September, 23 2017

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Life insurance reviews, news and prices from the top companies

Best Life Insurance Companies by Policy Amount

Best Life Insurance Companies by Policy Amount

Choosing the right amount of life insurance coverage to protect your loved ones is imperative when selecting your policy.  Unfortunately, many people underestimate how much money their family would actually need to adequately maintain their current standard of living. 

How much life insurance do I need?

Many prominent financial planners recommend carrying anywhere from 5x to 20x your annual income in life insurance.  For example, someone making $75,000 a year income, who is married with two kids, has a $500,000 mortgage would ideally carry around $750,000 to $1,000,000 in coverage.  Should the main breadwinner pass away, the home will be paid off and there will still be enough money for the family to maintain their current standard of living and even have money available for the children’s higher education.

Life insurance rates have steadily come down over the past twenty years

Many people don’t realize just how affordable life insurance is 2014.  Take a look below at the best life insurance companies by policy amount.  Important note- some life insurance is better than no life insurance.  If the ideal amount of life insurance is currently unaffordable, it’s important to get some coverage to protect your loved ones and then when you are able, secure the additional coverage when it will fit in your budget.

Best Life Insurance Companies by Policy Amount

Let’s take a look at some different policy amounts.

$10,000 Policy Amount Permanent

75  Year old male-simplified issue

AARP– $94.32, 5 Star Life Insurance Company- $97.68, Mutual of Omaha– $99.53 Transamerica- $100.00 Monumental Life $100.00

$50,000 Policy Amount-20 Year Term

65 Year old make at the preferred health class

$70.74- Genworth Life Insurance Company, $81.85- Sagicor Life Insurance Company, $95.47- Midland National Life Insurance Company

$100,000 Policy Amount-30 Year Term

55 Year old female at the preferred health class

$54.78- Transamerica Life Insurance Company, $59.93- AAA, $61.19- Protective Life, $62.30- Banner Life,

$250,000 Policy Amount-20 Year Term

40 Year old female at the preferred plus health class

$24.38- Pacific Life Insurance Company, $25.81- Banner Life, $25.75- Protective Life, $25.50- Columbus Life Insurance Company

$500,000 Policy Amount-20 Year Term

40 Year old female at the preferred plus health class

$26.60- American General, $26.43- Protective Life, $26.54- SBLI, $27.13- Banner Life, $26.82- Ohio National Life

$750,000 Policy Amount-20 Year Term

40 Year old female at the preferred plus health class

$37.10- American General Life, $36.98- Ohio National Life, $37.19- SBLI, $38.06- Banner Life, $38.50- Genworth Life

$1,000,000 Policy Amount-20 Year Term

40 Year old female at the preferred plus health class

$46.44- Protective Life, $46.98 SBLI, $47.60- American General Life, $47.14- Ohio National, $48.14- Banner Life

$2,000,000 Policy Amount-20 Year Term

40 Year old female at the preferred plus health class

$86.93- Ohio National Life, $88.74- SBLI, $89.60- American General Life, $91.00- Banner Life

Shop around, compare rates

As you can see above, life insurance is very affordable in 2014.  Whether you are a senior looking for a permanent policy to cover final expenses or you are a new parent looking to protect your family, there is most likely a low-cost policy available for you.  There are over 900 life insurance companies in America today so make sure you compare rates from multiple companies and you will have the peace of mind knowing you found the best life insurance company for your policy amount whether it’s $10k or $1 million.