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: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Legal & General America
Best overall life insurance
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
A no-medical-exam policy allows you to skip the physical-exam requirement and still get life insurance coverage. Instead of a physical exam, blood test, and urine test, life insurance companies will review your medical records to examine your health and determine your rates.
Brighthouse Financial offers a best-in-class no-medical-exam policy with competitive rates on a term life policy of up to 30 years of coverage and a death benefit of up to $3 million.
Best whole life insurance
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
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
As a healthy young adult in Arkansas, you can likely be instantly approved for a great life insurance policy at an affordable rate. Brighthouse Financial offers some of the best prices in the industry for young shoppers. The company also sells a cost-effective, no-medical-exam option where you can get up to $3 million in coverage for up to 30 years.
Best for people with pre-existing conditions
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
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
Types of policies
5.0 / 5
No-medical-exam life, young adults
Term life, no-medical-exam life, whole life, short-term life, universal life
Legal & General America
4.9 / 5
Overall, cheapest, term life, smokers
Term life, no-medical-exam life, universal life
4.9 / 5
Term life, no-medical-exam life, whole life, universal life, variable universal life
4.8 / 5
Marijuana users, people with pre-existing conditions
Term life, no-medical-exam life, indexed universal life, variable universal life
4.1 / 5
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.
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.