The best life insurance policy is one you can afford.
When it comes to finding life insurance coverage that fits your needs and your budget, cheap life insurance is the way to go. If you’re in decent health, finding an affordable term life insurance policy should be a breeze. The internet has made it possible to shop around and compare cheap life insurance policies from the comfort of your home, and some policies don’t even require a medical exam.
But, which life insurance provider should you go with? While there are a ton of companies offering affordable term policies online, it can be difficult to know which one to trust with your insurance needs and your family’s future.
Your best bet is figuring out which companies are reputable and honest, then comparing pricing with each for the amount of coverage you want. Since term policies all work similarly in the end, providing your family with a lump sum of cash in the event you pass away before your policy’s “term” runs out, pricing is the most important factor you should consider.
The Best Cheap Life Insurance of 2020
To help in your search for affordable life insurance coverage, we took the time to compare more than 20 companies who offer term life insurance policies online. From there, we looked closely at each company and their offerings to see how they stacked up. Based on our research, here are the best life insurance providers for term coverage in 2020 and beyond:
Cheap Life Insurance Company Reviews
Any of the life insurance companies that made our list would work great for your term coverage needs, but you should still compare each company to find out their strengths. It also makes sense to shop around and compare pricing to make sure you wind up with the best deal. The following life insurance reviews can help you narrow your search.
Bestow offers cheap term life insurance coverage for as little as $5 per month, and you can get approved online in a few minutes once you submit a full application. One of the major advantages of this company is the fact they don’t require medical exams. Instead, they rely on technology and advanced algorithms in order to estimate your risk as a customer, as well as figure out the monthly premiums you should pay.
Buying term life insurance from Bestow is also a safe bet since this company is backed by insurers with an A+ rating for their financial stability. Terms are available for up to 20 years with Bestow, and the entire application process can be completed virtually.
Ladder is another online life insurance provider that lets you fill out a full application online and get life insurance coverage in a matter of minutes. This company promises lower prices thanks to the technology they use to determine rates and coverage options. Since they’re fully online, they can also extend policies without having to employ a fleet of life insurance agents.
One interesting detail to note about coverage with Ladder is the fact that they encourage you to “ladder” your coverage over time. This means making sure you have more life insurance coverage when you need it (such as during your highest earning years), followed by less coverage as your needs change over time. This means you’re only paying for the life insurance you need when you need it, and nothing more.
Another term life insurance company that has grown in popularity over the last few years is Haven Life. This provider makes it easy to apply for life insurance coverage online and get approved in a matter of minutes. It’s possible to secure a policy without a medical exam if you meet specific criteria, and you can choose among policies of various lengths to meet your needs. Haven Life even lets you “estimate your rate” online and without filling out a full application, which makes it significantly easier for you to compare pricing.
Also note that Haven Life policies are backed by MassMutual, one of the country’s most reputable and reliable insurers. The company may also offer some of the most affordable term policies money can buy right now. For example, they advertise rates as low as $14.99 per month for a 20-year policy for $250,000.
AIG Direct is another insurer that made our list due to their affordable pricing and high-quality policies. This company advertises term coverage for as little as $14 per month for a 20-year, $250,000 policy. You can also get a free term life insurance quote online and without any obligation, which makes it easy to compare prices for the amount of coverage you need.
AIG Companies have been providing life insurance and other types of coverage for more than 100 years, meaning they have a long history of financial security. This means you can purchase a policy from AIG Direct and never worry if your coverage will be there if you need it.
Also note that, if you really want to speak with an agent, AIG Direct does offer phone access to agents who can help you talk over your coverage needs.
Health IQ offers term life insurance coverage that is uniquely tailored to individuals who are more health-conscious than average. Because this company focuses on customers in excellent health, they claim they can offer term life insurance policies for up to 41% less than their competitors. While a variety of health-conscious lifestyles can help you qualify, Health IQ focuses on consumers who can run an eight-minute mile, cycle 50 or more miles per week, or deadlift their bodyweight. They also focus on customers who have had a gym membership for at least a year.
However, you should note that Health IQ is an aggregator, meaning their platform lets you compare pricing among more than 30 insurers. This is a major benefit since Health IQ effectively lets you “shop around” with multiple insurers in one place, but it’s important to understand your actual policy will come from an independent company and not Health IQ.
Prudential is another reputable company that offers term life insurance coverage you can secure online. You can call in to their customer service center to speak with a licensed insurance agent about your needs, but you can also get your life insurance policy started online and from the comfort of your home.
Prudential has an A+ rating with A.M. Best, meaning you can purchase a policy and rest assured it will be there when you need it. This company also offers affordable policies for consumers who aren’t necessarily “young.” A $100,000, ten-year term policy for a 50-year-old male starts at just $22 per month, for example.
The best way to find out how much you’ll need to pay for term life insurance coverage with Prudential involves filling out some basic information on their website. You’ll have the option to tailor your coverage to your needs, including how much coverage you want and how long you want it to last.
How to Get Cheaper Life Insurance
Let’s get things straight: Life Insurance is NOT expensive. In fact, unlike other types of life insurance products, term life insurance is super cheap. In addition to buying term life insurance, we have some other great tips to help you save money. Click each tip for a full explanation or continue reading below.
- Compare Multiple Quotes
- Don’t Procrastinate
- Be Healthy
- Don’t Smoke or Chew
- Drive Safely
- Don’t Forget the Family
- Don’t Live On the Edge
- Be Transparent
- Set Your Goals
- Only Buy What You Need
- Consider the Medical Exam