).
Why pass on an exam?
In some cases, you may have the option to apply for no-exam life insurance. Or exams may not even be required at all.
At certain levels of life insurance coverage, even if you WANTED an exam, the option is not available.
Many companies have dropped the requirement of exams in products like burial insurance, and low-face amount term life and universal life insurance.
Life insurance companies completely rely on medical information from your doctors to determine insurability.
With that said, many people pass on taking an exam when optional, simply due to convenience.
The traditional underwriting process is drawn out and sometimes flabbergasting and frustrating, to both client and agent.
All of that can be short-circuited with a non-medical underwriting process.
But understand that convenience will cost you. It is likely that you will pay more per dollar of coverage for the convenience of a non-medical application versus taking an exam-based life insurance application (if available).
Either way, it’s your choice. We at Buy Life Insurance For Burial can help you along in determining which option will suit you best, and what the proposed premium differences will be.
This will help you make your mind up on which route is best for you.
Something Is Better Than Nothing!
Keep in mind at the end of the day, while there are ways to individualize your life insurance policy, the most important goal is getting approved for some amount of coverage.
That may mean you start with LESS coverage, if you cannot afford the ideal amount you want.
The reality of life is that we usually have to compromise.
I think you would agree that your surviving spouse, kids, or other people you love would be much better off with something than nothing.
Remember, start somewhere.
But PLEASE… don’t walk away with nothing! Not buying life insurance is not the answer. You’re extending the problem that much longer while putting your loved ones at more risk.
10 Year Term Life Insurance Rates
Whole Life Insurance Rates
Guaranteed Universal Life Insurance Rates
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