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Best Life Insurance in West Virginia of 2024

Amanda Hester

For most people, life insurance seems to be one of those decisions you keep putting off to the point that you end up never getting a policy. But what would happen if you were to pass on unexpectedly without leaving a financial safety net for your loved ones? That could doom them to a life of constant financial struggle- a situation that could be easily avoided by getting affordable life insurance now!

Affordable term life Insurance coverage

$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
  • 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

Complete your application online

$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

What is the cost of life insurance in West Virginia?

The typical cost of life insurance in West Virginia is $590 per year or about $49 per month. However, that can vary from one insurance provider to the other. So, you should shop around to ensure that you get an affordable policy that fits your needs and those of your family. The cost can also vary based on your location of residence, medical status, occupation, or how much life insurance coverage you’re seeking. 

How are life insurance rates determined in West Virginia?

It’s vital to understand what will and won’t affect your insurance rates when getting life insurance. Understanding these aspects will help you choose the best affordable life insurance before committing to any policy. 

Let’s look at the primary pricing factors in detail:

  • Age- This is one of the most significant aspects of determining West Virginia insurance rates. The younger you are when purchasing coverage, the less expensive it will be. That’s because insurance carriers associate age with age-related medical issues and hence increased death risk.
  • Gender- Gender is the second-largest factor when insurance rates are determined. You’ll note that women will have affordable rates than men, primarily because they tend to live longer than men on average.
  • Tobacco Use- If you’re a heavy smoker, you might have to pay premium rates of up to 65% more than non-smokers. 
  • Driving Record- Insurance providers want to know that you aren’t a reckless driver. If you have a history of DUIs, DWIs, or speeding, you could be looking at higher insurance rates in West Virginia. 
  • Coverage Amount- The higher the coverage amount you buy, the more costly the policy. 
  • Term Length- The longer the term length, the more costly the policy. But if you lock your premiums in for a longer term, you will save money eventually. 

Difference between term and whole life insurance in West Virginia

One of the essential questions you should ask yourself when buying life insurance is the type of life insurance you should get. The most common ones are term life and whole life insurance. Here are their differences:

Term Life Insurance

Term life insurance is set for a specific amount of time, between 1-30 years. The policy will be in effect for the specified time, and if the time lapses, the plan expires. So, for example, if you have a term coverage with 30 year-term, and unfortunately, you pass on after 25 years, then your beneficiaries would collect the death benefit. 

But if you’re still alive after 30 years, then the policy becomes ineffective, and your beneficiaries wouldn’t be eligible for the benefits. Of course, you could renew the policy after 30 years, but the premiums might be high to reflect your current age and medical records. 

Whole Life Insurance

The death payout remains constant with whole life coverage and doesn’t depend on a set timeline. The insurance providers will pay out the proceeds no matter when the insured person passes on, provided you’ve paid the premiums as agreed in the life insurance contract. Note that some life insurance companies may require you to pay the premiums up until you die, others until a certain age, while others will accept a one-time lump sum amount. 

What does life insurance cover?

Most people get life insurance primarily for the financial safety net offered by the death benefit payout. Essentially, once the insurance provider pays the proceeds to your beneficiaries, they can use it for the family, start a business, or any other purpose. Most people often use the financial support for:

  • Funeral and burial expenses
  • Everyday expenses
  • Income replacement
  • Child or dependent care
  • Taking care of disabled family members
  • Outstanding debts such as paying off the home mortgage
  • Setting up a college education fund

Note that life insurance proceeds aren’t taxable (exceptions are rare). Thus, your beneficiaries will receive the total amount indicated in your life insurance policy. 

How to choose the best life insurance plan in West Virginia?

Choosing the best life insurance plan is a crucial decision. So, besides how hefty a premium rate you can afford, you should consider these factors to get the best life insurance plan in West Virginia:

Your age and income

If your loved ones rely heavily on your income to make ends meet, consider a plan that lasts until when you plan to retire. You could also choose a policy that will cover you until you have enough investments and savings for your loved ones to be secure without your income.

The age of your children

The education of your children or grandkids can be provided from life insurance benefits, either directly or in a trust. So, if you have children or plan to have them, a term life insurance of 15-30 years can provide security to your family. In addition, if you’d pass away during this time, the policy can cover your children’s college fees and upkeep.

If you don’t have young children and simply wants to leave a legacy or an inheritance, you could choose a whole life insurance plan with a cash value component.

Your outstanding debts

A life insurance plan should last at least as many years as you plan to spend paying off any outstanding debt such as mortgage, auto loan, or a substantial credit card debt. That could help protect your beneficiaries from being responsible for your debts if something happened to you.

Occupation

If you’re in a high-risk line of work such as construction, you could choose a term life plan with an accidental death rider. Conversely, if you’re in a deskbound line of work, you may consider a life insurance plan covering disability or critical illness that could interfere with your ability to work.