Reader questipon:

What is the cheapest no exam life insurance for a young person?

Albert

Good question, Al.

If you are young like me, but make decent money and have a family, then you want to be able to have a life insurance policy to help your family recover in case some terrible accident happens with you. For young people, one option is available which isn’t to many others, and that is the cheapest no exam life insurance.

No exam life insurance policies are usually term life insurance policies, which is why in my experience I have been able to get the cheapest no exam life insurance by keeping those terms short.

Normally, with a term life insurance policy, you are offered four different terms:

• 10 years
• 15 years
• 20 years
• 30 years

It’s cheaper to get one of the first two, as even if you are only 20 now, with the last two you will be forty and fifty, and thus more likely to have health problems, so companies will give you a higher rate. If you keep your term life insurance policy within that healthy young period, you can save money.

take care,

Fashun.

Reader question:

Is it necessary to get a teen life insurance rate comparison?

Anne

Glad you asked.

If you have a teenager, when you go into a life insurance office to buy coverage, you may be offered a teen life insurance rate comparison. The agent tends to pitch it to you as a rare chance and completely necessary for your child, claiming that they won’t be able to purchase insurance once they come of age because of costs. While true in some cases, in the end you have to take a long look at these offers first.

Since life insurance is typically purchased for the people who earn the most money in the family, losing your teen’s $150 a week fast food cashier income probably isn’t going to hurt your family too much, which takes that reason out.

However, funerals are expensive, and can cost in the tens of thousands of dollars. With teenagers, they can come when the parents are completely unprepared. Rather than getting your teen their own teen life insurance rate comparison, you can add them to your own policy with enough of a benefit to cover funeral expenses in case of a tragic event.