Affordable Life Insurance: How to Find It

How to find affordable life insurance quotes starts on comparison sites like this one. Comparing life insurance online — including affordable life insurance for seniors — is the easiest way to get multiple quotes and find the best policy for your budget and lifestyle. With our free quote calculator below, it's easier than ever to find and qualify for affordable life insurance rates as low as $10/mo.

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites.

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UPDATED: Oct 28, 2020

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There isn’t one solution for how to find affordable life insurance rates that fits everyone — even if you’re looking for affordable life insurance for seniors. The reality is that finding and qualifying for low-cost life insurance will come down to your individual circumstances and needs.

If you are trying to sort out how to determine which is better for you: term or permanent life insurance to secure your insurance needs for the future, this article will help you figure out what you need and how to get the cheapest life insurance.

Before you read on to find out how to find affordable life insurance quotes, take a quick second to use our free quote tool above to start comparing life insurance quotes right now. Get started now.

Table of Contents

3 Tips for Finding Affordable Life Insurance Quotes

Tip #1 – Your Budget Shouldn’t Come Between You & the Peace of Mind Life Insurance Brings

You might be surprised at how affordable term life insurance quotes can be. Compared to all other forms of life insurance, it allows you to purchase the greatest amount of coverage for the lowest premium.

Term life policies provide coverage for typical term periods of 10, 15, 20, 25 or 30 years. You could even get a one-year term policy. The shorter the term, the lower the premium.

Besides affordability, term life also offers versatility. Within a certain period of time, you can convert your term life policy to a permanent policy. So, if your budget increases and would enable you to pay higher premiums, you could transition your term life to permanent life insurance coverage.

Tip #2 – You Don’t Have to Sacrifice Living the Good Life to Afford Term Life Insurance

59% of people say they haven’t bought life insurance (or more of it) because of “other financial priorities.” And 52% put their cable TV and cell phone expenses ahead of buying life insurance.

Who can blame them? But because term life is so affordable, you probably won’t need to give up the good stuff to pay for a policy.

Still, if you think you’ll need to put some cash aside, little changes can add up. Here are a few small adjustments you might make to conserve cash that could go toward your term life premium:

  •  A few days each week, make coffee at home and take it with you to the office. Instead of stopping at a high-priced café every day for that pumpkin spiced latte, get term life insurance.
  • Take the time to scan the newspaper and online resources for coupons you can use at the grocery store.
  • Shop when retailers are running clearance and end of season sales.
  • Cut your vehicle’s gasoline costs by planning geographically-close errands and appointments so you can hit them all in the same day. You won’t waste gas driving back and forth multiple times, plus you’ll reduce wear and tear on your vehicle.

You could also make some changes to ensure you’re getting the lowest premium possible. The lowest rates go to people who take good care of themselves.

  • Maintain a healthy weight.
  • Minimize stress.
  • If your blood pressure is high, seek medical help to get it under control.
  • Exercise regularly.
  • Eat more whole – and less processed – foods.

Tip #3 – Don’t Let the Myths About Life Insurance Costs Scare You Away

If you’ve steered clear of getting a life insurance quote because you’ve heard it’s too expensive, it’s time to reconsider. A term life policy could fit not only your family’s needs, but also your budget.

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Shopping for Affordable Life Insurance Quotes Online

Life insurance. Sure, it would be nice. But who can afford it?

If that thought has crossed your mind, you’re not alone.

Many people believe life insurance is financially out of reach. In fact, 80% of Americans overestimate the cost of life insurance. This might explain why 30% of American households don’t have coverage to protect their families in the event of the unimaginable.

Even though 31% of people say in just one month they’d feel the financial impact from the death of the primary wage earner, many of them hesitate to explore their options. The misconceptions about how much life insurance costs scare them away. In fact, most people under age 25 think the cost of life insurance is nearly ten times its true cost!

How do I find life insurance policies?

Once I gather a few rates and do my initial online quote shopping, what questions should I ask about life insurance?

Remember, the best life insurance policy will be one that meets your budget but also provides you coverage for what you need now and in the future.

Questions #1Who is life insurance for?

If I were in my early twenties I would likely shop for the cheapest term life insurance options.

Life insurance for seniors has other considerations. At an older age, I might have issues qualifying for permanent insurance. I may want to think ahead and lock in a permanent policy in my forties or fifties and build up cash value so I don’t have expensive premium payments later on.

Question #2 – How much insurance do I need?

