Cheapest Life Insurance Coverage

The cheapest life insurance coverage will usually fall into some form of Term life Insurance coverage. cheapest life insurance coverageThe reason for this is simple. Term life coverage will cover your life (or the insureds life) only for a specified term and then it is gone.

Meaning, if you are still alive at the end of the term, the life insurance policy is dissolved. You lose the money you put in, but its not going to be a lot of money, so all is good.

No refunds for premiums

You don’t get any money back on these policies. But don’t think of this as a negative, this is the cost of having a cheap premium.

At the expense of a cheap premium you are covering your life during your earning years. When you are older and hopefully more financially stable the term life insurance coverage would then be gone. Its a trade off. And one that most of us prefer over more expensive whole life or other more complex types of policies.


Lets assume for a moment that you are a young 32 year oldĀ single mother. You want to remove the burden from your children should something unforeseen happen to you. A term life insurance policy would be perfect in this situation.

  • You purchase a 30 year term with a face value of 500,000
  • if you pass away during this 30 year period the face value will go to the listed beneficiary (whomever you choose)
  • if you live past the 30 year term, the policy is gone as well as all paid in premiums

These policies are very affordable as a result of this.