What Is The Lowest Life Insurance Policy?
When choosing a life insurance policy, you want to find the best and cheapest option for your needs. The cost of a policy is dependent on factors such as your age, health, and coverage needs.
Cheapest Life Insurance Companies
Bankrate’s insurance editorial team has analyzed the largest companies to help you find the best life insurance rates. To make their picks, they looked at metrics such as financial strength, customer satisfaction, coverage options, riders available, digital tools, and whether medical exams were required as part of the underwriting process.
| Cheapest Life Insurance Companies |
|---|
| · Banner Life |
| · Protective Life |
| · Prudential |
| · Transamerica |
| · Pacific Life |
Remember that life insurance rates depend heavily on your health metrics, including your age and any medical conditions you may have. Rates typically do not vary as much between providers as auto and home insurance, but the best way to know if a company can offer you cheap life insurance may be to get a quote.
Types of Life Insurance
In general, term life insurance is often the cheapest choice for many shoppers. Term life insurance is a type of policy that remains in effect for a set amount of time, typically between 10 and 30 years, as long as premiums are paid. If you’re looking for cheap life insurance, consider these key benefits of term life insurance:
- Lower premiums
- Flexible coverage length
- No investment component
Whole life insurance is another option, which combines life insurance with an investment component. This type of policy tends to be more expensive than term life insurance.
Determining Coverage Needs
Determining how much life insurance you need is often the first step when shopping for coverage. The amount of coverage you purchase will likely vary based on your needs and budget. When choosing coverage limits, working with a local agent or using a life insurance calculator may be beneficial.
Typically, the policy type and riders you choose will have the most significant impact on your premium. Although life insurance premiums do not vary as much between providers as other types of insurance, it may be worth looking at how your rate compares for a policy from one company versus another. If you do decide that you want to switch providers to save money, you can typically do so fairly easily, but be sure to review the situation with a licensed agent first.
In conclusion, the cheapest life insurance for you will likely depend on your health metrics and coverage needs. It may be helpful to work with a licensed agent and get quotes from multiple companies to find the best and most affordable option for your situation.
Our carriers beat Colonial Penn, Globe Life, and AARP 96% of the time*
* Based on website quote requests, through 5/31/23.
(Check your rate to see their rates vs. ours)
