Life Insurance for Low-Income Individuals

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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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Aug 31, 2021

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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.

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Quick Facts

  • 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 low-income families. 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.

Let’s review the monthly rates of some of the best companies in the U.S.:

Average Monthly Life Insurance Rates by The Best Life Insurance Companies
CompanyAverage Monthly Life Insurance RatesA.M. Best Rating
Banner Life$9A+
Guardian Life$10A++
Haven Life$11A++
John Hancock$11A+
Mutual of Omaha$12A+
New York Life$11A++
Northwestern MutualN/AA++
Pacific LifeN/AA+
State Farm$15A++
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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).

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.

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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 health care 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.

According to the National Association of Insurance Commissioners (NAIC), 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.

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.

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.

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.

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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.

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.

Frequently Asked Questions: Life Insurance for Low-Income Individuals

Do you want to know more about life insurance for low-income individuals? Read the answers to frequently asked questions below.

#1 – What type of life insurance should I get?

If you’re on a budget, buy term life insurance. A person with a more flexible budget should shop around for whole life insurance.

#2 – Can I get free whole life insurance for low-income individuals?

The short answer is no. Whole life insurance carries accumulating cash opportunities, and it’s more expensive than term life insurance.

#3 – What is return-of-premium term life insurance?

Return-of-premium term life insurance is a term life policy where all of your paid premiums are refunded when you survive your life insurance policy.

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