Save Money, Keep Your Cash

by David Jenyns on July 1, 2008

The prices, called premiums, on life insurance are handy to use as an example of installment purchasing, because a large insurance company’s charges are the same throughout the United States and Canada, whereas on most other items the charge probably varies from store-to-store in the same town.


Paid once a year, in advance, the premium is $92.10. The policy with the annual premium of $92.10 is not offered with a monthly premium, and neither this policy nor the one with a monthly premium of $9.35 is offered with a weekly premium. It appears that the company offers separate policies primarily as an excuse for increasing the extra charge for more frequent and smaller premium payments.

Make the smart choice and pay for premiums on the cheapest long-term plan available, usually the annual plan.

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