Claire Smith Last Updated On: June 27, 2023

Finding Affordable Term Life Insurance

A term life insurance policy is one of the most affordable types of life insurance. Bought for a stated length of time, this insurance can offer low-cost, high dollar value protection for an individual desiring to protect loved ones during child rearing years, the life of a mortgage, or other significant debt. With ConsumerCoverage you can receive a Term Life insurance quote and potentially even potentially purchase online.

How Much is Enough?

A term life insurance policy will cover you for years to come so it is wise to think into the future and provide protection for what you can anticipate your life will throw at you. Life changes and so will your needs but it is still possible to project ahead get the coverage you need.

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Table of Contents

A Guide for People Looking to Buy Term Life Insurance

A straightforward product that covers an insured for a specific amount and a specific contestability period of time at a level premium that never varies.

Easy to understand and easy to claim, term life coverage is one of the most popular types of life insurance, and many people opt to buy term life insurance online to simplify the process even further. 

Term life insurance guarantees the payment of an agreed-upon death benefit to the policy holder’s beneficiaries in the event the policyholder dies within a prespecified timeframe (e.g. 30 years). 

Like we said, simple, right? 

It is, but that doesn’t mean term life insurance is for everyone. There are definite benefits, but there are also drawbacks of this type of policy. Deciding if it’s right for you is what we aim to help you do here.

Who Is Term Life Insurance For?

Technically, term life insurance can be used for anyone, but it is most popular for younger people—especially younger people with debt and/or families who would benefit from a large lump-sum payment to their loved ones should anything happen to them. However, anyone of any age who wishes to leave money to their loved ones could buy term life insurance.

For someone with no family in need of financial assistance and/or with no debt, permanent policies are likely a better option.

Additionally, it’s important to remember that term life only pays out if you pass within the term (and some plans may not cover the first year of that term), so if you’re looking for life insurance that will pay out indiscriminately when you pass, then a permanent life policy may be preferable. 

Types of Term Life Insurance

There are three different types of term life insurance to consider, and we’re going to briefly discuss them here so you can get a handle on which one may (or may not) be right for you.

  1. Decreasing Term PoliciesAs the name suggests, these plans feature a decreasing death benefit. Each year, the death benefit becomes smaller, according to a preset schedule. These policies are often used in conjunction with a mortgage to reflect the decreasing amount owing on the mortgage. As the policyholder, you pay a fixed premium for the length of the policy.
  2. Yearly Renewable Term (YRT) Policies. These policies have no pre-defined term and you can renew yours every year without having to provide evidence of insurability. The downside to YRT plans is that the premiums increase as you age and maybe cost-prohibitive after a few years.
  3. Level Term or Level Premium Plans. These are the policies most people think of when they want to buy term life insurance. Level term plans provide coverage for a set period (most commonly 10 to 30 years) and the premium and death benefit are fixed. YRT policies are generally cheaper at the beginning, but level term plans won’t increase down the road

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The Benefits of Term Life Insurance

As mentioned, simplicity is one of the perks of buying term life insurance online: you get a straightforward plan with the added convenience of getting the best term life insurance quotes online. 

But the benefits of term life insurance don’t end there. Here are three more:

  1. Term life insurance is less expensive, compared to whole life insurance: This is because it offers you coverage for a predetermined time, and the insurance company is hoping that you’ll outlive the term set out in your policy, meaning they’ll never have to pay anything out. With whole life insurance, on the other hand, the insurance plan will pay regardless of when you die, so the premiums are higher.

  2. Term life insurance is more flexible: When you buy term life insurance, you have the option of buying a plan for as little as one year or as many as thirty, depending on your needs.

    If, for example, you want a plan that will cover you until you pay off a car, you may opt for a five-year plan. On the other hand, if you’re a young family and you want a plan that will last as long as you are paying off a mortgage and helping your children through school, you may opt for a 25 plan or longer.

    Regardless, buying term life insurance offers incredibly flexible coverage.

  3. Term life insurance is super simple: Okay, we’ve already said this but it bears repetition and expansion. If you want to buy term life insurance online, you’re looking at one of the easiest options in terms of acquiring life insurance and being able to understand life insurance.

When you buy term life insurance, you only have to make three big decisions: How much coverage do you want, how long do you want your term, and do you have a preferred company? That’s it. 

And, if you’re looking for term life insurance quotes online, you may not know that third question right away. The quote will likely reveal the most affordable term life insurance from the best company. 

You can get term life quotes online here, with us. We’ve curated a list of the best term life insurance companies with the most competitive rates, so you can rest assured you’ll be covered.  


The Drawbacks of Term Life Insurance

There aren’t many cons of buying term life insurance, but the main one is that it has no investment opportunity: When your term is up, it’s up, and if you’re still alive (which is what we’re hoping), you have nothing to show for it. 

However, this drawback is offset by the fact that term life insurance is less expensive than whole life insurance, which pays out no matter when you pass. 

What’s more, even when your term is up, many providers will allow you to convert term to whole life insurance that will pay out whenever you die. Yes, the premiums will be more, but you won’t have to go through the process of being approved again. 

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How Much Does Term Life Insurance Cost?

The cost of term life insurance depends on a few factors, including:
  • Your age. The older you are, the more expensive your life insurance will be.
  • Your health. You will be required to take a health exam and the outcome will reflect your premiums. Poor health means more costly premiums.
  • Your gender. Men tend to have shorter lifespans than women and as such, pay more for life insurance.
  • How much coverage you want. The more coverage you require, the more expensive the premiums.
  • The term (how long you want the coverage). A 30-year policy will be more expensive than a 20-year policy, simply because you’ll have the policy longer and in that long time, something is more likely to happen to you.
All this said, being older, male, in less than perfect health, and wanting a longer policy doesn’t mean you can’t get affordable term life insurance. You just have to know where to look. If you’re here wanting a price for term life insurance, however, consider this general figure: people in good health in their 30s out to buy term life insurance can pay as little as around $30 per month for a $500,000 policy that lasts 20 years. Of course, this amount doesn’t account for gender, but it should give you a rough idea of costs.  

Get the Best Term Life Insurance Quotes Online

You can start here. Our term life quotes online account for all the variables and then pair you with the best of the best term life insurance providers who also boast affordable, competitive rates. 

If you’re in the market for ease and peace of mind from your life insurance policy, it doesn’t get much better than this. 

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Affordable term life insurance lacks the accumulated cash value benefits and lifelong coverage of a whole life policy but for a specific time period it is available for a higher benefit amount at a considerably lower premium. So, the difference is primarily one of insurance for investment and income protection versus insurance for income protection alone.

Anyone who is not interested in investing money and would like to leave money behind for their loved ones, usually because they want to replace the income they would have provided to these beneficiaries.


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