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Comparing cheap life insurance quotes, rates, policy term options and companies is now simpler and friendlier than ever. Have a proper life insurance comparison, find your next life insurance in a few seconds, read customer experience based reviews and ratings of life insurance companies, compare life insurance quotes from the best rated life insurance companies and purchase life insurance online with ease from the best providers.
Life insurance is a contract between an insurance company and a policyholder, in which, while the policyholder pays a premium, the life insurance company pays the selected beneficiaries a specific amount of money in return for the premium upon the death of the policyholder. The beneficiaries are mostly family members. This practices dates all the way back to 1706, with the first insurance company offering life policies in London. Life insurance is a significant safety net when you have financial dependents. Life insurance payment can cover debts such as mortgage, tuition fees, personal loans, medical debts and income replacement.
Customer Type | Coverage Amount | Whole Life Cost | 20 Year Term Life | 30 Year Term Life |
---|---|---|---|---|
30 year old male | $250,000 | $180 | $12 | $19 |
30 year old male | $500,000 | $355 | $19 | $31 |
30 year old male | $1,000,000 | $700 | $31 | $54 |
30 year old female | $250,000 | $160 | $11 | $16 |
30 year old female | $500,000 | $310 | $16 | $26 |
30 year old female | $1,000,000 | $620 | $25 | $44 |
40 year old male | $250,000 | $266 | $17 | $28 |
40 year old male | $500,000 | $530 | $29 | $50 |
40 year old male | $1,000,000 | $1,050 | $49 | $90 |
40 year old female | $250,000 | $229 | $15 | $23 |
40 year old female | $500,000 | $449 | $24 | $39 |
40 year old female | $1,000,000 | $899 | $42 | $75 |
50 year old male | $250,000 | $415 | $39 | $67 |
50 year old male | $500,000 | $825 | $70 | $125 |
50 year old male | $1,000,000 | $1649 | $133 | $242 |
50 year old female | $250,000 | $355 | $29 | $49 |
50 year old female | $500,000 | $709 | $54 | $92 |
50 year old female | $1,000,000 | $1399 | $99 | $175 |
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Term life insurance covers a limited period of time, that can be 10, 20 or 30 years, some life insurance companies even offer coverage for up to 35 and 40 years. It doesn't build cash value but is rather a fixed rate of the stated death benefit. In the unfortunate occasion of the insured person's death during the policy's duration, it pays that benefit to the designated beneficiaries. When the term life insurance expires, it can either be renewed by the policyholders for another term, converted for a permanent policy or terminated.
Read more: Best term life insurance quotes guide.
Whole life insurance is a general name for life insurance policies that never expire. Whole life insurance policies costs are higher than the costs of term life insurance policies however it provides extra benefits such as cash value, the savings element of permanent life insurance, which can be loaned against the policy by policyholders to use for large expenses, grows and build value over time.
Permanent life insurance is the most familiar permanent life insurance form. Whole life insurance lasts for the entire life of the policyholder. It similarly has a death benefit, but it functions as a tax deferred savings account. Essentially, the death benefit accrues interest at a fixed rate. Every month, some of the money you are paying for the policy goes into the savings account. As a result, the actual value of your policy grows over time. This is the main reason why whole life insurance can be so much more expensive, up to 15 times as much as a term life insurance policy. A whole life plan will exist for whatever duration of time you wish (and pay for). It is important to note, however, that associated taxes and fees make whole life insurance pretty complicated. If you do need or believe you will benefit from the growing cash value, this policy may be a good choice for you.
Read more: Best whole life insurance quotes guide.
There are more types of life assurance policies and types of life insurance products other than term and whole life insurance, and within these two broad classes of life insurance policies there are many subcategories to choose from. These include:
Group life insurance covers a number of different people under one contract. This is typically found in workplaces.
While we hope you won't, if you die, a mortgage life insurance plan will cover the remaining balance of your mortgage payments. This may take some of the burden off of your beneficiaries who would otherwise have to pay it off. This plan typically requires no medical exam.
This is often found just as term life insurance; however, they are not synonymous. Level term life insurance is a type of term life insurance in which the premium and the death benefit do not change throughout the time period of the plan.
This is a life insurance product in which the buyer does not need to deal with an agent and can instead work directly with the insurance company.
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Northwestern Mutual is known for its flexibility. They offer five different types of plans, and these plans are either whole life, term, or universal life policies. At any point, a term life policy can become a whole life policy without you going in for a medical exam. In addition, the company offers affordable rates and excellent customer service
Insuranks Rating: 9/10
Prudential is another popular life insurance company. They are known for their high coverage limit and their customizability. They do NOT offer whole life insurance policies, however, which is one con if that is something you are looking for. They offer three variable policies called PruLife Custom Premier II Permanent Variable Universal Life, VUL Protector Permanent Variable Universal Life, and PruLife SVUL ProtectorSM Permanent Variable Universal Life. Additionally, their term policies are offered in a variety of different terms, the largest being 30 years.
One complaint with Prudential is that they offer so many different types of plans with very complex names that it can be difficult to manage without the help of one of their workers.
Insuranks Rating: 7.5/10
State Farm is another popular company with solid customer ratings. Like the others, they offer a number of different whole life, term, and universal policies. However, their premiums are typically higher than average, and they don’t have many term-length options. If you are looking for a cheap life insurance plan, this may not be the one for you. Regardless, they are known for their stability and reliable customer service.
Insuranks Rating: 7/10
Obviously, these three companies are just few of many popular ones!
Expect to pay more if you have health complications or if you are older. If you are healthy and/or young, you are considered a lower risk to insure and will likely pay less.
I have been an Aflac customer for many years now and they've proven helpful with anything from medical injuries caused by accidents to skin cancer treatment. However, you do need to understand the plan you choose. I LOVE MY AFLAC!!! I would recommend it to everyone!!
No riders, no supplementary coverage, no whole life insurance and not accepting seniors over 60 year old
Pretty simple online solution for finding low cost life insurance rates if you're 30-45 and healthy
The connect you with some very affordable rates for young and healthy people. Very easy to use platform.
Not for anyone over 45...