The 2023 Most Affordable Life Insurance Companies
Life insurance helps to ensure that your loved ones are financially secure after you die. It can be difficult to find a policy that is affordable for you, especially if you are looking for permanent coverage. Fortunately, term life insurance can be much cheaper and provide coverage for many families.
How can you find the best term coverage for your budget? Our team researched the cost of different providers and found that they can differ greatly. We evaluated dozens of insurance companies and analyzed factors such as financial stability, term coverage costs, customer service, and more.
Most Frequently Asked Questions
Which is cheaper: Whole Life or Term Insurance?
Term life insurance is less expensive than whole life insurance because it isn’t a permanent policy and doesn’t have a cash value. Whole life policies cover you for the entirety of your life, even your most costly years (old age). Whole life coverage costs more than term because it covers the cost of insurance, and builds its cash value component.
Why is Term Life Insurance so cheap?
Term life insurance can be cheaper than permanent insurance, as it isn’t permanent and isn’t meant to be in force during the policyholder’s most expensive years. It doesn’t include a cash value component. It’s also much cheaper because the premiums that you pay do not need to be used to cover the cash value of your insurance or the cost of insurance in your later years.
Is life insurance worth it?
It can be worthwhile to have life insurance in order to protect your loved ones from the financial consequences of your death. Depending on your needs and situation, you may be able to choose between permanent or term coverage. Let’s take a closer look at each.
If you have dependents on you financially or for care, you should have at least a temporary life insurance policy. If you need permanent coverage, such as if your child has special needs, it is often wise to buy life insurance sooner than you think. In case your health deteriorates and makes it difficult or impossible to obtain a policy, you can still get life insurance.
How to Choose the Best Life Insurance Companies
To find the best life insurance companies, we reviewed third-party consumer research to discover what life insurance consumers want. We were able to compare the life insurance offerings from 32 different life insurance companies. More than 50 data points were collected on each insurer, including customer complaints ratings and term life insurance quotes. Financial strength and available riders are just a few of the many factors we considered.
We compared the lowest-cost policies to find the best deals. Companies that provide transparent pricing through online quotes, an easy online application process (without an agent), and no-med-exam insurance were preferred. Companies with lower-than-expected customer complaints indexes, top AM Best ratings for financial strength, and a broad range of life insurance products were also preferred.
We wanted to find the best companies that were both affordable and reliable. We researched the products of each company in detail, looking at details such as riders, maximum coverage amounts, and no-exam coverage limits.