Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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If your goal is to find the best life insurance at an affordable price, you will need to consider a number of factors. The type of coverage you are looking for and the amount of coverage are two of them.

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You also want to be sure that the insurance company you are considering is one that can pay out on your policy if your beneficiary makes a claim.

Best Life Insurance: Coverage Available

Life insurance companies offer a number of products to their customers. If you are looking for the most affordable way to replace your income and protect the ones you leave behind, consider buying a term life insurance policy.

With this option, you are buying coverage for a set time only. Once this term expires, you may have the option of extending the coverage for another one or transferring it to a whole life policy. At that point, your premiums will likely increase.

The best time to buy term life insurance coverage is when you are young and relatively healthy. Life insurance will not cover a loss that stems from a pre-existing condition, and if you choose a policy that runs for a short time only, you may be able to get better pricing from your insurance provider. Term insurance is available for various terms; you can get coverage for five years or up to 20 years.

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Best Life Insurance: Policy Limit

When you are looking for life insurance, you also need to determine what level of coverage you need. This is protection you buy to replace your income if you die. Ideally, you want to buy enough coverage to cover this amount for several years.

It’s not uncommon for people to buy coverage at a level that represents 10-20 years of income. When you are considering getting life insurance coverage, ask for quotes for coverage for the amount you have decided on, and for the next level of coverage. For example, if you decide you want to buy $200,000 in coverage, get quotes for this level and for $250,000 or $300,000 in protection. You may find that going to the next level doesn’t cost a lot more.

If you are in your prime earning years and have a mortgage and minor children, you will need a higher level of coverage than a single person with no dependents. That person may not need life insurance unless he or she is planning for the future.

You should still have coverage in place to cover funeral expenses and any debts you have incurred. The life insurance coverage can also be used to provide support for older parents or other relatives who need support.

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Best Life Insurance: Company Stability

Another part of looking for the best life insurance coverage is finding an insurance company that is well established and has the financial resources to pay out if your beneficiary needs to file a claim against the policy. Before buying the policy, take the time to check out the insurance company web site to check out the “About Us” or “Company History” page.

This part of the web site can provide you with some good information, including how long the insurance company has been in business. Ideally, you want to find a life insurance company that has been in business for a number of years.

Checking out the insurance company’s web site will also give you an idea of how well it treats its customers. You want to be dealing with a company that has customer service representatives available to deal with your questions or concerns. A company that deals with claims in a timely manner is what you should be looking for; your beneficiaries will be making a claim at a time when they are already stressed out over their loss.

To check on an insurance company’s financial health, check out the company’s rating with one of the companies that evaluates insurers. Visit the Standard & Poor’s or Moody’s web sites to find out more about the work they do in evaluating how well an insurance company would be able meet its financial obligations.

Ultimately, the best life insurance company is the one that can provide you with the level of coverage you need to protect your loved ones at an affordable price. Consider your options carefully and get quotes from a number of companies before you decide which one you want to deal with.

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