The 6 Most Affordable Life Insurance of 2021

The 6 Most Affordable Life Insurance of 2021

Life insurance is an agreement between you and an insurance company. In exchange for premium payments, the provider pays a death benefit to whomever you choose. Life insurance may offer your loved ones financial support if you were no longer around.

While some policies can be expensive, it’s possible to find affordable life insurance. The cheapest policies, which may cost less than $15 per month for young, healthy applicants, are term life insurance policies without any riders for added benefits. While term life insurance offers protection for a specific number of years, it doesn’t have a cash value, and you won’t have coverage once the term ends.

You will have many options when looking for affordable life insurance, so it’s critical to shop around. To create our list, we researched and analyzed 15 of the most affordable life insurance companies. These are the best options for an array of customers.

The 6 Most Affordable Life Insurance of 2021

Best Overall: Principal

Principal earned our top spot for several reasons. In addition to being one of the most affordable and convenient options, the company’s history, reputation, and financial strength make it a solid choice. Principal also shines with customer service and has fewer complaints than the industry average. The company ranked high for customer satisfaction in J.D. Power’s 2020 U.S. Life Insurance Study.

Best Term Policies: Legal & General America

Legal & General America made the cut with its affordable term life insurance because it offers 10- to 40-year term policies with built-in accelerated death benefits and the option to convert to permanent insurance up to age 70. Applicants up to 75 years old may apply for 10- and 15-year term policies, and a family history of cancer won’t impact eligibility.

Best for Young Adults: Protective

Protective edged out the competition with affordable premiums for younger, healthier applicants. The company offers inexpensive term life insurance policies, and you can get a quick quote and apply online for term insurance with up to a 40-year term. Protective also offers a 24/7 virtual assistant via chat for basic questions.

Best for Seniors: Mutual of Omaha

Mutual of Omaha scored high because it offers a variety of policies for senior applicants. The company stands out with whole life and universal coverage up to 85 years of age, and you may renew term life insurance through age 94. The company also has a Mutual Perks program for policyholders, with discounts on eyeglasses and hearing aids.

Best for Customer Service: State Farm

State Farm secured a place on our list because of the company’s excellent customer service. The company earned the top ranking for customer satisfaction in J.D. Power’s 2020 U.S. Life Insurance Study and scored well on the National Association of Insurance Commissioners 2019 Complaint Index.

Best for No Medical Exam: Bestow

Bestow made our list because it’s one of the few companies offering no medical exam life insurance for all applicants. The company uses accelerated underwriting to give you an instant decision for term life insurance within 10 minutes. If you’re looking for convenience, Bestow’s affordable premiums and 100% online application are worth considering.

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