Life insurance ensures that your beneficiaries will get the death benefit if you die. Because there are numerous life insurance firms in Alabama and beyond, a little research can help you locate a suitable low-cost policy for your needs. TechyDeed evaluated policies from various companies to determine the average rate on life insurance rates in Alabama depending on the gender, age, and smoking experience. The top life insurance companies in Alabama for various areas are listed to help you select the perfect policy.
Best Cheap Life Insurance in Alabama
If you’re looking to purchase life insurance, be aware that the lower your insurance coverage is, the lower the policy. TechyDeed discovered that MassMutual could be the most cost-effective choice for a $250,000 insurance policy with a monthly average of $9.99 for males and $9.41 for women.
Remember that a less comprehensive policy could not be ideal for all. Young families require policies that offer more protection to pay for ongoing expenses, for example, the loss of income. Determining the right policy for your situation can assist in protecting your financially loved children.
In light of the costs of living and the average incomes in Alabama, the study by TechyDeed determined that the average person will require a life insurance policy worth $592,000 to pay for ongoing expenses following their death.
Most affordable insurance providers in Alabama with a policy of $159,220 include MassMutual and Nationwide. For men, MassMutual’s plans are priced at $15.62 monthly. The best choice for women living in Alabama in terms of cost is Nationwide which costs around $13.46 monthly.
The BEST CHEAP LIFE INSURED COMPANIES in ALABAMA MALES
- Company
- $250K Coverage
- Suggested Insurance 592k
- MassMutual
- $9.99
- $15.62
- Nationwide
- $10.63
- $15.83
- Mutual of Omaha
- $11.03
- $16.29
- AAA
- $19.21
- $38.02
- State Farm
- $23.10
- $38.41
- Progressive Life
- $22.32
- $41.73
- Prudential
- $26.47
- $60.62
Best CHEAP LIFE INSURANCE COMPANIES IN ALABAMA: MEN
- Company
- $250K Coverage
- Suggested Insurance Suggested Coverage: $592k
- Nationwide
- $10.43
- $13.46
- Mutual of Omaha
- $11.03
- $13.54
- MassMutual
- $9.40
- $13.76
- State Farm
- $19.97
- $29.57
- AAA
- $16.63
- $32.31
- Progressive Life
- $18.79
- $34.22
- Prudential
- $19.34
- $43.81
The cost of life insurance policies was estimated by collecting 10-year term estimates from the largest insurers of life with the help of average buyer profile data in Alabama with an average age of 31, the average weight of 205 pounds for males, and 163 pounds for females and an average requirement for coverage of $592,000.
What is the average cost of Life Insurance in Alabama? Businesses in Alabama?
Alabama’s cost of life insurance differs greatly, and gender is one-factor affecting policy prices. Since women live longer expectancies, life quotes for life insurance policies for Alabama for females tend to be lower than quotes for males.
Females typically pay $16.80 for a plan with $250,000 in coverage. On the other hand, Males are charged around $19.74 each month.
The increase in coverage up to the recommended amount required for insurance on life in Alabama, which is $592,000, means a greater monthly cost. Female rates increase by $13.53 each month, resulting in, on average, $30.33 each month. Men have to pay $17.86 more, which means the monthly cost is $37.60.
Most Popular Life Insurance Companies in Alabama
When choosing an insurance company for your life, you must choose a stable financial institution that can make payments in the event of a need. One method to determine the stability of a company’s finances is to look at its market share.
Market share is the number of premiums that a Life insurance firm has paid multiplied by the number of policies issued within the State. It determines how many of the State’s life insurance policies the business has written.
Life insurance providers in the seven top companies of Alabama comprise approximately 40 percent of the marketplace. The most popular insurance company in Alabama is Alfa Life Insurance Corp, with an estimated Market share of 7.92 percent.
The most well-known LIFE INSURANCE COMPANIES in ALABAMA
- Company
- Market Share
- Alfa Life Insurance Corp.
- 7.92%
- Northwestern Mutual
- 7.83%
- Globe Life Inc.
- 6.22%
- State Farm
- 5.6%
- New York Life
- 5.07%
- Protective
- 4.52%
- Lincoln Financial
- 3.48%
Market share data for life insurance for Alabama is determined by the total number of premiums written in the State. The data was obtained through 2020 S&P Global Data reports.
Which companies have the best rates on Life Insurance for Young Persons in Alabama?
Insurance companies offering life insurance in Alabama consider a range of aspects when determining rates, and your age is the main factor when rates for policies are determined. If you’re younger when you buy a policy, your life insurance premium is lower per month.
