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Best Life Insurance in Washington of 2022

Amanda Hester

If you pass away, would your children and dependents be able to manage financially without you? That can be a tough situation to think about, but life insurance can ease the stress of such circumstances. Life insurance is not only the keystone of a solid financial plan, but it’s also a very cost-effective way of protecting the people who depend on you financially. 

To help you with the process of choosing a life insurance plan, we reviewed and compared the top life insurance companies based on policy pricing, available options, customer support, financial strength, and overall quality.

Flexibility to adjust coverage throughout your term

$8,000,000

Coverage Up To

No (up to $3M)

Medical Exam

Overview

With Ladder, you can customize your insurance coverage depending on your unique needs throughout your term. You can remove coverage when necessary and apply to add more. Rates start from $4.95/month based on a 20-year-old female for a 10-year term, preferred plus health class.

What we like

  • Flexibility to adjust coverage throughout the term
  • Quick and simple coverage you can manage online
  • No medical exam required for coverage up to $3M

What we don't

  • No riders are availabe
  • Coverage ends at 70 years of age

Budget friendly life Insurance with quick approval

$2,000,000

Coverage Up To

Not Required

Medical Exam

Overview

At Ethos, your journey to life insurance just got easier. Offering a simple and convenient process, applicants can access plenty of terms and coverage plans.

What we like

  • 100% online and hassle-free application process
  • Budget-friendly plans
  • No cancellation fees

What we don't

  • Term coverage available for over the age of 65

Customizable life insurance policy to fit every life stage

$2,500,000

Coverage Up To

Not Required

Medical Exam

Overview

When you apply online, you can obtain instant coverage that starts from $9 per month. Medical exams are not required and policies are flexible according to your needs.

What we like

  • Personalized life insurance policies
  • Completely online experience
  • Adjust your coverage as your life changes
  • Track outstanding debts and reduce premiums as needed

What we don't

  • Issue age of 18 to 45 only
  • Serious pre-existing health conditions not covered

Life insurance with a complete online application process

$3,000,000

Coverage Up To

May Need

Medical Exam

Overview

Haven Life simplifies the insurance application process to learn about your coverage options. There are two products: Haven Simple and Haven Term. Haven Simple requires no medical exam and has a lower coverage amount, and Haven Term may require a medical exam and has more options for coverage.

What we like

  • Healthy individuals will get cheaper premiums
  • 100% online application - no need to talk to an agent
  • Wide range of coverage options
  • Haven Term has various riders
  • No medical exam for Haven Simple

What we don't

  • Only offers term life insurance
  • Only selected regions are eligible for riders

Rewarding healthy lifestyle choices with better premiums

$3,000,000

Coverage Up To

May Need

Medical Exam

Overview

Sproutt uses their Guided Artificial Intelligence Assessment (GAIA) platform to evaluate individuals based on their movement, sleep, balance, nutrition, and emotional health to make an informed decision on life insurance coverage. The agency will reward you with lower premiums as you improve your lifestyle choices towards a healthy one.

What we like

  • Improving lifestyle choices will get lower premiums
  • The healthier you are, the more competitive your rate will be
  • Personzlied suggestions on lifestyle improvements

What we don't

  • If you are a smoker, you will end up paying more
  • May have to contact an agent for whole life insurance

Easy going application with no medical exam

$1,500,000

Coverage Up To

Not Required

Medical Exam

Overview

Bestow determines the monthly premium for individuals based on how long a term they are looking for, their current health, and various other factors. You can receive a quote and determine the amount of coverage you are eligible for in minutes with no medical exam - you'll save yourself the hassle of going to appointments.

What we like

  • No medical exam
  • Individuals who do not smoke get better premiums
  • Flexible policy terms with coverage
  • Simple and straightforward application process

What we don't

  • No coverage for people over the age of 60
  • Only term life insurance is offered

Affordable life insurance coverage

$1,000,000

Coverage Up To

Not Required

Medical Exam

Overview

Walnut’s life insurance policies come with optional perks that include memberships to wellbeing services such as Headspace and Classpass. This provides you with tools to help live a healthier lifestyle.

What we like

  • Complete digital experience
  • Easy online application
  • Transparent pricing
  • No medical exam
  • Membership perks

What we don't

  • Low coverage for high-risk applicants
  • Coverage based on individual factors

What is the cost of life insurance in Washington?

