Reader’s Question:

As with other consumers, I want to get the cheapest life insurance here in Cape Coral, Florida. Is there such thing as cheapest life insurance? I think all life insurance are expensive.

Kenneth

Cape Coral, FL

Hello Kenneth,

I’m glad you asked so I can clarify your doubts on life insurance price. There are two common types of life insurance. These are whole life insurance and term life insurance. The whole life insurance is quite expensive because it combines an insurance plus investment. And this is based on cash value. Meaning, the premiums that you pay is cumulative. The accumulated cash can be withdrawn but you have to continuously pay for the premium until it will gain certain returns. Term life insurance on the other hand is quite cheap. I think you miss this when life insurance sales agents come to you and offer whole life insurance. Term life insurance, by contrast to whole life insurance, is very affordable and you actually pay premiums only on certain term or period. When the term ends, your beneficiary may not be entitled for the life insurance should you die after the term. However, you can continue to enforce it if you renew the term life insurance and continue paying for another specified term.

Term life insurance is so far the cheapest life insurance. It is basically purely life coverage, no cash value and no investment side. You only pay for the life coverage in a monthly basis or a yearly basis. Your beneficiary will benefit on it when you die within the period when the term life insurance is enforced. You would even find the cheapest term life insurance in Cape Coral, Florida when you compare at least five insurance companies who offer term life insurance.

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