-
Step 1
Decide which type of life insurance you want. Whole life insurance is more expensive because the insurance policy has an investment component which can be used to borrow against- you can cash out on the investment portion after a certain period of time. Term life insurance pays the face value of the insurance policy upon death. Term is a cheap life insurance policy for most people.
-
Step 2
Decide on coverage limits. How much do you want your loved ones to obtain through your cheap life insurance policy upon your death? Usually the best minimum amount of coverage, to cover funeral and burial costs, is between $10,000 and $15,000. If you add in possible health care costs, the amount could go up to more than $100,000.
-
Step 3
Search various insurance websites such as prudential.com or metlife.com for cheap life insurance. Compare quotes to find the best deal. While surfing the internet, be sure to check websites such as bankrate.com or smartmoney.com to be sure you fully understand what type of life insurance you need and to ensure you buy a policy that will cover all of the expenses you assume your family will need to meet upon your death.
-
Step 4
Call an insurance broker. Often meeting with a broker in person will get you the best cheap life insurance for your situation. Brokers can compare quotes from many different insurance companies to get you the cheapest rate possible.
