Cheapest Life Insurance Companies In 2025

Lincoln Financial, Protective Insurance, North American, Ethos, and Mutual of Omaha are the cheapest life insurance companies, depending on policy type and buyer profile.

Find the cheapest life insurance quotes below.

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Cheapest Life Insurance Companies In 2025

Written by Mark Fitzpatrick

Updated: November 7, 2025

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Key Takeaways

Lincoln Financial is the cheapest term life insurance company, with rates as low as $4.70 for 18-year-olds at $100,000 coverage on a 10-year term.

Protective Insurance is the cheapest option for whole life insurance, with rates as low as $11.80 per month for 20-year-olds at $100,000 coverage.

North American offers the most affordable universal life insurance plans, with premiums as low as $6.78 for 20-year-old women and $6.93 for 20-year-old men seeking $100,000 in coverage.

Ethos is the most affordable provider for indexed universal life insurance, with rates as low as $19.80 for 20-year-old women and $23.83 for 20-year-old men at $100,000 in coverage.

Mutual of Omaha provides the cheapest guaranteed acceptance life insurance, with rates as low as $8.08 per month for $2,000 in coverage.

What is the Cheapest Life Insurance?

Shopping for affordable life insurance companies gets overwhelming fast when prices vary dramatically between companies and policy types. The most affordable life insurance policies depend on your preferred policy type, coverage level, and personal profile. We've analyzed rates from over 30 companies to help you find the best value for your situation.

Cheapest For	Company	Avg. Monthly Rate	Ages Supported (Term)	Policy Options	MoneyGeek Score
Term	Lincoln Financial	$38 (Term)	18-80	Term, IUL, No-Exam	4.5
Whole	Protective Insurance	$44 (Term), $637 (Whole), $280 (Universal), $325 (IUL)	20-80	Term, Whole, Universal, IUL	4.9
Universal	North American	$43 (Term), $656 (Whole), $275 (Universal), $319 (IUL)	18-60	Term, Whole, Universal, IUL	4.6
IUL	Ethos	$72 (Term), $310 (IUL), $109 (Guaranteed)	18-69	Term, Whole, IUL, No-Exam	4.7
Guaranteed Acceptance	Mutual of Omaha	$60 (Term), $81 (Guaranteed)	18-80	Term, Whole, Universal, IUL, No-Exam	4.6

Explore our detailed sections below to find the cheapest providers and rates for the most common types of life insurance.

Cheapest Term Life Insurance

Lincoln Financial

MoneyGeek Rating

4.5/ 5

4.9/5Affordability

3.6/5Customer Experience

4.5/5Coverage Options

Avg. Monthly Rate
$38 (Term)
Policy Types
Term

pros
- Affordable premiums across all age groups
- Coverage available from ages 18 to 80
- No-exam coverage up to $1 million
cons
- Customer experience scores below industry average
- Fewer rider options
Lincoln Financial offers some of the most affordable term life insurance rates around, averaging $31 monthly for women and $38 for men on 20-year terms at 40 years old. Their rates stay competitive across age groups. A 25-year-old will pay around $18 (women) or $23 (men) for a 20-year term. 60-year-olds looking at 10-year terms may pay around $102.95 and $145.26 respectively.

Coverage goes up to $5 million, and if you'd rather skip the medical exam, you can still get $1 million in coverage (available for ages 18-60). Plus, with an A rating from AM Best, Lincoln Financial backs up those low prices with solid financial stability.

The downside? Customer experience scores are lower than average, and you’ll find fewer rider options than some competitors offer. Still, if saving money on premiums is your priority, the trade-off might make sense.

Read More: Best Term Life Insurance

Cheapest Whole Life Insurance

Protective

MoneyGeek Rating

4.9/ 5

5/5Affordability

4.8/5Customer Experience

4.4/5Coverage Options

Avg. Monthly Rate
$44 (Term), $637 (Whole), $280 (Universal), $325 (IUL)
Policy Types
Term, Whole, Universal, IUL

pros
- A+ financial strength rating from AM Best
- Multiple policy types (term, whole, universal, IUL)
- Extensive term rider options including child coverage
cons
- Medical exam required for all applicants
- Limited term life age range (20-80)
Whole life insurance often feels out of reach due to higher premiums, but Protective Insurance makes permanent coverage accessible. Rates begin as low as $11.80 per month for 20-year-old females at $100,000 coverage. Rates begin as low as $11.80 per month for 20-year-old females at $100,000 coverage. Keep in mind that whole life insurance becomes more expensive the older you are and the more coverage you need, among other factors. For example, 40-year-olds seeking $500,000 in coverage will pay around $578 per month for females and $637 for males. Still, Protective offers some of the cheapest whole life insurance rates at most age ranges.

