Cheapest Life Insurance Companies – Recruitment Press
Cheapest Life Insurance Companies – Recruitment Press
Many people may have first heard of Mutual of Omaha through its television program “Mutual of Omaha’s Wild Kingdom.” Founded in 1909, Mutual of Omaha is a mutual company headquartered in Omaha, Nebraska.
Its insurance offerings include policies for long-term care, disability income, critical illness, dental, Medicare supplemental coverage, cancer, strokes, and heart attacks, in addition to life insurance.
Mutual of Omaha also offers banking, financial planning services, mortgages, and investment products for businesses and other groups. The company also has a philanthropic organization, the Mutual of Omaha Foundation, which gave out more than $4.8 million dollars in grants in 2020
How Much is Life Insurance?
One of the biggest hurdles to getting life insurance is the perceived expense of a life insurance policy. According to the financial services industry researcher LIMRA, 50% of Millennials overestimate the cost of a life insurance policy, and one of the top three reasons for not getting life insurance is that people consider it too expensive. While there are a number of factors that can drive up the cost, life insurance isn’t always expensive.
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Monthly premiums charged by our Best Life Insurance Companies vary considerably. The cheapest are listed in the chart below and range from $46.63 a month for Banner Life to $61.28 a month for Mutual of Omaha. The rates are for a 35-year-old woman with average health and 20-year term life insurance with $1 million in coverage.
Many factors affect how much a given life insurance company will charge you for a specific policy. All of these considerations help the company determine how long you might live and thus the likelihood that it will have to pay out on a claim. Factors that determine how much you will pay for life insurance include:
- Length of term: For a term life insurance policy, the longer the term, the more total premium payments you will make. This is simply because you are more likely to die during a longer term than a shorter one.
- Amount of coverage: The more coverage you buy (i.e., the higher the death benefit) for a given type of policy, the higher your life insurance rates will be.
- Age: This is the most important personal characteristic for determining your life insurance cost. All else being equal, the older you are, the likelier that an insurance claim will be filed and the more you will pay.
- Gender: Women often have lower life insurance costs than men because they tend to live longer.
- Health history: Before selling you a life insurance policy, the insurance company usually will require a medical exam. It also reviews copies of your medical records to determine your current health and your medical history. If you have a serious pre-existing condition, like heart disease, or have had one in the past, your premiums will likely be higher. Other factors taken into consideration include weight, blood pressure, and cholesterol levels. Finally, people in poor health can expect to pay more for life insurance because they are at greater risk of life-threatening health problems. By contrast, those who are in excellent health will have more affordable life insurance.
- Family health history: Many medical conditions are hereditary, and a family history of one – even if you don’t have it yet – could raise your premiums.
- Smoking: This is a well-known risk factor for cancer, heart disease, and other potentially fatal conditions. If you smoke or use other tobacco products, you typically pay more for life insurance.
- Hobbies and occupation: If you skydive, scuba dive, or engage in other potentially dangerous recreational activities, you generally will pay higher life insurance rates. This is also true if you are a firefighter or have another high-risk job.
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Premiums aren’t the only factor to consider when purchasing life insurance. For term life insurance, you also want to get a term that’s long enough to meet your needs – for example, to provide coverage until your children graduate from college.
Permanent life insurance such as a universal or whole life insurance policy presents other considerations, including the rate of return on your investment and the rate you would be charged for borrowing against the policy. Our guides on whole life insurance and universal life insurance explain the advantages and disadvantages of these types of policies.
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If the main reason you’re buying a life insurance policy is to take care of your loved ones, shopping based primarily on price could be a good idea. However, if you want your policy to serve as an investment vehicle or as part of your retirement savings plan, other factors should be considered as well. Before purchasing life insurance, talk to a financial consultant who can help you think through all of these considerations.