Best Life Insurance Companies In Arkansas

My findings have shown that MassMutual is the best life insurance company in Arkansas.

min read
Updated: 07 March 2024
Written by
Bob Phillips
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While I was carrying out my research on life insurance in Arkansas, I learned that the best life insurance company within the state is MassMutual. This isn’t just based on market share by itself, but by this company providing superior coverage and service at the best price, as well. To my way of thinking, that’s a winning combination.

Other companies that ranked amongst the top in my ratings were: Transamerica for young people, State Farm for excellent customer service, Nationwide for smokers, Mutual Of Omaha for seniors and MassMutual for having the cheapest life insurance policy.

Best Life Insurance Companies In Arkansas, 2024

mutualofohamaicon-logo
Best for Seniors - Mutual of Omaha
transamerica-icon-logo
Best for Young People - Transamerica
nationwide-icon-logo
Best for Smokers - Nationwide
Best Life Insurance, Arkansas 2024

Compare The Best Life Insurance Companies In Arkansas

To aid in making an evaluation of the top life insurance companies in Arkansas, here is a table showing my preferred companies across a few critical factors.

Overall Rating Best For A.M. Best Rating J.D. Power Rating Online Experience Get A Quote
MassMutual
4.8

Best Overall

A++

780

9.7

Instant Quote
Mutual of Omaha
4.6

Seniors

A+

801

9.7

Instant Quote
Transamerica
4.7

Young Adults

A

740

9.8

Instant Quote
State Farm
4.8

Best For Customer Service

A++

839

9.5

Instant Quote
MassMutual
4.8

Best For Cheapest Life Insurance

A++

780

9.7

Instant Quote
Nationwide
4.6

Best For Smokers

A+

791

9.6

Instant Quote
Scroll to see comparisons

Our Methodology

When determining which were the best life insurance providers in Arkansas, my approach to the research was intensive. I took multiple criteria into consideration, including: product offerings, customer service ratings, pricing, and online experience. Besides those things, I also used my personal experience in life insurance sales, as well as my experience of interaction with agents from various insurance carriers, that has provided me with invaluable insights into their products and services. Please note that my choice of life insurance companies wasn't founded on just who provides the cheapest life insurance, except of course for the "Best for Cheapest Life Insurance" category. It's my informed opinion that each one of these insurance providers is outstanding in their particular market, meaning that price shouldn't be the only factor when choosing life insurance coverage or a company.

34

Quotes Analyzed

15+

Years of Experience

20

Brands Reviewed

30+

Research Hours

The Best Life Insurance Companies In Arkansas


Best Overall

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

I felt that MassMutual earned the title of Best Overall due to its many strengths. This company offers a varied selection of top quality life insurance products, including term life, whole life, and universal life insurance, all at very competitive rates. MassMutual policies also offer a multiple choice of riders that can be added on to suit your unique preferences.

The sales agents with MassMutual are highly trained and knowledgeable about life insurance. They’re frequently referred to as “career agents” and have had the benefit of comprehensive training on the provider’s life insurance products. These agents only represent MassMutual policy types. This is beneficial to life insurance buyers wishing to become familiar with the different types of life insurance available.

MassMutual’s impressive financial strength was another important factor in my choice. It has consistently received the highest rating possible from AM Best (A++ Superior) due to its sound financial strength as well as its ability to pay claims.

Being selected as the Best Overall is a direct reflection of MassMutual’s dedication to offering a broad range of insurance products backed up by a highly trained sales team, rather than only having the lowest rates.

Although MassMutual may not have as much brand recognition or market share as some of its competitors in Arkansas, it’s nonetheless a well respected, reputable insurance provider throughout the state.

