Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jul 19, 2021

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low cost

Unless you plan on living forever (good luck with that), it’s a good idea to purchase some sort of life insurance coverage to ensure your surviving loved ones aren’t left to suffer your loss and financial turmoil.

The life insurance landscape can be pretty difficult to navigate with so many options and potential pitfalls. Below is a quick “how to” when it comes to obtaining low-cost life insurance.

It is recommended you read about how much life insurance costs so you can get a ballpark estimate of what the right policy should cost you.

What Do I Need to Consider First?

It is important to determine how much life insurance you need before you can pick the right type of policy and determine who is going to give you the best deal.

Generally, you need to make sure you have enough coverage to pay all of your existing debts and to make sure your family has a cushion while getting back on their feet after your passing.

A general rule is to obtain coverage equal to five times your annual income.

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Which Type of Life Insurance Policy Generally Costs the Least?

If cost is the number one issue regarding your life insurance purchase, you’ll want to start looking at term life insurance rather than whole life insurance.

Term life coverage is the best way to maximize your coverage amount for the least amount of money.

Term life “behaves” similar to auto and homeowners insurance in that you pay an insurance premium for a specified amount of coverage over a specified period.

For example, you may purchase a $500,000 term life policy that will cover you for 10 years.

After the 10 years is up, you may retain the option to extend the coverage for another specified amount of time, but the initial policy is paid for and no longer active and carries no cash value.

[How does life insurance work?]

Whole life insurance covers you for your entire life and builds cash value over time, but it is generally much more expensive than term life coverage.

If you are in it for the long haul and using your life insurance policy as an investment vehicle (borrowing from the cash value you’ve built up over time), this may be the best option for you.

The Final Word on Low-Cost Life Insurance

Term life insurance is going to be the cheapest, so start there when searching for low-cost life insurance.

It is also highly recommended that you speak with an independent life insurance agent to assess your needs, as this is an important and sometimes complicated decision.

You can also obtain free life insurance quotes online to evaluate what premium range you may fall into. This is one of the best ways to ensure you get a good deal.

Read more: Top 10 life insurance companies.