Life Insurance for the Unemployed (Discounts & Rates)

Life insurance for the unemployed is not difficult to get if you have enough savings and strong job prospects. Those who work in booming industries with plenty of jobs will likely be approved for life insurance since they have high chances of finding work. Stay-at-home parents also qualify for life insurance. Average rates of life insurance for unemployed folks are $26/month.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: May 19, 2021

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The Highlights

  • Life insurance while unemployed is a great way to prepare for the future
  • If you have strong job prospects, you should have no problem getting approved for a life insurance policy
  • Consider a small term life insurance policy to ensure you get approved while you look for work

Life is full of surprises. One of the worst surprises is losing a job or being laid off unexpectedly. When these things happen, you may be worried if you’ll be able to find life insurance for the unemployed.

A life insurance policy is one of the best ways to prepare for the future. While you may face some roadblocks in securing a life insurance policy while unemployed, there are ways to find affordable life insurance for the unemployed.

Before finding out why you need life insurance while unemployed, how you can qualify, and how to save, enter your ZIP code into our free comparison tool above to find cheap life insurance quotes for the unemployed.

Do I need life insurance while unemployed?

If you’ve recently lost your job you may be wondering, “Do I need life insurance?” It’s a fair question. After all, is it worth paying a monthly premium if you don’t have any income?

Well, if you have enough savings set aside, life insurance for unemployed folks is definitely worth it.

A small term life insurance policy while you are looking for work is a great thing to have in place should something happen to you while you are unemployed.

A life insurance policy ensures that your family will be able to pay any outstanding debts you owe and cover funeral costs.

You don’t want to saddle your loved ones with financial woes, so invest in a life insurance policy to lighten the load.

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How do I qualify for life insurance for the unemployed?

Whether or not you qualify for life insurance while unemployed depends on the nature of your unemployment and your financial situation.

For example, if you’ve recently been laid off with the promise of being re-hired in the near future, you’ll likely be approved for life insurance.

If you have a steady work history and work in an industry with many jobs, life insurance companies will likely approve you since your chances of snagging a new job are pretty high.

You may even receive more affordable life insurance rates for the unemployed.

However, if you work in a struggling industry that is on the decline, life insurance companies may postpone your application or deny you coverage altogether.

It all depends on your employment prospects. Life insurance companies just want to make sure you can pay your premiums. Check out LinkedIn‘s Jobs on the Rise Report to see if your industry is hiring right now.

What about stay-at-home parents?

One exception in regard to life insurance for unemployed folks is stay-at-home parents.

While you may technically be unemployed, stay-at-home parents still work full-time jobs and should face no issues getting approved for a life insurance policy.

Typically, life insurance companies will allow a stay-at-home parent to have coverage equal to that of the working parent.

If the working spouse already has a significant amount of life insurance coverage and substantial income, that coverage may be cut in half.

How can I save on life insurance for the unemployed?

Unemployed or not, one of the best ways to save on life insurance is to maintain good health and avoid risky or dangerous activities such as smoking, excessive drinking, or even mountain climbing.

You can also save by bundling your home, life, and auto insurance policies under the same provider. The savings can be humongous.

Of course, looking for work and making it a priority to get gainful employment as soon as possible will help you save on your life insurance policy in the long term.

The best way to save is to compare quotes from multiple companies to find the best rate. Enter your ZIP code into our free comparison tool below to buy life insurance for the unemployed today.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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