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 A.M. 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: Banner Life
Cheapest: Banner Life
Best term life insurance: Banner Life
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: Banner Life
Methodology: How we chose the best life insurance companies in each state
We don’t get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
Best overall life insurance
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life 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
Banner Life 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
Banner Life
Banner Life 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
Banner Life
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. Banner Life offers the most affordable and customizable term life insurance policies for most Arkansans.
Best no-medical-exam life insurance
2023 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-med option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
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
2023 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 ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer experience ratings
Cons
High term life premiums
Term life not available through Policygenius
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
2023 Policygenius award winner
Prudential
4.1
All 50 states
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
No-med option can end up requiring a medical exam most of the time
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
Brighthouse Financial
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
2023 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
Banner Life
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 Banner Life. 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.
Ready to shop for life insurance in Arkansas?
Comparing the best life insurance companies in Arkansas
Company | Policygenius rating | Best for | Types of policies | |
|---|---|---|---|---|
Brighthouse Financial | 5.0 / 5 | No-medical-exam life, young adults | Term life, no-medical-exam life, whole life, short-term life, universal life | |
Banner Life | 4.9 / 5 | Overall, cheapest, term life, smokers | 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 | |
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 June 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.
Ready to shop for life insurance in Arkansas?
Frequently asked questions
What is the number one life insurance company in Arkansas?
Banner Life is our pick for the best life insurance company in Arkansas. It offers affordable premiums and provides a no-medical-exam policy for up to $2 million and 40 years of coverage, some of the longest term lengths in the industry.
What is the life insurance free look period and grace period in Arkansas?
In Arkansas, new policyholders can cancel their life insurance policy within 10 days and get a full refund on all paid premiums. Policyholders also have 30 days to make up a missed payment before their insurance company can terminate coverage.
Which types of life insurance are available in Arkansas?
The two most popular types of life insurance, term life and whole life, are available in Arkansas. State residents can also get the other main types of life insurance, including policies with medical-exam waivers, accelerated underwriting, and final expense insurance.
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