While some families buy large life insurance policies that can help pay the anticipated college tuition and other expenses the heirs will experience after the death of their family member, other families need a more affordable life insurance option. Here are just a few tips to help you find a policy you can afford.

Choose a low death benefit. If you can't afford to supplement your family's income with a life insurance death benefit, choose a small death benefit that will cover the cost of your burial as well as a few months in salary. Buy a term life insurance policy. By far, the most affordable life insurance policy type is a term policy. Your costs are almost completely restricted to the cost of insurance and, since the insurance company is only guaranteeing death benefit payout for a limited number of years, the rates are reasonable. Buy a policy through work or other group. Sometimes, your work will offer a group life insurance policy at cheap rates. Other groups such as car clubs and senior groups may do the same. These policies may not be portable and you might lose them when you leave the group.

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