Life insurance doesn’t have to break the bank. Here’s how to save on a policy.

Cost is the biggest reason why many Americans don’t have life insurance. Despite this, life insurance is a reasonable expense for many families to endure as it doesn’t have to cost an arm and a leg. Commonly thought as an expensive policy, it’s actually one of the most affordable.

If you need to wrangle a lower rate for your life insurance, here’s how to get started.

Choose a term life insurance policy

Term life insurance is adequate for most people without being hugely expensive. These policies cover you for a predetermined amount of time (such as 10, 15, or 20 years), with a fixed death benefit and often fixed premiums. Those premiums are generally lower than whole life insurance. Before deciding if this policy is right for you, talk it over with a qualified insurance agent.

Buy as soon as possible

While 20 and 30-year olds aren’t thinking about the future, nor their impeding passing, it’s easy to let life insurance fall by the wayside. Even so, there are cost advantages to buying life insurance as soon as you have the need for it. Major life events, including closing on your first home or getting married often signal that it’s time for a policy. You’ll pay less for a policy the younger you are, and can lock in a good rate that may be out of reach if you develop any health problems as you get older.

Buy in bulk

Buying the higher death benefit amount of life insurance will give you more bang for your buck. When you buy more coverage, the ‘cost per thousand’ dollars of face amount goes down.

For help finding the right life insurance policy, contact the insurance professionals at Martplan Insurance Agency in La Habra, California. As an independent insurance agency, we will work with you to make sure that you have the protection that you deserve, all at the right price to fit your needs.