September, 23 2017

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Cheapest Life Insurance Companies by Term

Cheapest Life Insurance Companies by Term

Cheapest Life Insurance Companies for a 10, 15, 20 and 30 Year Term

Searching for the cheapest life insurance companies by term length can be a daunting task if you don’t know where to look.  The reality is that most people overpay for their life insurance because they fail to compare the prices from the best life insurance companies 2014.  This article will show you which companies will offer the lowest prices for a particular term. 

Who are the cheapest life insurance companies by term?

Let’s take a look at the companies who offer the best prices by term length.

Important note: Keep in mind that each life insurance has different underwriting guidelines and some companies are stricter in their underwriting than other insurers.  For example, Cincinnati Life Insurance Company is an excellent insurer and may be the cheapest insurer on paper for certain term lengths but after the health exam and when the underwriting process is complete they could end up being more expensive other insures.  There are many underwriting factors and each company looks at them differently.  Factors such as age, height and weight, family history, medication history, driving history, occupation, bankruptcy history, avocation and tobacco use will all determine which company will offer the best rate.  This is why it’s so important to work with an un-biased, experienced agent who can shop all of the top insurers for you to find you the best company.

 

Sample rates for a 45 year old male at each company’s best health class for a $250,000 policy.

10-Year Term

  1. Protective Life Insurance Company-$18.43
  2. Ohio National Life Assurance Corp-$18.60
  3. Genworth Life and Annuity-$19.47
  4. Cincinnati Life Insurance Company-$19.58
  5. Banner Life Insurance Company-$20.56
  6. North American Co for Life and Health-$20.56
  7. Transamerica Life Insurance Company-$20.56
  8. AAA Life Insurance Company-$20.68
  9. Midland National Life Insurance Co-$20.68
  10. TIAA-CREF Life Insurance Company-$20.78

15-Year Term

  1. Cincinnati Life Insurance Company-$24.64
  2. American General Life Insurance Company-$25.29
  3. Protective Life Insurance Company-$25.46
  4. Genworth Life Insurance Company-$25.59
  5. North American Co for Life and Health-$25.59
  6. Pacific Life Insurance Company-$25.84
  7. Banner Life Insurance Company-$26.25
  8. TIAA-CREF Life Insurance Company-$26.69
  9. Ohio National Life Insurance Company-$26.60
  10. Principal National Life Insurance Company-$27.10

20-Year Term

  1. Cincinnati Life Insurance Company-$31.68
  2. Genworth Life Insurance Company-$31.72
  3. Protective Life Insurance Company-$31.77
  4. American General Life Insurance Company-$31.85
  5. Columbus Life Insurance Company-$32.09
  6. Banner Life Insurance Company-$32.78
  7. North American Co for Life and Health-$32.81
  8. Midland National Life Insurance Company-$33.13
  9. Principal National Life Insurance Company-$33.62
  10. TIAA-CREF Life Insurance Company-$33.67

30-Year Term

  1. Cincinnati Life Insurance Company-$48.40
  2. Pacific Life Insurance Company-$49.48
  3. Pruco Life Insurance Company-$49.95
  4. Columbus Life Insurance Company-$50.58
  5. Banner Life Insurance Company-$52.50
  6. North American Co for Life and Health-$53.38
  7. Protective Life Insurance Company-$53.16
  8. American General Life Insurance Company-$53.51
  9. Principal National Life Insurance-$53.81
  10. Transamerica Life Insurance Company-$55.78

Bottom Line

There are over 900 life insurance companies in America and each one will underwrite you differently.  Whether you need a 10, 15, 20 or 30 year term policy, it’s important to shop around or use and independent agency that can do the work for you so that you end up getting the best rate with a highly rated insurer that your family can rely on.