Benefits & Drawbacks

Benefits
  • Exceptional financial ratings
  • Varied product selection with numerous additional options
  • Most affordable rates in Arkansas
Drawbacks
  • Not possible to purchase whole life products online
  • Lower J.D. Power rating compared to some key competitors
  • Limited purchasing options, available only through MassMutual agents

Best For Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Mutual of Omaha has long been recognized for its competence in addressing the life insurance needs of senior citizens. For quite a few years, seniors have been placing their faith in this company, not just because of their famous television show “Mutual of Omaha’s Wild Kingdom,” but also due to the intensive training their agents receive on serving the insurance needs of the senior insurance market.

This insurance carrier is very well known for its senior life insurance products offered, including two coverage products designed for seniors that have health issues. One of these is a guaranteed issue policy that doesn’t require either a medical examination or a health history questionnaire, making it a perfect fit for seniors with serious medical issues such as cancer, stroke or heart attack.

The other is a simplified issue policy that does require medical history questions but doesn’t require a medical examination, making it a great choice for seniors with minor medical problems such as Type 2 Diabetes or high blood pressure who don’t wish to undergo a medical exam.

Benefits & Drawbacks

Benefits
  • Competitive pricing for seniors in Arkansas
  • Offers seniors assurance through well-trained agents
  • Strong financial stability of the company
Drawbacks
  • Higher complaint ratio compared to some competitors
  • Less presence of agents in Arkansas than many other major insurers

Best Life Insurance Companies For Seniors In Arkansas

Company Monthly Cost
MassMutual $38.38
Mutual of Omaha $43.47
Nationwide $44.20
State Farm $51.51
Progressive Life $69.08

*Based on $75,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life contract.


Best For Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Transamerica recognizes its own strong points, one of these strong points is affordable life insurance rates for young adults. This company understands that many young people are cautious with their money, especially in buying life insurance.

For this reason, Transamerica priced its premiums to be within reach of a younger, budget-conscious group of consumers who are trying to maximize their benefit while keeping within their budget.

Additionally, Transamerica’s website caters to younger buyers since this demographic is all about doing things online, with clear, concise info and data that’s easy to find and understand. The Transamerica site is informative and user-friendly, so its customers are able to navigate through their options and find the information they need with ease.

Transamerica has a firm conviction that everybody—regardless of their age or budget—deserves the security, protection and peace of mind that life insurance provides.

Life insurance companies face a challenging market in younger age buyers. This is largely because most younger adults have yet to see the necessity of life insurance. This is a demographic that tends to marry later and put off securing life insurance until after they get married or have children. However, companies like Transamerica focus on offering life insurance to this age group as they have lower mortality rates, which translates to higher profits.

Transamerica got the lowest score in customer service of the companies that I reviewed, This may be because of their dependence on using independent insurance agents for sales and service. Some independent agents working alone with no supervision from a company probably need to improve in both of these areas.

Benefits & Drawbacks

Benefits
  • Term life insurance can be conveniently purchased online
  • Policy face amounts extend up to $10 million
  • Qualifying applicants can obtain coverage up to $2 million without a medical exam
Drawbacks
  • The minimum term life insurance face amount available is $25,000
  • Customer service satisfaction scores are comparatively lower than those of competitors

Best Life Insurance Companies For Young Adults In Arkansas

Company Monthly Cost
MassMutual $15.73
Nationwide $18.70
Transamerica $20.75
Mutual of Omaha $20.77
Progressive Life $21.53

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life policy.


Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

MassMutual, Arkansas’s top life insurance carrier, is a financial leader with very competitive rates in the state. Although there are a number of insurance companies offering inexpensive term life insurance coverage, MassMutual’s rates are the most favorable.

While it’s not recommended to base your life insurance purchase on cost alone, the fact is that cost is a prime factor for the majority of life insurance buyers. MassMutual provides the cheapest rates for those looking to secure life insurance in Arkansas, even though the company is usually associated with its professionalism rather than affordability. MassMutual is committed to expanding its market share in Arkansas and is utilizing aggressive pricing strategies to achieve this objective.

