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Think of 24-hour roadside assistance coverage for your truck or car like having another tool in your emergency kit. Roadside assistance can provide the services you need to get you back behind the wheel ASAP. Services include changing flat tires, fuel delivery, jump-starts, and lockout assistance. The national average cost for roadside assistance when added on to an auto insurance policy is $20/year.

Before you sign up for roadside assistance, it can be useful to know some basics. In this guide, we’ll look at what you can expect when you enroll in a roadside assistance program.

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What Is 24-Hour Roadside Assistance?

Roadside assistance plans cover a range of problems that commonly affect motorists. Whether you’re stuck on a busy highway or a lonely roadside, in a mall parking lot or your own driveway, you can ask for help with a dead battery, flat tire, being locked out, and more. These programs not only cover cars and trucks but also motorcycles, RVs, and boat trailers.

Since problems can happen at any time, roadside assistance programs make their services available around the clock. There is no deductible for service calls. Depending on your plan, any costs you incur in an emergency may even be reimbursed.

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What Are Some Benefits of 24-Hour Roadside Assistance?

Roadside assistance is designed to cover all drivers, but it can be especially useful for parents of young children, first-time drivers, and people with physical limitations. Probably the top benefit of having 24-hour roadside assistance coverage is that there’s a number to call any time you’re in need. You can keep that number programmed in your phone or put it in your wallet or glove compartment — or your provider may offer an app.

You can call for advice or hands-on assistance, and someone will help you get what you need. Some plans may even post bond if you’re charged with a traffic violation, or reimburse you if you need to stay in a hotel overnight because your car broke down. Some plans include other benefits, such as travel discounts and rewards points.

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What Does 24-Hour Roadside Assistance Cover?

Assistance programs vary significantly depending on the service provider, the coverage level, and what you’re willing to pay. So when you’re comparing roadside assistance for cars and trucks, it’s important to understand the details of what each plan covers. Roadside assistance is not intended for use after an accident. In that case, 911 will arrange for help to arrive.

Most companies that offer roadside assistance programs set limits on what they will and won’t pay for. A provider may offer to deliver fuel to your vehicle for free, for example, but you can expect to be charged for the gas you receive. Similarly, roadside assistance may offer free lockout assistance, but there may be a charge if you need to have a new key made. If your car needs a tow, there may be a limit on how many miles you can go for free. There may also be a limit on how many service calls you can make in a year.

Plans have different rules on whether a particular driver or vehicle qualifies for a service call. With some plans, you must be driving your own car when you call for assistance. Other plans will cover you even if you’re the passenger or driver in someone else’s car.

Programs generally include some type of coverage for:

Vehicle Towing

If your vehicle can’t be safely repaired or restarted onsite, roadside assistance can tow it to a nearby repair shop.

Battery Jump-Start or Replacement

Roadside assistance can give your dead battery a jump and, if that doesn’t work, install a new battery onsite or give you a tow.

Changing a Flat Tire

If you have a usable spare tire, your service provider likely can change a flat or blown-out tire onsite. If not, they can tow you somewhere for help.

Lockout Assistance

If you’ve locked your keys in your car, roadside assistance can get a locksmith to help. Even if you’ve lost your keys, the service may be able to get you back in your vehicle and back on the road.

Winching Service

Stuck in snow, mud, sand, or water? Your service provider may bring in a winch to extricate your car or truck.

Fuel Delivery

If you run out of gas, your provider can deliver fuel to your location. And if the battery in your electric car needs a charge, you can ask for a tow to the nearest charging station.

Quick Fix First-Aid

If you have a minor mechanical problem that can be fixed quickly, it may be possible to do so onsite. If not, the service can tow your car to a nearby repair shop.

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What Are Some Ways Drivers Can Get 24-Hour Roadside Protection?

There are few different ways you can get roadside assistance coverage for yourself and your family members. For individuals who set aside time for personal insurance planning, consider adding roadside assistance to your list.

Auto Club Membership

Probably the best-known way to get 24-hour roadside assistance is through an auto club like AAA (pronounced “triple A”). The company will issue you a membership card with numbers to call for service. You may also be able to download an app or send a text to get service.

Plans range from $50 to $160 per year. Your price will depend on how many family members are covered, your location, and the services you’ve selected.

