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  • Alex Arezina

Affordable Life Insurance Policies

Updated: Jul 7


Life Assurance Company of America provides policies for the everyday person that are affordable and practical. Learn more about affordable life insurance in this guide.


Finding affordable life insurance can be difficult, especially if you already have pre-existing conditions or if you cannot afford the fees traditional providers stack onto the bill.

It’s time that life insurance becomes unlimited, not restricted to just the few who can pay for unnecessary fees and hidden charges.

You shouldn’t have to go without protection for your beneficiaries; there are affordable life insurance policies still available to you.

Life Assurance Company of America is a leading resource for affordable life insurance plans for all people, providing coverage with only a few requirements for qualification for individualized, low-cost plans for you and your family.


What is the Best Affordable Life Insurance?

The best affordable life insurance is one that leaves you comfortable with the amount you are paying each month and adequately covers the expenses and debt you expect to have upon death so that your beneficiaries are not burdened by the circumstances.

Which company or specific plan is most affordable will vary, not just on the year, but also on personal factors of health, age, and financial situation. These costs are difficult to estimate on an individual level, which is why quote comparisons are important for the new insurance shopper.

The sooner in life that you get life insurance, the better rate you can expect, however, affordability is not the only factor that should go into whether you choose a plan or not; it should also be a plan that you can soundly qualify for and does not burden you with unnecessary trips to the hospital for new examinations with each quote.

For this reason, many people choose term life insurance plans that don’t require a medical exam to qualify, but it can be difficult to find a plan that provides these benefits while remaining affordable to the everyday person.


How Much Is Life Insurance on Average?

Life insurance rates fluctuate every year as mortality rates change and people get older. Because of this, an insurance policy for a 20-year-old might look vastly different than it will for a 64-year-old.

The monthly or annual premium rate you receive might be simple and fixed, but the calculations that go into each quote include a series of complex mathematical equations essentially calculating the insurance company’s risk with taking you on as a customer.

There are so many factors that go into calculating your quoted rate in traditional insurance policies that include everything from your economic status to your policy length, current health, age, and the current statistical rate of mortality. Depending on those facts, you might get a quote ranging anywhere from less than $100/mo to over $800/mo.

Many insurance companies can’t give you a straightforward answer without receiving some basic information, and many require you to go through a medical examination to determine your health. All these steps help them calculate that risk to their profits, determining their likelihood of having to pay out the claim.

If you can’t afford typical policies or cannot or do not want to take a medical exam, however, that locks a lot of these options out, which is why affordable term life insurance policies like those with Life Assurance Company of America are available.


Comparing Life Insurance Policies

It is important to compare every part of your life insurance policy quotes to ensure you are getting the full coverage that you need without any hidden fees or upgrades. (1)


As you get life insurance options and quotes, you’ll likely navigate toward a type and coverage amount that’s in line with how much you want to pay.

Amy Danise


There are many types of life insurance policies available on the market today. You will most commonly see three policies provided by companies:

Term Life Insurance – This is the most basic life insurance plan which is beneficial only if the death occurs within the active policy term. Terms may be chosen between 1 and 30 years on average. This is the most common type of life insurance for individuals to purchase as their first insurance policy.

Whole Life Insurance – This type of policy is also often called permanent life insurance. Not only does it tend to be more expensive, but it is only recommended for young individuals in good health, as they can secure a lower premium. Whole life insurance does have the ability to grow in cash value over the policy term, which would be added to your payout if not claimed before death.

Universal Life Insurance – This policy is like whole life in that it builds up cash value and is also considered permanent. The main differences are in that you are allowed to make payments on the premium at any time, in any amount, potentially paying off more or less of the total as your financial situation allows. This does, however, impact your coverage amount and adds to the risk of potentially surrendering the policy.


What is the Least Expensive Form of Life Insurance?

Comparing new plans can bring up a host of questions, like which form of life insurance is the least expensive on average. Term life insurance is, overall, more likely to be most affordable for individuals and families as the policy renews each term, rather than continuing until death.

Term life insurance also offers the most flexibility for individuals that are unable to receive traditional life insurance benefits, unsure about their health, or are looking to gain life insurance coverage temporarily.


How Much Life Insurance Do I Need?

Determining the amount of life insurance coverage you need can be difficult, especially if you are new to the idea of life insurance.

You should try to apply for a plan that can cover any medical obligations or difficult expenses that might burden your beneficiaries after death.

This might be enough to cover wages for a few months, or any outstanding debt that you have in your name, as well as funeral costs.

The purpose of life insurance is to ensure that your beneficiaries can make a claim and won’t be burdened by the sudden loss of your support.

While it is difficult to estimate this down to the penny, especially if you have ongoing expenses or accruing debt, but you can make a general estimate and modify it at the end of each plan term.

Calculate your financial obligations over the long-term, like debt, funeral costs, personal income to replace, and education for children, and then subtract your current assets – such as monetary assets that your beneficiaries will sell.

Typically, the number you are left with is the minimum amount of life insurance you need to look for.

For a less detailed estimate that doesn’t look at your whole debt and asset situation, you can multiply your current income by 10 and then add $100K on top for each child you want to provide a college education for.


