Carrier vs. Carrier Comparisons
What You Should Know
- There are many popular life insurance companies with rates that stay the same
- If a life insurance company offers whole or term life insurance, they likely have level premiums
- It's important to compare life insurance companies with rates that stay the same to get the best long-term rates
With such a long-term commitment, it's not uncommon for people to seek life insurance companies with rates that stay the same. Sifting through a bunch of life insurance articles is hardly appealing as a resolution.
This article is designed to expedite your hunt for life insurance with level premiums. We'll break down how to find the best life insurance companies that won't change your rates and what those rates might look like.
Keep scrolling to learn more about life insurance companies that rates that stay the same or enter your ZIP above to get free quotes from the largest life insurance companies in your area.
What are the best life insurance companies with rates that stay the same?
If you're looking for life insurance companies with prices that stay the same, you're going to want to make sure you invest in a high-quality company with affordable rates.
There are many life insurance companies that offer policies with level terms. That said, there are different situations in which your life insurance rates could still change over time. It comes down to the policy type more than it does the company.
For starters, term life insurance has level premiums, meaning that you will pay the same amount for the agreed-upon term. The issue is, if you outlive your life insurance policy, your rates might be subject to a steep increase.
Term life insurance policies are commonly offered in terms of 10, 20, or 30 years, although some companies like Banner might offer terms up to 40 years long. Even 30 years is a long-lasting term with rates that stay the same.
If you absolutely want to have level premiums for the remainder of your life, you'll want to purchase whole life insurance. These policies never change but they do have a bit of a different structure. This is one of the primary differences between term vs. whole life insurance.
Whole life insurance is a form of permanent life insurance which accrues cash value. Because of this, these policies are much more expensive on a monthly basis. Most people seek term life insurance for affordability.
Which life insurance companies have rates that stay the same?
It's not hard to find life insurance companies with term or whole life insurance. It is more likely to find term, but there are still plenty of whole life insurance providers out there.
Some of the most popular term life insurance companies include:
- AIG
- Farmers
- John Hancock
- Liberty Mutual
- MassMutual
- Nationwide
- Prudential
- State Farm
These companies tend to advertise heavily and thus are very well-known. This doesn't necessarily mean they are the best providers, however.
Many of the companies above also offer whole life insurance. For example, State Farm life insurance includes options for both term and whole life insurance. Prudential life insurance, on the other hand, offers universal life instead of whole life insurance.
Save Money by Comparing Insurance Quotes
Compare Free Insurance Quotes Instantly
Secured with SHA-256 Encryption
While it isn't always the case, the best term life insurance companies can often be considered the best whole life insurance companies due to a strong financial background.
Even though life insurance companies might have good ratings, the worst life insurance companies to prospective policyholders will be the most expensive.
How much do life insurance companies with level premiums charge?
There's not a perfectly clear way to identify exactly how much you'll pay for life insurance. There are many factors in life insurance pricing that make it challenging to determine how much you'll pay.
These factors include things like your age, coverage amount, term length, health, job, hobbies, and even your gender. Below, we have some sample rates for 20-year, $250,000 worth of coverage for males.
| Age | MassMutual | Prudential | State Farm |
|---|---|---|---|
| 30 | $15.23 | $20.35 | $24.59 |
| 35 | $15.88 | $20.78 | $26.09 |
| 40 | $20.68 | $24.50 | $33.72 |
| 45 | $32.40 | $29.97 | $45.47 |
| 50 | $47.63 | $45.50 | $69.59 |
| 55 | $73.73 | $71.53 | $105.72 |
| 60 | $125.73 | $129.07 | $183.79 |
| 65 | $243.18 | $242.60 | $323.42 |
You'll see above that term life insurance rates can vary greatly from company to company despite being of a similar gender and age. These sample rates are for healthy non-smokers, so rates can quickly increase if you have health concerns.
It's interesting to see that Prudential is more affordable for middle-aged adults while MassMutual is cheaper for young adults. This is a great example of why you should get quotes from multiple life insurance companies.
| Age | State Farm | Foresters |
|---|---|---|
| 30 | $260.42 | $216.52 |
| 35 | $311.47 | $267.05 |
| 40 | $375.62 | $326.33 |
| 45 | $467.84 | $401.58 |
| 50 | $578.12 | $499.36 |
| 55 | $727.97 | $629.30 |
| 60 | $988.97 | $802.33 |
| 65 | $1,310.87 | $1,043.61 |
As mentioned previously, the prices for whole life insurance are notably higher than they are for term life insurance. For a $250,000 whole life insurance policy, you can expect to pay at least a few hundred dollars per month.
Which life insurance company with rates that stay the same is best?
As mentioned before, life insurance prices are often the first priority for prospective policyholders, even if you're looking to level premiums. The best life insurance company for adults will fit within their budget.
You will want to be sure that the life insurance company you choose is safe and reliable. It's ideal to use A.M. Best ratings to assess a life insurance company's financial stability.
You wouldn't want to invest in a company with anything below an "A" grade from A.M. Best. Each of the companies above will boast an "A" or better.
J.D. Power's top-10 life insurance companies for customer satisfaction include:
- State Farm
- Nationwide
- Northwestern Mutual
- Pacific Life
- Mutual of Omaha
- Globe Life
- MassMutual
- John Hancock
- New York Life
- Principal Financial
It might be intriguing knowing that a company like State Farm has both term and whole life insurance options paired with strong customer satisfaction ratings. They also had the most expensive rates for both types of insurance in our samples above.
Most of the largest life insurance companies are safe bets as far as financial strength goes, but that doesn't mean that they'll offer the best rates. Other companies like Consumer Reports can help you identify how insurers treat their customers.
Life Insurance Companies With Rates That Stay The Same: Painting a Clearer Picture
At the end of the day, the life insurance companies with rates that stay the same will offer whole life insurance or term life insurance with 20 or 30-year terms. Life insurance companies with rates that don't stay the same will focus on universal life insurance, annuities, or other forms of retirement solutions.
We hope you enjoyed learning more about the life insurance companies with rates that stay the same. Before you go, enter your ZIP code below to get free quotes from top life insurance companies near you.
References: