Compare Life Insurance Quotes

* Rates shown are based on 40-year-old nonsmokers in average health with a 20-year, $500,000 term life policy.

Banner Life is MoneyGeek's best term life insurance company, tied with Transamerica for the lowest average rates in our analysis with term lengths of up to 40 years, coverage amounts up to $10 million and a strong customer complaint record.

Term life insurance provides financial protection for a set period of 10 to 40 years. If you die while the policy is active, your beneficiaries receive a tax-free death benefit. Because term policies don't build cash value, they provide the highest coverage amounts at the lowest premiums. For most people, term life insurance offers the best balance of affordability and financial protection.

Term life insurance costs an average of $19 per month for a 20-year-old nonsmoking woman with $250,000 in coverage and $22 for a man with the same policy. Rates increase gradually through your 40s, then climb much faster in your 50s and 60s. A 60-year-old man pays an average of $395 per month for a $500,000 policy, more than 10 times the cost for a 20-year-old man with the same coverage.

* Rates shown are for nonsmokers in average health with a 20-year term policy.

* Rates shown are based on 40-year-old nonsmokers in average health with a $500,000 whole life policy.

USAA is our top pick for whole life insurance because it combines the lowest average rates in our analysis with coverage amounts up to $10 million and the highest possible A++ AM Best financial strength rating. A 40-year-old pays an average of $504 per month for women and $513 for men on a $500,000 policy. USAA also accepts applicants up to age 85, one of the highest maximum issue ages among the insurers we reviewed.

Whole life insurance provides permanent coverage that lasts your lifetime and includes guaranteed cash value that grows over time. You can borrow against the cash value while your policy remains active. It's best suited for people who want lifelong coverage, fixed premiums and predictable cash value growth.

Whole life insurance rates average of $540 per month for nonsmoking women and $574 for men at age 40 with a $500,000 policy. Whole life costs more than other policy types because insurers assume more financial risk by guaranteeing premiums, cash value growth and the death benefit. Universal life shifts more of that risk to policyholders in exchange for lower initial premiums and greater flexibility, while term life provides coverage for only a set period of time and doesn't offer cash value growth.

* Rates shown are for nonsmokers in average health.

* Rates shown are based on 40-year-old nonsmokers in average health with a $500,000 universal life policy.

USAA is the best universal life insurance company in MoneyGeek's analysis, featuring competitive rates with coverage up to $10 million, eligibility through age 90, flexible policy options and exceptional financial strength. Protective Life has the lowest average premiums across most age groups we reviewed, while Ethos is the best choice for indexed universal life insurance, pairing competitive pricing with fast underwriting and no medical exam for most applicants.

Universal life insurance provides lifelong coverage with a cash value component that earns interest over time. Unlike whole life, it lets you adjust your premium payments within limits set by the policy.

* Rates shown are for nonsmokers in average health.

Universal life insurance rates increase steadily with age and coverage amount. In our analysis, a 40-year-old nonsmoking woman in average health pays $310 per month for a $500,000 policy, while men of the same age pay $362. At 70 years old, the same coverage costs $1,389 per month for women and $1,674 for men.

* Rates shown are for 65-year-old nonsmokers with a $15,000 policy.

The best guaranteed issue life insurance company is Physicians Mutual, with average monthly rates of $72 for women and $92 for men, the lowest in our analysis for a $15,000 policy. It offers up to $30,000 in coverage and accepts applicants ages 45 to 85. 

Guaranteed issue life insurance is designed for people who can't qualify for traditional coverage because of their health, providing final expense protection without a medical exam or health questions. These policies are available to people 45 to 85 years old, though eligibility varies by company. All providers in our analysis include a two-year graded death benefit. If the insured dies during that period from natural causes, beneficiaries receive the premiums paid plus interest instead of the full death benefit. Deaths caused by accidents are covered immediately.

* Rates shown are estimates for nonsmokers.

Guaranteed issue life insurance costs more per dollar of coverage than term or traditional whole life insurance because insurers don't evaluate your health before issuing a policy. In our analysis, a $15,000 guaranteed life policy averages $90 per month for a 65-year-old woman and $116 for a man. Rates increase with age and coverage level.

MoneyGeek has researched the best life insurance companies for a wide range of policy types and customer needs. Use the guides below to compare top-rated insurers and find the right policy for your situation:

Find the best life insurance companies in your state:

The right life insurance company offers more than a low rate. MoneyGeek’s in-depth life insurance provider reviews evaluate affordability, customer satisfaction, financial strength and policy features, so you can compare providers side by side and choose with confidence.

Comparing life insurance quotes isn't just about finding the lowest premium. The best policy balances affordability with the right coverage, a financially strong insurer and features that protect your family over the long term.

Buy enough coverage to replace your income, pay off major debts and cover future expenses like college tuition. Then choose a policy term that lasts until your financial obligations end. While a $500,000, 20-year policy costs less than a $1 million, 30-year policy, the cheapest option isn't always the best fit.

Look beyond today's premium. Level term policies lock in the same rate for the entire policy term, while annual renewable term policies get more expensive each year. Compare insurers offering the same coverage amount and term length to find the best value.

Life insurance claims are often paid decades after a policy is issued, so it's important to consider an insurer's financial strength. AM Best specializes in evaluating the financial strength of insurance companies. A rating of A- or higher indicates a strong ability to meet future claims obligations. You can verify an insurer's rating for free on the AM Best website. If a company is rated below A-, consider its financial outlook carefully before purchasing a policy.

Many term policies let you convert to permanent life insurance before your policy expires without taking another medical exam. This is useful if your health declines or your coverage needs change over time. Conversion deadlines, age limits and eligible permanent policies vary by insurer, so compare these features before you buy.

Life insurance riders let you customize your coverage. Common options include accelerated death benefits, waiver of premium and child term riders. Compare both the cost, availability and details of riders, since not every insurer offers the same options.

A low premium loses value if the claims process is difficult. Review complaint data, customer satisfaction surveys and insurer reviews to understand how companies handle claims, customer service and policy administration before making a decision.

Life insurance providers consider many factors when calculating the cost of life insurance, including coverage amount, term length, age, gender, lifestyle and health.