Life insurance is a crucial safety net that ensures your loved ones are financially secure in your absence. It is an investment but it doesn’t have to break the bank. Start a search today to find the most affordable life insurance policies.
In this article, we’ll dive into the benefits of life insurance and explore some of the best low-cost life insurance companies in the United States. Finding the best policy for you and your loved ones simply requires a bit of research.
The Benefits of Life Insurance & Why You Need It
Life insurance offers invaluable benefits for individuals and their families. When the unexpected happens, having a policy in place can provide peace of mind and financial stability. Life insurance:
- Ensures financial security for your loved ones.
- Covers outstanding debts and expenses.
- Facilitates estate planning.
- Provides for your family’s long-term needs.
Now that you understand why life insurance is important, let’s explore some affordable options.
Best Low-Cost Life Insurance Companies
Here are some top life insurance companies that offer affordable coverage:
Guardian Life
Average Monthly Cost: $61.00
Guardian Life stands out with its affordability and flexibility, with policies averaging as little as $2 a day! It offers a variety of insurance types, including term, whole, and universal policies. Term policyholders can conveniently apply online.
Moreover, Guardian Life allows you to convert a term policy to a permanent one, ensuring your coverage can adapt to your changing needs. The coverage starts at $25,000 for whole life policies and $100,000 for term, universal, and variable universal policies. To explore maximum coverage options, connect with a Guardian Life insurance agent.
Nationwide
Average Monthly Cost: $68.25
Nationwide impresses with its diverse range of life insurance options, including term, universal, and whole life policies. Additionally, they offer riders to tailor your coverage to your specific needs. While you can obtain quotes for term policies online, permanent policies require assistance from a Nationwide insurance agent.
Nationwide’s term policy provides coverage starting at $25,000, while whole life policies offer coverage starting at $10,000, and universal policies at $100,000. For detailed information on maximum coverage amounts, don’t hesitate to reach out to a Nationwide agent.
Lincoln Financial Group
Average Monthly Cost: $65.40
Lincoln Financial Group specializes in term and permanent life insurance policies. While it doesn’t offer whole or standard universal coverage, the company also provides annuities and financial planning services.
Term policies offer varying coverage limits, depending on the underwriting process. For specific details on other policy types and their coverage amounts, consult a Lincoln Financial Group agent.
Bestow
Average Monthly Cost: $66.42
Bestow’s strength lies in its simplicity and convenience. The company exclusively offers term life policies, and the entire application process is conducted online. None of their term policies require a medical exam, making it easy to secure coverage.
Keep in mind that there are no riders available for customization. Bestow’s term life policies offer death benefits ranging from $50,000 to a substantial $1.5 million, ensuring a suitable choice for a variety of individuals.
State Farm
Average Monthly Cost: $62.19
State Farm excels in offering both term and permanent life insurance policies, with choices like whole and universal coverage. If you prefer to skip the medical exam, they provide two no-exam policy options. However, it’s important to note that you’ll need to work with a State Farm agent to purchase a policy.
The company boasts a diverse range of options, with the final expense whole life policy offering coverage from $10,000 to $15,000, and universal policies starting at $25,000. Term life policies also provide coverage starting at $50,000. For maximum coverage amounts, get in touch with a State Farm agent.
How to Lower the Cost of Life Insurance
In addition to choosing a cost-effective insurance provider, there are several ways to further reduce your life insurance premiums:
- Choose Term Life Coverage: This policy type is generally less expensive as it doesn’t build cash value.
- Lower Your Death Benefit: Some policies allow you to decrease coverage for a lower premium.
- Consolidate Your Coverage: Bundling insurance policies can lead to discounts.
- Pay Your Premium Upfront: Insurers often offer a discount for paying your premium in full.
- Opt-Out of Extras: Review policy riders and add-ons to ensure you’re not paying for unnecessary coverage.
Start Your Search Today
Now that you’re armed with knowledge about the benefits of life insurance and affordable providers, it’s time to take action. Start your search today by comparing quotes online and finding the best low-cost life insurance policy that suits your needs and budget. Protecting your family’s financial future has never been more accessible. Begin your search online now, and secure the peace of mind you deserve.