What if I can't afford the life insurance coverage I need?

If you cannot afford the full amount of coverage your family needs, several strategies help maximize the protection you can sustain within your budget.

Start with term insurance for maximum coverage at the lowest cost. A $500,000, 20-year term policy is substantially more affordable than a $500,000 whole life policy. Term ensures your family is protected during the highest-need years without overextending your budget.

Ladder multiple smaller policies rather than one large one. A $300,000 20-year term plus a $200,000 10-year term might cost less than a single $500,000 20-year policy, with the 10-year portion expiring when your child is older and your mortgage balance is reduced.

Choose a shorter term to reduce premiums—a 10-year term is cheaper than a 20-year term for the same coverage amount—and plan to reassess and re-shop when the term ends.

Apply now, not later. Every year of delay increases premiums. Buying an affordable amount today is better than waiting until you can afford more—and potentially missing an opportunity if your health changes.

Fix what you can control: improving health metrics, quitting tobacco, and choosing annual premium payment all reduce costs. Agents in our network can help design a coverage plan that maximizes protection within your budget.