Where To Buy Life Insurance (2022)
If you need affordable life insurance, learning where to buy life insurance will get you the coverage you need. A low price tag shouldn't be the first thing you look for when shopping for insurance. Instead, consider quality companies like State Farm, Prudential, and Mutual of Omaha.
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UPDATED: Jan 12, 2022
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- Life insurance is a great tool that can provide a financial cushion for your loved ones after you pass
- You can shop for the best life insurance quotes online
- You should always compare at least 5 insurance quotes before purchasing a policy
The times they are a-changin’ but even in periods of uncertainty, there are still steps you can take to protect your loved ones’ financial futures. While you can’t control everything that happens around you, you can take the lead when shopping for a whole life insurance policy.
If you need affordable life insurance, knowing where to buy life insurance is the first piece you need to launch your insurance shopping venture. With this knowledge in hand not only will you be able to find the best life insurance companies with rates that stay the same, but you’ll also be able to get the coverage you need.
Luckily, if you didn’t know where to buy life insurance, free life insurance quotes are available at the click of a button. Enter your ZIP code into this free tool if you want to learn where to buy life insurance and get free quotes from insurance companies near you.
Where can you buy life insurance?
If you think you need to buy life insurance, knowing where to buy life insurance is very important. Buying a life insurance policy is a relatively easy task, but it should never be a thoughtless one.
You should resist low prices when being presented with a policy; instead, aim to buy a quality life insurance product that is also affordable. While such policies may not be the cheapest, they typically provide more bang for your buck, and you have the added benefit of knowing that you have invested your money with a reputable and reliable company.
If you’re on the hunt for a good life insurance company, learning where to buy life insurance is key to your success. There are several life insurance companies on the market, but three of the very best are:
- State Farm Life Insurance
- Prudential Life insurance
- Mutual of Omaha Life insurance
These three companies have been in business for years, and each one is a giant in the insurance industry. Of course, these companies are by no means identical. All three have their own unique qualities that make them stand out.
State Farm Life Insurance
Founded in 1922, State Farm has worked for years to offer protection for all your needs. Not only has this illustrious company been long recognized as a respectable company, but it also has an A++ rating from AM Best, and it offers a variety of life insurance products.
When you shop State Farm’s products, you’ll be able to choose between whole life, term life insurance, and universal life policies. You can even customize your policy with different coverage options and riders so your specific needs are met.
For example, if you were to purchase a term life policy from State Farm but decided that what you really needed was permanent coverage, you would be able to convert it to such a policy without a medical exam. If you wanted to avoid medical exams altogether, you have that option too. State Farm has products available that would let you purchase up to $50,000 in coverage without undergoing any blood tests or answering any health questions.
It is important to note that these types of policies are only eligible for applicants who are between the ages of 16 and 45. If you are shopping for a specific type of insurance, like a final expense policy that is intended to help cover your burial costs when you pass away, then you’re in luck because State Farm has those available too.
You can get up to $10,000 in coverage with such a policy, and that will cover the average costs of a burial which the National Funeral Directors Association determined is $7,848. Now, that figure only denotes the cost of a burial and viewing — it doesn’t contain the amount that would be necessary to purchase a burial plot or a headstone.
Prudential Life Insurance
First opening its doors for business in 1873, the Prudential Insurance Company has been a pillar of the insurance industry for decades, but it is by no means stuck in the past. You can get quotes for policies, pay your monthly rate, and even change your beneficiary online.
Prudential has an A+ rating from AM Best, and this company also offers has many reliable life insurance policies to offer you. Not only can you choose between a term policy or an indexed universal life insurance policy, which provides some cash value as well as a death benefit and offers coverage starting at $25,000, but the riders you can add to your policy of choice are nothing to sneeze at either.
You can add excellent riders like a living needs benefit or an accidental death benefit to your policy so it is the best that it can be.
Mutual of Omaha Life Insurance
In the business of providing insurance protection since 1909, Mutual of Omaha certainly has been a leader in the insurance industry which means that it has an expansive selection of life insurance products for you to choose from. If you are between the ages of 18 to 80, you can apply online if you are interested in purchasing a term policy with up to $100,000 in coverage.
Mutual of Omaha also has guaranteed issue whole life insurance policies, which means that you don’t need to have a medical exam to get coverage. If you buy such a policy online you can get up to $25,000 in coverage, no questions asked.
Parents who are already concerned about their children’s financial prospects can also reach out to Mutual of Omaha to procure a policy for their children as well. AM Best gave this company an A+, so purchasing a policy for your child through Mutual of Omaha would not be a risky investment.
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What makes an applicant uninsurable for life insurance?
If you’ve decided which company you want to purchase a policy from, the next thing you’ll need to learn about are the application classes. These classes help the insurance companies decide what rates they’ll offer you for the amount of coverage you would like to obtain.
Insurance companies take this risk assessment very seriously too. You can take a look at the different classes here:
Health Insurance Classes and Their Health Requirements
|Class||Personal Health||Family History|
|Preferred||Nonsmokers in great health with a minor condition||Minor health conditions in family history|
|Preferred Select||Nonsmokers in great health||No family history of health conditions|
|Preferred Smoker||Smokers in great health||No family history of medical conditions|
|Standard||Nonsmokers with average health||Some medical problems in family history|
|Standard Plus||Nonsmokers in good health with a few minor health conditions||Minor conditions in family history|
|Standard Smoker||Smokers in good health||Some medical conditions in family history|
|Table Rating||Poor health||Medical conditions in family history|
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It’s important to remember that every insurance company is different; however, staying in good health is a strategy that will keep you in good standing with any insurance company you apply to. On the other hand, if you smoke, live an otherwise unhealthy lifestyle, or have a criminal record, you could be outright denied for a policy. Below is a list of typical reasons that an insurance company may deny you coverage:
Health Conditions and Lifestyles That Can be Reasons for Denial
|Anxiety or depression||Alcohol abuse|
|Cancer||Aviation (Occupational or as a hobby)|
|Family history of cancer or cardiac arrest before 60||Dangerous jobs|
|Heart disease||DUIs or reckless driving|
|Hepatitis C||High-risk hobbies|
|High blood pressure||Marijuana or drug use|
|Stroke||Travel to high-risk areas|
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Even healthy individuals who work certain jobs, like truckers, loggers, or farmers, can be denied coverage because of how dangerous those jobs can be.
Adrenaline junkies can expect to face extra scrutiny too when applying for a life insurance policy. For example, if you regularly race your car or go skydiving, you could either be denied coverage or, at the very least, need to purchase more coverage than you intended.
Buying Life Insurance: What You Need to Know
If you need cheap life insurance rates knowing where to buy life insurance can make all the difference. Companies like State Farm, Prudential, and Mutual of Omaha have a wide variety of products that can provide you with the coverage you need at the rates you want.
Of course, getting good rates can also come down to your job and your lifestyle. Eating healthy and staying active are great ways to keep your life insurance rates low; however, if you are worried about taking a medical exam you can always purchase a guaranteed life insurance policy instead.
Shopping online is the simplest way to find a great policy, but you should compare at least 5 quotes before you decide to purchase one.
Enter your ZIP to get free life insurance quotes if you are undecided as to where to buy life insurance for you and your family.