Finding Affordable Life Insurance
on a Fixed Budget
Living on a fixed income doesn’t mean you have to forgo the financial protection that life insurance can offer your family. There are several types of coverage available to fit many budgets and needs. It’s simply a matter of balancing the financial protection you think you need with a monthly premium that you can afford.
Finding affordable coverage is possible
Depending on the amount of coverage you need, you might be surprised at how far even a small amount of money can go. Today, the marketplace is more competitive than ever, which means many reputable companies are offering affordable life insurance rates for a variety of products to help consumers like you gain valuable protection.
The first step is deciding how much you can afford to budget toward life insurance. Then, take a look at your available coverage options and see what best fits your needs.
The most common types of coverage are term and permanent life insurance.
- Term life insurance protects you for a specific period of time and generally offers lower initial rates that may increase as you get older.
- Permanent life insurance, also known as whole life, can last your entire life. Rates are typically more expensive than term rates initially and usually do not increase as you age.
When you're living on a fixed budget, sometimes you have to make tough choices about what you can afford. The good news is, life insurance can be affordable enough to fit into almost any budget. Once you find the right policy, you can quickly go from uncertainty to greater peace of mind, knowing you've made the future more secure for your loved ones.
This article is provided by New York Life Insurance Company for informational purposes only. This article is not intended to provide tax, legal, financial, or accounting advice. Please consult your own professional for advice specific to your circumstances.