If you’re in the low income bracket you may think to yourself “I can’t afford life insurance.” But the truth is you can’t afford not to have life insurance in place. Whether you’re married or a single parent, if you’re struggling to make ends meet that means you are the financial backbone of the family. If something were to happen to you, how would your family be able to afford the basic essentials? The good news is that there are affordable life insurance options out there. As an independent agency, we have the ability to compare rates with all the companies to get you the lowest rate on the market. You can compare life insurance quotes with no personal information here and see some options that you have. Otherwise, let’s discuss how to get life insurance with low income.
Go Term
You may have heard about all types of life insurance products out there, but the most affordable and simple product out there is Term Life Insurance. Term life is a product that provides you protection for a certain amount of years at an affordable rate. The terms range from 1 to 30 years in different amounts of coverage. At the time of this writing, a healthy 40 year old non-smoker male can get $250,000 worth of life insurance coverage, for 10 years, at a monthly premium of $15 a month. At average health that monthly premium jumps to $21 a month. No matter how low your income is, you can find ways to budget your life to afford that type of coverage. What this would mean for your family, is that if you pass away unexpectedly within the ten year period, your family would receive $250,000 to maintain the lifestyle you been providing for them. The great news is, if your situation gets better you can always up the coverage amount (with proof of good health) or convert the same coverage to a permanent life insurance option (with no proof).
Get What You Can Afford
Being low income you want to focus on what you can afford at the time being. A lot of people avoid getting life insurance just because they can’t afford adequate coverage, but it’s always better to have something rather than nothing if you pass away unexpectedly. So having coverage is much more important than having adequate coverage in this situation. Usually a good idea is to be able to provide your family with about 10 years of income, until the kids are up on their feet, and until the debts are paid down. But if you can’t afford that much coverage you need to start with your budget rather than how much coverage you need. Get something in place now to keep you somewhat covered, and if your situation improves, you can get more coverage down the line.
Finding ways to Afford Coverage
Usually “I can’t afford it” means “I don’t want to rearrange my budget.” No matter how low income you are, you can adjust your lifestyle better to fit a life insurance policy into the budget. Cooking your own food versus eating out, can save you up to 50% on food costs in the long run. Cutting out your daily vending machine trip can probably afford you the $20 a month life insurance policy. On top of outside expenses, you can add cutting down your energy costs in the house. Then move on to unnecessary services, you don’t need an unlimited data plan if you have wifi at home, and in my opinion, life insurance should absolutely beat out any movie subscription services. Being conscious of what goes out every month will make it easier to afford the absolute must in every low income household: life insurance.
Going Forward
Okay, so you want life insurance and you want it at an affordable rate. Welcome to InsureChance, the first online life insurance marketplace. We help you compare rates with over 60 “A” rated life insurance companies on the market to get you the best rate. You can compare life insurance quotes online and contact us for any assistance or request an application online. Keep in mind if you have any health conditions, mild or severe, you should contact us directly because the lowest quote on the quote engine may not necessarily be the lowest rate for you because each company weighs risk differently. This is also the case for any tobacco habits. The best part about making your life insurance shopping with us, is it doesn’t cost you a dime. You will get the same rate applying to any company through us than you would going to them directly. The only difference is in the knowledge, experience, and outstanding services that you are provided. Feel free to reach us at 888-492-1967 or hit the chat button below if it’s not too late.
