Cheapest life insurance companies of 2024 (2024)

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Cheapest life insurance companies

• Symetra: Excellent for cheap term life insurance.
• Penn Mutual: Excellent for customer satisfaction.
• Pacific Life: Great for coverage amount options.
• Corebridge Financial: Great for customizable life insurance terms.
• Protective: Excellent for selection of term lengths.
• Transamerica: Great for low coverage term life insurance.
• Banner/Legal & General America: Great for lengthy life insurance term.
• Midland National: Great for living benefits.

Top-ranked cheap life insurance companies of 2024

Who has the cheapest life insurance?

Symetra has the cheapest life insurance of the insurers we evaluated. However, the most affordable life insurance for your needs will depend on several factors, including your age, the type of life insurance and the coverage amount you choose. Term life insurance is typically the cheapest option.

Based on our analysis of term life insurance rates, the following insurers have the cheapest life insurance for shoppers in their 30s, 40s and 50s looking for a 20-year $250,000 term life policy.

• Cheapest life insurance at age 30: Banner Life/Legal & General America.
• Cheapest life insurance at age 40: Protective.
• Cheapest life insurance at age 50: Banner Life/Legal & General America.

Keep in mind that the average cost of life insurance may not be indicative of how much you pay for coverage. Get and compare at least three rates before you purchase a policy to find the most affordable life insurance for your situation and preferences.

Compare the cheapest life insurance companies

Looking for affordable life insurance? The table below includes the top-ranked cheap life insurance companies in order of average rate for healthy applicants at ages 30, 40 and 50.

Example life insurance rates for a female: $250,000, 20-year term

^{Annual term life insurance rates reflect the average life insurance rate for female non-smokers in good health.}

Example life insurance rates for a male: $250,000, 20-year term

^{Annual term life insurance rates reflect the average life insurance rate for male non-smokers in good health.}

The average cost of life insurance in 2024

Term life insurance policies are generally cheaper than permanent life insurance policies like whole life insurance or universal life insurance policies. Your rate will depend on the insurer you choose and the factors outlined above.

The tables below provide a comparison of average life insurance rates by policy type, amount and age of the insured.

Average monthly cost of a 20-year term life insurance policy by age

^{Monthly term life insurance rates reflect the combined average for both male and female non-smokers in good health.}

Average monthly cost of a whole life insurance policy by age

^{Monthly whole life insurance rates reflect the combined average for both male and female non-smokers in good health.}

Factors that affect the cost of life insurance

How much you pay for life insurance will depend on various factors, such as:

• Age.
• Gender.
• Desired life insurance coverage amount and term.
• Nicotine or marijuana use status.
• Health and medical history.
• Prescription drug health.
• Family medical history.
• Driving record.
• Criminal record.
• Risky hobbies or professions, if applicable.

What is the cheapest type of life insurance?

Term life insurance is generally the cheapest type of life insurance. Unlike permanent life insurance, term life insurance does not include cash value and only locks in rates and coverage for a set period of time, or term.

Term life insurance

• Typically has policy terms between 10 to 30 years, though some insurers offer longer terms.
• If you die during the term, your beneficiaries will receive a death benefit.
• Before the term ends, you typically have the option to renew, though likely at a higher rate each year. Always check your policy to determine what happens at the end of the term.
• To maintain life insurance coverage, you may also have the choice to convert your term life policy to a permanent policy. Or you might choose to purchase a new policy.

How to get cheap life insurance

If you’re shopping for coverage, here’s what you can do to find the most affordable life insurance policy for your needs.

• Shop around for a policy. Getting life insurance quotes from multiple insurers gives you a higher chance of finding a cheap life insurance policy based on your age and medical history.
• Purchase term life insurance: Consider term life if you’re on a budget or just want coverage for a specific timeframe, such as a mortgage. When comparing term to permanent life insurance, Salka points out that “people can purchase larger coverage amounts for less.”
• Avoid unnecessary riders. Some riders, or policy add-ons, are free as part of your policy, others will increase your premium payment. Evaluate the benefits and drawbacks of any rider before you add it, making sure that the potential premium increase is worth the additional coverage benefit.
• Buy life insurance sooner: The younger you are, the cheaper your life insurance will be. That’s because age and health are primary factors used by insurers to determine rates. This is true of both whole and term life insurance.
• Work toward a healthy lifestyle. Life insurance rates hinge heavily on your health. Using nicotine products or being overweight will lead to higher rates. Avoiding or quitting smoking, eating well and exercising can help you stay healthy and give you a better chance to lock in lower rates.

Alternatives to term life insurance

Just because term coverage is generally the cheapest type of life insurance doesn’t mean it’s always the right choice.

For instance, if you want coverage that lasts a lifetime, consider a permanent life insurance policy. There are also life insurance policies designed to meet a specific need, such as to cover the cost of a funeral.

Here are other types of life insurance coverage available to most consumers:

• Whole life insurance
  • The most straightforward and affordable type of permanent life insurance.
  • Provides lifelong coverage and a guaranteed death benefit, as long as you pay your premiums.
  • Features a cash value component with a guaranteed rate of return.

• Universal life insurance (UL)
  • Offers lifelong coverage and a cash value account.
  • Types of UL include guaranteed universal life (GUL), indexed universal life (IUL) and variable universal life (UL).
  • Premiums and/or death benefits may be flexible, depending on type of policy.
  • Policy’s cash value growth is typically tied to the market index or subaccount performance, depending on the type of policy.
  • Generally considered to be more flexible than whole life insurance.

• Burial insurance (funeral insurance)
  • Designed to help your loved ones pay for final expenses, such as burial or funeral costs, outstanding medical bills, etc., though benefits can be used to cover other expenses.
  • Coverage amount is smaller, usually $10,000 to $25,000.
  • Often an option for someone shopping for senior life insurance if they don’t qualify for other types of life insurance.
  • Structured as a permanent life insurance policy.

• Survivorship life insurance
  • Single policy that covers two people, such as spouses.
  • Death benefit only being paid out once both people have passed away.

• No-exam life insurance
  • Life insurance coverage that does not require a medical exam.
  • Usually available as term life insurance, though it can be permanent coverage.
  • No-exam life insurance more expensive than other types of coverage.
  • May be a good option for people who are having difficulty finding life insurance coverage due to medical issues.

Which life insurance is right for you? Types of life insurance

How much life insurance do you need?

You should have enough life insurance to cover the needs of your dependents. This usually means taking into account one or more of the following:

• Your annual salary and the number of years you would want it replaced if you were to die during your working years.
• Existing debts that a dependent would need to take on after your death, such as a mortgage.
• Educational expenses, such as tuition, for children.
• Whether or not you want to cover your final expenses, such as a funeral.
• Any inheritance you may want to leave your life insurance beneficiaries.

It can be difficult to anticipate expenses, especially as you factor in career changes, inflation, retirement or other investment assets and milestones, such as having a child or buying a home. In many cases, the most efficient way to determine what type of life insurance is most suited to your needs is to contact a professional.

Cheap life insurance frequently asked questions (FAQs)