The cost of life insurance varies depending on the insurance provider, their underwriting process, your age, your state of health, and your lifestyle. However, your rates might differ if you are a smoker because smokers cost more to insure due to a high-risk factor. On average, life insurance costs $55 per month and $655 per annum in the state of Washington.

How are life insurance rates determined in Washington?

The rates and terms of life insurance vary by provider and policy. Thus, it’s vital to take time to understand the factors that are considered when determining life insurance rates. For example, females tend to live about seven years longer than men, and that translates to a less expensive plan for women. However, this life expectancy difference gap is starting to close, which may also impact insurance rates too. 

Age is a fundamental factor in pricing your life insurance rates because life insurance carriers tend to correlate age with health. Thus, the younger you are, the healthier you are expected to be and that often translates to lower premiums. Furthermore, many insurance carriers require a physical exam or will ask questions to determine your health. The healthier you are, the more affordable the insurance plan will be. However, if you are a heavy smoker, your rates will be significantly higher than non-smokers. 

Your lifestyle will also sway the cost for your insurance premiums. For example, those who venture out into more dangerous parts of the world and enjoy activities like scuba diving, skydiving, and racing cars are more likely to pay a higher insurance premium.

Difference between term and whole life insurance in Washington

When getting life insurance, there are some essential aspects to consider. For example, do you want term or whole life insurance? Here’s what you should know about the differences between term and whole life insurance:

  • Length of coverage: Term life insurance offers coverage for a specific death benefit over a set period like 10, 15, 20, or 30 years. As such, policyholders can have coverage for certain stages of their lives, like when your children are depending on you financially. On the other hand, whole life insurance is permanent coverage that covers you for an entire lifetime. 
  • Death benefits: Term life insurance offers a death benefit to your beneficiary upon your demise. However, if the term is complete and you are still alive, the policy becomes worthless. Some insurance companies may offer you the option to convert your policy to a permanent one (but at a higher price). On the contrary, whole life insurance provides death benefit proceeds regardless of when you will pass away.
  • Cash value: While term life insurance is more affordable, it doesn’t have the option of cash value build-up. With whole life insurance, your coverage can accumulate a guaranteed cash value. 

What does life insurance cover in Washington? 

If you’re married and/or have a child, life insurance can help your loved ones feel financially secure after your demise. Some things a life insurance premium can be useful for include:

  • Final expenses
  • Charitable donations
  • Federal and estate taxes
  • Inheritance for your heirs
  • Lost income
  • Living expenses
  • Savings for retirement
  • College tuition

Essentially, life insurance is designed to help your loved ones to cope financially upon your death. The insurance carrier will pay a cash benefit to the designated beneficiaries if the insured person dies while the plan is in effect. Typically, death by natural causes, illnesses, most accidents, and suicides are covered by life insurance. 

However, it’s crucial to answer questions your provider asks honestly and accurately when applying. Otherwise, it may be a devastating impact on your beneficiaries as it could affect whether your insurance provider is able to pay out a claim on the policy in full. 

Note that some life insurance plans also entail living benefits for the policy owners such as cash value, loans, and optional riders.

How to choose the best life insurance plan in Washington

Several insurance plans are available in Washington, and you may be overwhelmed by the various options. Before finalizing your decision for a plan, keep the following factors in mind to help you choose the best life insurance plan:

  • Age: Your age is a crucial element in determining the life insurance plan you choose and even the options available to you. For instance, the younger you are, the more options you will have to choose from. Also, for some term life insurance plans, the eligibility cut off to be insured is at the age of 60. 
  • Your budget and income: Relatively, term life insurance tends to be more affordable than whole life insurance. That might be attributed to the plan being in effect for a predetermined period and no cash value component. So, if you are budget-sensitive, you may consider the term life insurance (or starter life insurance) that allows you to get a convenient plan and fits your budget. If you earn a higher income, you might want to consider the whole life insurance that offers an array of options, features, and benefits.
  • Life insurance plan and riders: You may want to consider plans that offer additional features and benefits, such as riders. A rider is a provision of a plan that often adds benefits to your coverage. It can customize coverage, making the plan suitable for your needs. Examples of riders include accelerated death benefits, which allow you to claim the benefits while still alive if you’re diagnosed with a severe or terminal illness, disability waiver of premium riders, guaranteed insurability rider, or accidental death benefit riders.