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Those looking for financial protection and life insurance are concerned about the cost. It pays to find the least expensive life insurance available. This will mean doing some research and obtaining free quotes from different companies. However, determining the least expensive form of life insurance is relatively simple.

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This is because there are two basic types of life insurance, whole, and term. Comparing the two will help you determine the least expensive.

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You feel relaxed when you know you purchased the least expensive policy!

What are Term and Whole Life Insurance?

Term life insurance is designed to last for a pre-set amount, ranging from a few years up to 30, depending on the policy. Whole life insurance, however, is permanent in nature, which means it lasts for your lifetime. Plus, most policies will actually accrue interest over time, meaning that the benefit level grows.

Perhaps whole life insurance is better viewed as an investment rather than simply purchasing life insurance. This is because the interest rates on the account provide real cash value. However, regarding overall expense, the least expensive life insurance is term life.

Why is Term Life Insurance the Least Expensive?

There are several reasons, but term life is less expensive because it has no inherent cash value. Plus, it is designed to expire before the person is expected to pass away due to natural causes. Because of these two factors, it is less expensive than whole life.

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There is no one standard or average amount in terms of premiums that apply to any broad group of people. However, it is fair to say that you can expect to pay considerably more for whole life insurance than term life, assuming all relevant factors are equal.

For example, a non-smoking, healthy 30-year-old male can expect to pay about $250 yearly for $500,000 worth of term life insurance. That same male can expect to pay over $5,100 for the same monetary value of whole life insurance. Even the least expensive form of whole life insurance is far more costly than term life.

Read – Buy Term and Invest the Difference

Keep in mind that…

The whole life has a cash value, meaning it can be sold or “cashed out.” This is why many view whole life as an investment that in your later years can be cashed out and reinvested into other types of accounts. Plus, the rates will vary depending on some factors that include the following;

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There may be other factors as well, but the five main ones generally dictate the overall price of the policy.

How to Find An Affordable One?

To find term life that is the least expensive, you will need to look at the level of benefits. The lower the level, the less expensive the premiums will be. Also, you may find significant differences between companies that sell life insurance policies.

So, you should calculate the minimum amount of benefits needed and get free quotes from different companies to find the most affordable term life policy.


Meet Aaron H., a senior life insurance agent from California with 15+ years of experience. With a major in finance, excellent analytical and communication skills, and a passion for helping clients find personalized solutions, Aaron is a trusted advisor in the industry. He stays up-to-date on the latest trends and developments by attending webinars and workshops, reading industry blogs, and writing informative blog posts on this website. Aaron also has a keen understanding of SEO and online marketing, which he uses to help his clients reach a wider audience and get the coverage they need. He cherishes spending quality time with his wife, two children, and elder parents.