Best Voluntary Life Insurance Providers in 2025 (Top 10 Companies Ranked)

United Healthcare leads the pack among the best voluntary life insurance providers, with great rates and full coverage choices. Aetna and Ambetter are close runners-up, praised for their budget-friendly prices and favorable policies.

In a field where savings and reliability matter most, these companies shine as top providers. They offer quality voluntary life insurance for individuals and families, making them trusted leaders. Explore our top 10 picks to find the perfect voluntary life insurance plan for you and your family.

Our Top 10 Company Picks: Best Voluntary Life Insurance Providers

Looking for the best voluntary life insurance provider? Our top picks offer competitive discounts, solid financial ratings, and tailored benefits. From UnitedHealthcare’s loyalty discount to Aetna’s multi-policy savings, find the perfect coverage for your needs among our top 10 choices.

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#1 – United Healthcare: Top Overall Pick

Pros:

• Competitive Rates: United Healthcare insurance reviews offers competitive premium rates, making quality life insurance more accessible and affordable.
• Diverse Coverage Options: Diverse Coverage Options: United Healthcare offers a wide range of coverage options tailored to individual needs, ensuring comprehensive Protection.
• Additional Benefits: In addition to life insurance coverage, United Healthcare may offer valuable supplementary benefits such as wellness programs or discounts on healthcare services.

Cons:

• Potential Premium Increases: Policyholders should be aware of the possibility of premium increases over time, which could affect long-term affordability.
• Limited Customization: While United Healthcare offers diverse coverage options, some policyholders may find customization options limited compared to other providers.

#2 – Aetna: Best for Multi-Policy Discount

Pros:

• Competitive Rates: Aetna life insurance reviews offers affordable premium rates, making life insurance accessible to a wide range of individuals.
• Flexible Coverage Options: With a variety of coverage options available, Aetna allows policyholders to tailor their insurance to meet their specific needs.
• Convenient Online Tools: Aetna’s user-friendly online platform allows for easy policy management and access to resources, enhancing the overall customer experience.

Cons:

• Limited Policy Customization: While Aetna offers various coverage options, some policyholders may find customization options lacking compared to other providers.
• Exclusions and Limitations: Certain medical conditions or lifestyle factors may result in exclusions or limitations in coverage, potentially affecting the comprehensiveness of the policy.

#3 – Ambetter: Best for Group Discount

Pros:

• Affordable Premiums: Ambetter offers competitive premium rates, making life insurance accessible to budget-conscious individuals and families.
• Transparent Policy Information: Ambetter life insurance reviews offers clear and concise policy information, helping policyholders understand their coverage and benefits.
• Strong Provider Network: Ambetter provides access to a vast network of healthcare providers, ensuring policyholders have ample choices for medical care.

Cons:

• Coverage Restrictions: Some policyholders may encounter coverage restrictions or limitations based on pre-existing conditions or lifestyle factors.
• Complex Enrollment Process: The enrollment process for Ambetter life insurance can be cumbersome, requiring detailed information and documentation.

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#4 – Cigna: Best for Annual Payment Discount

Pros:

• Extensive Network: Cigna insurance reviews boasts a vast network of healthcare providers, ensuring policyholders have access to quality medical care.
• Customizable Policies: Cigna offers flexible life insurance policies that can be tailored to meet individual needs and preferences.
• Wellness Programs: Cigna provides various wellness programs and resources to support policyholders in maintaining a healthy lifestyle and preventing illness.

Cons:

• Limited Availability: Cigna’s life insurance products may not be available in all regions, restricting access for individuals residing in certain areas.
• Complex Underwriting Process: The underwriting process for Cigna life insurance can be lengthy and complex, requiring detailed medical information and documentation.

#5 – Humana: Best for Safe Driver Discount

Pros:

• Health and Wellness Incentives: Humana offers various health and wellness programs, providing incentives for policyholders to maintain a healthy lifestyle and potentially lower premiums.
• Competitive Rates: Humana provides competitive life insurance rates, making it an attractive option for individuals seeking affordable coverage.
• Flexible Policy Options: Humana insurance reviews offers a range of flexible policy options, allowing policyholders to customize their coverage to suit their specific needs and budget.

Cons:

• Geographic Restrictions: Humana’s life insurance products may not be available in all geographic regions, limiting access for individuals residing in certain areas.
• Policy Restrictions: Some Humana policies may come with certain restrictions or limitations, such as exclusions for pre-existing conditions, which could impact the comprehensiveness of coverage.

