Can you get life insurance for $50 or less in Canada?
It would be best if you didn’t spend more on life insurance than you can afford. The consequence of this is that the payments may become unaffordable in the long term, causing you to stop the payments. That is the money you have wasted that should have put to better use.
However, a few strategies will help you to get affordable life insurance for up to $50 a month. This affordable monthly rate will ensure the necessary coverage when it is needed.
Pros and cons of taking an exam to get life insurance for $50!
Life insurance companies must have sufficient information about the risk they are taking to ensure your life. An exam will help them determine how long you will live, and the longer it is, the better it is for them. With a medical exam, they can assess your insurability, and by knowing your medical profile, they can provide you with a better rate.
Term or permanent insurance to get life insurance for $50?
If you want to keep your life insurance premium low, then a term life insurance plan will be more affordable than permanent life insurance. Term insurance does have an expiry date, but it is much better than having no protection. When the term is expiring or expires, you can always renegotiate a new term with your broker and renew the term insurance or exercise the option for converting to permanent insurance if you are in a better place financially.
You can get term insurance plans for as little as one year, but they can go up to 40 years. However, the longer your plan is, the higher your premium will be. Pick the length of time that you need and can afford, and you can add more coverage later.
Only the best riders that you can afford with life insurance for $50.
Riders do enhance the benefits that you will have but are optional, and you can choose which of these you want to include because they do increase the monthly premiums.
Riders include:
- Accidental death benefit
- Waiver of premiums in the event of a disability
- Critical illness, disability and hospitalization insurance benefits
All these riders add a great deal of value to your life insurance policy, but one of the smartest riders for you to choose is the disability waiver rider on term life insurance. It is not an expensive rider, and if you cannot work after a work-related incident, there is a waiver of premium payments for the rest of the policy’s life term.
Shop around for life insurance for $50!
Your age and health determine your life insurance premiums.
If you are between the ages of 18 and 25, the average monthly repayments on a 20-year basic life insurance policy with $1 million coverage will cost approximately $42 a month. This amount increases to an average of $48 a month for those between the ages of 26 and 35. From the age of 35 and up, the monthly premiums increase to between $51 and $100 per month. Of course, you could go for a lower coverage of $250,000 or $500,000 depending on your needs. If you are male, expect to pay a slightly higher premium than your female counterparts.
Shop around with a good broker to get life insurance for $50.
In insurance terms, a captive broker is someone who works for one insurance company and has their interest at heart. You will want to shop around before buying life insurance, and an independent broker can get quotes from various companies and advise you on your life insurance needs and what you can get for what you can afford.
Some may say it is not easy to find life insurance for $50 with solid coverage from a reliable insurance company. However, if you find an expert insurance broker or brokerage, that should not be an issue. Your broker or advisor will search among the best insurance company use the expertise they have to find and structure a life insurance policy that will cost you $50 or less a month from a reliable insurance company.
Life Insurance for $50 is possible.
In conclusion, it is quite possible to find life insurance for $50 or less. However, you must understand that it all depends on your age, health and the insurance coverage you seek. The younger and healthier you are the higher the insurance coverage you will obtain but do not worry even if you aged or you are not as healthy as you should be, you still have a good chance to obtain a life insurance policy for $50 or less.
AplusWealth is here to help you obtain Life insurance for $50.
Finding the right Life insurance policy with the proper coverage amount at the right price is complicated and overwhelming. Our expert advisers are fully qualified to help you work out the coverage that will meet the needs of your family. By taking your age, and health, liabilities, and goals into consideration. At Apluswealth, you can get a quote, compare quotes, and find the life insurance quote you feel comfortable with.
Contact our expert advisers today and find out which is the best life insurance for you. Our life insurance advisors will provide you with quotations and the most suitable policy types.
The purchasing life insurance process from Apluswealth is designed to be super easy, online, and fast. If you know what type and amount of coverage you are looking to get, get your quote using our software and click apply online. However, if you require assistance from our expert advisors, we will set up an online or in-person meeting with you to review your needs analysis and assist you with making your decision.
Depending on the amount of coverage and the life insurance provider you have chosen, you may or may not be required to complete a medical examination. Once the medical review and the underwriting process are complete, you will be offered your insurance coverage, and the process is completed. Start covering your family from today.
Email: Contact@apluswealth.com
Tel: 1-888-461-6120