Life insurance has become a necessity more than a luxury these days. With the increasing costs of medical services, insurance plays an important role in reducing the expenditure incurred during medical treatments.

There are many different policies available today. These policies are suitable for people for all sections of society and have different levels of income. Companies also offer customized insurance plans for specific strata of society, such as soldiers, pilots or veterans.

The most common stigma around insurance is regarding the high premium cost that one has to pay in order to get maximum benefits from a policy. Many people hesitate in taking insurance for this reason. However, there are many cheap insurance policies that offer nearly the same services at a much lesser cost. Some cheap policies include:

• TIAA

TIAA (Teachers Insurance and Annuity Association) is a Fortune 100 financial service organization. It offers term insurance plans of varying term periods ranging from 10 to 30 years. The premium amounts are low. They offer policies with coverage amounts as low as $100,000 to as high as $5,000,000.

• New York Life

New York Life is renowned for the flexibility it offers in term lengths for policies. They have easy conversion options between policies and guaranteed renewability on them. They offer many ride-ons for customer satisfaction. Ride-ons and added benefits that an insurance company offers outside the policy terms. Some of them, however, may cost extra.

• Transamerica

Transamerica offers term life insurances with many benefits at low premiums. It is extremely tobacco tolerant. The policies they offer are sub-categorized into 4 heads; for people who are just beginning their career, People who are well into their career, Retirement approaching people and those who have already retired.

• Amica life insurance

Amica life insurance is famous for its excellent after sales services and customer guidance.

All insurance companies have their own premium calculators. These help a person in deciding the policy that they are best suited for after taking into consideration factors like age, height, weight and medical history.