Some don’t want to consider the idea of life insurance because they consider it to be morbid. Some people even have the superstition that if they think about their own death, then that will hasten it somehow. But people should know that they are able to get cheap term life insurance if they know how and where to look.

There are families that think life insurance to be an expensive addition to the family budget, so they just don’t have any. But what they don’t realize is that by not having life insurance can actually put their family’s lifestyle at risk.

The Truth

If you are source of income for your family, you need to have some sort of protection. If you make $50,000 per year, and your spouse also makes $50,000 per year that is $100,000 that you family is currently depending on. If either of you passes away, then the family’s income goes down to $50,000/year. Can your family survive on just half?

BUT, we understand that having it fit the budget can make it possible and there are alternatives in the market today that can easily fit in anyone’s budget.

For instance, a 32-year-old male, non-smoker, and in good health can get a $500,000 20-year term life policy for as little as $31 per month.

If Canadians knew how cheap term life insurance can be, many more Canadian citizens would have a policy to protecting their family with it.

Unlike low-cost term life insurance, there are expensive life insurance plans such as whole life or universal life. These types of permanent life insurance plans are not necessary for most families unless you’re dealing with a special situation such as a special needs child who depends on you for lifelong care and security.

There are cheap term life insurance options for families that are budget conscious.

As an example, if you have young children, you can purchase a 20-year term life insurance that will provide protection until the kids are finished college. At which point, you may no longer need life insurance as the children will have their own jobs and income.

The same is true if you have kids who are in their teens. You may only need a 10-year term life plan because by the time the 10 years is up, the children will be in their early 20’s and graduated from college or university.

The important thing when thinking about cheap term life insurance is to figure out just how long you need protection for your family. Consider the age of your youngest child, and when you’re likely to pay off your mortgage.

Doing this will help you avoid paying too much for your life insurance and paying for more years than necessary.

Cheap term life insurance vs cash value insurance

Also, it’s easy to be lured into buying expensive whole life or universal life with the cash value being touted as an investment. Remember these cash values make the life insurance premiums much higher than cheap term life insurance, and the cash value is accessible only if you cancel your insurance. Also, because of the guaranteed cash value, it is not invested. That cash value would be better for you financially if it were invested or earning you interest above inflation.

The secret to protecting your family is that cheap term life insurance is more affordable than most people realize.

‍