#6 – Kaiser Permanente: Best for Bundling Discount

Pros:

• Integrated Healthcare System: Kaiser Permanente offers a seamless integration of life insurance with their healthcare services, providing convenience and comprehensive coverage for policyholders.
• Member Benefits: Policyholders may access various member benefits, such as discounts on health services and wellness programs, enhancing the overall value of their coverage.
• Robust Provider Network: Kaiser Permanente insurance reviews boasts a vast network of healthcare providers, ensuring access to quality medical care and services for policyholders nationwide.

Cons:

• Membership Requirements: To qualify for Kaiser Permanente life insurance, individuals may need to meet specific membership criteria or enroll in a Kaiser Permanente healthcare plan, which could pose barriers for some applicants.
• Premium Costs: While Kaiser Permanente emphasizes preventive care, the cost of life insurance premiums may still be relatively higher compared to other providers, depending on the level of coverage and individual health factors.

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#7 – BlueCross BlueShield: Best for Non-Smoker Discount

Pros:

• Member Discounts: Exclusive discounts on healthcare services add extra value to BlueCross BlueShield insurance policies.
• Wellness Incentives: BlueCross BlueShield integrates wellness programs to promote healthy living and potentially lower premiums.
• Customizable Plans: Policyholders can tailor their coverage to fit their specific needs and budget, providing flexibility.

Cons:

• Limited Portability: Transferring coverage to new employers may be difficult, causing disruptions in continuity of care.
• Complex Plan Selection: The multitude of plan options may confuse some applicants, making it challenging to choose the right coverage.

#8 – Prudential: Best for Senior Discount

Pros:

• Competitive Rates: Prudential offers competitive premiums, providing affordability without compromising on quality coverage.
• Extensive Coverage Options: A wide range of coverage options ensures that individuals can find a policy suitable for their unique circumstances.
• Superior Customer Service: Prudential life insurance reviews is known for its exceptional customer service, offering prompt assistance and support to policyholders.

Cons:

• Medical Underwriting: Individuals with pre-existing health conditions may face stricter underwriting criteria, resulting in higher premiums or coverage limitations.
• Complex Policy Structure: The complexity of certain policy features may make it challenging for some individuals to fully understand their coverage.

#9 – Molina Healthcare: Best for Healthy lifestyle Discount

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Pros:

• Affordable Premiums: Molina Healthcare offers competitive rates, making life insurance accessible to a wide range of individuals.
• Simplified Application Process: The streamlined application process ensures quick and easy enrollment for policyholders.
• Comprehensive Coverage: Molina Healthcare insurance provides comprehensive coverage options, including term and permanent life insurance policies.

Cons:

• Limited Coverage Options: MolinaHealthcare may have fewer coverage options compared to larger insurance providers, limiting choices for policyholders.
• Potential Network Limitations: Some policyholders may encounter limitations in provider networks, especially in rural or remote areas.

#10 – Oscar Health: Best for Claims-Free Discount

Pros:

• Member Rewards Program: Oscar insurance reviews offers incentives and rewards for healthy lifestyle choices, promoting overall well-being.
• Transparent Pricing: Clear and transparent pricing structures help policyholders understand their premiums and coverage benefits.
• Telehealth Services: Access to virtual healthcare services allows for convenient medical consultations and support.

Cons:

• Limited Coverage Availability: Oscar’s life insurance options may be limited compared to larger insurance providers, restricting choices for some individuals.
• Digital Dependency: Reliance on digital platforms for policy management may pose challenges for individuals who prefer traditional communication methods.

When you’re ready to look at life insurance quotes, feel free to enter your ZIP code above into our free comparison tool.

Voluntary Life Insurance

Voluntary life insurance is an employer-sponsored program that pays out a death benefit if the insured were to die while the policy is in force.

Employer-based insurance programs can typically be cheaper than traditional life insurance because the insurer spreads the risk across a large group of people. Some employers pay for a base level of coverage and then allow the employee to purchase additional coverage.

This can come in handy for people who work in professions viewed as more dangerous by insurers.

Some of the occupations that may benefit most from a voluntary life insurance policy include:

• Commercial fishers
• Logging workers
• Roofers
• Pilots

Jobs with a higher mortality rate will often find it harder to buy affordable life insurance. So, people with the above occupations’ best bet to save might be through an employer-sponsored plan. It’s also a good choice if you don’t qualify for life insurance elsewhere.

Plus, as the name implies, enrolling in the program is entirely optional. Your premiums are automatically taken out of your check each month, so you don’t have to worry about late payments.

