Jessica Fox Last Updated On: August 23, 2023

Getting the Best Life Insurance in Arkansas

If you live in Arkansas, a place full of natural wonders like limestone caves, and you haven’t already begun exploring your life insurance options, it’s time you did. There’s no better time than the present to create peace of mind for you and your loved ones. 

No one likes thinking about life insurance, but spending a little bit of time researching your options and collecting quotes means you never have to think about it again.

If now is the day to explore your options for life insurance in Arkansas, we’ll fill you in on what you need to know, so you can get back to exploring what Arkansas has to offer!

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Table of Contents

What Is Life Insurance and Why You Need It

Life insurance is pretty straightforward: your insurance company gives your beneficiaries a death benefit (a lump sum of money), so long as your premiums are paid. This money is often used for final expenses like funeral costs, or to replace your income. 

There are two main types of life insurance: whole life and term life. Each offers different features beyond just doling out a death benefit. For instance, whole life has an actual cash value that grows over the length of your policy.

Every adult should have life insurance because it shelters your beneficiaries from paying out of pocket for burial expenses or outstanding debts. The fact of the matter is that financial protection is the only kind of protection you can leave your loved ones with when you’re not physically present.

Finding the Right Life Insurance in Arkansas for You

Having options is a good thing, but when it comes to insurance, more options can quickly become overwhelming. We’ll help relieve the pressure by giving you some pointers on finding the best life insurance policy for you.

Before you begin searching for Arkansas life insurance quotes, ask yourself these questions to help you figure out which policy is best for you:

  • Financial Needs: What do you want your life insurance plan to do financially? Do you want a policy that puts your kids through college if you’re not around or helps supplement your retirement income like a cash value product does? 
  • Speak to an Advisor: If you’re unsure of all the life insurance terms, or you would simply rather sit down with someone, then it’s time you speak with an insurance advisor and let them outline your options.
  • Reputable Insurer: There’s safety in brand recognition. Don’t take out a life insurance plan with a company that offers anything less than Excellent (A-, A) or Superior (A+, A++) financial strength ratings.
  • Calculate How Much Insurance You Need: A good rule of thumb is to take out an insurance policy that’s worth 10-15x your current annual income. You can figure out how much you need by adding together current and future expenses:
    • Annual expenses for you/your family multiplied by the number of income replacement years your family will need
    • Add together your outstanding debts (including mortgage)
    • How much money do you need for future expenses (e.g. college tuition for your children)
    • Add together these three expenses, subtract your assets (e.g., cash in the bank) and that’s how much coverage you need
  • Policy Term: If you want to buy life insurance that lasts a lifetime, you may wish to have whole life coverage. But if you only need insurance for 10, 20, or 30 years, then term life is for you. 
  • Shop Around: The most important thing to remember is to shop around for life insurance quotes in Arkansas. Every insurance company uses different factors to determine your premium, so to find the cheapest life insurance in Arkansas, you must gather multiple quotes. Only then can you lock into the right policy at the best price! Get access to free, no-risk quotes now.

Now that you have a better idea of your life insurance needs, let’s explore the types of life insurance available to you and how to decide between them.

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Exploring Your Life Insurance Options

Knowing your options is the next step to locking into the best life insurance policy for you and your beneficiaries. These are your options for life insurance in Arkansas:

Term Life

As the name suggests, term life policyholders pick the number of years they want life insurance, typically in 10, 15, 20, or 30-year denominations. If you pass away with your premiums paid up, your beneficiaries get a death benefit. But, if the policyholder lives past the term policy, the policy expires and the beneficiaries don’t receive anything (unless you have the option to renew your policy). 


Permanent life insurance is an attractive option as it offers a guaranteed death benefit to beneficiaries when the policyholder passes. These policies also come with a cash value that accumulates money over your lifespan. However, this type of life insurance is more expensive than term life.

The two types of permanent life insurance are whole life and universal life.  

Whole Life

Get life insurance that spans your entire life! Whole life is a permanent life insurance that offers lifelong protection with fixed premiums, has a cash value, and provides a guaranteed death benefit.

Universal Life

Universal life is another form of permanent life insurance, but it differs from whole life as it’s divided into the cost of insurance (COI)—death benefits—and cash value. You can adjust these components, and the COI value depends on your age, insurability, and the insured risk amount.  

Guaranteed Life

Unlike other insurance products, this type of policy features no medical exams and guarantees coverage to policyholders no matter their state of health. The premiums are high, and the death benefit is lower than traditional policies.

The Best Cheap Life Insurance in Arkansas

Arkansas has some interesting life insurance laws you should know before getting a policy.
  • Free Look: Free look period is a small time frame that allows new policyholders to cancel their life insurance policy without penalty. There is no free look period in Arkansas, but many insurers permit new policyholders between 7-30 days to cancel without consequence.  
  • Claim Settlement Timeframe: Insurance companies must pay beneficiaries the claim (death benefit) within two months; otherwise, the insurer faces huge penalties. 
  • Grace Period: Insurance companies must give Arkansas residents a grace period of 30 days to pay a missing premium while maintaining active coverage.
  • Contestable Period: Arkansas insurers have two years to contest a policy for fraudulent or misrepresented claims. Insurers don’t have to pay if the policyholder dies during this two year timeframe. But if a policyholder dies after two years, the account is now incontestable, and the insurance company will pay out. 
Knowing your rights around life insurance helps boost your peace of mind even more, and get you and your loved ones what’s deserved.

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Final Thoughts on Getting Life Insurance in Arkansas

You can live every day to the fullest knowing that no matter what happens to you, your beneficiaries are financially protected so long as you have life insurance. And that’s true even if you live in a state nicknamed “The Bear State”. 

But the trick is buying the right life insurance policy for you. No two people are alike—that’s why we all pay different insurance rates—so you need to research your options before you lock onto the best life insurance in Arkansas. Once you’ve figured out which policy matches your needs, it’s time to branch out and shop for life insurance quotes!

Get your free life insurance quote here to find the best life insurance company and policy, so you can get back to exploring the wild state of Arkansas.

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