Perhaps the biggest reason people hesitate to buy life insurance is the fear of it being too expensive. It doesn’t help that most websites providing instant quotes default to $10,000 of coverage. How did $10,000 become the default amount to quote? That amount of money is excessive for the growing number of people choosing cremation over traditional burial. By using $10,000 as a default, people might assume that’s the minimum amount that can be purchased, and they might be using that to determine if life insurance is affordable. Fortunately, much lower amounts of coverage can be purchased.
Every life insurance company sets a minimum amount of coverage, but all companies that I’ve seen do at least $5,000 for a minimum. Many will go down to $3,000. The lowest I’ve seen is $1,500. These minimums can be helpful for those on a very restricted budget (low income) who are planning for a cremation. A cremation with ceremony shouldn’t run more than $5,000. People who don’t want a ceremony can get away with lower amounts of coverage. Here is a quoting tool where you can put in $2,500 for a minimum. Finding coverage amounts this low is only half the battle because you also have to find agents willing to write policies that small. You don’t have to worry about that with Houston Life Insurance Plans. We will write any amount of coverage, no matter how small.