Benefits & Drawbacks

Benefits
  • Maintains an extensive network of well-trained agents who sell MassMutual policies
  • Offers a comprehensive range of life insurance products
  • Is the most economical option we assessed for life insurance in Arkansas
Drawbacks
  • Lacks online applications for life insurance products
  • Limited to purchasing through a MassMutual agent

Cheapest Life Insurance Companies In Arkansas

Company Average Monthly Cost
MassMutual $10.00
Nationwide $10.66
Mutual of Omaha $10.86
Transamerica $14.91
State Farm $22.89

*Rates based on a $250,000 10-year term life policy for a 30-year-old female nonsmoker


Best For Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

For many years now, J.D. Powers has acknowledged State Farm as a life insurance company with superior customer satisfaction rankings, which reflect the company’s commitment to excellent policyholder service. This isn’t at all surprising, since State Farm has more agents in the field than any insurance company in the nation.

State Farm is renowned for its commitment to superlative customer service, which is appreciated by its policyholders. The company is unique in that it has an abundance of local neighborhood offices where its policyholders are able to meet with their local agent face-to-face, to receive the sales assistance or policyholder service they need.

State Farm is well known for above average customer service long with a prompt claims process, which is an important factor in the life insurance market, and even more so when a family is mourning and dependent on its life insurer for fast, compassionate assistance.

Benefits & Drawbacks

Benefits
  • Maintains a significantly lower number of customer complaints compared to the industry average
  • Holds top financial ratings, ensuring strong claims-paying ability
  • Boasts the highest number of servicing agents compared to any other insurer
Drawbacks
  • Limited to purchasing policies only through State Farm agents
  • Offers a restricted range of available riders

Best For Smokers

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is a reputable company with many local offices both for sales and service. Their famous slogan: “Nationwide is on your side,” is the absolute truth for smokers in Arkansas looking for life insurance.

While Nationwide’s rates for smokers are slightly higher than its major competitors, I concluded it’s the best choice overall for smokers due to its superior customer service, easy access to agents, and competitive rates.

Benefits & Drawbacks

Benefits
  • Maintains an extensive network of trained agents who sell Nationwide policies
  • Offers a comprehensive range of life insurance products
  • Has numerous offices located throughout Arkansas
Drawbacks
  • Lacks online applications for life insurance products
  • Limited to purchasing through a Nationwide agent

Best Life Insurance Companies In Arkansas For smokers

Company Average Monthly Cost
MassMutual $95.25
Transamerica $104.14
Mutual of Omaha $104.95
Nationwide $105.94
State Farm $126.37

*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker

If you’re a smoker shopping around for life insurance, you’ll soon discover that your rates will be much higher than those of a non-smoker. But, it’s still possible to lower your rates comparable to rates of non-smokers if you show that you haven’t smoked for the past 1-2 years, depending on the policies of the insurance company. Be aware that you’ll be required to undergo a paramedical examination along with a blood test to prove you have no nicotine in your bloodstream.

How To Find The Best Life Insurance Company For You

If you’re looking around for life insurance in Arkansas, bear in mind that there’s no one-size-fits-all coverage. Insuranceopedia realizes that everyone’s situation is unique according to their needs. This is why I have evaluated multiple insurance carriers and awards for the various categories. To find the best life insurance suitable for your specific circumstances, I recommend that you follow these three steps:

  1. Make a determination of how much coverage you need. Many insurance companies offer “life insurance calculators” on their websites to help you calculate the amount of coverage is best for you.
  2. Choose three companies for comparisons. Comparing insurance providers is a good idea, and don’t just compare their rates, but their financial strength, also. Low rates are important, naturally, but those low rates would be worthless if your insurance company couldn’t pay your claim
  3. When you narrow it down to one insurer, apply for coverage. A lot of potential buyers don’t complete the purchase process to secure life insurance. So, it’s important not to procrastinate because once you need it, it will already be too late to get it. Your family’s entire financial future is on the line, so it’s of critical importance to move quickly.

