In 2017, it is time to start your search for the best affordable life insurance companies available Life insurance is one service that should be a part of everyone’s personal finance plan. But unfortunately, there are many individuals who don’t have this worthwhile form of insurance. This can be due to many factors such as having a health condition that makes it incomprehensible for them to be accepted by many life insurance providers to not being able to afford a life insurance plan that will provide the needs of their family members years down the road.
Forbes magazine explains that even though life insurance can be very expensive, it can also be surprisingly affordable. So if you have backed out of getting a life insurance policy for yourself because you thought you couldn’t afford it, think again. Here are the 10 Best Cheap Life Insurance Companies for 2017 for you to consider.
Individuals who have serious health issues often give up when it comes to looking for a good life insurance option. They will either settle for a very expensive policy, or they will choose to not enroll at all. But the good news is that there are affordable options available for people with present medical problems.
American General is often recommended for people who have Type 2 Diabetes because they will often approve these individuals for their Guaranteed Universal Life Insurance plan. This is one of the most affordable options for permanent life insurance out there. And it is guaranteed to 121. Rates range between $21 per month for a 10-year, $500,000 plan to $499 per month for a 30-year $5,000,000 plan.
Transamerica Life Insurance Company is the ideal choice for seniors who need to apply for life insurance. They offer one of the best rates for seniors over the age of 71, even those who have known health issues such as high cholesterol and high blood pressure.
Transamerica is also a good choice for applicants who smoke. If you are a regular smoker, looking for an affordable insurance plan, you will want to consider this company. While they are not the most affordable out of every life insurance plan listed here, they are typically considered one of the best when it comes to applicant approval. They offer 10-year, 20-year and 30-year plans for policies with a face amount ranging between $250,000 and $1,000,000.
Lincoln Financial Group
Seniors who need a life insurance plan that meets all of their needs and is affordable enough for someone on a fixed income should look into the policies offered by Lincoln Financial Group. It is also an excellent choice for diabetics, individuals with high cholesterol, and smokers.
Lincoln Financial Group is one of the highest rated life insurance companies in the industry. The company strives to offer the most affordable life insurance plans for seniors. Lincoln Financial Group is known for having some of the most copious underwriting necessities for their clients who are age 70 and older. This makes the Lincoln Financial Group one of the finest choices for cheap life insurance plans.
Another top-rated life insurance company in the US is American National. This company is continuously ranked as one of the cheapest life insurance companies in the industry. It is especially affordable for those who prefer longer term policies, and they offer great deals on 30-year term life coverage.
American National is a life insurance company that is often recommended for individuals that do not want to take any type of medical exam to get a policy. American General Life Insurance has several no medical exam policies for you to choose from. And even though these policies are typically more expensive than those that require a medical exam, American National still ranks as one of the most affordable life insurance companies around.
MetLife is one of the most well-known life insurance companies due to their abundance of television ads. The company has a great marketing plan but unlike many other insurance companies that are widely marketed in all types of media, MetLife offers affordable life insurance policies. They are exceptionally beneficial for active military personnel and offer discounted rates for our military men and women. They are also a top choice for individuals who have Type 1 Diabetes and other health issues.
Although MetLife does offer affordable life insurance plans for specific situations, they are typically not recommended for the average, healthy citizen as their plans may be more expensive than other providers.
Protective Life insurance is one company that you should not forget when you think about the 10 Best Cheap Life Insurance Companies for 2017. Protective may be the most affordable life insurance company around with rates as low as $14 for a 10-Year, $500,000 policy. They even offer a 10-Year $2,000,000 plan for just $45 a month.
There is just one drawback to the unreal rates that are offered by Protective Life insurance, the company is usually not liberal when an applicant has a serious health condition. So, this company is ideal for healthy individuals who want to take out an affordable life insurance plan. The good news is that they offer a Guaranteed Universal Life Insurance plan that ranges in price between $185 to $666 monthly.
SBLI is a life insurance company that allows customers to pay on an annual basis instead of monthly, which can be a great option for many people. You can also get an even lower rate by choosing to pay for your life insurance once a year. Their policies are typically very affordable and they are highly recommended for their service and support.
If you have a serious health condition, SBLI may not be the best choice for you. The company has been known to be very strict on their terms regarding medical history. You could even be turned down based on the seriousness of your health condition. If you fall into this category, it would be best to go with one of the other providers listed that is more liberal when it comes to your health.
The Principal Life Insurance Company is another great option for individuals with critical health issues. They are one of the cheapest companies around with very low prices without the need for blood tests or a medical exam. Also commonly known as a No Exam Life Insurance Company, The Principal makes the list as one of the 10 Best Cheap Life Insurance Companies around because they are the one company that offers plans up to one million dollars, with no exam necessary.
The Principal Life Insurance plans start at just $19.47 a month for a 10-Year, $250.000 policy. They also have a 20-Year, $500,000 life insurance plan that is available for $54.95 a month for the average non-smoking 45-year old male.
Mutual of Omaha
Mutual of Omaha may be your cheapest life insurance provider if your birthday falls within the next few months. That is because the company is an age vs. life insurance age company. An “actual age” policy will take the age that you are now and compare it to your life insurance age which dates you 6 months from now. Most companies will use your life insurance age to determine your rates, however, Mutual of Omaha does not do that.
Your policy with Mutual of Omaha is renewable up to the age of 95. There is an accelerated death benefit for terminal illness rider that provides an accelerated death benefit if the insured person can provide evidence that their life expectancy is one year or less the requested amount of the benefit may not exceed the lesser of $1,000,000, or 80% of their current death benefit.
North American Company
If you are looking for a high-quality life insurance company, then you should check out what North American Company Life Insurance has to offer. This company is known for their exceptional customer service and support. They have a wide range of policies available and they have been one of the best cheap life insurance companies for many years.
North American Company offers a 10-year, $500,000 life insurance plan for as little as $45.32. They also offer a 10-year, $1,000,000 policy that costs $79.64 per month. These rates are based on an average, healthy male that is a non-smoker and around the age of 50.
By taking advantage of the great low-cost policies offered by one of these exceptional life insurance companies, you are helping to take care of your loved ones and ensure that they will have the financial support they need even after you’re gone. Be sure to check out these suggestions for the 10 best cheap life insurance companies in 2017.
See also: Compare Life Insurance Rates