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If you can’t afford life insurance there are some no-cost life insurance policies available. But your options are limited and you may have to meet age and health requirements. Still, it could be worth looking into free coverage, as long as you carefully vet the policies.
How do I get free life insurance?
Free life insurance may be available depending on your line of work, your life circumstances or as part of a special program. Low-cost options can sometimes also be found, whether through a discount or special offer. Research companies and programs offering free life insurance online, and use the company’s website to check if you meet its qualifications.
Who offers free life insurance?
Some companies offer free life insurance through programs to specified groups of people, like low-income parents or healthcare workers. The following options are examples of the types of free policies you might find:
MassMutual LifeBridge
Low-income parents between 18 and 42 years old can apply for a 10-year, $50,000 term life insurance policy from MassMutual for free. The policy is designed to provide money for your child’s education, if you die while the policy is active. The death benefit is paid directly to the school, and can be used for preschool, private school, trade school or college.
Only one parent in the household can apply, and you must meet these eligibility requirements:
- 18-42 years old
- Be the parent or legal guardian of a child under 18 years old
- Be a permanent legal US resident
- Have a full- or part-time job making between $10,000 and $40,000 per year
- Meet the policy’s underwriting requirements, which requires a medical exam
MassMutual HealthBridge
MassMutual’s HealthBridge program offers free life insurance to healthcare workers on the frontline treating Covid-19 patients. All frontline workers are eligible, including technicians and security staff, custodial and maintenance crews and cafeteria workers.
The three-year term policy offers a $25,000 death benefit to applicants 18 to 50 years old and a $10,000 benefit to applicants 51 to 60 years old.
There’s no medical exam required, but you must meet these eligibility requirements to apply:
- Live or work in the US, excluding the US Virgin Islands and Puerto Rico
- 18-60 years old
- Be a US citizen or permanent resident
- Work in a role with Covid-19 risk either as an employee or volunteer with 10-hours or more a month at a medical facility that is testing for the virus or evaluating and treating patients with Covid-19
- Make under $250,000 a year
Avibra App
Download the Abriva app to sign up for either a free group term life insurance policy or low-cost policy offered through Abriva. Once you sign up for coverage, you can increase your life insurance coverage $10 at a time whenever you complete a well-being task, such as reading a blog, watching a video, journaling or completing a quiz or activity on the app.
You have the following choices for life insurance through the app:
- Avibra core. Using the free app, you get $5,000 in life insurance, $5,000 in accidental death insurance and $1,000 in accident medical expense coverage.
- Avibra pro. For $59.99 a year or $11.99 every two months, you get $5,000 in life insurance, $10,000 in accidental death insurance and $2,000 in accident medical expense coverage.
- Additional insurance. Avibra offers you the opportunity to buy up to $1 million in additional life insurance with no medical exam and rates starting at $7 a month.
If you sign up for the core version, you have to check in at least once a month and complete an activity to keep your policy active, otherwise you lose your progress and your benefit returns to $5,000. The pro version also comes with risk-assessment tools and activities.
If you have the pro version, you check in every Wednesday to collect your earnings and add them to your life insurance policy. The policy’s maximum benefit is $50,000 and the coverage ends once you turn 55 years old.
Globe LIfe Insurance
Globe Life offers whole life insurance policies worth $5,000 to $50,000 of coverage. And while the policy isn’t free, you don’t have to take a medical exam and the first month of coverage costs only $1.
After the first month, you’re required to pay your full premium to continue the policy. Your premiums are based on your age, and stay the same for the life of the policy. Enter your name, gender and birth date on the Globe Life website to get a personalized premium quote.
Premiums vary based on where you live, but Globe Life’s quote tool estimates a 30-year-old male living in California might pay approximately $30 per month for $50,000 in whole life insurance, while a 30-year-old female might pay around $20 per month.
How to get cheap life insurance through work
Many employers offer group life insurance as part of your benefits package at either a discounted rate or for free, if your employer pays all of your premium. The coverage comes in multiples of your salary, up to five times your annual salary. And you may be able to add coverage for your spouse for a small monthly premium, like $2.00.
Professional unions often offer group policy coverage as well, sometimes with a period of free coverage. For example, the American Federation of Teachers union offers $5,000 of free life insurance coverage for the first year of membership. And the American Dental Association offers $50,000 in free term life insurance to its student members, who don’t have to pay premiums through residency.
To learn the details of your group policy, contact your human resources department or union representative for eligibility and application information.
Is free life insurance worth it?
While having some form of life insurance coverage is better than having none, keep the following drawbacks in mind before you jump into a free policy:
- Not enough coverage. Free policies tend to have low death benefits that may only cover part of your funeral costs.
- Strict eligibility guidelines. Free policies have strict income or situational eligibility requirements that you must meet to apply.
- Free benefits may expire. Make sure you understand how long your coverage lasts, especially if you are asked to enter payment information. Just because a policy starts free doesn’t mean it will be free for the entire policy term.
- Check for low insurance company ratings. Use AM Best or another trusted insurance rating company to make sure you’re not giving your information to a company that can’t be trusted to pay out the benefit, or worse may scam you in some way.
- Avoid life insurance scams. Signing up for a policy requires you to give out personal information that can be abused by identity thefts or other shady insurance companies. Understanding the known life insurance scams can help you avoid them.
- Protect your privacy. Even if the company isn’t scamming you, make sure you know how it’s using your personal information. You may need to decide whether free life insurance is worth the insurer selling your data.
Compare life insurance companies
Bottom line
Free life insurance can provide important coverage to applicants who couldn’t otherwise afford it. But a free policy probably won’t be enough to help your family stay afloat after you die. And you might be surprised how reasonable a life insurance premium can be.
Before you sign up for free coverage, compare life insurance companies to find low-cost policies that may better meet your coverage needs.
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