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Top 10 Best Affordable Life Insurance Companies

Most Affordable Life Insurance Companies

At TermLife2Go we work with dozens top rated life insurance companies. The following most affordable life insurance companies list is not exhaustive. There are many more affordable companies. However, the life insurance companies list is comprised of the current crop of companies that consistently rank at the top in terms of price.

You might want to view our best life insurance rates with charts for more on how truly affordable term coverage can be.

Please note, there is no one size fits all company and if you have a pre-existing health or lifestyle condition it is imperative that we help align you with the best suited company specific to you and your needs in order to help you find the most affordable life insurance company available—for you! Give us a call today and see just what we can do for you.

2016 Top 11 Most Affordable Life Insurance Companies

What constitutes the most affordable life insurance company comes down to several criteria, such as the client’s age, gender, and policy face amount, and term length. We have created this article which focuses on some of the most affordable companies but it is certainly not exhaustive.

  1. American General;
  2. American National;
  3. Banner;
  4. Lincoln Financial Group;
  5. MetLife;
  6. Mutual of Omaha;
  7. North American Company;
  8. The Principal;
  9. Protective;
  10. SBLI;
  11. Transamerica

Congratulations! You’ve made the decision to protect your loved ones by purchasing a life insurance policy. Now comes the hard part: finding the life insurance company that’s right for you. One of the first things to think about is your budget. Everyone wants to save money on life insurance. And for most, it’s necessary to find one of the most affordable life insurance companies still offering a good amount of coverage.

Please note, it’s important that you remember never to sacrifice your coverage for a cheap life insurance policy. There are definitely a lot of life insurance companies out there that will claim to have the most affordable policy on the market—and they might—but the key to finding a replacement policy is to qualify for the policy first. Once you qualify and you know the new policy is the best choice for you based on your unique circumstances, then you can replace a more expensive policy with the new one.

So, how do you find a life insurance company that’s really affordable and still gives you what you need in terms of coverage? TermLife2Go will help you out.

most affordable life insuranceMost Affordable Life Insurance Companies List

When a client comes to us to ask for an affordable life insurance policy, we have a list of insurance companies we normally turn to.

It is important to note that while the following companies most consistently rank in the top for price, there are times when different face amounts, ages, term lengths and gender will show a different company than those listed here.

That is why it is so important that you give us a call and talk to a professional agent who can help guide you to the most affordable company for your situation, based on your unique need, health and lifestyle.

These eleven life insurance companies usually wind up being the most affordable, but not always. That’s why we at TermLife2Go help you find the best and most affordable life insurance policies from a pool of dozens of top rated life insurance providers.

Here is our Top 10 List in alphabetical order

American GeneralA.M. Best Rating: A

People with type 2 diabetes needing life insurance should consider a policy with American General. It is also really great when it comes to Guaranteed Universal Life Insurance. Looking for the most affordable permanent life insurance? The Company’s GUL to 121 is a great choice.

Sample American General Life Insurance Quotes

Sample Select-A-Term quotes based on a 40 year old male at a preferred plus rate as of January 2016. Rates are subject to change and must be qualified for.

Face Amount 10 Year 20 Year 30 Year
$500,000 $22.40 $30.62 $54.84
$1,000,000 $37.54 $54.84 $101.55
$2,500,000 $85.55 $128.80 $245.57
$5,000,000 $165.56 $252.06 $485.61

Sample Select-A-Term quotes based on a 40 year old female at a preferred plus rate as of January 2016. Rates are subject to change and must be qualified for.

Face Amount 10 Year 20 Year 30 Year
$500,000 $20.67 $27.59 $44.46
$1,000,000 $32.35 $47.92 $81.66
$2,500,000 $72.57 $111.50 $195.84
$5,000,000 $139.61 $217.46 $386.14

For more information please check out our American General Life Insurance Review.

 

american-national

A.M. Best Rating: A

American National consistently ranks as one of the most affordable life insurance companies, especially for longer term policies, such as 30 year term life coverage.

Also, American National Insurance Company is highly recommended for those customers who do not wish to take a medical examination in order to qualify for an affordable life insurance plan. ANICO offers a variety of no medical exam policies. It’s important to remember that policies without medical exams are usually more expensive than those with medical exams.

