Blog Worried You Can’t Afford Life Insurance? These Tips Will Help

Worried You Can’t Afford Life Insurance? These Tips Will Help

According to multiple studies, confusion over how much and what type of life insurance policy to get is the number one reason most people don’t seek coverage.

Indeed, a lot of people are convinced that they cannot afford life insurance and thus end up not even trying to research or ask about it.

Are you still on the fence and worried that you can’t afford life insurance? The following tips should help you make up your mind a lot quicker.

Let’s dive in!


5 Helpful Tips That’s Gonna Make You Afford Life Insurance

1. Get a term life insurance policy

term life insurance policy

If you are on a budget, level term life insurance is easily the best option to start with. How this policy works is that your loved ones get financial support for a fixed period that you get to decide if you pass away during the contracted period. You also get to decide the amount that will be paid out based on the premiums you are willing to pay.

Level-term life insurance is one of the most straightforward types of life policies. As with most plans, the younger you are when you take out this cover, the cheaper your premiums will be. In some cases too, you may not qualify for certain types of life plans when you are past a certain age or are diagnosed with age-related conditions.

This is why it’s such a good idea to start thinking of taking life insurance as early as possible and not fall for the myth that it’s designed for the old.

2. Shop and compare different quotes

life insurance quotes

When looking for life insurance, do not stop at the first insurer you come across. Instead, shop around and look at quotes from different companies. But while at it, do not rush for the cheapest one just yet.

Read the fine print and choose a policy that best suits your needs and that of your family. It might also be a good idea to seek professional help before taking out life insurance. Talk to a reputable expert and have them guide you on the most ideal cover for your current situation.

3. Assess your financial situation

financial situation

Seriously assess your financial situation before taking out life insurance. Ask yourself; if you were to pass away or fall critically ill, how much financial help would your family need?

Figuring this out will help you make a sound decision on the type of life insurance that is best for you and how much you will need to pay per month.

Once you choose a plan, it’s important to reassess it throughout the term to ensure you are not overpaying or underpaying.

4. Quit lifestyle habits or hobbies that could raise premiums

life insurance premiums

The type of lifestyle you choose to lead could make your insurance options expensive or even disqualify you from certain plans. For example, if you smoke, your premiums will certainly be higher when compared to a non-smoker in the same situation as yourself.

The good news is that most insurers will consider you a non-smoker if you haven’t smoked in twelve months. As such, if you plan on taking out a life cover, changing or quitting costly lifestyle habits that could make your premiums go higher is an excellent idea.

5. Consider taking out joint cover

life insurance joint cover

Did you know that you can take out life cover on either joint or single lives? If you have a partner or spouse, you may consider going for a joint life plan.

Before that though, sit and decide whether the policy will pay out on that first or any second death. The first death is the most appropriate one if your life partner would need that money most in your absence. If you would like that money to be passed on to your children, then second death would be the more appropriate one.

Whatever life cover you settle on, it is wise to make sure that any payout will be passed directly to the beneficiary, your spouse, or children, and not into your estate as this could subject it to inheritance tax.


What works for one person when it comes to life insurance may not work for the other. Put otherwise, there is no one-size-fits-all policy.

It is extremely important to take your time before choosing a life policy. Seek advice from fully trained financial protection specialists to ensure that the policy you pick is best suited for you and your family.

Remember, the earlier you take out life or health insurance, the more money you save as the premiums are lower. Good luck in your search for an ideal policy.

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