You should remember your needs for coverage will change over time.

Some people I know chose not to make a decision between term life insurance vs whole life insurance.

By purchasing a term policy to cover larger expenses that will eventually be paid off and a whole life insurance policy that covers only permanent expenses like basic income needs, they are keeping insurance costs down while maintaining insurance coverage.

The main feature of permanent insurance is the saving component that comes with a permanent policy. However, if you are trying to keep prices down, you may want to consider purchasing cheaper term insurance and using other savings mechanisms like Roth IRAs, IRAs, or traditional savings tools.

How to Buy Life Insurance Online

Shopping for life insurance can be an undesirable task. Meeting with agents, completing applications, and possibly taking medical exams to qualify for a good rate may not sound like fun. You probably want to know, regarding term life insurance, what to expect from a life insurance medical exam, but this is largely out of your control so do you best to maintain a healthy lifestyle.

Today a few companies offer policies you can purchase right online. If you are in a rush to secure insurance, or just don’t want to waste time and energy dealing with agents and comparing quotes, you can search for companies like Prudential life insurance.

However, you should always be aware of any warning signs when shopping for insurance online. For instance, you want to make sure the online site provides valid broker licensing information.

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What can disqualify you from life insurance?

Life insurance companies are looking to cover you for long healthy life. The longer you live, the more you will pay them before they have to pay you.

With that in mind, you can be disqualified for life insurance if you have health issues or a chronic illness, if you have alcohol or illegal substance issues, have weight considerations, or smoke cigarettes.

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Top Life Insurance Companies by Market Share

Finding the best term life insurance begins with identifying the top providers available to you. The table below provides the top ten U.S. insurance companies by market share. 

Top Ten Life Insurance Companies by Market Share
RankingGroup/CompanyDirect Premiums Written Market Share
1Northwestern Mutual Life Insurance Co.$10,517,115,4526.42%
2Metropolitan Group (MetLife)$9,821,445,9536.00%
3New York Life Insurance Group$9,295,848,3005.68%
4Prudential Financial Inc.$9,128,805,0605.57%
5Lincoln National Corp.$8,769,303,1745.36%
6Massachusetts Mutual Life Insurance Co.$6,854,713,0574.19%
7Aegon US Holding Group (Transamerica)$4,809,856,6502.94%
8John Hancock Life Insurance Co.$4,640,905,0172.83%
9State Farm Mutual Insurance$4,633,004,9632.83%
10Minnesota Mutual$4,422,100,0282.70%
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Although these are the biggest life insurance companies around, you may have other options local to you that might be just as competitive so be prepared to shop around from three to five quotes before you buy.

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Sample Life Insurance Rates

To get a sense of rates, we took an average of the best rates provided by the top ten companies in the chart above.

Average Monthly Life Insurance Rates for Top 10 Insurers by Age, Gender & Policy Amount

Age$100,000: Male$100,000: Female
25$11.03$10.02
30$11.12$10.07
35$11.12$10.07
40$12.65$11.12
45$14.57$13.31
50$18.60$17.20
55$24.51$20.61
60$35.88$27.48
65$51.06$37.76
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This gives you a comparison point to see if the rates you are receiving are trending high or low.

What is the cheapest life insurance you can get?

The cheapest insurance will be a term life insurance policy. Shopping rates from the top ten competitors above may not be the cheapest option for you.

For instance, we found a rate of $11.92 from State Farm life insurance for a female 25-year-old non-smoker.

This is a pretty great rate, but you might be able to find even lower rates from companies that do business in your state but are national. For instance, Pacific Life quotes a rate of $7.88 for the same 10-year / $100,000 benefit policy.

How to Find Affordable Life Insurance: The Bottom Line

The secret for how to find affordable life insurance is to not wait. The younger you are, the lower your rate will be. As life goes on, other complications can get in the way. Lock in affordable insurance now.

According to the LIMRA 2020 Insurance Barometer findings, 40 percent of people who own life insurance wish they had purchased policies at a younger age.

Now that you know how to find affordable life insurance, the next step is up to you. Get a quote in seconds with our free rate generator. Use our free quote tool and get your first affordable rate in seconds.

References:

  1. https://www.iii.org/fact-statistic/facts-statistics-life-insurance
  2. https://www.limra.com/en/newsroom/industry-trends/2020/is-life-insurance-tomorrows-problem-findings-from-the-2020-insurance-barometer-study/

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