Best Life Insurance Companies With Rates That Stay the Same (2024)
There are many life insurance companies with rates that stay the same. To find a life insurance company with level premiums, you'll typically want to search for companies with whole or universal life insurance options. The best whole life insurance companies might vary depending on your age and budget.
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Zach Fagiano
Licensed Insurance Broker
Zach Fagiano has been in the insurance industry for over 10 years, specializing in property and casualty and risk management consulting. He started out specializing in small businesses and moved up to large commercial real estate risks. During that time, he acquired property & casualty, life & health, and surplus lines brokers licenses. He’s now the Senior Vice President overseeing globa...
Licensed Insurance Broker
UPDATED: Jan 8, 2024
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Jan 8, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Life insurance companies that offer permanent life insurance will have level premiums
- Term life insurance policies have rates that stay the same for a shorter period but are often much cheaper
- The best life insurance companies with rates that stay the same will vary based on your insurance needs and disposable income
If you’re looking for consistency in your budget, you might wonder if there are any life insurance companies with rates that stay the same. Thankfully, whole life insurance can help you secure constant rates for a lifetime.
Consistent lifetime rates might not always be in your best interest. This article will emphasize why while detailing the different types of life insurance policies.
Read on to learn more about life insurance companies with rates that stay the same, or enter your ZIP code to get free quotes from life insurance companies near you.
Which life insurance companies have rates that stay the same?
There are many life insurance companies and life insurance options out there. Life insurance rates vary by company, policy type, and personal factors such as age or gender.
There are three primary types of life insurance policies: term life insurance, whole life insurance, and universal life insurance. With universal life, there are a handful of subcategories as well.
In reality, term life insurance offers level premiums but only for the duration of your policy. For example, if you have a 30-year term life insurance policy, your rates stay the same for that entire duration.
Technically, your rates would be subject to change if you outlive your 30-year policy. However, if you’re concerned about those changes, whole life insurance and universal life insurance offer constant rates that never change.
The life insurance companies with rates that don’t stay the same over your lifetime will only offer term life insurance. Some of the best life insurance companies that offer permanent life insurance include:
- State Farm
- Foresters
- MassMutual
- New York Life
- Allstate
- AIG
- Nationwide
- Progressive
There are many other providers, but most of these companies are well-known and have strong company ratings. Other companies like Prudential life insurance might be better for term life insurance.
What are the best whole life insurance companies?
The best whole life insurance companies will depend on a few policy details alongside your needs. How to choose the best life insurance company varies from person to person.
There are a lot of questions to ask before you choose a company and consider it the best. For example, how much life insurance do I need? How much is life insurance going to cost? How independent are my beneficiaries?
The best life insurance companies are simply the cheapest life insurance companies for many people. Unfortunately, the cheapest isn’t clear when whole life insurance is compared to term life insurance.
Sample Foresters 20-Year Term Life Insurance vs. Whole Life Insurance Rates for $250,000 Policy Coverage
| Age | Term - Male | Term - Female | Whole - Male | Whole - Female |
|---|---|---|---|---|
| 25 | $13.78 | $11.59 | $178.68 | $156.80 |
| 30 | $14.00 | $12.91 | $216.52 | $188.96 |
| 35 | $15.53 | $14.00 | $267.05 | $230.52 |
| 40 | $20.56 | $18.59 | $326.33 | $277.99 |
| 45 | $31.94 | $25.81 | $401.58 | $349.30 |
| 50 | $46.59 | $36.97 | $499.36 | $429.14 |
| 55 | $72.41 | $54.69 | $629.30 | $549.89 |
| 60 | $118.13 | $88.38 | $802.33 | $700.83 |
| 65 | $219.63 | $150.06 | $1,043.61 | $912.58 |
You’ll see above that term life insurance is notably cheaper than whole life insurance. The rates above are for healthy adults, but it should help to see the major difference in policy rates and expectations.