Credit Card Company Benefits

You may be able to access roadside assistance through one of your credit cards. Again, the cost for your overall coverage or a specific service will vary depending on the plan. For example, one credit card provides the service for free to its members but charges $69.95 for a standard service call, including 5 miles of towing.

Vehicle Manufacturer

Some car and truck manufacturers also offer roadside assistance as a perk for new car buyers. Your vehicle may come with protection that lasts for a few years or the length of your limited warranty, or it may be available for only a few months as a free trial for a service you can later purchase. Your sales agreement should provide the details on what your plan covers, or you can ask the dealership.

Car Insurance Company

Many car insurance companies make some type of roadside assistance coverage available to their customers. Some plans provide only the basics, while others may offer two or three different levels of coverage. Costs range from $2 to $5 a month, or $15 to $60 a year.

When you’re considering cost, keep in mind that you may be able to lower your car insurance cost by bundling it with other types of insurance coverage.

Recommended: How Much Does Insurance Go Up After an Accident?

Which Insurance Companies Offer 24-Hour Roadside Assistance?

Insurance companies that provide 24-hour roadside assistance typically offer the service as an add-on to an auto policy. However, in some instances you may be able to access a roadside protection membership without being a policyholder.

If you aren’t sure if you already have roadside protection, contact your agent or log in to your account on your insurer’s website to get information about your coverage. You may also view benefits via online insurance comparison sites. The information also may appear on your insurance card.

Here are a few companies that offer roadside assistance:

Allstate

Allstate offers its 24-hour roadside assistance programs to both policyholders and non-policyholders. Costs and limitations will vary based on the plan you choose.

Geico

Geico’s roadside assistance program is available to policyholders as an add-on, and it covers most of the basics other plans offer. The cost is determined by the number of vehicles you want to cover.

Liberty Mutual

To access Liberty Mutual’s 24-hour assistance program, which offers basic roadside services, you must purchase optional towing and labor coverage as an add-on to your policy.

Nationwide

Nationwide offers roadside assistance as an optional add-on for policyholders. The plan covers the same basic services offered by other insurers, but optional features and program details vary by state.

Progressive

Emergency roadside assistance is available as an optional add-on for Progressive auto insurance policyholders. Progressive’s program covers service basics such as towing, jump-starts, lockout assistance, etc.

State Farm

State Farm’s roadside assistance program is an add-on for policyholders. If you have this coverage and need assistance, State Farm will be billed directly for any basic services you receive, so you won’t have to worry about waiting to be reimbursed.

(The above coverages are accurate as of the writing of this article but may differ in the future.)

What Is the Average Cost of 24-Hour Roadside Assistance for Cars?

When added to your car insurance policy, roadside assistance coverage costs an average of $20 per year. The price of a roadside assistance plan can vary based on how many vehicles you want to cover, where you live, whether your coverage is through your auto insurance or some other source, and the level of coverage you choose.

Some plans charge less for coverage and more for services, and vice-versa. It’s a good idea to compare several different plans and choose the one that works best for your individual needs and budget.

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What Is the Average Cost of 24-Hour Roadside Assistance for Trucks?

The cost of roadside assistance for a pickup truck is similar to the cost for a car. If you have an RV or another large vehicle, however, you’ll need to check out a plan tailored for the problems you might encounter.

How Much Does 24-Hour Roadside Assistance Cost Without Insurance?

The national average cost of a tow without roadside assistance coverage is $109, or between $2.50 and $7 per mile.

What Makes 24-Hour Roadside Assistance Different from Other Coverage?

Standard car insurance is designed to protect car owners against financial losses when they’re in an accident, or if their car is damaged, stolen, or vandalized. But a standard auto policy doesn’t typically include roadside assistance for something like a flat tire or running out of gas. That’s a different kind of coverage, and it usually costs extra to add it to a car insurance policy.

Another difference: In most states, you are required to carry minimum required car insurance. You aren’t required to carry roadside assistance coverage. It’s your choice.

How Do You Choose a 24-Hour Roadside Assistance Program?

There are a few points you should consider when you’re shopping for a roadside assistance program:

Do You Already Have Protection?

If you aren’t sure, check your car warranty, credit cards, and your car insurance policy. Even if you are covered, it can be a good idea to compare your coverage to what’s available to make sure you have everything you need.

What Are the Coverage Limits?

Read the fine print for details and coverage limits before you sign up for a plan. Be sure you’re getting the services you expect and want most.

What Will It Cost?

Plans are generally low-cost, ranging from $20 to $150 per year. Compare the costs of different plans and determine which works best with your budget.

Does the Provider Get Good Reviews?

Don’t forget to check the provider’s reputation. Reliability is important when you’re stuck on the side of the road waiting for a tow or jump-start. An important part of researching different plans includes reading customer reviews.

The Takeaway

A 24-hour roadside assistance plan provides drivers with whatever help they need to get back on the road as soon as possible. Drivers typically get roadside assistance through their auto insurance, but you can also find it via credit card benefits, car manufacturers, and auto clubs like AAA. Prices vary from $20/year as an auto insurance add-on, to $50-$150/year through an auto club. Considering that the cost of a single tow without coverage can be over $100, many people say the cost of roadside assistance is well worth it.

If you’d like to check out roadside assistance options, you can start by going online to compare your current auto insurance plan and benefits with other major companies. SoFi makes comparing auto insurance policies and rates quick and convenient, so you can get the coverage you need at a price that feels right.

FAQ

Does using roadside assistance increase your premium?

If you make only one or two claims a year, utilizing roadside assistance is unlikely to affect your insurance premium. But if you make more than 4-5 roadside assistance claims in a year, your insurance company may want an explanation.

What does roadside assistance cover?

Every plan is different, but most include basic coverage for lockout assistance, changing a flat tire, jump-starting a battery, fuel delivery, using a winch to extract a stuck vehicle, minor engine fixes, and towing.

Photo credit: iStock/nopponpat

Insurance not available in all states.
Experian is a registered service mark of Experian Personal Insurance Agency, Inc.
Social Finance, Inc. ("SoFi") is compensated by Experian for each customer who purchases a policy through Experian from the site.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Renters insurance can cover your personal belongings against things like fire damage or theft when renting a home. In exchange for that protection, you pay a premium to the insurance company.

Finding affordable renters insurance might be a priority if you’re living on a tight budget. Numerous companies offer affordable renters insurance for apartments that can provide you with the coverage you need for less money.

What Is Renters Insurance and How Does It Work?

What is renters insurance? Simply put, renters insurance is a type of coverage that’s designed for people who rent, rather than own, their homes. If you live in an apartment, the rental property owner may have separate insurance for the structure itself. Renters insurance, meanwhile, offers protection to you as a tenant.

This type of insurance is also referred to as tenant insurance. You’re typically not obligated to purchase a renters policy unless your landlord requires renters insurance as part of your lease agreement. If you live with roommates, each of you can individually decide if you want to have this coverage.

Personal insurance planning is important for protecting yourself financially. Having renters insurance is a good idea if you’re concerned about your personal possessions being damaged or stolen, or about other situations that could result in financial losses.

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What’s Included in Renters Insurance Coverage?

If you’re paying for renters insurance, it’s important to know what’s covered and what’s not. What renters insurance covers varies depending on the insurer and your level of coverage. Generally, renters insurance is designed to offer three layers of protection:

•   Personal property

•   Liability

•   Additional expenses

The personal property coverage in a renters insurance policy is designed to protect your belongings against certain dangers. That can include things like wind damage, smoke or fire damage, vandalism, theft, explosions, and water damage relating to septic backups. You may need to purchase separate coverage for flood and earthquake damage.

Personal liability coverage protects you against lawsuits related to any injuries sustained on your property. So if you host a party at your apartment, for example, and someone trips and injures their ankle, your liability protection could pay for their medical bills.

Additional living expenses coverage can pay your costs if your apartment is damaged and becomes unlivable. Your policy can reimburse you for hotel expenses, meals, or temporary rentals until you can move back in.

Renters insurance can cover you at home and away. If you take personal belongings on a trip, for example, and they’re damaged by a covered danger, you can get reimbursed for them through your policy.

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How Much Does Renters Insurance Cost?

If you’re searching for affordable renters insurance for apartments, it’s important to understand the costs involved. But just how much is renters insurance?

There are two costs to consider: premiums and deductibles. Your renters insurance premium is the amount you pay to the insurance company, typically monthly, just for having coverage. Your premiums are based on the amount of coverage you have.

According to the Insurance Information Institute, the average renter pays $174 per year for renters insurance premiums. That works out to $14.50 per month. Costs can vary widely by state, with renters paying the most for coverage in Mississippi, averaging $252 per year, and the least in North Dakota, where premiums average $115 annually.

If you need to file a claim for damages, you’ll also pay a renters insurance deductible. That’s the amount you pay before the insurance company will pay anything toward your covered damages. In that sense, renters insurance is no different from auto insurance, health insurance, or homeowners insurance. There are different types of deductibles, in terms of how much they cost. Opting for a higher deductible typically results in a lower monthly premium.

For example, you might find a renters insurance policy that charges a $500 deductible while another has a $1,000 deductible. The deductible you choose should be easily affordable on your budget if you need to file a claim.

Recommended: Why Do Landlords Require Renters Insurance

Most Affordable Renters Insurance Policies

Some renters insurance policies are more budget-friendly than others. When evaluating affordability, it’s important to consider the premiums and deductibles, as well as the coverage you’re getting in return.

To help you in your search, we requested quotes from eight major insurers to find the most affordable renters policy. Companies were selected based on brand reputation, policy options, and ease of application.

Quotes are based on a single-family home located in central Virginia with fire alarms, no pets or children, and no bicycles or valuable jewelry. All quotes assume a $500 deductible and the minimum coverage amounts recommended by the insurer. Quotes are accurate as of August 24, 2022.

As you can see, none of these policies cost more than $30 per month. There is some variation in the coverage amounts for personal property, medical payments, and loss of use, but $100,000 is usually the baseline for personal liability coverage.

Remember that these are baseline quotes generated using a hypothetical scenario. Your actual quotes will depend on where you live, who lives with you, if you have pets, the type of home you live in, and the individual coverage amounts you choose. Your insurance company may also consider your credit score when calculating your premiums. Adding optional coverage can raise your premium costs.

How Do You Find Affordable Renters Insurance?

Finding affordable renters insurance for apartments means doing some comparison shopping. You generally have two options for purchasing renters insurance: traditional insurers and online insurance companies.

Purchasing renters insurance through a traditional insurance company can work in your favor if you’re able to bundle it with other insurance. For example, you might be able to bundle it with your auto insurance policy in order to get a discount. If you’re insured through a company locally, you might appreciate being able to stop by their office with questions or to make a policy change.

Getting renters insurance coverage through an online insurance company can also yield some benefits. It may be easier to apply for renters insurance and purchase a policy online. And the amount you pay for coverage might be less than with a traditional insurer.

When comparing your options for affordable renters insurance, ask yourself these questions:

•   How much coverage do I need?

•   What kind of premiums and deductibles will fit my budget?

•   How easy would it be to file a claim if necessary?

•   What kind of customer support is available?

•   Are there any discounts or other incentives that could save me money?

•   What is the insurer’s overall reputation?

Reading online reviews of renters insurance companies can give you a better idea of what people do and don’t like about them. You can also get free quotes online to estimate your total costs before purchasing a policy.

The Takeaway

If you’re renting an apartment and something unexpected happens, having the right renters insurance coverage in place can give you peace of mind. Policies typically have three parts: property coverage in case of damage or theft, liability coverage in case someone is injured on your property, and loss of use in case you need to find housing elsewhere while repairs are made to your rental. The national average premium for renters insurance is $174 annually.

If you’re ready to purchase renters insurance, SoFi can help. We’re collaborating with Gabi to offer renters insurance policies with competitively low premiums, making it easy to get covered even if you’re on the tightest of budgets. It takes just minutes to sign up for renters insurance online and protect your most important belongings.

Photo credit: iStock/fizkes

Insurance not available in all states.
Experian is a registered service mark of Experian Personal Insurance Agency, Inc.
Social Finance, Inc. ("SoFi") is compensated by Experian for each customer who purchases a policy through Experian from the site.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Life insurance can provide families peace of mind and financial support in the event that the policy holder dies. If you’re the primary breadwinner for your household, then a life insurance policy can help pay funeral expenses, survivors’ day-to-day living costs, and children’s college costs.

Finding affordable life insurance starts with understanding your needs and budget. There are plenty of options you can choose from when shopping for coverage.

Why Should Families Have Life Insurance?

Life insurance is designed to pay out a death benefit to beneficiaries after the insured person dies. Life insurance can provide reassurance that should something happen to you, your dependents will be taken care of.