Voluntary Life Insurance Monthly Rates by Coverage Level

When considering voluntary life insurance, it’s crucial to explore the unique features and advantages of UnitedHealthcare plans. UnitedHealthcare offers comprehensive coverage and competitive group rates, making it a top choice for employers looking to offer valuable benefits. With UnitedHealthcare, individuals benefit from cost-effective premiums and tailored coverage options, providing financial security for themselves and their families.

Voluntary Life Insurance Is Worth It

Is voluntary life insurance worth it? Not only will voluntary life insurance help protect against any accidents in the workplace, but it also undercuts traditional life insurance rates by providing a group rate. Because of this, voluntary life insurance becomes instantly more valuable to a wide range of people.

Even if you don’t work in a hazardous environment, voluntary life insurance can help you get around other factors that might raise your insurance rates, including:

• Old age
• Medical conditions
• Smoking or dangerous habits

Rates for a voluntary plan are the same for everyone, regardless of individual risk factors.

When a group of employees all pay into the policy, then the insurer won’t lose nearly as much money if one person passes away. For example, a voluntary life insurance policy can lower the average premium by anywhere from 10% to 20%. The average monthly cost of a life insurance policy is $40 to $55, although it can be higher depending on the level of coverage the applicant wants.

Read More: Does your occupation affect the price of life insurance?

Other Top Companies Offer Voluntary Life Insurance

Many insurers are still willing to offer voluntary life insurance for your company. Some of the top life insurance companies include:

• Prudential
• Guardian
• Liberty Mutual
• MassMutual

If you plan to offer your employees an insurance plan through your business, any of the above companies would be a good place to start.

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Keeping Voluntary Life Insurance After Leaving Your Job

Can I keep my voluntary life insurance if I leave my job? The one downside of voluntary life insurance is that your coverage will last only for as long as you have that job. If you leave that employer for any reason, you won’t be able to keep your group life insurance policy with that employer.

Because the life insurance company is underwriting your employee base as a whole, it makes sense your policy wouldn’t follow you. Since you are no longer a part of the whole workforce for that employer, the insurer will strongly prefer to underwrite you as an individual.

Some options before and after you leave your voluntary life insurance policy include:

• Signing up for an individual policy
• Going to a new employer that offers group life insurance
• Transfer your current plan to a new employer

If you need to leave a workplace, you should feel free to do so. However, having a life insurance policy as a benefit should be a consideration.

Exploring Alternatives for Voluntary Life Insurance

As with most life insurance products, there are further options that your employer can provide. Some of these choices will impact your coverage amount, premiums, and the length of your policy.

Aetna Life Insurance offers various additional options for voluntary life insurance, much like other providers in the industry. These supplementary choices provided by your employer can have a significant impact on factors such as coverage amount, premiums, and policy duration. By exploring the offerings from Aetna, individuals can tailor their voluntary life insurance to better suit their specific needs and circumstances.

If you’re unsure, consider discussing your options with an insurance agent.

Understanding Voluntary Term and Permanent Life Insurance

So, What are voluntary term life insurance and permanent life insurance? As with all life insurance policies, you’ll be the one who chooses the type of policy, as long as your employer offers both options.

A voluntary term policy would be an insurance policy that only lasts for a specified period of time. It’s a good choice if you need larger amounts of coverage for a short time, such as when starting a family or business. The death benefit will pay out as long as you die during that term period.

On the other side, a voluntary permanent insurance policy also known as voluntary whole life insurance would last from the day you pay your first premium until you pass. As long as you pay for the costs, you can expect your insurer to pay out a death benefit when you pass away.

When considering voluntary life insurance vs basic life insurance, it’s important to note that voluntary coverage is typically offered through employers, providing employees with the option to purchase additional coverage beyond what is provided by the employer. On the other hand, basic life insurance is a standard policy that individuals can purchase independently from insurance providers.

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Voluntary Life Insurance and AD&D

According to Vanderbilt University, accidental death and dismemberment is an insurance policy taken out by an insurer if someone dies or is severely injured at work. If this happens, the insurer pays out an agreed-upon amount to that person or their family.

Some sites state that if you already have a voluntary life insurance program, you may not need a voluntary accidental death & dismemberment plan as well. However, it may benefit an insurer to give the employee the most choices available. (For more information, read our “Accidental Death and Dismemberment vs Life Insurance: Which is better?“)

Accelerated Death Benefits

What is the fastest life insurance payout? In terms of the fastest life insurance payout, some policies offer accelerated death benefits or living benefits, allowing policyholders to access a portion of their death benefit while they are still alive if they are diagnosed with a terminal illness or critical illness. These payouts can provide financial support during a difficult time, offering peace of mind and assistance with medical expenses or other needs.