Despite the cash value component, there are a few things to consider with the rates above. At 60 years old, you could be paying roughly $100 per month for term or over $700 a month for whole life insurance.
At that age, there’s a real possibility that you won’t outlive your life insurance policy. In this case, you may be better off paying for term life insurance considering those rates will stay the same if you don’t outlive the policy.
Not to mention, many people simply can’t afford to pay more than a couple hundred dollars per month. If you are concerned about premium changes but are also on a budget, universal life insurance adds flexibility to your rates that whole life insurance doesn’t.
How do I choose the best life insurance policy with rates that stay the same?
Choosing the best life insurance policy with level premiums will take a little research. You’ll need to have a general understanding of life insurance ratings, reviews, and costs. Our life insurance underwriting guide can help.
Since budget is often the most important consideration for people start by collecting and comparing life insurance quotes from different insurers.
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The cheapest life insurance for men and the cheapest life insurance for seniors may or may not be the same. Once you’ve established a budget and found quotes that you can afford, then you can start looking into company ratings.
Financial Strength and Customer Satisfaction Ratings of the Top Whole Life Insurance Companies
| Company/Group | A.M. Best | J.D. Power |
|---|---|---|
| New York Life | A++ (Superior) | 777 |
| MassMutual | A++ (Superior) | 782 |
| Allstate | A+ (Superior) | N/A |
| State Farm | A++ (Superior) | 822 |
| Foresters | A (Excellent) | N/A |
| AIG | A (Excellent) | 729 |
| Nationwide | A+ (Superior) | 813 |
| Progressive | A+ (Superior) | N/A |
You’ll see above that most of the companies listed earlier are each highly rated by A.M. Best for financial strength. Not all companies were rated by J.D. Power but most, minus AIG, had strong customer satisfaction ratings as well.
If you’re stuck between two companies, it helps to check Better Business Bureau ratings and accreditation to confirm the complaint resolution history of each company.
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Life Insurance Companies With Rates That Stay The Same: The Bottom Line
Virtually any life insurance company that offers whole or universal policies has rates that stay the same. Even so, it doesn’t always make sense to purchase permanent life insurance over term life insurance.
By now, you should be better equipped to compare life insurance companies with rates that stay the same. Before you go, enter your ZIP code to get free quotes from top insurance companies near you.
Frequently Asked Questions
What does “rates that stay the same” mean in the context of life insurance?
“Rates that stay the same” refers to life insurance policies where the premium payments remain constant throughout the duration of the policy. This means that the policyholder pays the same amount for their coverage from the start to the end of the policy term.
Why would someone prefer life insurance companies with rates that stay the same?
Opting for life insurance companies with rates that stay the same can provide financial stability and predictability. It ensures that the premium payments remain fixed, allowing policyholders to budget their expenses effectively and avoid unexpected premium increases over time.
What types of life insurance policies typically have rates that stay the same?
Rates that stay the same are often associated with term life insurance policies. Term life insurance provides coverage for a specified period, typically 10, 20, or 30 years. During the chosen term, the premium remains consistent, making it easier for policyholders to plan their finances.
Do rates that stay the same apply to all term life insurance policies?
No, rates that stay the same are specific to level term life insurance policies. Level term policies have a fixed premium throughout the term of the policy. Other types of term life insurance, such as annual renewable term policies, may have premiums that increase over time.
Where can I compare quotes from top life insurance companies?
You can compare quotes from top life insurance companies by using the free quote tool available on this page. Simply enter your ZIP code to get started and receive quotes from different insurers.
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Zach Fagiano
Licensed Insurance Broker
Zach Fagiano has been in the insurance industry for over 10 years, specializing in property and casualty and risk management consulting. He started out specializing in small businesses and moved up to large commercial real estate risks. During that time, he acquired property & casualty, life & health, and surplus lines brokers licenses. He’s now the Senior Vice President overseeing globa...
Licensed Insurance Broker
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.