Protective also boasts an impressive A+ financial strength rating from AM Best and a J.D. Power score of 653, placing them in 9th place overall for customer satisfaction in the industry. If you’d like to explore other types of coverage, Protective offers a broad spectrum of policy types, including term, whole, universal, and indexed-universal life insurance.

Read More: Best Whole Life Insurance

Cheapest Universal Life Insurance

North American

MoneyGeek Rating

4.6/ 5

4.8/5Affordability

4.7/5Customer Experience

3.8/5Coverage Options

Avg. Monthly Rates
$43 (Term), $656 (Whole), $275 (Universal), $319 (IUL)
Policy Types
Term, Whole, Universal, IUL

pros
- Dual A+ ratings from BBB and AM Best
- Multiple permanent policy options (whole, universal, IUL)
- Term coverage exceeds $10 million
cons
- Limited age range (18-60)
- Medical exams required
Looking for universal life insurance that won't break the bank? North American delivers cheap rates with the financial strength to match. Their universal rates start as low as $6.78 for 20-year-old women and $6.93 for 20-year-old men seeking $100,000 in coverage. Note that premiums for universal life insurance increases rapidly as you age and increase coverage needs. For example, 40-year-olds who want $500,000 in coverage will pay around $236 per month for women and $275 per month for men.

North American has dual A+ ratings from AM Best and the BBB, and they also offer a full range of policy types beyond universal. You can work with them to get term, whole, universal, and indexed universal life insurance policies. One drawback is that they offer limited coverage for seniors. Their term age limits cap out at 60 years old, which is lower than many competitors.

Read More: Best Universal Life Insurance

Cheapest Indexed Universal Life Insurance

Ethos

MoneyGeek Rating

4.7/ 5

4.5/5Affordability

5/5Customer Experience

5/5Coverage Options

Avg. Monthly Rates
$72 (Term), $310 (IUL), $109 (Guaranteed)
Policy Types
Term, IUL, Guaranteed

pros
- No-exam coverage up to $3 million
- Term options from 10 to 40 years
- Free estate planning tools included
cons
- Traditional universal life policies not available
- Longer term options limited to younger ages
Ethos keeps indexed universal life (IUL) insurance premiums accessible. Their IUL rates start as low as $19.80 for 20-year-old women and $23.83 for 20-year-old men at $100,000 in coverage. That said, there are some more affordable options at this age group, including Legal & General and CoreBridge. For most age ranges above 23, however, Ethos is the most affordable IUL option for people in good health. As with whole and universal life insurance, IUL premiums tend to increase significantly as you get older and increase coverage levels. For example, Ethos charges around $256 for 40-year-old women and $310 for 40-year-old men at $500,000 in coverage.

Ethos offers other types of life insurance policies, including term, whole, and no-exam policies. If affordability is your concern, you’ll likely find cheaper options for term, whole, and no-exam policies. IUL is where Ethos offers the most affordable rates. Ethos also has an A+ rating from AM Best and an A+ rating with the BBB, indicating strong financial strength and customer satisfaction respectively.

Cheapest Guaranteed Life Insurance

Mutual of Omaha

MoneyGeek Rating

4.6/ 5

4.8/5Affordability

4.5/5Customer Experience

4.3/5Coverage Options

Avg. Monthly Rates
$60 (Term), $81 (Guaranteed)
Policy Types
Term, Guaranteed

pros
- Up to $300,000 in no-exam coverage
- Strong financial strength and customer approval ratings
- Full spectrum of policy types
cons
- Higher pricing for standard policy types
If health issues have made it hard to qualify for coverage, a guaranteed acceptance life insurance policy may be right for you. Mutual of Omaha offers the most affordable guaranteed acceptance policies available today, with rates as low as $8.08 per month for $2,000 in coverage. Unlike term, whole, and universal life insurance, guaranteed acceptance rates do not increase with age, but they do increase with your coverage level. Mutual of Omaha offers $20,000 in guaranteed acceptance coverage for around $81 per month.

