What’s the Cheapest Type of Life Insurance?
If you compare whole and term life insurance, term is definitely the cheapest type of life insurance. You can even choose a policy with a fixed rate for a term of say, 20 years, so your premiums will stay cheap. If you get Renewable Term Life Insurance, you can keep your policy even longer – maybe 50 years. However, every five years or so your premiums will increase. Still, an increase from, for example, $5 to $30 a month over the course of 50 years is not a very big deal considering that in return you are getting thousands of dollars of coverage. That’s still only about a dollar a day.
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