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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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:
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.
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: