There comes a time in an adult’s life – man or woman – when he or she realizes it is time they get some form of life insurance coverage.  If a man is around 35 and has a wife and kids, a home with a mortgage for the next 20 years and other expenses, then it is time he starts shopping around for life insurance policies to suit his budget and his family’s needs.  He can even take a policy for his wife.  In this way their children get protection if either or both of them die.  The important consideration is to shop around for affordable life insurance.

If you are not intending to spend too much time on the long process of medical examinations; you can go for life insurance no exam scheme. Many insurance companies offer such a policy with only restrictions on age requirements. If you select this type of policy with coverage amount of $500,000 for 30 years, your annual premium would anywhere between approximately $1300 for life insurance no exam. For a period of 10 years it would be $570 annually. This is called affordable life insurance. Instant term life insurance has very low rates than whole life insurance. 

However, instant term life insurance does not offer cash value and if you outlive the period of the insurance term, you do not get any benefits.  If you are 35 years old, you are not likely to die in 10 years.  You can of course take a 10 year instant term life insurance and renew it after 10 years.  This will be a big mistake for the premiums will suddenly shoot up at age 45.  So if you wish to go in for instant term life insurance with or without a medical exam, the best option would be to get one for at least 30 years.  In this way you can get affordable life insurance that can be used to pay off mortgages at a later stage.

To get affordable insurance, you need to:
- Quit smoking as smokers will pay higher premiums
- Take time for medical tests for ‘no exam life insurance’ is not offered by all reputed insurance carriers and can prove expensive
- Get coverage for the entire period required and don’t split it into say 10 year periods as the premiums will climb every time you renew
- Calculate coverage, premium amount and family needs to ensure you get the right insurance that is affordable.

While in most cases, term life insurance is more affordable than permanent or whole life insurance, you must remember that permanent life insurance is for the whole life of the insured person and the insurance company has to pay benefits in all cases to its holders.  Besides, permanent life insurance is affordable when you are young, which is the age to get insurance any way.  Also, the premiums will remain the same throughout the life of the insured and he can choose a premium amount he is comfortable paying. 

The insured also has a choice towards paying flexible premium amounts – pay higher during younger days as the earning capacity is on the high and it tends to go down as he/she gets older. You can browse the internet to get affordable life insurance and can look for an insurance broker to get you one as well. Be sure to approach the broker and the agent as the agent will be a representative of the insurance company. While broker on the other hand will have many insurance companies as their clients portfolio and hence will know a varied range of insurance companies that may suit your need. 

One must ensure that they get affordable insurance from a prestigious company. This is important since the money you pay thru premiums must be going to a financial stable company for future returns, else it can go bankrupt. There are also certain companies who have the habit of even denying regular and proper claims. To avoid all this confusion, obtain quotes from a broker who has good history and a track record. Allow him to give you a complete download of information that you need to know in order to get sudden surprises in the form of ‘hidden costs’ later.

Critical illness insurance is meant for those who have a bad medical history, family history of critical illnesses or for older people who are more likely to be susceptible to critical illness.  This is one form of insurance where the policy holder is the beneficiary during his or her lifetime.  The insurance company will agree to pay medical bills, rehabilitation costs and any other expenses that may occur due to the person’s illness.  So, when there are so many policies, get one that will suit your needs and is affordable.