Life Insurance for Low-Income Individuals [2023]
Life insurance for low-income individuals is about $9 a month. However, your rates are determined by age, gender, health, policy limit, and policy type. Some employers can even provide free life insurance as part of employee benefits. Shop around and compare multiple companies to secure affordable life insurance for low-income individuals.
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Jeff Root
Licensed Life Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Life Insurance Agent
UPDATED: Aug 17, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Aug 17, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Health care workers can receive free life insurance
- Your employer can provide group life insurance
- Term life insurance is cheaper for younger policyholders
- Women pay less for life insurance than men
Did you know some people can receive free life insurance? Life insurance quotes are free, but there are specific programs that provide life insurance at no cost.
These life insurance programs last for a short time and have strict qualifications. But you can secure affordable life insurance for low-income individuals.
Read through this guide to learn about the best life insurance for families with low-income. Also, we’ll tell you about factors that determine term life insurance quotes for low-income individuals.
Are you ready to compare life insurance rates for low-income individuals right now? Enter your ZIP code in the free online quote tool above to start comparing multiple insurance companies near you.
How much is life insurance for low-income individuals?
People between 18 and 35 can get life insurance for $9 a month for a $100,000 policy limit. However, life insurance rates vary for each company.
Read more: How much does a $100,000 life insurance policy cost?
Let’s review the monthly rates of some of the best companies in the U.S.:
Insurance Company | Monthly Rates | A.M. Best Rating |
---|---|---|
Allstate | $15 | A+ |
Banner Life | $9 | A+ |
Guardian Life | $10 | A++ |
Haven Life | $11 | A++ |
John Hancock | $11 | A+ |
MassMutual | $10 | A++ |
Mutual of Omaha | $12 | A+ |
Nationwide | $13 | A+ |
New York Life | $11 | A++ |
Principal | $9 | A+ |
Protective | $9 | A+ |
Prudential | $16 | A+ |
State Farm | $15 | A++ |
These rates reflect term life insurance policies with a 10-year term and $100,000 policy limit. Your life insurance rates go up when you increase your term and policy limit (death benefit).
Read more: Nationwide Life Insurance Review
How do I get lower life insurance rates for low-income individuals?
You may be in a window of customers that earns too much to receive no-cost life insurance, but don’t be discouraged by life insurance quotes.
Here are a few ways you can bring down life insurance costs.
- Ask your employer about group life insurance
- Get life insurance policies while you’re young
- Quit smoking
- Shop around for free life insurance quotes
- Don’t purchase life insurance coverage that you won’t need
- Buy term life insurance
Kicking a smoking habit could save you a few hundred dollars on life insurance per year. Take advantage of any savings you can get.
It’s more helpful to get life insurance while you’re young as well. A whole life insurance policy or a return-of-premium life insurance policy are good investments. Check out this list of the whole life insurance companies to see options and offerings.
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How can I get free life insurance for low-income individuals?
Some employers provide group life insurance for employees. In particular, many healthcare workers can receive free life insurance.
But low-income individuals who don’t work in the medical industry can get no-cost life insurance from companies like MassMutual.
MassMutual’s LifeBridge is a free life insurance program for low-income individuals. But you’ll need to qualify. Here’s how you can get free MassMutual life insurance.
- Recipients must be between the ages of 19 and 42
- Your dependents must be under the age of 18
- The potential policyholder must be in good health
- Your salary must be less than $40,000 per year
The free insurance policy lasts for about 10 years and has a $50,000 death benefit. Also, free or low-cost life insurance doesn’t have the same reach as standard life insurance. Free life insurance from employers is known to give you less than what you need.
If you’re not eligible for no-cost life insurance, you can find cheap life insurance for low-income individuals by shopping around with the best insurance companies.
What are the best life insurance companies for low-income individuals?
If you’re not sure where to shop for life insurance, try getting life insurance quotes from the best companies first. Check the list below to see the best life insurance companies in the United States:
- Northwestern Mutual
- Haven Life
- State Farm
- Banner Life
- Principal
- Pacific Life
- Guardian Life
- Nationwide
- Primerica
- MassMutual
- New York Life
- Allstate
- John Hancock
- Protective
- Mutual of Omaha
- Prudential
The top life insurance companies carry term life and permanent life insurance options. To save money on life insurance, buy term life insurance and compare rates online before you much.
Read More: Northwestern Mutual Life Insurance Review
Which life insurance companies are the cheapest?
Several factors determine whether affordable life insurance for low-income individuals is an option.
Age, gender, health, policy type, and death benefits affect your life insurance cost. And some companies are better than others at providing coverage for specific customers. Two of the biggest determining factors are age and gender. For more details, see life insurance rates by age and gender.
Here’s a list that shows the cheapest companies based on various factors.
- Cheapest life insurance for women – Banner Life
- Cheapest life insurance for men – Banner Life
- Cheapest life insurance for seniors – Protective
- Cheapest life insurance for smokers – Banner Life
- Cheapest life insurance for children – Banner Life
- Cheapest life insurance with no exam – Mutual of Omaha
Banner Life has life insurance policies for people who are on a budget. The more life insurance coverage you need, the more you’ll pay.
But if all you want is the bare minimum for life insurance, stick with a low term and policy limit.
Read more: Protective Life Insurance Review
Which life insurance coverage is required for low-income individuals?
Life insurance isn’t regulated for individuals. However, we recommend that you get a life insurance policy with a death benefit that’s 10 times your current salary.
For example, a low-income individual who earns $15,000 should get a life insurance policy with a $150,000 death benefit.
If you pass away suddenly, your beneficiary can collect the $150,000 from the life insurance company.
Your life insurance quotes are always free.
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How to buy Life Insurance for Low-Income Individuals
Low-income life insurance is usually the same as standard life insurance. But some people can get free life insurance or group life insurance through an employer. This question, and others, are answered in life insurance coverage FAQs.
If you need a higher death benefit, you’ll need to shop around for a private life insurance policy.
Before you buy life insurance for low-income individuals, use our free online quote tool to compare the best insurance companies in your area.
Case Studies: Life Insurance for Low-Income Individuals
Case Study 1: The Affordable Option
Mary, a 25-year-old low-income individual, was looking for affordable life insurance coverage. She compared multiple insurance companies and found a term life insurance policy with a $100,000 limit for just $9 a month. This policy provided her with the financial security she needed at a price she could afford.
Case Study 2: Free Life Insurance Program
John, a low-income individual without access to employer-provided life insurance, discovered MassMutual’s LifeBridge program. Despite his limited financial means, John was able to qualify for a free life insurance policy with a $50,000 death benefit. This program provided him with essential coverage for a period of 10 years.
Case Study 3: The Budget-Conscious Choice
Sarah, a low-income individual in her early 40s, wanted to secure life insurance while still managing her expenses. She researched different insurance companies and found that Banner Life offered affordable policies for customers on a budget.
By choosing a low term and policy limit, Sarah was able to find a suitable life insurance plan that met her needs without straining her finances.
Frequently Asked Questions
How much does life insurance cost for low-income individuals?
Rates vary, but it can be around $9 per month.
How can I lower life insurance rates for low-income individuals?
Quit smoking and get insurance at a younger age.
Can I get free life insurance as a low-income individual?
Some employers and programs offer free coverage, but eligibility criteria apply.
Which are the best life insurance companies for low-income individuals?
Prudential, AIG, Banner Life, Protective Life, among others.
What type of life insurance should low-income individuals get?
Term life insurance is affordable and suitable for many.
Your life insurance quotes are always free.
Secured with SHA-256 Encryption
Jeff Root
Licensed Life Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.