The first thing to consider is what you want this policy for. If you are interested in protecting a mortgage to ensure your family aren’t on the street if you or your spouse pass and can’t afford the remaining payment, an insurance plan could be designed for a death benefit of the mortgage. Even after the mortgage is paid, this could be a great way to provide an inheritance for those you leave behind. Of course, a policy which would just protect your family from the surprise bill of a burial would have a lower premium.
One adjustment that could be made to personalize a policy for your budget is the length of time, or the term for which you would want coverage. Typically, I would recommend someone to be covered for their whole life, because most people in the United States live a long life - our average lifespan is 79. This is a massive improvement from even just one hundred years ago, when the average life expectancy was only 54. However, it is an easy way to reduce the premium because the insurance company is not taking a long term risk on you. Also, some plans could be made into a whole life policy during the contract if one so desired to convert it.
Depending on your age and basic health status, you could qualify for a policy with a wide variety of options. You could create a policy that could provide living benefits to pay for long term care or potential life saving treatment, provided certain conditions were met according to a medical professional. Or you could build a policy which would build cash value that would grow with interest and could be used for a variety of things, from a loan to reducing premiums.
The benefits of a private life insurance plan stretch beyond the standard benefits you have come to expect. They can even supplement a retirement account or pay a monthly stipend to a loved one with an annuity. The freedom to choose between plans allows a personalized option that meets your specific needs, and will fit with what you can afford. Of course, rates only go up as one grows older and (typically) more infirm.