For more information please check out our American National Life Insurance Review.

 

banner-life-logo

A.M. Best Rating: A+

Banner Life is again another great choice for people with type 2 diabetes or type 1 diabetes. They are also great because they offer a free accelerated death benefit rider. Again and again, Banner Life winds up being one of the most affordable life insurance companies out there.

In addition, Banner Life is also not as strict as many other carriers when it comes to underwriting your policy. That can be a huge benefit to someone with a pre-existing health condition. When it comes to standard or worse rate classes, Banner consistently ranks as the most affordable company.

Sample Banner Life Insurance Quotes

Sample Banner term life insurance quotes based on a 40 year old male at a standard rate as of January 2016. Rates are subject to change and must be qualified for.

Face Amount 10 Year 20 Year 30 Year
$250,000 $15 $19 $30
$500,000 $24 $33 $55
$1,000,000 $44 $59 $105
$2,500,000 $103 $140 $255
$5,000,000 $201 $276 $505

For more information please check out our Banner Life Insurance Review

 

lincoln-financial-group-logo

A.M. Best Rating: A+

Lincoln National has made a major push to become the most affordable life insurance company for seniors. This Company is consistently one of the top choices for the elderly. And even better, the Company also has some of the most liberal underwriting requirements for clients age 70 and older, making Lincoln National one of the best choices for affordable life insurance.

For more information please check out our Lincoln National Life Insurance Review.

 

metlife-logo

A.M. Best Rating: A+

MetLife is a great life insurance company with good policies. They are also really helpful for active military personnel, unlike many other life insurance providers. MetLife is also really great for persons with type 1 diabetes.

However, MetLife may not always be the most affordable life insurance company. When affordability is one of the client’s main concerns, MetLife is our recommendation only in specific situations.

For more information please check out our MetLife Life Insurance Review

 

mutual-of-omaha-logo

A.M. Best Rating: A+

Mutual of Omaha is an actual age versus life insurance age company. Actual age takes your current age compared to life insurance age which dates you 6 months forward. Most companies use your life insurance age to determine rates but not Mutual of Omaha. Therefore, if your birthday is within the next six months, MOO might be the lowest priced option.

Please check out our Mutual of Omaha review for more on this great company.

 

North-American-Life logo

A.M. Best Rating: A+

With an A+ rating, you must check out what North American Company for Life and Health has to offer. Known for great customer service, this life insurance company will treat you right. They have a great range of policies. In the past they may have been quite as affordable as other life insurance agencies on the list. However, the Company has recently made adjustments to pricing and North American is popping up more and more at or close to the top spot for price.

Sample Quotes from North American Company for Life and Health

All sample North American term life quotes are based on a preferred plus non-tobacco 50 year old male as of October 2015. Rates are subject to change and must be qualified for.

Face Amount 10 Year 15 Year 20 Year 30 Year
$250,000 25.74 33.66 43.56 75.24
$500,000 45.32 60.28 79.20 145.20
$1,000,000 79.64 113.08 150.92 277.64

For more information please check out our North American Company for Life and Health Insurance Review.

 

principal-financial-group_logo

A.M. Best Rating: A+

The Principal is one of the most affordable life insurance companies. However, what sets this company apart from its competitors is that The Principal offers these prices without the need for an exam and blood work, i.e. No Exam Life Insurance. And even better is that the Company offers no exam coverage for up to one million dollars—just make sure you are in excellent health in order to qualify!

Sample Quotes from The Principal Financial Group

All sample Principal term life insurance quotes are based on a preferred plus non-tobacco 45 year old male as of October 2015. Rates are subject to change and must be qualified for.

Face Amount 10 Year 15 Year 20 Year 30 Year
$250,000 18 23 28 47
$500,000 30 40 50 88
$1,000,000 49 73 98 166

For more information please check out our The Principal Financial Group Life Insurance Review.

 

protective life logo

A.M. Best Rating: A+

Because this is a list of the most affordable life insurance companies around, Protective Life Insurance Company is one name you should not forget. Protective is easily the most affordable life insurance company offering great plans. The only drawback is that Protective may not be that liberal when it comes to applicants with complicated medical situations. They use a bit more scrutiny when dealing with high risk applicants.

