While your age, health, and lifestyle impact how much your life insurance premiums will cost, your location doesn't. If you're an Arkansas resident looking for a new life insurance policy, we've rounded up the best companies doing business in your state.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best life insurance companies in Arkansas
Best overall: Legal & General America
Cheapest: Legal & General America
Best term life insurance: Legal & General America
Best no-medical-exam life insurance: Pacific Life
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Legal & General America
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Legal & General America
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall life insurance
2025 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Legal & General America, which also does business as Banner Life and William Penn, is the best choice for most Arkansans thanks to its affordable and flexible premiums. It also receives exceptional financial strength ratings from AM Best and 65% fewer complaints than the industry average, according to the National Association of Insurance Commissioners (NAIC) complaint index.
Cheapest life insurance
Legal & General America
Legal & General America is also our pick for the cheapest life insurance rates in Arkansas, with some of the most affordable term life insurance rates in the state. The company also sells affordable no-medical-exam term life policies for qualifying applicants.
Best term life insurance
Legal & General America
Most people prefer term life insurance instead of permanent life insurance due to its affordability. With a term life insurance policy, you'll pay a fixed premium during the length of your policy, which is usually a "term" of 10 to 30 years. Legal & General America offers the most affordable and customizable term life insurance policies for most Arkansans.
Best no-medical-exam life insurance
2025 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy
The best company for no-medical-exam life insurance in Arkansas is Pacific Life. You may be able to get up to $3 million in coverage without taking a medical exam, and Pacific Life accepts no-med applicants as old as 70.
A no-medical-exam life insurance policy is like a normal term life policy, except getting coverage takes less time since you don’t need to go through a medical exam. You can usually only get this kind of coverage if you’re in good health, though each company has different eligibility rules.
Best whole life insurance
2025 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability & good customer satisfaction ratings
Higher potential for dividends for whole life policyholders than many competitors
Term coverage has strong conversion privileges to permanent coverage
Cons
High term life premiums
While whole life insurance is five to 15 times more expensive than term life insurance, some high net worth individuals may find this coverage worth the extra cost. MassMutual is our top pick for the best whole life insurance, as it offers a reliable cash value policy and the potential to earn dividends. MassMutual policies tend to pay its members higher dividends than the industry average.
Best life insurance for seniors
2025 Policygenius award winner
Prudential
4.1
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
While life insurance costs increase as you age, seniors over age 60 can still qualify for coverage. We found that Prudential offers the best rates for most seniors, along with flexible income requirements and living benefits.
Best life insurance for young adults
Legal & General America
Legal & General America is the best life insurance company for young adults in Arkansas. It offers some of the cheapest life insurance rates for people in their 20s and 30s regardless of their health profile. The company offers no-medical-exam and instant-decision options for young people who are in excellent health or have just one or two minor and well-controlled health conditions.
Best for people with pre-existing conditions
2025 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Good for marijuana users, including daily users
Cons
Term life not available in New York
Life insurance can be expensive and challenging to qualify for if you have a pre-existing condition, especially if you've been diagnosed with a chronic or terminal health issue. Lincoln Financial offers competitive rates for those with pre-existing health conditions ranging from anxiety and depression to diabetes and heart conditions.
Best life insurance for marijuana users
Lincoln Financial
Daily users of marijuana will generally pay higher life insurance rates than applicants who don't smoke or ingest marijuana. Many insurers place regular users of the substance in the same category as tobacco smokers, which increases rates significantly.
Lincoln Financial doesn't group applicants who use marijuana with smokers. So if you use marijuana and are in the market for life insurance, you can turn to Lincoln Financial for affordable premiums.
Best life insurance for smokers
Legal & General America
Regular smoking increases health risks, including lung cancer and early death. As a result, smokers may have premiums that are 200% to 300% more expensive than policyholders who don't smoke.
However, smokers can get their most competitive rates with Legal & General America. The company also offers a rate reduction after a year of quitting smoking, while most companies provide non-smoker rates only after two years or more.
Comparing the best life insurance companies in Arkansas
Company | Policygenius rating | Best for | Types of policies | |
|---|---|---|---|---|
Legal & General America | 4.9 / 5 | Overall, cheapest, term life, smokers, young adults | Term life, no-medical-exam life, universal life | |
MassMutual | 4.9 / 5 | Whole life | Term life, no-medical-exam life, whole life, universal life, variable universal life | |
Pacific Life | 4.8 / 5 | No-medical-exam life | Term life, no-medical-exam life, universal life, indexed universal life, variable universal life | |
Lincoln Financial | 4.8 / 5 | Marijuana users, people with pre-existing conditions | Term life, no-medical-exam life, indexed universal life, variable universal life | |
Prudential | 4.1 / 5 | Seniors | Term life, no-medical-exam life, short-term life, universal life, indexed universal life |
What is the average cost of life insurance in Arkansas?
Individual factors impact the cost of your life insurance, including your age, gender, health, occupation, and lifestyle. Your death benefit amount, policy type, and riders will also adjust the cost of your policy.
According to the latest Policygenius data in 2023, the average monthly premium for a healthy 35-year-old healthy female is $25.76, while the average for a male is $30.79, for a $500,000, 20-year term life policy.
What happens if a life insurance company goes bankrupt in Arkansas?
While it's rare for insurance companies to declare bankruptcy, it is possible. If an insurance company doing business in Arkansas becomes insolvent, Arkansas Life and Health Insurance Guarantee Association (ARLIFEGA) will handle the liquidation of its assets and notify its policyholders.
ARLIFEGA will also compensate policyholders for unpaid death benefits if a company can no longer meet its financial obligations. The guaranty association will reimburse consumers up to $300,000 in death benefits and $300,000 in cash surrender per insured life.
How to find a lost life insurance policy in Arkansas
If you're a policyholder's beneficiary, you can use the National Association of Insurance Commissioners' Life Insurance Policy Locator Service to find a deceased person's policy. Another option if you're a beneficiary seeking lost death benefits in Arkansas is to use the state's Unclaimed Property Search or call 1-800-CLAIMIT (1-800-252-4648) to speak with a representative.
Arkansas life insurance laws
Arkansas state regulations protect policyholders and impact how life insurance companies conduct business in the state. Here are the laws you should know.
Free look period
Arkansas residents have 10 days to cancel their policy and receive a full refund on their premium payments.
Guaranty Fund protection
The Arkansas Life and Health Insurance Guarantee Association (ARLIFEGA) covers up to $300,000 in death benefits and $300,000 in cash surrender if a life insurance company can't satisfy its financial commitment to its customers.
Contestable period
In Arkansas, life insurance companies have two years from the policy's effective date to deny a claim if evidence shows that the policyholder has falsified information on their application.
Time allowable to settle a claim
In Arkansas, life insurance companies have two months to settle a claim after the insurer has received proof of death. If the insurance company fails to pay the claim within the allotted time, the provider may pay interest on the death benefit amount.
Grace period for missed payments
In Arkansas, policyholders must pay their premium within 30 days of a missed payment. If the policyholder fails to pay within the grace period, their life insurance company can cancel their policy.
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