Getting life insurance is a wise decision if you want to give your loved ones financial security in the event of your passing. The insurer will be able to pay the agreed-upon death benefit if you have a solid policy in place, and you can do it in an economical manner. Our rating of the cheapest life insurance companies can help you find the best insurer for your needs and budget.
Guardian Life Insurance
Term, entire, and three different universal insurance are available from Guardian Life. A term policy can be changed to a permanent one, but there are costs involved. For term insurance, customers can request quotes and submit applications online, but not for permanent ones. You must contact a Guardian Life insurance representative in order to receive a quote or buy a permanent policy.
Pros
- Available policies include term, complete, and global.
- Term policy applications are available online
Cons
- Permanent life insurance quotes and applications cannot be made online.
- costs for switching from a term policy to a permanent one
State Farm Insurance
State Farm is one of the Cheapest Life Insurance Companies that provides whole and universal coverage choices along with term and permanent life insurance products. Additionally, it provides Instant Answer Term and Final Expense insurance, neither of which demand a medical exam. However, you can’t buy a State Farm policy online; you must work with a State Farm agent.
Pros
- Offered are term and long-term plans.
- Exam-free policies are provided
Cons
- Only through State Farm agents are policies offered.
Lincoln Financial Insurance
While whole or standard universal insurance are not offered by Lincoln Financial, term, indexed universal, and variable universal insurance are. Along with providing other financial planning services, the business also sells annuities.
Pros
- Available are term and permanent policies.
Cons
- Applications and quotes are only available through the agent.
- No whole life insurance.
Bestow Insurance
There are no whole or universal policies available via Bestow, and you cannot convert an existing term policy to a permanent one. Bestow exclusively sells term life insurance products. No medical checkup is necessary for any of its term insurance, but you will have to respond to some health-related inquiries.
The whole application procedure is done online, additionally, there are no available riders that alter your policy. Bestow is a digital insurance agency and the policies it sells are issued by the North American Co. for Life and Health Insurance.
Pros
- provides term life insurance coverage.
- only online applications accepted.
Cons
- No available riders
- There are no permanent life insurance plans.
Nationwide Insurance
Nationwide insurance offers many universal and whole life policies including its Simplified Whole Life plan for current policyholders that does not call for a medical exam, but simply one term insurance. Long-term care, an accidental death benefit, an accelerated death benefit, and a premium waiver are additional riders that are offered. Not all riders are offered for all insurance policies. While you may get a price for a term insurance online, you will need to speak with an agent to receive a quote for any of its permanent policies.
Pros
- Term and long-term insurance available
- Riders can choose their own policies.
Cons
- Permanent policies cannot be quoted online; you must speak with a representative.
HERE is a list of Best Car Insurance Companies of 2023.
