Why Most People Overpay for Life Insurance (And How to Avoid It)

Think you have to buy the most expensive life insurance to make sure your family is covered? Think again! Most people pay way too much because they don’t shop around or they get sold policies they don’t really need. Here’s how you can avoid it. First, know the difference between term life and whole life insurance. Term life is usually cheaper and covers you for a specific amount of time (like 20 years), while whole life is more expensive but lasts your whole life. If you don’t need a policy for your entire life, go with term life—it’ll save you tons. Next, don’t let agents scare you into buying more coverage than you need. You might not need a million-dollar policy if your expenses aren’t that high. Use an online life insurance calculator to figure out exactly how much coverage you actually need. Finally, get multiple quotes from different providers, and don’t forget to review your policy every couple of years. Life changes, and so should your insurance. With these tricks, you can get affordable life insurance without overpaying!