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Everyone needs life insurance, but affording that insurance can be problematic. Don’t despair, however, it is possible for you to find very cheap insurance if you go about it the right way.
In order to get the cheapest life insurance, you have to fulfill several requirements. You have to be in good health, with no family history of chronic illnesses. You can’t be a smoker. Men typically have lower premiums than women, since women can get various forms of cancer that men can’t.
There are two types of life insurance: term life and permanent life.
Term life insurance is, generally, the cheapest life insurance, because all you are doing is paying your monthly or yearly premium, and should you die, the amount of insurance you purchased is paid out to your heirs. And that’s it.
If you purchase permanent life insurance – which comes in several varieties but the most well known is called whole life – you pay higher premiums, but those premiums are invested for you, and accrue in value, and after many years when you’ve established enough of an accrual, you can even borrow against it if you need to.
But, to get very cheap insurance, of course you also have to find the right company, one that will charge you reasonable premiums, and be solvent enough to pay out the settlement to your family should that be necessary.
Solvency is the key issue! Insurance companies are having problems these days just like every other company, it seems. Most insurance companies are members of a guaranty association that will pay their liabilities should the company go bankrupt – make sure your company is a member of this guaranty association!
You will also want to check this company out at your local Better Business Bureau office, and also with your state’s local Insurance Watchdog office.