Cheapest Life Insurance for Seniors

Since age is a big factor in calculating life insurance policy quotes, seniors often have a difficult time getting affordable insurance with transparent coverage and rates.

Retirement is a big consideration as you begin to age, and it is important to be frugal with new policies and services.

While term life insurance is a popular choice for many seniors before locking in a more permanent policy, it becomes much more difficult to secure a simple policy as you age. If you are under 65, you may still qualify for affordable, simple life insurance without the need for a medical exam.

For some individuals, the medical exam may prove to be too difficult to pursue getting the policy in the first place, as a lack of transportation or finances might contribute to being unable to shop around for the best quote.

That is why an affordable, no-hassle basic term life insurance plan is the best option for many seniors, saving time and frustration while providing the coverage you need to help remove financial burdens from your beneficiaries.

Life Assurance Company of America offers these simple and transparent plans for a low cost, all without the need for medical examinations or other paperwork, making peace of mind available to anyone - regardless of their circumstances.


Affordable Life Insurance for Family

Starting a family is a big responsibility, and it makes a lot of people begin thinking about their financial situation differently. Now, your financial burdens are not just your own, but your spouse and children are sharing in that responsibility.

Without insurance, your debts would become theirs, along with any debts incurred by your passing. Support from your income would dry up, leaving them to figure out another way to pay the bills and get through college without that help.

This becomes a big consideration once medical bills begin to stack up or if you develop a medical condition that makes your future uncertain.

Frustrating debt and the emotional toll that comes with poor health is stressful enough for you and your family to handle, but the financial burden threatens to continue for years without the right backup plan.

By opting for affordable term life insurance plans with Life Assurance Company of America, you can relieve that burden from your family.

With flexible options available to you by answering a few basic questions, you can select a coverage amount that would provide your children with an education, pay for medical and funeral expenses, and/or relieve your debt in the event of your passing.

There are plans available for individuals from the age of 18 to 65, providing you with plenty of time to start planning for what comes next for your family.


Cheapest Life Insurance with No Exam

Life insurance isn’t just for the old or ill; accidents happen to everyone, even at a young age, that can cause undue burden on those around you.

Peace of mind doesn’t have to be expensive; make sure your debts and expenses are taken care of with a simple and low-cost policy.

With life insurance, your beneficiaries won’t be left with debt or unnecessary burdens. Life Assurance Company of America offers basic coverage plans that are accessible and easy to apply for.

If you are worried about pre-existing conditions or cannot arrange for a medical examination, you may still qualify for life insurance; all it takes is a quick application that is simple, transparent, and innovative.

We curate each one of our life insurance policies as simple solutions to real concerns from people just like you, all facing a variety of concerns. It is the policy for the everyday person, not just those who can afford it.

Ready to start resting easy knowing your debts are covered and your family is protected? Get in touch with us today at admin@lifeassurancecoa.com or (630) 571-2100.


What is the Best Life Insurance Policy for You?

Choosing the right life insurance policy for you can be difficult, especially if you are working around a low-income or pre-existing condition.

This leads many people to shop for the most affordable types available by sticker price without looking at potential hidden fees and any loss of benefits between plans. (2) It is important to sit down and discuss what you need in a plan before comparing quotes from different companies. The simpler the plan, the more affordable it typically is.


Term life insurance is typically the most affordable type. It provides a payout for your loved ones if you die during a set period, or term.

NerdWallet


With any life insurance policy, it is important to shop around for the right quotes, but also ensure that the policy covers your needs.

Many insurance companies provide a range of pre-set policies, but these are not priced at the most affordable rates. Several benefits are often locked behind add-ons and upgrades to help the insurance company cover costs. It is important to compare not just the price, but also the fine print, additional charges, and benefits.

By choosing a basic plan with high transparency, you know exactly what you’re getting and how it benefits you and your family.


Life Assurance Company of America: Life Insurance You Can Afford

At Life Assurance Company of America, we provide the life insurance that you need with transparent, simple terminology and gentle understanding.

We believe that life insurance should be accessible and straightforward because you have more things in life to worry about than paperwork. We pride ourselves in making our simple, basic life insurance plans accessible to all people, not just the few who can afford them.

Our life insurance policies are built with you in mind, maintaining transparency with our cost-effective plans. We provide clear, no-nonsense plans that don’t leave you wondering what was in the fine print.

Best of all, when you choose to become a member of the Life Assurance family, you can qualify for a plan without any medical exam or any citizenship papers necessary. All we need is some basic personal information to help you rest easier at night knowing your family or beneficiaries are in good hands.

Want to learn more about our affordable life insurance policies? Contact us today at admin@lifeassurancecoa.com or (630) 571-2100 to learn more about different coverage rates and discover if you qualify in just a few simple steps.


References:

  1. Amy Danise, Types of Life Insurance Policies, https://www.forbes.com/advisor/life-insurance/types/

  2. NerdWallet, 5 Important Questions to Ask Before Buying Term Life Insurance, https://www.huffpost.com/entry/5-important-questions-to_b_10441564

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