Most Affordable Life Insurance Companies – Compared

If you’re in the market for life insurance, you want the best coverage for your money. But with all the options out there, deciding which policy to purchase can get a little challenging. Fortunately, we’ve done the hard work for you by researching life insurance companies that offer affordable rates.

Banner Life

Banner Life offers the most affordable life insurance plans. The average monthly rate for a 35-year old woman who is looking to buy a term insurance plan with a coverage of $1 million of a 20-year tenure is just around $46.63

Pacific Life

Pacific Life is another affordable life insurance company, that charges a sample monthly premium of just around $46.72 (variables considered are the same as above).

Principal

Principal also offers pretty inexpensive life insurance plans, with the sample premium rate coming up to just about $47.18 per month.

Protective

Protective is another excellent life insurance company that offers competitively-priced plans. The sample premium rate comes up to $57.32 per month.

Mutual of Omaha

The fifth most affordable life insurance company on this list, Mutual of Omaha charges an average monthly premium of just $61.28.

*Note: The above-mentioned rates can vary based on the type of plan you opt for, tenure you choose, and your demographics and health condition.

Factors that Affect Life Insurance Premium Rates

Term Length

The longer the term of the policy, the more you will be charged by the company. This is because the risk taken on by the insurance provider increases substantially with a longer-term plan.

Amount of Coverage

It goes without saying that you will have to pay a higher premium for a $5 million plan in comparison to a $1 million plan.

Age

The older you are, the more likely it is that your dependent will file a claim, which is why insurance companies charge you a higher premium if you are older.

Gender

Women are usually charged a lower premium in comparison to what men are charged.

Health Condition

Before providing you a life insurance plan, the insurance company will usually require you to undergo a medical exam. If it is found that you have a serious health condition, your premiums will be higher.