Low-Income Health Insurance in California
California's Medicaid program, called Medi-Cal, can help you get health insurance if you have a low income. You might also be able to get... Read More
Compare life insurance quotes and find the best rates for a policy.
Life insurance can help protect your family financially if anything happens to you, but it’s important to make sure you’re not overpaying for the coverage you need.
Life insurance is a planning tool that provides financial protection for your dependents.
The asset provides a tax-free lump sum of money which is paid to your dependent after your death. Typically, life insurance is bought so that your dependents would be able to sustain payments for bills, college tuition or other after-life expenses.
Key components of life insurance policies are:
Every individual has a different financial situation and therefore will require different life insurance needs.
When calculating your needs you should consider what the life insurance will be used for and why you may need life insurance in general.
If you are young and do not have any dependents then buying life insurance may not be a necessary purchase at this point in your life. On the other hand, if you are starting a family in which the financial livelihood of the family relies on your salary, then you may want to consider purchasing some life insurance coverage and calculate your future needs.
When beginning to calculate how much life insurance you need, you should start by adding up your current and future financial obligations. This can include obligations such as:
After you have figured out your obligations, you can add up your current assets such as savings and college funds. Finally, by subtracting your current assets from the obligations you will arrive at a target amount for how much life insurance you will need. It is important to note that this is a rough estimate for coverage and it may be useful to purchase slightly more life insurance to compensate for unexpected financial situations that your dependents might face.
Life insurance companies will typically offer two different types of life insurance: term life insurance and permanent life insurance.
A term policy will last for a set period of time before expiring while permanent plans stay in effect for your entire life. Furthermore, some permanent life insurance policies will have a cash value component that will grow as you make premium payments.
Term life insurance | Permanent life insurance | |
---|---|---|
Period of coverage | Specified term, usually one to 30 years | Lifelong |
Cash value | No | Yes |
Average monthly premium | Cheap | Expensive |
Depending on your situation and what the purpose of your life insurance is, the type of life insurance that you need will change.
For example, if you are looking for a cheap policy to cover future financial obligations like college tuition, then choosing a term life insurance policy with a death benefit that matches the total tuition may be the best option. On the other hand, say you have Type 1 diabetes and have had problems with getting approved for life insurance. In this case, a permanent policy like guaranteed acceptance life insurance may be a better option for coverage.
The cost of your life insurance policy will be dependent on a variety of factors including your health, age, occupation and if you smoke. However, the largest determinant will be if you are a smoker.
Smokers will have an average cost of life insurance that is 306% higher when compared to a nonsmoker.
Find Cheap Life Insurance Quotes in Your Area
When searching for the best cheap life insurance we would recommend getting life insurance quotes from as many insurers as possible. To aid you in this process we have provided detailed reviews of some of the best life insurance companies in the industry.
You will notice that many life insurance providers will have favorable underwriting requirements for certain individuals. For example, if you smoke you may find that Northwestern Mutual will have some of the best smoker life insurance rates available. Additionally, some insurers will specialize in certain products such as Mutual of Omaha which has one of the cheapest guaranteed whole life insurance products in the industry.
California's Medicaid program, called Medi-Cal, can help you get health insurance if you have a low income. You might also be able to get... Read More
The most important changes to the Affordable Care Act (ACA) in 2025 include faster appointment times and standard enrollment dates for... Read More
Utah and Florida recently banned the addition of fluoride to drinking water, and other states may follow suit. Here’s how to manage your... Read More
With under- or uninsured drivers on the rise, review your policy to make sure you're... Read More
From 2018 through 2022, reckless driving contributed to 12,654 fatalities — including 3,075 in 2021. Here's what else we... Read More
New Yorkers with low incomes can often get free health insurance through Medicaid or the state's Essential Plan.... Read More
Dental insurance costs an average of $22 per month if you buy a dental plan from HealthCare.gov. Rates are higher if you need coverage for... Read More
That’s a 500% increase on GLP-1s since... Read More
Owners spend an average of $1,750 annually on their pets. Here’s a look at expectations, costs, insurance and... Read More
The already beleaguered auto insurance industry may face even more rate increases, with tariffs impacting the cost of parts, aluminium and... Read More
Certain controlled substances can still be prescribed via telehealth through the end of the year.... Read More
Cuts to the federal workforce impact workers across the country. Find the support and insurance information you need to maintain your... Read More