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.
Why any amount of life insurance is beneficial
There are many reasons to consider purchasing life insurance to protect your family, even if you have to make a small budget sacrifice now for future protection. Your job or marital status may change over time and your housing, debts or daily expenses could shift. Regardless of your need and the amount of coverage you choose, a life insurance policy can help loved ones financially with short term or long term needs.
- Can provide cash benefit for loved ones – to help your family cover medical or funeral costs, mortgage or rent payments, or other debts you may leave behind.
- Generally a tax-free lump sum payment – to help your beneficiaries at a time when they may need financial support.
- Protection for unforeseen circumstances – to help offset inflation costs or any lifestyle changes your family may face.
- Offset a loss of income – to help provide your family the means to cover every day living expenses like groceries, gas or utilities.
Finding affordable coverage is possible
Start by looking at what you can afford to spend each month and determine how much coverage this amount will buy. Even a $10,000 policy could help your family pay funeral expenses or other bills. 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.
Once you determine how much you can allocate toward life insurance each month, explore the various types of coverage options available. 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 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. Having even a little protection can be very reassuring.
It’s easy to get started
If you’re already exploring options online, you’ll find that many life insurance companies offer free instant quotes without any obligation and provide helpful insight about the different types of coverage available. Shop around and compare quotes on your schedule. Once you find the right policy to fit your budget, 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.