These days, inflation has everyone reevaluating their monthly budget. With the increased cost of many goods and services, you may be wondering if inflation will impact the cost of life insurance. Luckily, inflation won’t impact your life insurance payments. However, it can bring to mind the importance of securing your family’s financial future by making sure you have enough life insurance coverage for their needs. Let’s explore what you need to consider when it comes to inflation and life insurance.
Will inflation change my life insurance premiums?
Economic changes like inflation will not change your life insurance premiums, regardless if you have a term or permanent life insurance policy. When you purchase your life insurance policy, your rates are locked in. The only time you’ll have to worry about a change in your life insurance premiums is if you have a term life insurance policy that’s set to expire. Because your premiums are set when you purchase your policy, it’s beneficial to shop for life insurance when you’re young and healthy, as you’ll likely be assigned more affordable premiums. At SelectQuote, we can quickly help you determine what policy type and coverage amount is right for you and your budget, and can also help you understand any factors that may impact your life insurance premiums.
Affordable Life Insurance Coverage for Any Budget
Finding affordable life insurance coverage may not be as difficult as you think. This is especially true when you work with SelectQuote to help you shop many of the most trusted life insurance companies and compare prices and coverage for you. Our licensed insurance agents are well-versed in finding affordable life insurance for people with all kinds of coverage needs, with some policies less than $1 a day.
Remember that in order to get the most affordable coverage, you’ll want to shop sooner rather than later. Life insurance gets more expensive as you age because you’re more likely to experience health complications as you get older, and therefore insurance carriers see you ask riskier to insure. But if you purchase life insurance while you’re young and in good health, you’ll be locked in at a favorable rate as long as your premiums are paid.
Should I change my life insurance policy to save money in my budget now?
Inflation shouldn’t be the only reason you consider changing your life insurance policy. However, if either of the below applies to you, you may want to consider reshopping.
You Can Find a Cheaper Policy
If your monthly premiums are too expensive, you could shop around to see if there is similar coverage for a more affordable price available to you. Additionally, if your health has improved, (for example, maybe you’ve lost weight or quit smoking), you may be able to secure a cheaper policy. The easiest way to reshop your life insurance policy is by working with SelectQuote. We can quickly compare your options to make sure you have the right policy for your needs and budget.
Big Life Changes
Life changes such as getting married, having children, or buying a house are all reasons to reevaluate your life insurance policy. These big life changes also cause a big change in your finances. Making sure you have the right amount of coverage at a rate that fits your budget can be easy with SelectQuote.
It’s important to note that when you shop for a new life insurance policy, you may have to take another medical exam. Life insurance will be more expensive as you get older, so shopping for new coverage now is definitely better than later.
No Matter Your Financial Situation, SelectQuote Can Find the Right Life Insurance For You
SelectQuote has more than 40 years of expertise finding millions of families the coverage they need at a price they can afford. Our licensed insurance agents will take the time to understand your situation and help you find a life insurance policy that will provide adequate coverage at a price that works for your budget. We work for you, not the carriers, so you can feel confident that we have your best interests in mind when searching for coverage on your behalf.
