Are you looking for the Cheapest Life Insurance Companies? If yes, we have you covered. All you need do is to carefully read through this article and choose from the 5 Cheapest Life Insurance Companies.
For many people, life insurance is primarily a way to provide for their loved ones’ financial future in the event of their death. It makes sense that you would want to do this in the most cost-effective way possible, assuming that coverage amounts and other requirements are met.
Briefly, you buy a life insurance policy from a life insurance company, either directly or through a broker. With term life insurance, assuming your premiums are paid up, your beneficiaries will receive a death benefit if you die during the term of the policy.
A permanent insurance policy – such as whole life or universal life – can provide coverage until you die or until you reach a certain age. These policies sometimes act as an investment vehicle because they accumulate cash value over time.
Different companies charge different premiums for the same amount of coverage, so it pays to shop around for the best deal. We determined the cheapest life insurance companies to help you find the right company to fit your budget.
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5 Cheapest Life Insurance Companies
1.) Banner Life »
Available Policy Types:
Term
Universal
Banner Life is the cheapest life insurance company in our ranking, with a sample monthly rate of $46.63. Our sample case is a 35-year-old woman with average health and 20-year term life insurance with $1 million in coverage.
Banner Life is one of the top life insurance companies in 2021 according to our rankings. Our Best Life Insurance Company ratings are based on information that was collected between June 1, 2020 and August 19, 2020.
What is Banner Life?
Banner Life, owned by Legal & General America, offers two life insurance products – term and universal life – with relatively few options for customization. This may appeal to those who want to keep the process of buying life insurance as simple as possible, but it means Banner Life may not be the best fit for people seeking customizable life insurance solutions.
2.) Pacific Life »
Available Policy Types:
Term
Whole
Universal
Pacific Life is the second cheapest life insurance company in our ranking, with a sample monthly rate of $46.72.
What is Pacific Life?
Pacific Mutual Life Insurance Company of California joined the insurance industry in 1868. After a few years, the company moved from its home in Sacramento to San Francisco.
Over the years, the company’s financial services portfolio expanded to include accident insurance, annuity pensions, an investment management subsidiary known as PIMCO, mutual funds, commercial real estate, and various investment products and retirement solutions.
Today, Pacific Mutual Life Insurance Company is headquartered in Newport Beach, California. The Pacific Life Foundation, the company’s charitable organization, focuses on investing in areas that are important to the company’s employees.
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3.) Principal »
Available Policy Types:
Term
Universal
Principal is the third cheapest life insurance company in our ranking, with a sample monthly rate of $47.18.
What is Principal?
Principal was founded as an insurance company in 1879, with offerings that now include investment and retirement products for individuals as well as benefit-offering solutions for employers.
Principal is based in Des Moines, Iowa, and has operations around the world through subsidiaries and partnerships. As of 2018, Principal had 19 million customers worldwide, and while it’s based in Iowa, the company has branches across South America and Asia.
4.) Protective »
Available Policy Types:
Term
Whole
Universal
Protective is the fourth cheapest life insurance company in our ranking, with a sample monthly rate of $57.32.
What is Protective Life?
Protective Life Insurance Company was founded in 1907 and focuses on providing life insurance and retirement services. Protective Life is based in Birmingham, Alabama.
5.) Mutual of Omaha »
Available Policy Types:
Term
Whole
Universal
Mutual of Omaha is the fifth cheapest life insurance company in our ranking, with a sample monthly rate of $61.28.
Mutual of Omaha offers an array of products including life insurance policies, general insurance policies, Medicare solutions, and more. The company offers solutions for individuals as well as businesses.
This Mutual of Omaha life insurance review will discuss the life insurance policies available from Mutual of Omaha and give insight into common questions about life insurance as a topic.
What is Mutual of Omaha?
Many people may have first heard of Mutual of Omaha through its television program “Mutual of Omaha’s Wild Kingdom.” Founded in 1909, Mutual of Omaha is a mutual company headquartered in Omaha, Nebraska.
Its insurance offerings include policies for long-term care, disability income, critical illness, dental, Medicare supplemental coverage, cancer, strokes, and heart attacks, in addition to life insurance.
Mutual of Omaha also offers banking, financial planning services, mortgages, and investment products for businesses and other groups. The company also has a philanthropic organization, the Mutual of Omaha Foundation, which gave out more than $4.8 million dollars in grants in 2020
How Much is Life Insurance?
One of the biggest hurdles to getting life insurance is the perceived expense of a life insurance policy. According to the financial services industry researcher LIMRA, 50% of Millennials overestimate the cost of a life insurance policy, and one of the top three reasons for not getting life insurance is that people consider it too expensive. While there are a number of factors that can drive up the cost, life insurance isn’t always expensive.
Monthly premiums charged by our Best Life Insurance Companies vary considerably. The cheapest are listed in the chart below and range from $46.63 a month for Banner Life to $61.28 a month for Mutual of Omaha. The rates are for a 35-year-old woman with average health and 20-year term life insurance with $1 million in coverage.
Many factors affect how much a given life insurance company will charge you for a specific policy. All of these considerations help the company determine how long you might live and thus the likelihood that it will have to pay out on a claim. Factors that determine how much you will pay for life insurance include:
- Length of term: For a term life insurance policy, the longer the term, the more total premium payments you will make. This is simply because you are more likely to die during a longer term than a shorter one.
- Amount of coverage: The more coverage you buy (i.e., the higher the death benefit) for a given type of policy, the higher your life insurance rates will be.
- Age: This is the most important personal characteristic for determining your life insurance cost. All else being equal, the older you are, the likelier that an insurance claim will be filed and the more you will pay.
- Gender: Women often have lower life insurance costs than men because they tend to live longer.
- Health history: Before selling you a life insurance policy, the insurance company usually will require a medical exam. It also reviews copies of your medical records to determine your current health and your medical history. If you have a serious pre-existing condition, like heart disease, or have had one in the past, your premiums will likely be higher. Other factors taken into consideration include weight, blood pressure, and cholesterol levels. Finally, people in poor health can expect to pay more for life insurance because they are at greater risk of life-threatening health problems. By contrast, those who are in excellent health will have more affordable life insurance.
- Family health history: Many medical conditions are hereditary, and a family history of one – even if you don’t have it yet – could raise your premiums.
- Smoking: This is a well-known risk factor for cancer, heart disease, and other potentially fatal conditions. If you smoke or use other tobacco products, you typically pay more for life insurance.
- Hobbies and occupation: If you skydive, scuba dive, or engage in other potentially dangerous recreational activities, you generally will pay higher life insurance rates. This is also true if you are a firefighter or have another high-risk job.
Premiums aren’t the only factor to consider when purchasing life insurance. For term life insurance, you also want to get a term that’s long enough to meet your needs – for example, to provide coverage until your children graduate from college.
Permanent life insurance such as a universal or whole life insurance policy presents other considerations, including the rate of return on your investment and the rate you would be charged for borrowing against the policy. Our guides on whole life insurance and universal life insurance explain the advantages and disadvantages of these types of policies.
If the main reason you’re buying a life insurance policy is to take care of your loved ones, shopping based primarily on price could be a good idea. However, if you want your policy to serve as an investment vehicle or as part of your retirement savings plan, other factors should be considered as well. Before purchasing life insurance, talk to a financial consultant who can help you think through all of these considerations.
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