A life insurance policy can be a key part of personal insurance planning, which also encompasses homeowners or renters, auto, health, and disability insurance. If you have a family, life insurance can help your loved ones meet the following needs:

•   Replace lost income. If the sole or main income-earner dies, life insurance can help to replace their lost income and cover day-to-day expenses.

•   Pay final expenses. Funeral and burial costs can be expensive, and cremation is not necessarily any cheaper. Proceeds from life insurance can pay all of the associated costs, relieving financial stress during an already trying time.

•   Clear outstanding debts. If you leave behind a mortgage, student loans, credit cards, or other debts, a life insurance policy can be used to pay them off so your loved ones aren’t stuck with overwhelming debt.

•   Pay college expenses. If you have children, your life insurance policy can help pay for their higher education costs or secondary education expenses if they attend private school.

•   Cover basic living expenses. Even if you leave no major debts behind, your loved ones may need money to pay for utilities, groceries, and other everyday bills.

•   Fund retirement for a surviving spouse. Life insurance can help to fill a retirement planning gap for couples when a surviving spouse is not left with a nest egg.

In short, life insurance can help with a variety of expenses. Having a death benefit can help your loved ones avoid having to tap into other financial resources, or it can create a cushion if they lack other resources.

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How Much Life Insurance Do Families Need?

How much life insurance you need usually depends on your income. A general rule of thumb is to purchase a policy that’s equivalent to seven to 10 times your annual income. So if you make $100,000 a year, you’d need a policy with a death benefit of $700,000 to $1 million.

Even if one person brings in most of the income, both partners can benefit from having life insurance, especially if you have kids. If one person is the primary caregiver and they pass away, that can create new costs for the one who’s left behind.

For example, if you worked while your partner stayed home, you might need to spend money on daycare or in-home care, cleaning services, lawn care services, and other expenses to cover household tasks that they might have handled so that you can continue to work. Or if you choose to take an extended bereavement leave to care for your children, then life insurance can ensure that you’re able to meet your expenses during that time.

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Types of Life Insurance for Families

There are two main types of life insurance: Term life and permanent coverage. Term life insurance is designed to cover you for a set term. For example, you might purchase a 20-year term policy. If you pass away within that term, the policy can pay out a death benefit to your family. Otherwise, the policy expires at the end of the term.

Permanent life insurance covers you for life, as long as the premiums are paid. One of the most common options for permanent life insurance is whole life. With whole life insurance, part of each premium payment is deposited into a cash value account. The account earns interest, and you can withdraw the cash you accumulate or borrow against it. When you die, the policy pays a death benefit to your loved ones, less any amounts you’ve withdrawn or borrowed against.

So which is better for families, term life vs. whole life insurance? The answer depends on your needs and budget. If you’re looking specifically for affordable life insurance for families, then term life is likely the better option. You don’t get lifetime protection or cash value accumulation, but generally, premiums for term life coverage tend to be lower than whole life.

By the way, you can typically convert term insurance to permanent insurance (such as whole life) at a higher premium if you want to keep your insurance longer than the term.

Making whole life insurance affordable is more challenging, as lifetime coverage means that your insurers are virtually guaranteed to have to pay out a claim. As such, they can charge higher premiums for the same death benefit. Age and health can also play a part in determining term life or whole insurance costs. Coverage is usually cheaper when you’re younger and healthier, so waiting to buy insurance could prove more expensive.

Recommended: What is Life Insurance

How to Get Affordable Life Insurance for Families

If you’re on the hunt for an affordable life insurance policy, it’s important to do your research to know what options are available. You may have access to life insurance already without realizing it. It’s also good to consider exactly what you need a life insurance policy to do for you and whether it makes sense to purchase coverage for children or grandparents as well.

1. Review Your Workplace Insurance Benefits

It’s possible that you may already have some life insurance in place to protect your family if your employer offers group coverage as an employee benefit. That type of life insurance covers a group of employees up to a certain benefit amount. For example, you might have $50,000 in group life insurance that your employer pays for. You may have the option to purchase additional coverage and increase the death benefit, with premiums deducted from your paychecks.

Group life insurance may not provide the full amount of coverage you need. But it can be a good starting point for getting an affordable life insurance policy if your employer is picking up the tab for the premiums. Check with your HR department or benefits coordinator to see if group life is offered at your job and how to enroll in coverage.