Benefits of Voluntary Life Insurance vs. Term Life Insurance Accelerated Death Benefits

Traditional term life insurance and voluntary life insurance are basically the same. If you have the option of getting one or the other, you can rest a little easier knowing that both policy types offer:

• A death benefit that pays to your beneficiary when you die
• Level premiums for the length of your policy
• The ability to cancel at any time

Read more: Who gets life insurance if the insurance company can’t find the beneficiary?

It’s important with any new life insurance policy that you’re aware of how much you’ll be paying vs. what you’ll get from it. Many insurance companies, be they voluntary or private, will be happy to help you get a quality policy over one that you’d have to cancel later.

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Exploring the Top Insurance Companies: Popularity, Wealth and customer Satisfaction

When it comes to the the question of who is the most popular insurance company, several insurance companies have earned widespread recognition for their comprehensive coverage and exceptional service. However, determining who is the richest insurance company requires an examination of various financial metrics, including assets, revenue, and market capitalization.

Additionally, assessing which insurance company has the fewest complaints involves analyzing customer satisfaction ratings, complaint data from regulatory agencies, and industry surveys. Each criterion offers valuable insights into the overall performance and reputation of insurance providers, helping consumers make informed decisions when selecting coverage.

Distinguishing Term Life Insurance from Voluntary Coverage 

If your policy is a voluntary term life policy, there aren’t really any differences in terms of coverage from traditional term life insurance. The only real differences are that you will likely pay less, and that your coverage may not be portable.

Some insurance programs through employers may have the option to let you keep coverage, known as portability, but there is no guarantee. However, when you choose a life insurance policy through your employer, you can save at the cost of giving up some choices about your life insurance.

Read more: How to Choose a Life Insurance Beneficiary

Case Studies: Top Voluntary Life Insurance

Explore real-life scenarios showcasing the importance and benefits of voluntary life insurance. These case studies illustrate how individuals and families can tailor their coverage to meet specific financial needs and provide security for their loved ones.

• Case Study #1 – John’s Story: John, a 35-year-old software engineer, enrolled in voluntary life insurance offered by his employer to protect his family financially. After comparing options, he chose a policy covering five times his annual salary. Tragically, he passed away from illness years later, but his family received a substantial death benefit, covering funeral expenses and ensuring financial stability.
• Case Study #2 – Sarah’s Experience: Sarah, a 28-year-old marketing professional, married and started a family. Concerned about their financial security, she researched voluntary life insurance policies independently. Sarah sought a policy covering her mortgage and supporting her children’s education. After comparing options, she chose a policy matching her mortgage duration. This decision proved beneficial when she lost her job, as the death benefit helped with mortgage payments and provided for her children until she found new employment.
• Case Study #3 – Michael’s Decision: Michael, a 45-year-old small business owner, sought to protect his business and ensure its continuity in case of his untimely demise. He explored voluntary life insurance options to safeguard both family and business interests. After consulting a financial advisor, he chose a policy combining personal and key person coverage. Later, diagnosed with a critical illness, Michael temporarily stepped away from the business. His voluntary life insurance policy provided a death benefit, covering medical expenses and funding a temporary replacement until his recovery.
• Case Study #4 – Emily’s Planning: Emily, a 40-year-old single parent, prioritized her children’s financial security in case of her absence. As the sole breadwinner, she understood the need for a voluntary life insurance policy to cover ongoing expenses and education costs. After careful consideration, Emily chose a policy with a death benefit surpassing her annual income and added a rider for college education expenses. This comprehensive coverage allowed Emily peace of mind, knowing her children would be well taken care of even if she were no longer able to provide for them.
• Case Study #5 – James and Maria’s Choice: A married couple in their early 50s, James and Maria, sought to protect their retirement assets. They explored optional life insurance plans to provide extra income during retirement. They chose a policy with a cash value accumulation feature, allowing them to access a portion of the death benefit as a retirement income stream. This decision gave them confidence to retire comfortably, knowing they had a reliable source of income to support their lifestyle throughout retirement.

Voluntary life insurance offers peace of mind and financial protection in various life situations. From safeguarding family finances to ensuring business continuity and planning for retirement, these case studies highlight the versatility and value of voluntary life insurance in securing the future.

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Voluntary Life Insurance: The Bottom Line

Many life insurance companies offer voluntary life insurance, and employers are more than happy to provide that coverage if it’s needed. While not everyone will decide to opt-in for coverage, voluntary life insurance is an excellent way to save on life insurance premiums.

If you’re looking for quotes to compare voluntary life insurance at work to private life insurance, enter you ZIP Code into our free quote tool to see what you could pay.

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