TAMPA, Fla., Aug. 30, 2024 /PRNewswire/ -- QuickQuote.com recently published its list of the 10 cheapest life insurance providers for low-income individuals.
Coming in as the number one cheapest provider is Bestow. Second is MetLife, and third is Allstate.
Each of these top 10 cheapest life insurance companies offers a first-year discount between 15% and 30%.
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Life Insurance is Possible for Low-Income Families
Low-income people often have to stretch their finances to pay monthly living costs. In this situation, it's common to put off life insurance for a time when money isn't so tight.
With these companies, buying life insurance can be a realistic opportunity even when people don't have much money. Each of these top 10 cheapest companies offers a first-year discount between 15% and 30%.
Melanie Musson, a nationally recognized insurance expert with QuickQuote.com, explains, "Term life insurance is a critical protection for low-income individuals. These low-cost providers should be considered because some policies start at less than one dollar a day."
Bestow Life Insurance
Bestow offers policies up to $1.5 million. They offer policies online and advertise that individuals can get a policy in about 10 minutes instead of the several weeks it can take to get a policy from competitors.
On the downside, bestow doesn't write policies for people over 60 years old, so they're not an option for a large demographic.
MetLife Through Employers
MetLife offers policies through employers that are often subsidized by the employer, making them a cost-effective option for low-income individuals.
The other perspective to that benefit is that MetLife doesn't write individual policies. However, they do allow policyholders to keep their policies even if they change employment.
MetLife stands out because it offers living benefits and family grief counseling.
Allstate Flexible Term Length
While some life insurance providers offer a maximum term length of 30 years, Allstate offers policies with terms of up to 40 years. Since Allstate provides many lines of insurance coverage, they can offer bundling discounts.
Allstate life insurance policies are only available in some states, which limits their potential customer base.
Necessity of Life Insurance
Term life insurance is one of the best ways an individual can prepare for the worst. It provides the means to pay off debt and support beneficiaries in case of untimely death.
Read QuickQuote.com's entire article here: Cheap Life Insurance for Low-Income Individuals in 2024 (Top 10 Low-Cost Companies).
SOURCE QuickQuote.com