Even if cost is your main concern, keep in mind that you don’t buy life insurance only for the price. You have to look at what you’re getting. The cheapest insurance doesn’t give you the same benefits. For example, permanent life insurance costs more than most term life insurance. Still, it offers special benefits that make it a good choice for many people.

You can add extra options to your life insurance coverage, but each option will add to your costs. Before you buy, find out if you have any insurance from work. Your work plan may cost less than insurance you buy on your own.


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Comparing the cost of life insurance:

Here are the stories of two people looking to buy or change their life insurance, the choices they explored, and typical costs: 

Buying life insurance after the kids leave home: Pradeep's story

Pradeep, age 60, is nearing retirement. He wants to reduce his life insurance coverage, but he also wants to leave an inheritance for his children. Read Buying life insurance after the kids leave home: Pradeep’s story.