Sample Protective Life Insurance Quotes

All sample Protective Life Custom UL quotes are based on a preferred plus non-tobacco 35 year old male as of October 2015. Rates are subject to change and must be qualified for.

Face Amount 10 Year 15 Year 20 Year 30 Year GUL to 100
$500,000 $14 $16 $22 $39 $185
$1,000,000 $22 $26 $38 $70 $333
$2,000,000 $45 $52 $76 $140 $666

For more information please check out our Protective Life Insurance Review.

 

sbli-logo

A.M. Best Rating: A+

SBLI has a reputation for caring for its customers and is often a really affordable choice. If you are willing to pay on an annual basis, then you will likely secure an even more affordable rate for your life insurance policy.

SBLI might not be a good choice if you have a complicated medical history or situation. SBLI tends to scrutinize these situations more carefully, and as a result you may even be turned down.

For more information please check out our SBLI Life Insurance Review.

 

logo_transamerica life insurance company

A.M. Best Rating: A+

Transamerica is a great company for older applicants. Some examples of why Transamerica is a great choice for Senior Life Insurance, is that the company will offer the best rate class for clients 71 and older with a 5.5 cholesterol ratio. Also, applicants 71 and older can qualify for the best rate class with a blood pressure reading of 145/85.

Another huge advantage that Transamerica offers is the Company’s tobacco rates. If you are a regular cigarette smoker than you need to consider Transamerica. Though the Company does not always rank number one in terms of the most affordable life insurance company for tobacco users, Transamerica is typically in the top three.

Sample Transamerica Life Insurance Smoker Quotes

All sample Transamerica term life quotes are based on a preferred tobacco male age 40 as of October 2015. Rates are subject to change and must be qualified for.

Face Amount 10 Year 15 Year 20 Year 25 Year 30 Year
$250,000 44 53 67 97 114
$500,000 82 100 130 188 216
$1,000,000 144 190 245 366 426

For more information please check out our Transamerica Life Insurance Review.

My friend bought a life insurance policy at a really good rate. Should I buy from the same company?

Maybe, but maybe not. The trick is that the company that winds up being the most affordable for your friend, might not be for you. There are many factors that go into determining your insurance rate. For example, some life insurance companies may charge a higher premium for smokers than others. If your friend doesn’t smoke and you do, then the most affordable life insurance company many not be the same in both scenarios. There are dozens of factors that impact the price just like this. That is why it is very important that you seek expert advice from TermLife2Go.

About TermLife2Go

We will help you to find the most affordable life insurance policy for you. We do this by learning about your life and special criteria and then making recommendations based on that. We may recommend policies from any of the previously listed ten most affordable life insurance companies, or we may make any number of other recommendations. We customize our recommendations for each specific situation and combination of factors.

If you want to know more about how TermLife2Go can help you secure the best and most affordable life insurance policy for your situation, then contact us today for a free consultation.

Thank you for reading our article, Most Affordable Life Insurance Companies. Please leave any questions or comments below.

 

 

2 comments… add one
  • i am a 92 year old man in good health with a wife who is 18 years younger than me.We live in a retirement community for people over 55. I have approximately $390,000money left and I am worried that if I die shortly, there will not be enough money for my wife to continue to live in our self standing condominium for the rest of her life. At present I think she will only be able to live here for maybe 5 to7 years before all my money will be gone. I am thinking my only recourse is a reverse mortgage. Is there any kind of insurance policy that I can add to my $390,000 when I die. If I can get her to age 78 before applying for a reverse mortgage that will give her enough money per month in addition to my monthly soc.sec. of$2177. At present it is costing us about $5000 to $6000 per month to live here. She is against downsizing. I want to downsize by selling the house and renting an apartment. This will get her into her eighties. But if you want to respond, email me only. I have hearing aids and I don’t do well on a phone.
    Your thoughts will be appreciated.

    • Dante,

      We appreciate you reaching out to us and fully understand your concern for you wife. Unfortunately, we don’t have any life insurance companies that we work with that would be willing to take on a new client at age 92.

      Additionally, because we only offer life insurance products, we fee it would be inappropriate for us to comment on some of the other options you suggested. That said, we do wish you the best of luck and would advise you to seek out a financial adviser prior to making any final decisions.

      Thanks,

      TermLife2Go.

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