Reader’s Question:

Hi I’m Josh from Oklahoma. I already have life insurance provided by my company but I would like to get more insurance as I have a growing family but I’m not sure it will fit into my budget. Can you give me some advise on what instant term life insurance is cheaper?

Josh

Oklahoma City, OK
Hey there Josh. How are things in Oklahoma City, Oklahoma? If you feel that your life insurance coverage which was provided by your company is not sufficient, then by all means get more coverage. Of course, your budget will play a key role in what type of insurance and how much more coverage you can get.

Each type of insurance has its own pros and cons. If you are really budget conscious, then my advice to you is to get Term Life insurance. In this life insurance type, you are covered in case of death for a certain period of time, hence it is called term life insurance. You will most likely have more affordable premiums with term life insurance. You can use this to ensure coverage until your kids leave the nest. However, if after the term of your policy, you are still alive, then you do not get anything out of the policy. Your insurance premiums will also increase in cost with every policy renewal. Still this can provide you with more coverage for a lesser price. Maybe you can get term life insurance first and then switch or add a whole term life insurance when your financial situation is better.