If you are looking for the maximum possible protection at the lowest possible cost, term insurance is the most affordable life insurance available.
Here are major points you need to know about.
- preferred rates: the discounts for good health and being a non-smoker
- work with an independent broker who will shop the market to make sure you get the best rates for your situation.
- Make sure your plan is convertible. That means you have the guaranteed right to switch to a permanent plan any time in the future if your needs change.
Term insurance offers very affordable protection but you have to be aware the the premiums increase sharply as you get older. Always compare term 10 to term 20 insurance. Term 10 insurance is about 50% cheaper initially, but costs about 200% more over 20 years than 20 year term insurance – because of the large renewal in premium in 10 years that ten year term insurance will have.
What’s the alternative to escalating premiums? Term 100, Universal Life, or Whole Life insurance.
For more information ask for Harold, Myles or Sandy at 403-228-7966 at Investia.
For our extensive guide on life insurance – click here.