Quick Look: The Best Cheap Life Insurance
Life insurance is essential for everyone. It's one of the most effective strategies to safeguard your family. If you've decided to buy life insurance, you've already taken the first step toward protecting your family's financial future.
Finding the cheapest price along with the most comprehensive coverage will ensure you find the best value in life insurance to protect yourself and your family. Remember, you can reach out to a financial professional and build your portfolio with products like this, providing your family with the financial security that comes from life insurance protection. Retirement plans are powerful, but they must be paired with a life insurance program that’s right for you.
The Best Cheap Life Insurance
While cheap life insurance is an important part of the equation, you should consider several factors when choosing the best life insurance provider. The Insurance Information Institute (III) suggests picking a company with a broad range of policy options, financial stability and dependable claims service, all at an affordable price. Life insurance benefits include income protection, and life coverages also serve your dependent children and/or spouse.
Here is a brief overview of a few life insurance providers you may want to consider when you begin your search for affordable life insurance.
When you’re choosing the most budget friendly term life policy, Wysh offers flexible policy options with no medical exam. Answer just a few health questions and you can find a personalized policy relatively easily.
Plus, Wysh offers a range of advantages when you purchase term life coverage, like:
- Specialized customer service for all your life insurance questions
- Benefits up to $2.5 million in value
- Support for families after the policyholder passes
- Enrollment in less than 10 minutes
While there aren’t policies for those over 50 years of age, this platform helps first-time buyers, young insurance seekers or those who simply want to layer their existing coverage with more value, further protecting their family and providing them with a legacy.
2. American International Group (AIG)
American International Group Inc. (NASDAQ: AIG), offers various life insurance products, including term, whole life, accidental death, guaranteed issue and universal life insurance. If you want additional coverage, you can choose one or more of the available riders: child, accidental death, terminal illness or premium rider waiver. A.M. Best has given AIG an A (excellent) financial strength rating. You can request an AIG life insurance quote online or by telephone.
3. State Farm Insurance
State Farm has an A++ (superior) rating from A.M. Best and offers several affordable life insurance policies. Many policies require no medical exam. In addition, you can expand your life insurance coverage options with the following State Farm life insurance rider options: waiver of premium, children’s term rider and a select term rider. You can start the quote process online or you can call a State Farm life insurance agent.
Transamerica has been offering life insurance products since 1904 and is one of the 10 largest life insurers in the U.S. The company offers whole, universal and financial expense insurance. To add coverage to your policy, you can choose from these available riders: accelerated death benefit, return of premium, disability premium waiver, accidental death, monthly disability and a rider to cover your children or grandchildren. A.M. Best gives Transamerica its A (excellent) financial strength rating. You can start the quote process by telephone or by locating an agent near you.
5. Guardian Life Insurance
Guardian Life Insurance has a superior A.M. Best financial strength rating of A ++ (superior). There are many life insurance plans to choose from, including term, whole, universal and variable universal life insurance. To add coverage to your policy, you can choose from the following riders: waiver of premium, conversion, rider, acceleration terminal illness, long-term care and a charitable benefit rider.
Typical Cheap Life Insurance Policies
Several types of life insurance are available. The best and most affordable type of life insurance to protect you and your family depends on your unique life circumstances.
Term life: Term life insurance is the least expensive type of life insurance available. In general, term life insurance protects you for a specific length of time, ranging from 10 years to 30 years. Term life insurance includes various premium options and may be converted to a whole life policy once the policy term has ended.
Group life through your employer: Group life insurance is insurance your company provides as part of your employee benefits package. Most employer-provided group life insurance is either free or low cost for you as an employee, making it an economical alternative if it's offered at your place of business. It is most likely one of the most affordable life insurance solutions available.
Cash-value whole life policy: While a whole life insurance policy will be more expensive initially; the cash-value option makes it worth considering. You can access your cash value to pay for important life events. Your choices will vary depending on the type of policy and the insurer. A life insurance policy's cash value can be used to fund your retirement, pay for your children's college education or any other financial life goal you may have.
What is The Ladder Strategy?
Although everyone's insurance needs are different, it is typically a good idea to have a plan in place that includes multiple life insurance policies, commonly referred to as a life insurance ladder.
The type of life insurance you need will vary depending on why you need life insurance. For example, one policy may be better for retirement planning, and another is better at paying final expenses. As a result, buying multiple policies may be required to get the most out of a life insurance policy. But you aren't overpaying for unnecessary life insurance.
With a life insurance ladder, you have a succession of policies that expire at different times. Buying a large life insurance policy to cover all your needs is sometimes beneficial. It's adaptable, so you can tweak it as needed.
Using a life insurance ladder, which includes many policies for various financial needs, saves money on unnecessary coverage and lowers the overall cost of life insurance.
Compare More Cheap Life Insurance Options
Pick a company that gives you the best coverage at the best price in terms of life insurance. If that sounds like a lot of work, don't worry. Benzinga has come up with a list of the best life insurance companies for you to consider.
- securely through Ladder Life Insurance's websiteBest For:Adjustable coverage
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products. Coverage amounts vary by state.
- securely through Haven Life Insurance's websiteBest For:Under Age 64
Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY) and California (DTC-CA), it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.
Finding the Best Cheap Life Insurance
In your journey to finding affordable life insurance, you'll first need to find the right life insurance provider. Some companies offer better value, more adjustable coverage or competitive rates for specific age groups than others. Compare coverage and look at each company's policy options, pricing, financial stability and claims service to select the best fit for you.
Benzinga offers sound insurance and money advice, so come back often for help in making the most informed financial decisions.
Frequently Asked Questions
What are the advantages of term life insurance?
A term life policy allows you to purchase coverage at a guaranteed premium for a limited amount of time. This structure makes term life an affordable choice to protect your family if you have a financial commitment that won’t last forever.
What are the advantages of whole life insurance?
Whole life insurance, along with universal life insurance and some other variants, is designed to provide coverage for your entire life along with a savings and investment component.
Is life insurance taxable?
In most cases, the death benefit paid to life insurance beneficiaries is tax-free. However, if the policy premiums were taken as a deductible business expense, there may be a tax liability.
What is the most affordable type of life insurance?
Term life insurance is the most budget-friendly type of insurance available. Term life insurance is a good choice if you need life insurance coverage but can’t afford a whole life policy. At the end of the policy term, many term life insurance policies can be converted to a whole life policy.
How do I get the best price on life insurance?
The younger and healthier you are, the cheaper your life insurance will be, so start shopping for life insurance while you are young and healthy. Compare options from several carriers.
Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.