2. Opt for Term Life, If Possible

As mentioned, term life insurance can be a cheaper option than whole life insurance. If you’re not interested in building cash value and you don’t necessarily need lifetime coverage, term life may be preferable to whole life.

When purchasing term life insurance, think carefully about how long you’d like to keep the coverage in place. If you’re 30 years old and have two kids, for example, you might want a 20-year term policy, which could help pay for their college costs if something were to happen to you before they reach adulthood.

On the other hand, if you’re in your 40s and don’t think you’ll need coverage that long, you might choose a 10-year term policy instead. The longer the term and the larger the death benefit, the more life insurance will cost you in premiums.

Recommended: Why Life Insurance is Important

3. Weigh the Benefits of Life Insurance for Children or Grandparents

Life insurance policies for children are typically permanent life policies. You pay in premiums and part of that money builds cash value. When your child reaches adulthood, they can take over the policy or withdraw the cash value and use the money to pay for college, buy a car, or fund other financial goals. (If their health has changed this could also be the only insurance they are able to get.)

Should you buy life insurance for children? It’s an important question to ask if you’re looking for life insurance for the entire family. You can purchase life insurance for kids at fairly low premiums, and your child can decide later if they’d like to keep the policy or cash it in. Another alternative: You might be able to grow that money by investing the premiums you would have paid to life insurance into a 529 college savings account or investment account for your kids instead.

Purchasing a burial insurance policy for your aging parents can make sense if you don’t want to be facing a large bill from the funeral home while you’re grieving. Burial coverage is generally the most affordable life insurance for seniors, since it has a low death benefit. You may be able to get coverage for as little as $50 a month.

4. Choose Guaranteed Renewal

If you’re purchasing term life and you think there’s a chance that you might need coverage for longer than the initial term, consider getting a policy with guaranteed automatic renewal. Having that benefit built in means that you can renew your policy once the initial term expires, without being subjected to an increase in premiums due to age or health. Just be aware that your new premiums will likely be much, much higher.

5. Be Selective About Riders

Life insurance riders can enhance your coverage. While some may be included at no charge, others can increase your premiums by a few dollars each. Some of the most commonly added riders include:

•   Accelerated death benefit

•   Accidental death

•   Guaranteed insurability

•   Waiver of premium

•   Child rider

•   Critical illness coverage

•   Disability coverage

Any of these riders can make your policy more comprehensive. But if affordable life insurance is the goal, then it’s important to consider whether they’re worth the added cost. Accelerated death benefit riders, for instance, pay out benefits while you’re still living to help with end of life care. That could be worth paying for if you’re concerned about developing a terminal illness. However, you won’t use that benefit if you die in an accident or from old age.

Recommended: How Long Do You Have to Have Life Insurance Before You Die

Tips for Saving Money on Life Insurance

Finding affordable life insurance can be a challenge, but it helps to have a strategy. Do your homework so you’re not buying more coverage than you need or choosing the wrong kind of policy. Here are a few more tips for saving money on life insurance as a family:

•   Consider an online insurance company, which may charge lower premiums than a traditional insurer.

•   Buy sooner rather than later to get the best rates available for your age and health.

•   Ask your insurance company about any discounts you may qualify for.

•   Get multiple life insurance quotes to compare rates across companies.

•   Take care of yourself as much as possible, since staying healthy can influence your insurance rates.

With most life insurance policies, you may be asked to complete a medical exam. This exam is used to determine your health status and how much you’ll pay for premiums. You can, however, opt for a no exam policy if you’d like to get covered online without having to see a doctor.

The Takeaway

Finding affordable life insurance may seem a little overwhelming, but it doesn’t have to be. Start by reviewing your workplace benefits for group coverage that might be subsidized by your employer. Then, given a choice between term life and whole life insurance, term life is the more affordable option. Also, the sooner you purchase a policy the better, since premiums are tied to your age and health. Last, shop around for the best deal, and ask if you qualify for discounts.

You can start your search for life insurance online with SoFi. We’ve partnered with Ladder to make it easy to find affordable life insurance plans with coverage ranging from $100,000 to $8 million. You can get a quote and apply online in minutes.

Photo credit: iStock/gradyreese

Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, Social Finance. Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under Ladder Life™ policies. SoFi is compensated by Ladder for each issued term life policy.
SoFi Agency and its affiliates do not guarantee the services of any insurance company.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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