Where Has All the Low Cost Life Insurance Gone?

Perhaps it was never there, but it seems as if low cost life insurance has become a thing of the past in many markets.  Indeed, there are vast segments of the population that are unable to afford any or adequate coverage including women, minorities and the working poor.  Even in towns that have been riding high times, such as Atlanta, the rates of adequate or low-cost life insurance policies among women with children is less than 25%.  Among minority women, the rates are even lower.

Of course, low cost life insurance has always been difficult for some people to attain, and as several common lifestyle choices have become reasons to raise rates, often beyond what is affordable, many people are choosing to eat now rather than ensure their loved ones won't get stuck in the poorhouse with the cost of their funerary expenses.  Indeed, as budgets are stretched tighter, partly due to so many women having to be in the workforce and the lack of available time to save a few extra pennies  by cooking meals at home and whatnot, extra money to plan for the future has become a thing of the past.

That said, there are still low cost life insurance options available for younger and healthy people.  Indeed, premiums as low as $10 a month are available.  In essence, these become like savings accounts that pay out as inheretance with interest.  If you're not in the regular habit of putting money away as savings, this can be a good and relatively inexpensive option.  Regardless of the low cost, life insurance

Generally, it's best to choose a life insurance company that has been around for awhile, so you'll know they have a good chance to still being in business when you eventually pass away.  There are fly-by-night operations that take advantage of those who can't afford to pay even slightly higher premiums, but by doing some research before you sign on the dotted line, you can spot such cons that masquerade as low cost life insurance operations that serve the public good.

Of course, one can save a great deal of money by making a few lifestyle choices that are known to reduce mortality rates (at least according to actuary tables).  For instance, as a non-smoker, you can save nearly half on some policies.  Purchasing a policy when young will lock you into very low rates for many years to come.  Low cost life insurance should also be evaluated for its ability to be renewed over time.  

While low cost life insurance options are available, if you're in a high risk group, your choices may be limited, but they're still there – call around and find out for sure.

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