Best and Cheapest Life Insurance in Alaska for 2024

Looking for life insurance in Alaska? You’ve come to the right place! Life insurance rates vary from state to state, and the average life insurance premium in Alaska is around $655 per year, or $54 per month, which is higher than the national average at $631 per year.

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Wondering whether YOU need life insurance? What IS life insurance, exactly? We’ll answer those questions and more- consider this your life insurance primer! Life insurance is a contract between you and your insurer that provides a tax-free lump sum of money to replace lost income after your death. If you have debts, dependents, or just want assurance that your loved ones will have access to means to settle your accounts when you’re gone, you’ll need life insurance.

Life insurance premiums vary according to the amount of coverage, age, health, and lifestyle of the insured, as well as other variables. The money from a life insurance policy can be used to pay expenses like a mortgage, utility and grocery bills, children's college costs, final funeral arrangements, and more. Let’s get into the details.

How much does life insurance cost in Alaska?

As mentioned above, there is a range of pricing when it comes to life insurance premiums that varies across states. According to data from S&P Global Market Intelligence1, the average life insurance premium in Alaska is $655, or $54 a month. Standards of living, risk factors, and more are taken into account in order to arrive at these rates. In addition, there are additional factors to consider, such as gender and age.

To see how the rates in Alaska stack up against the national average, and four other states with close premium, take a look at the chart below.

If you are wondering how much it costs for you, hit the big button below to get your free quotes.

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What factors will impact the cost of Life Insurance?

What are the differences between whole and term life insurance policies?

Essentially, the two primary forms of life insurance are whole, or permanent life insurance policies, and term life insurance policies. Term life insurance covers you for a specific time period, generally 10-30 years, while whole life insurance covers you for the duration of your life.

Also known as permanent life insurance, whole life insurance premiums are paid for your whole life. When you die, your beneficiaries will receive a death benefit. As there is no specified term, your beneficiaries will receive the death benefit whenever you expire. There are various types of whole life insurance, and many have a cash value component that increases as you pay your premiums.

Eventually, the cash value may increase the death benefit as well. Some allow for dividends on the accumulated cash, and some allow for cash withdrawals or to be used as loan collateral. However, drawing against your life insurance policy can lead to a reduction in death benefits that could impact your beneficiaries negatively. Among the other forms of permanent life insurance are universal life insurance, and variable life insurance. These use a specific stock index and asset investment selection as forms of accruing death benefits, respectively. Finally, there is also the option of paid-up whole life insurance, which lets you pay increased premiums for a set number of years, after which you’re covered until your death.

What steps do I take to purchase a life insurance policy?

The good news? You’re already here, and learning more about life insurance policies is the first step. Do your research, and decide how much coverage you’ll need.

How does COVID-19 Impact Life Insurance Coverage?

Can I get life insurance if I recently traveled or plan to travel internationally? If, in the past 30 days, you traveled to a foreign country or any area that has a U.S. state department level 3 or 4 travel advisory, your life insurance policy application will need to be delayed due to potential exposure to COVID-19. However, 30 days after the date you return to the U.S. you will be able to submit your life insurance application.

Does life insurance cover COVID-19 deaths? There has been some agitation on social media suggesting that some death benefits were denied to beneficiaries of policies that were covering patients that died as a result of the COVID-19 pandemic. The agitation, however, is simply speculation. There are no known policies that specifically exclude death from infectious disease. There are some very specific exceptions, for example, a policy specifically written for a “dread disease” or specific condition, such as cancer, may not be paid if the insured instead dies from COVID-19.

This sort of case would be incredibly rare. Other than a specific mitigating factor, like failure to pay premiums, or dishonesty on the application for the policy, there would be no reason that dying from COVID-19 would cause an insurer to fail to pay the benefit.

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Find the best life insurance in Alaska

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Life Insurance Rates for Cities in Alaska

We compiled data about Life Insurance rates for every city in Alaska. Depending on where you live within the state, you may notice variation in pricing.

References

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