Largest Life Insurance Companies In Arkansas

There are dozens of life insurance companies doing business in Arkansas. These are the 5 largest as measured by market share:

Company Market Share
New York Life 9.78%
State Farm 7.57%
Northwestern Mutual 6.81%
Primerica 3.86%
Southern Farm Bureau Life Insurance 3.67%

Average Cost Of Life Insurance In Arkansas

Best Cheap Life Insurance Companies In Arkansas For Females

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mutual of Omaha $11.02 $13.99
MassMutual $9.01 $14.01
Nationwide $12.02 $16.98
Transamerica $14.02 $23.02
State Farm $21.02 $30.01

*Rates based on a 10-year term life policy for a 30-year-old female nonsmoker

Best Cheap Life Insurance Companies In Arkansas For Males

Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $10.02 $16.01
Nationwide $10.99 $16.02
Mutual of Omaha $10.01 $17.02
Transamerica $13.98 $29.04
State Farm $22.99 $32.03

**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker

Factors That Impact The Cost Of Your Life Insurance In Arkansas

The price of life insurance in Arkansas is influenced by multiple criteria, including:

  • Your life insurance company
  • Health status
  • Age
  • Smoking habits
  • Riders added to your policy
  • Credit score
  • Gender

It’s not out of the ordinary for men to pay higher insurance premiums than women simply because males have shorter life spans, historically. In the same vein, people who are smokers are charged higher rates because they, also, have shorter life expectancies.

In Arkansas, insurance carriers may consider other factors, too, such as your credit score, when determining your insurance rate. Additionally, if you add riders to your policy, like a disability waiver of premium or child riders, you will almost certainly  pay higher rates.

How Much Life Insurance Do You Need In Arkansas?

The amount of life insurance you need will vary based on your circumstances. For example, if you own your home, you’ll usually need more coverage than people who rent their homes. People with dependents, such as children, may need a higher level of coverage, as well.

Life insurance agents will normally advise you to obtain coverage of ten to twenty times your annual wages to ensure adequate protection for loved ones. For instance, if your yearly income is $75,000, you may need coverage ranging from $750,000 to $1.5 million.

Arkansas Life Insurance Laws To Know

If you are serious about securing life insurance in Arkansas, you might benefit from familiarizing yourself with the state’s guidelines that have been put in place to protect you as an insurance policyholder. These laws include:

Contestable Period

According to Arkansas law, life insurance companies can deny payment of a claim if they discover that the policyholder gave false or misleading information on their application within two years of the effective date of the policy. But, after two years have elapsed, the insurer cannot contest the application based on any errors or discrepancies.

Free Look Period

After you receive your life insurance policy from the company or agent, you will have 10 days to review it. If you decide that you don’t want to keep the  policy during this time period, you may return it without incurring a penalty and receive a full refund of any premiums you’ve paid to the insurance company.

Grace Period For Missed Payments

If you miss a payment, Arkansas law allows for a 30 day grace period during which you can still make the payment without losing your coverage.

Time Allowable To Settle A Claim

For beneficiaries to receive the benefits of a life insurance policy, they must file a claim with the insurance company. Once the claim has been made, all life insurance companies in the state of Arkansas must settle that claim within 30 days.

FAQs

What is the average monthly cost of life insurance in Arkansas?

The premium of a 30 year old male in Arkansas might be as little as $10.00 per month for $250,000 of coverage. The same coverage for a thirty year old female in Arkansas will cost about $9.00 monthly.

Is life insurance more expensive in Arkansas?

The cost of life insurance in Arkansas is aligned with other states. Insurers who charge higher rates often do so because they’ve paid more claims than they anticipated.

How much per month is a million-dollar life insurance policy in Arkansas?

My findings showed that MassMutual offers the most favorable rate for a ten year term life policy of $1 million in Arkansas, with a monthly premium of about $25.

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