Given the right set of circumstances, at times you may be able to pay less for term life insurance by purchasing more. That’s because most life insurance companies charge less per $1,000 of coverage as the amount of life insurance increases.
These discounts occur in a couple of ways. First, some term life insurance products are only available at higher minimum amounts of protection. For example, American General’s Select -A- Term product requires a minimum face amount of $250,000. Other competitive term life insurance products may have even higher minimum amounts ranging from $500,000 to $1,000,000.
Second, almost all competitively priced term life insurance products (regardless of the minimum initial face amount) have price breaks (lower costs per/$1,000 of insurance) at $250,000, $500,000 and $1,000,000 of coverage.
When getting quotes while shopping for term life insurance coverage, spend a few minutes extra to evaluate life insurance rates at some of the discount points mentioned above ($250,000, $500,000 and $1,000,000). Depending on the amount of coverage you need, it’s possible that you may find that you can actually reduce your outlay by purchasing more coverage or that you can buy more life insurance for only a modest cost increase.
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