The biggest reason people have for choosing cheap life insurance is inadequate finance.
A recent survey found that, of those who have life insurance, 2/3 of them pay less than $ 100 / month for coverage. Of them, almost half pay less than $ 50 / month!
Of the two main types of life insurance (term and permanent), the term is almost always the cheapest. Main reason? It is set to expire during your lifetime – meaning your provider does not expect to pay for the policy.
5 of the Best Cheap Life Insurance Companies
Protective Life — Best Cheap Life Insurance for People Under Age 30
For men and women under the age of 30, Protective Life has the lowest rates of all life insurance providers we have seen. In addition, AM Best provides the company with an A + “Superior” financial strength rating.
This means that Protection is not only affordable, but also more than capable of paying your claim.
If you are a new or current smoker and you are looking for an affordable price, we recommend Pacific Life.
Pacific Life gives the lowest rates for smokers outside of our top choices. We consider this as a major added value not only for smokers but for anyone who has quit in recent years.
Most insurance providers raise rates for smokers, but some people may not realize that these higher rates still apply if you have stopped.
Even if you have stopped smoking for five years, you might still be affected by rising prices, which is why we cannot recommend Pacific Life enough.
If you are looking for cheap insurance, there is a possibility you want to avoid higher coverage limits, because they usually come with a higher price tag.
However, we did look at the coverage limit of up to $ 500,000 for our top choices and found that Principal Financial offered some of the cheapest premiums for that limit.
Say you have a lot of debt or a mortgage and don’t want to leave your loved ones holding a bag. With Principal Financial, you can consider more coverage without damaging the bank.
New York Life
The New York Life Conversion Insurance Premium Rate is truly unique in one way: It allows you to choose a period between 10 and 20 years.
That means you can choose to pay the exact time frame you need to cover – say, 13 years until your mortgage is paid – and not another day.
In comparison, our other top picks sell term insurance in increments of five or 10 years.
If your needs are in between, you have to downsize on several years of coverage or pay a little more than you need.