Cheap Life Insurance – Purchasing a life insurance policy is the best way to provide for your family financially in the event of your death. It is a safety net that provides financial protection for your loved ones if something unexpected happens to you. Life insurance ensures that your family receives a payout, known as a death benefit, in case you pass away during the policy’s term.
It is a very important part of your financial plan, but it can be quite expensive, no doubt. Term life insurance tends to be quite affordable compared to permanent life insurance, including universal life and whole life insurance policies. With term life insurance, you will be covered for a fixed number of years. After this period, the policy will expire.
Nevertheless, while the premiums for cheap life insurance are more affordable, the coverage amount may be lower compared to more expensive policies. However, it still provides peace of mind knowing that your family will have financial support during a difficult time. To help you find the best cheap life insurance, we look at different life insurance companies that offer an affordable premium, a strong record of financial strength, and good customer service. Read this article to the very end to check out the top cheap life insurance companies you can consider.
Cheap Life Insurance
Based on our research, the following insurance companies may help you find low-cost life policies: However, keep in mind that rates depend on health metrics, including medical conditions and your age.
Ladder
Ladder is a great choice if you prefer to skip medical exams and purchase your insurance online. Their premiums start at just $5 per month, making them affordable for many.
Key features: Ladder’s policies allow you to adjust your coverage as your life changes, such as paying off your mortgage or your child finishing college. While this may reduce your death benefit, it can also lower your premium, saving you money as your needs change over time.
Transamerica
Transamerica offers various types of life insurance with high coverage limits, making it a good option for those with specific financial goals or complex insurance needs. It’s one of the few companies that provides insurance to foreign nationals.
You can get online quotes from Transamerica and easily reach customer service during business hours, which helps manage complicated policies. Transamerica stands out for its range of policy options and quick claim processing. With a dedicated account representative, beneficiaries receive faster payouts.
Guardians
This insurance is a great option for those seeking robust coverage at an affordable price. Their Level Term product stands out because it allows you to convert a term policy to whole life insurance within the first five years without extra charges.
Notable perks: Guardian is financially strong, as rated by A.M. Best. They offer policies to individuals aged 18 to 75, which is one of the highest age limits among the companies we reviewed for term life insurance.
State Farm
Who is this for? If you’re looking for a trusted name or the convenience of bundling insurance to save money, State Farm’s life insurance is a great choice. Their term policies are particularly affordable, although they also offer whole and universal life coverage options.
Notable perks: State Farm received the highest customer satisfaction rating in J.D. Power’s study on individual life insurance. Plus, if you’re also in the market for auto insurance, you could benefit from a bundling discount.
Bestow
Bestow is a modern insurance company that offers hassle-free term life coverage without the need for a medical exam. Their digital application process is quick and straightforward, taking only a few minutes and often giving instant decisions. Bestow caters to individuals aged 18 to 60, offering coverage from $100,000 to $1.5 million.
Their online application is easy to navigate, allowing you to understand how different factors affect your premiums. If you need assistance, their customer care team is available via phone and live chat and is responsive and helpful.
However, if you’re interested in convertible or permanent coverage options, Bestow may not be the right choice for you. They do not offer whole life insurance or term policies that can be converted into permanent coverage.
Lincoln Financial
This insurer offers indexed universal, term, and variable universal policies. But it does not offer standard universal or whole-life coverage. The company also offers other financial planning services and sells annuities. Policies provide coverage limits that range from $100,000 to over $1 million, depending on the underwriting. However, other policies have various coverage amounts, so you will need to talk to an agent for more details.
Nationwide
Nationwide is a well-known insurance provider that offers various life insurance options at fair prices. It’s on our list because it allows customers to bundle different insurance policies like auto, home, Powersports, and term life, saving up to 20% on overall premiums.
Their team of insurance experts and user-friendly app make it easy for customers to manage their policies, pay premiums, and update beneficiaries. If you’re already insured with Nationwide, looking into their affordable life insurance options could help you save even more money.
Ethos
Ethos stands out as the best choice for hassle-free life insurance because it offers a simple online application process. As an independent broker, Ethos partners with trusted insurance companies like TruStage, Mutual of Omaha, and Ameritas to provide both term and whole-life policies.
When you apply for a term policy with Ethos, they use information from the Medical Information Bureau (MIB) instead of requiring a medical exam. You can select from various term lengths and coverage amounts ranging from $20,000 to $2 million.
For older applicants between 66 and 88 years old, Ethos offers guaranteed-issue whole-life insurance without a medical exam. While their maximum death benefit is $30,000, the application process is fast, and you can get coverage in minutes.
Our Verdict
Cheap life insurance offers a valuable safety net for individuals and families seeking affordable protection against unforeseen circumstances. By providing coverage at budget-friendly rates, these policies ensure that loved ones are financially supported in times of need. With various options available from reputable providers, obtaining affordable life insurance has never been easier. Whether it’s term life or whole life coverage, finding the policy to fit your budget and needs is essential.