Best Life Insurance Companies in Arkansas

With a life insurance policy, you have an assurance that even after you die, your loved ones will get financial support. With many insurance companies in Arkansas offering competitive rates, it may be tricky to find the policy that best meets your needs. MoneyGeek's analysis looks at life insurance quotes in Arkansas from various insurers based on gender, age and smoking history. We rated the best insurance companies in Arkansas based on the data to assist you in choosing the best policy. Our data on average monthly premiums will help you find the most affordable policies across various categories.

tip icon

Best Cheap Life Insurance in Arkansas

You will have lower monthly insurance premiums if you choose a lower life insurance coverage. MassMutual offers the cheapest rates in Arkansas for a life insurance policy covering $250,000. On average, the company quotes $9.99 per month for males and $9.41 per month for females.

Although a policy with less coverage may be less expensive, keep in mind that it may not cover all necessary expenses after death. Furthermore, if your family members are young, they may require enough money to meet their living expenses or to settle any outstanding debts, bills and other liabilities. Before purchasing a life insurance policy, you should assess your financial position and choose the amount of coverage that is right for you. This ensures your loved ones are financially protected after your death.

MoneyGeek proposes a $576,000 life insurance policy for an average individual in Arkansas, regardless of gender, to cover the essential costs after death. This suggestion is based on the state's cost of living, average income, personal debts, age and other important considerations.

MassMutual and Mutual of Omaha are the cheapest life insurance companies in Arkansas for men and women, respectively, for a policy providing MoneyGeek's recommended coverage of $576,000. The monthly average quote for this coverage level from MassMutual is $15.35 for men, while the average rate from Mutual of Omaha is $13.31 for women in Arkansas.

Best Cheap Life Insurance Companies in Arkansas: Males

Scroll for more

swipe icon
  • Company
    $250K Coverage
    Suggested Coverage: $576k
  • MassMutual
    $9.99
    $15.35
  • Nationwide
    $10.63
    $15.83
  • Mutual of Omaha
    $10.84
    $15.98
  • Transamerica
    $14.90
    $26.84
  • State Farm
    $22.90
    $37.52
  • AAA
    $19.21
    $38.02
  • Progressive Life
    $21.92
    $39.85
  • Prudential
    $26.47
    $58.61
Best Cheap Life Insurance Companies in Arkansas: Females

Scroll for more

swipe icon
  • Company
    $250K Coverage
    Suggested Coverage: $576k
  • Mutual of Omaha
    $10.84
    $13.31
  • Nationwide
    $10.43
    $13.46
  • MassMutual
    $9.40
    $13.54
  • Transamerica
    $12.20
    $20.15
  • State Farm
    $19.77
    $28.49
  • Progressive Life
    $18.41
    $31.75
  • AAA
    $16.63
    $32.31
  • Prudential
    $18.97
    $34.69

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Arkansas using average buyer profile statistics in Arkansas, including average age of 30, average weight of 201 pounds for males and 159 pounds for females, and an average coverage need of $576,000.

What Is the Average Cost of Life Insurance for Companies in Arkansas?

Life insurance costs in Arkansas are dependent on various factors, and gender is one element that may impact your insurance costs. Women in Arkansas generally pay less for life insurance since have longer lifespans than men.

Female policyholders in Arkansas, for example, pay around $16.19 monthly for a $250,000 insurance policy. Male policyholders, on the other hand, pay an average of $19.32 monthly for a comparable policy, which is a difference of $3.13.

In Arkansas, choosing the MoneyGeek-recommended $576,000 coverage may result in higher monthly premiums. For females, the average quote for this coverage may climb to $27.63 per month, an $11.44 increase, while men receive a quote of around $36.06, which is $16.74 more than what they typically pay for a $250,000 policy.

Most Popular Life Insurance Companies in Arkansas

Always choose a financially stable insurance company that will pay your claims promptly and fairly. Before choosing a life insurance firm in Arkansas, consider its market share, which reflects its financial strength.

A life insurance company's market share in Arkansas is computed by dividing the number of premiums written by the company by the total number of policies sold in the state. It establishes what percentage of the state's overall policies it owns. The written premium is the total amount that consumers must pay as insurance premiums on policies issued by a company during a specific time period.

Arkansas's top seven life insurance companies account for around 35% of the market share. Southern Farm Bureau Life Insurance is the most popular insurer, accounting for 6.59% of the state’s life insurance policies.

Most Popular Life Insurance Companies in Arkansas

Scroll for more

swipe icon
  • Company
    Market Share
  • Southern Farm Bureau Life Insurance
    6.59%
  • State Farm
    6.17%
  • Northwestern Mutual
    5.64%
  • New York Life
    4.84%
  • Lincoln Financial
    4.31%
  • Sammons Enterprises Inc.
    3.81%
  • Prudential Financial Inc.
    3.34%

Life insurance market share data for Arkansas is based on total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Arkansas?

