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Today we’re taking a look at some of the best life insurance companies out there, whether you’re after term, whole, or another type of policy. This list is done in partnership with money.com, where we rank some of the top life insurance companies for you to consider.
What Is Life Insurance and How Does It Work
First, it’s worth understanding what life insurance actually is and how it works. Should anything happen to you, you want to leave your loved ones a financial cushion for their well-being. With a life insurance policy, you’re able to take care of your family even after you’re gone. Insurance in general is meant to protect you against worst case scenarios, and with life insurance that scenario is you no longer being here. That’s the core of what it protects against, and it’s a big reason so many people consider getting a policy. With that in mind, here are some of the best companies.
CoreBridge Direct
At the number one spot is CoreBridge Direct. They offer up to $250,000 in term life insurance for as low as $13 a month, according to their site. This is a longtime provider dating back to 1995, and they offer customizable policies built around your needs and budget. They have term life insurance up to $10 million plus, and you can apply entirely online or with the help of an agent.
On their website, you enter the coverage amount you’re interested in along with your name, height, weight, zip code, and similar details, and you get a quote directly from CoreBridge. As an example, they list female or male coverage up to $250,000 for around $13 a month, assuming you meet certain health requirements. Pricing also depends on the state you’re in and other factors, so treat this as a starting point rather than a guarantee.
Term life insurance tends to be affordable because the overall risk assessment is lower, especially at a younger age like 35. Your own quote could look different depending on your situation, so it’s worth getting quotes from a few companies since underwriting factors can vary between them. Most insurers look at similar things, but comparing a few options is still a good idea.
In terms of coverage types, CoreBridge Direct offers term life, permanent life, universal life, and whole life insurance, along with plenty of information on their site about each product. They’re our top pick on this list.
Lantern
At number two is Lantern. Lantern lets you apply online for term coverage, and ages 18 to 60 are eligible. They have policies ranging from $100,000 up to $1.5 million, with 10, 15, 20, 25, and 30 year terms, and monthly premiums listed as low as $11.
On Lantern’s site, you enter your gender, birth date, height, weight, and zip code to get a free instant term life quote through their online application. It’s a quick way to see roughly what you might qualify for.
Lantern also highlights what a policy can help protect, like your home, your kids’ education, or your family’s lifestyle. It’s essentially a way to think through what you actually want the coverage to cover. Keep in mind pricing is subject to change, and any quote shown is just an example. Your actual premium comes down to underwriting review.
Worth noting, the example quotes on their site are based on a healthy, non-smoking 35 year old woman. You can compare what 10, 20, and 30 year terms might cost per month, or use their coverage calculator to get a closer estimate for your own situation.
Northwestern Mutual
At number three is Northwestern Mutual, a solid option for flexible term life with conversion options. You can build cash value with flexible premiums, choose term lengths with the option to convert some to a whole life policy later, and they also offer spouse protection.
On the Northwestern Mutual site, you select your biggest financial goal, age, zip code, household income range, and contact info, then choose between term life, whole life, or universal life insurance. Their agents can also help walk you through which option fits best.
Generally speaking, term is the most affordable route for most people, but that’s ultimately up to you to decide based on your goals.
Legal and General
At number four is Legal and General, which offers approval in under 15 minutes for as little as $7 a month, making it one of the cheapest options on this list. They offer term periods from 10 to 40 years, with policies available to adults ages 20 to 75, coverage in all 50 states, and around 1.3 million policies written in the US with a strong rating for financial stability.
On their site, you enter your birthday, gender, height, and weight to get your coverage information. It’s a good fit for people with a mortgage, student loans or other debt, income replacement for a surviving spouse, or families looking to cover education costs on a budget.
Who Life Insurance Is Best For
Generally, life insurance makes the most sense for people with dependents, whether that’s a spouse, kids, or outstanding debt. If people are relying on your income, that’s usually the clearest sign a policy is worth looking into.
Select Quote Life
Next up is Select Quote Life, best suited for consumers 45 and older. They offer free quotes and shop the top insurers to find a match for you, which can save time compared to requesting quotes from each company individually.
On their site, they focus on a slightly older demographic, but they can help you find term life insurance on the cheaper end, listed under $20 a month. You enter your phone number for a free quote, and they shop around across several of the companies mentioned in this list, guiding you through the process instead of leaving you to compare quotes on your own.
Protective
Protective offers term periods up to 40 years and provides both term and permanent life insurance through Select Quote. Coverage ranges from $100,000 to $50 million, and existing policyholders may be able to convert a term policy to a permanent one without a medical exam.
Mutual of Omaha
Mutual of Omaha offers coverage between $2,000 and $25,000, available only to ages 45 to 85.They offer guaranteed issue whole life insurance with no medical exam, pay benefits directly to the beneficiary, and keep the policy active as long as you pay premiums. United of Omaha issues the policy itself.
On their site, this guaranteed whole life coverage is aimed at older applicants, and it comes in $2,000 increments. You select your gender, zip code, and date of birth to go through their online quoting process, which is fairly straightforward.
Pacific Life
Last on the list is Pacific Life, a provider with over a century of experience offering life insurance, annuities, and retirement solutions through Select Quote. They carry a strong rating for financial strength from independent agencies and note a commitment to environmental and social responsibility initiatives.
On their site, they offer variable universal life, term life, index universal life, and universal life insurance, and their agents can help you figure out which fits your situation. Life insurance paired with retirement planning is really their specialty. You can enter your zip code to see if they’re a good fit for your needs.
Closing Thoughts
Our top pick is still CoreBridge Direct, offering $250,000 in term life insurance for as low as $13 a month. Use this list as a starting point to compare some of the top life insurance companies and find what fits your situation best.