One of the most effective methods for saving money is to get life insurance early in age. The life insurance firms in Alabama that offer the lowest cost policies for those who are young are, in general:
- MassMutual: $15.53 per month
- Nationwide: $18.59 per month
Best LIFE INSURANCE COMPANIES FOR young people in ALABAMA
- Company
- Monthly Cost
- MassMutual
- $15.53
- Nationwide
- $18.59
- Mutual of Omaha
- $20.33
- AAA
- $21.56
- Progressive Life
- $24.71
- State Farm
- $25.92
- Prudential
- $42.73
Rates were calculated by looking at the quotes of a male aged 25 smoker in Alabama who weighs 5 feet 10 inches tall and weighs 175 pounds who buys a 20-year contract for $235,000 for coverage. We opted for a 20-year contract to give a greater time frame for coverage for a younger buyer.
Which Companies Offer the Best Life Insurance rates for seniors in Alabama?
Insurance companies offering life insurance in Alabama generally offer seniors a more expensive rate per month for insurance. This is because the older that you get, the riskier you’re insuring. However, it’s possible to locate life insurance firms in Alabama which offer affordable rates. Since seniors are less likely to secure future earnings or support young families after their passing and die, we determined rates on a $100,000 policy in coverage.
On the average, based on the TechyDeed research, the most effective Life insurance providers in Alabama for seniors include:
- MassMutual: $38.37 per month
- Mutual of Omaha: $43.47 per month
THE BEST LIFE INSURED COMPANIES in ALABAMA
- Company
- Monthly Cost
- MassMutual
- $38.37
- Mutual of Omaha
- $43.47
- Nationwide
- $44.19
- State Farm
- $51.50
- Progressive Life
- $69.17
- AAA
- $72.34
- Prudential
- $79.39
Rates were determined by analyzing the quotes of a 60-year-old male non-smoker from Alabama who stands 5 feet 10 inches tall and weighs 205 pounds and buys a 10-year contract for the average amount of $70,000 for coverage.
Which Companies Offer the Best Life Insurance Prices for Smokers in Alabama?
Alongside gender and age, a third important factor that the life insurance firms in Alabama employ in formulating premiums is whether or whether you smoke. Smokers generally pay higher life insurance rates due to more health-related risks, and comparing rates can help you receive the most competitive rates.
On average, you’ll be able to buy the cheapest coverages from life insurance providers in Alabama when you’re a smoker:
- MassMutual: $101.81 per month
- Mutual of Omaha: $109.74 per month
BEST LIFE Insurance Companies for Smokers in ALABAMA
- Company
- Monthly Cost
- MassMutual
- $101.81
- Mutual of Omaha
- $109.74
- Nationwide
- $109.99
- State Farm
- $131.24
- Prudential
- $159.26
- Progressive Life
- $160.69
- AAA
- $192.72
The rates were determined by analyzing the rates for a 31-year-old male smoker from Alabama who weighs 5 feet 10 inches tall and weighs 205 pounds and buys a term 20-year contract for $592,000 for coverage. If you’re smoking, we recommend purchasing a long-term (20-year) policy to offer greater coverage, as the rates for smokers rise significantly as you get older.
Alabama Life Insurance Laws You Should Be Educated About
Comparing quotes for life insurance from various companies in Alabama can assist you in finding the most affordable rate. Also, it is important to be aware of the rules in Title 27 of the Code of Alabama, and these laws are specifically designed to aid consumers.
- The “Free Look” Time allows you to “test run” the policy to determine what you think of it before committing. In Alabama, you can revoke the policy if you’re not happy with the policy and receive the full amount back as the policy is canceled within ten days after the policy’s delivery.
- Grace Time: According to the Alabama Insurance Code, you have 30 days following the due date for premiums to pay late payments. This means that the insurance company can’t cancel your policy for the duration of the grace period.
- Contestable Time: After you file an insurance claim, the insurer will look over the medical records of the deceased to determine if there are errors or inconsistencies on the application. The life insurance policy in Alabama is incontestable, except in the event of non-payment of premiums after a maximum of 2 years.
- Allowable timeframes for claims settlement: Once life insurance companies in Alabama have received valid documentation of death, They must settle the claim in 30 days. If they fail to meet this deadline, they’ll be required to pay interest on the unpaid amount.
Methodology
TechyDeed considered several factors when determining our recommended insurance coverage for $592,000 for Alabama residents. Our calculations took into account per capita incomes from the U.S. Bureau of Economics, average mortgage debt and personal debt, and the average age to calculate the appropriate coverage for Alabama residents. Remember that every buyer is different and might require more or less insurance following their individual needs.