Younger buyers have a lower risk of death. Because the cost of a life insurance policy is influenced by age, young policyholders in Arkansas have an advantage and typically pay lower life insurance premiums. Obtaining a life insurance policy when you are younger can thus save you a significant amount of money.

In Arkansas, the following two companies provide the most affordable life insurance quotes for young people:

  • MassMutual: $15.72 per month
  • Nationwide: $18.59 per month
Best Life Insurance Companies for Young People in Arkansas

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $15.72
  • Nationwide
    $18.59
  • Mutual of Omaha
    $20.65
  • Transamerica
    $20.74
  • Progressive Life
    $21.53
  • AAA
    $21.56
  • State Farm
    $26.35
  • Prudential
    $44.48

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Arkansas who is 5 ft 10 inches and 171 pounds that purchases a 20-year term contract at the average coverage need of $240,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Arkansas?

While the life insurance companies in Arkansas offer lower rates to younger customers, the state's seniors frequently pay higher monthly premiums for comparable life insurance policies. This is due to the fact that insurers consider seniors to be high-risk customers. As you get older, your life insurance premiums rise as well.

Seniors often have adult children who do not need financial support from their parents. As a result, they can purchase a policy with less insurance coverage, which can still cover their burial expenses and other unpaid liabilities. If you are a senior in Arkansas, you can shop around to get a relatively low-cost policy.

Because the elderly generally require less coverage, MoneyGeek compared policies offering $71,000 in the state and observed that the following two companies offer the cheapest rates for the seniors in Arkansas:

  • Mass Mutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Arkansas

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Transamerica
    $69.09
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Arkansas who is 5 ft 10 inches and 201 pounds that purchases a 10-year term contract at the average coverage need of $71,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Arkansas?

Smokers' life insurance premiums in Arkansas are generally higher than the average person's. Furthermore, if you are a senior male who smokes, your life insurance premiums may be much higher as a result of the major health risks you pose. Smokers, however, can still receive a relatively affordable quote by comparing prices from multiple insurance providers in the state.

The following two life insurance companies in Arkansas have the most affordable premiums for smokers:

  • MassMutual: $95.23 per month
  • Transamerica: $104.13 per month
Best Life Insurance Companies for Smokers in Arkansas

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $95.23
  • Transamerica
    $104.13
  • Mutual of Omaha
    $104.94
  • Nationwide
    $105.26
  • State Farm
    $123.36
  • Progressive Life
    $150.34
  • Prudential
    $156.59
  • AAA
    $183.74

Rates were determined by analyzing quotes for a 30-year-old male smoker in Arkansas who is 5 ft 10 inches and 201 pounds that purchases a 20-year term contract at the average coverage need of $576,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Arkansas Life Insurance Laws You Should Know

It is advisable to compare rates from as many companies as possible to find affordable quotes from the best life insurance companies in Arkansas. You should also be familiar with Arkansas Code Title 23, which contains all of the information you need to know about the state’s life insurance laws.

The following are some essential phrases to look for in the Arkansas life insurance glossary:

  • Free look period: Arkansas’s state law doesn’t mandate a free look period for the insurance policies sold within the state. However, several insurers offer a reasonable period to their customers, usually between 7–30 days, to evaluate the policy and make a decision. In the event you want to cancel the plan within the free look period set by your insurer, you will be entitled to a full refund.
  • Grace period: This is the amount of time a policyholder has to pay a missing premium without paying a penalty. During this time, the insurance coverage will remain active. Generally, most insurers in Arkansas must give policyholders a minimum grace period of 30 days. If a claim occurs during this grace period, the amount of any late or unpaid premiums may be deducted from the claim proceeds.
  • Time period for claim settlement: In the case of a life insurance claim in Arkansas, the insurance provider must pay the claim to the beneficiary within two months. If claims are not settled promptly and fairly, the insurers may be severely penalized.
  • Contestable period and incontestability of a policy: This is the two-year period in which your insurance provider may challenge the application for discrepancies or inaccuracies. If, within the time period, the policyholder dies, the company may not pay the claim. However, if a policyholder dies two years or more after the acquisition of the policy, the coverage turns incontestable, and the company is entitled to pay up, with the exception of policies with pending premiums.

Methodology

Before recommending $576,000 in life insurance coverage for the residents of Arkansas, MoneyGeek analyzed a variety of criteria. We used statistics from the U.S. Bureau of Economics, as well as the state's average mortgage debt, personal debt and age, to evaluate the recommended coverage. Keep in mind that every buyer is different and may require more or less coverage than we recommended based on their personal circumstances.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


sources