Most Alabama residents have home, auto, and health insurance to mitigate risk when accidents happen. 

Unlike those types of insurance, life insurance isn’t required by Alabama law, but it’s just as important. Life insurance provides money for your family in your absence. If there’s anyone who depends on your income, you need to have a life insurance policy.

For those who’ve never shopped for life insurance rates in Alabama, it’s very straightforward and easy. Once you have a life insurance policy in place, you can rest easy knowing your family will not suffer a massive financial burden when you pass away. Insurify makes it easy to comparison shop for an insurance policy in just minutes, all from the comfort of home. 

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Life Insurance Quotes in Alabama 

Life insurance in Alabama is more affordable than you might think, especially if you’re in good health and don’t smoke. Other factors that determine your rates are your age, gender, family medical history, and lifestyle. 

Here’s a look at cheap term life insurance policies for a 10-year-term in Alabama

Company Name Quote/mo
Fidelity Insurance $31.12
Assurity $39.97
Protective Life $66.46
Haven Life $106.19
Mutual of Omaha $107.41
Pacific Life $141.05
Banner $171.90
United of Omaha $207.03
SBLI $250.81
Transamerica $358.77

Buying Life Insurance in Alabama

The state of Alabama offers several protections for consumers, including a free look period and a grace period. 

The free look period allows you 10 days to try the plan and see if the life insurance policy you’ve selected is right for you. If not, you can cancel it and get a refund. The grace period gives you 30 days to pay your premiums if you fall behind and miss your payment date. 

The Alabama Department of Insurance (ADOI) regulates the insurance code of Alabama, creates pre-licensing requirements for those wanting to take the state exam to become an insurance agent, and has a list of FAQs on their website. 

With Insurify, there’s no need to spend hours on the phone with insurance agents to find a policy that meets your needs. Any resident of Alabama can compare multiple life insurance policies in just minutes. Fill out the simple form with your information, including your driver’s license, and you’ll be matched with insurance providers that underwrite life insurance in Alabama

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Best Life Insurance Companies in Alabama 

You’re probably familiar with the Life Insurance Company of Alabama (LICOA), but did you know that most life insurance companies can underwrite life insurance in Alabama? Here are some of the top companies based on various factors, including customer satisfaction and financial strength. 

State Farm 

With an Insurify rating of 103 and an A.M. Best rating of A++, State Farm is as trustworthy and dependable as its slogan suggests. It offers term life policies with a variety of riders available so that you can customize them to your needs. Whole life coverage, from birth to age 80, has a maximum death benefit of $100,000. Riders are available to provide additional coverage.

Nationwide 

A mutual insurance company, which means its policyholders own it, Nationwide offers term life insurance with guaranteed level premiums. In addition to child and spouse protection riders, it also provides living/accelerated death benefits

Whole life insurance is available until age 100, with a maximum death benefit of $10,000, making it perfect if you just need your policy to cover final expenses. 

MassMutual  

With a range of term life insurance policies from 10 to 20 years, MassMutual offers guaranteed level term policies. Those looking for lifetime coverage with a universal policy will find that it provides a flexible premium option and a variety of riders. Riders for guaranteed insurability, waiver of premiums, and change of insured give you more protection.

New York Life 

New York Life has a solid reputation in the life insurance industry. Its term policies offer level premiums for the life of your policy. Optional riders include long-term care, disability, and accidental death. Its whole life policies allow you to earn dividends on your premiums, providing some investment income throughout the life of your policy.

Protective Life 

Founded in 1907 in Birmingham, Alabama, Protective Life prides itself on taking care of Alabama residents’ insurance needs from birth through retirement. It offers term life insurance policies in 10, 15, 20, 25, and 30 years, with a maximum death benefit of $50 million. Whole life policies feature flexible options for both premiums and death benefits

Life Insurance for Seniors in Alabama 

When purchasing life insurance coverage as a senior, a whole life or universal life policy may be the best choice. Whole and universal life policies offer lifetime coverage, so a 60-year-old will have higher premiums than a 35-year-old. Term life policies are available but may not provide the length of coverage that you desire.

You can opt for a smaller death benefit if you only need to cover final expenses. Another option is to choose a whole life policy that builds up a cash value you can access during your lifetime. 

Here’s a look at the average monthly life insurance premiums for seniors above 60, who are in good health:

Company Name Quote/mo
Protective Life $87.37
Assurity $113.09
Mutual of Omaha  $141.51
Pacific Life  $142.29
Transamerica $$142.53

Life Insurance for Young Adults in Alabama 

Young adults should consider buying term life insurance while still in their 20s since the price is low. Prices for both term and whole life insurance increase as you age, so locking in a low premium for a 30-year term life insurance policy when you’re 25 will not only keep the cost down, but also ensure that you have coverage no matter what happens in the future. 

You’re old enough to know by now that few things in life are certain. Term life insurance is a great way to protect your loved ones, even those who aren’t yet in your life, from financial stress when the unexpected happens. 

Make Sure You Buy the Right Life Insurance Policy

With the regulations in place from the Alabama Department of Insurance, there’s no reason not to get a life insurance policy. You can try out a policy to see if it’s right for you. There’s no risk of cancellation if you fall behind in your payments if you experience financial troubles.

With Insurify, it’s almost effortless to get quotes and compare multiple life insurance policies in one place. Simply answer a few questions and fill out the information form. You’ll be given instant quotes from top life insurers in the state of Alabama. Choose the one that suits your needs, and complete your application online or by phone. 

Updated January 20, 2021

Charlotte Edwards is a freelance writer with a passion for educating others in the areas of personal finance, health, and education. An educator-turned-writer, she has written for publications worldwide over the past decade. In her spare time, she enjoys reading, watching classic movies, and spending time with her husband and two children. You can learn more about her work and life abroad at www.livinginchinawithkids.com.