Mutual of Omaha also scores well for both financial strength and customer satisfaction. They received an A+ rating from the BBB and placed 6th overall in J.D. Power’s industry customer satisfaction survey. They also received an A+ financial strength rating from AM Best. They offer a full range of life insurance products, including term, whole, universal, and IUL. Their rates for these other policy types are competitive but not as affordable as some other options on the market.

How Much Does Life Insurance Cost?

Life insurance premiums vary widely based on several factors, including age, health status, coverage amount, policy type and more. Here’s a quick look at average costs for the most popular types of life insurance and a more detailed overview on the factors that will affect your rates:

Policy Type	Avg Monthly Cost	Avg Annual Cost
Term	$53	$606
No-exam	$69	$832
Whole	$667	$8,009
Universal	$294	$3,528

* Rates shown are estimates for life insurance policies based on our review of quotes for 40-year-old non-smoking males with average height and health. For term, estimates are based on 20-year terms. Your rates will vary depending on your unique profile and specific needs.

How to Get the Most Affordable Insurance Rates

Life insurance premiums don't have to break your budget. With smart research and planning, you can secure substantial savings. As we’ve shared in this guide, there are a number of cheap life insurance policies available. Here's how to save even more:

Opt for term life insurance. Term life insurance costs less than whole or universal life policies because it provides a death benefit only for a specified term and doesn't build cash value.
Buy early. Your age determines your premium rates. Younger applicants get cheaper rates because they present less risk to insurers.
Lead a healthy lifestyle. Health directly affects life insurance premiums. Smoking, excessive drinking, high BMI and pre-existing medical conditions increase your costs. Healthy habits lead to cheaper rates.
Ladder your policies. Laddering involves buying multiple term life policies with different lengths instead of one large policy. For instance, if you need more coverage now but less in the future, buy one 10-year policy and another 20-year plan instead of a single 30-year policy. When the shorter-term policy ends, you're left with less coverage, which matches your anticipated needs and lowers overall costs.
Choose cost-effective payment schedules. Pay annually instead of monthly to typically save 3% to 8% on premiums, which adds up to hundreds of dollars in savings over your entire policy term.
Shop around. Prices vary between insurers. Compare rates from multiple insurers using an online comparison tool to find cheaper life insurance quotes.
Regularly review your policy. Life changes like quitting smoking or paying off a mortgage qualify you for lower premiums. Review your policy regularly to ensure it remains cost-effective and meets your needs.

Most Affordable Life Insurance Policies: Bottom Line

MoneyGeek's nationwide analysis shows Lincoln Financial, Protective Insurance, North American, Ethos, and Mutual of Omaha offer the most affordable life insurance rates across different customer profiles and policy types. Compare quotes from multiple providers, because rates vary based on your age, health, coverage amount and personal factors.

Cheapest Life Insurance: FAQs

What is the cheapest type of life insurance?

Term life insurance is the cheapest type of life insurance due to its simplicity and temporary coverage period. Term policies lack cash value components, making premiums considerably less expensive than whole life insurance while providing substantial death benefits.

What happens if you can't afford your life insurance policy?

If you can't afford your premiums, your policy will lapse and your coverage will end. Contact your provider before this happens to discuss options like reducing death benefits or switching to cheaper policies. Policy reinstatement requires catching up on premium payments, paying reinstatement fees and passing health exams depending on insurer guidelines.

Do life insurance rates go up every year?

Term life insurance premiums remain fixed throughout the entire term. Renewal after term expiration results in higher rates based on your current age and health. Whole life insurance rates stay fixed for life, while some universal life premiums fluctuate based on market conditions.

How much will I save by buying life insurance when I'm young?

Buying life insurance early creates substantial savings. A 30-year-old male pays $9 to $17 monthly for $250,000 in 10-year term coverage, while waiting until age 40 increases rates to $14 to $26 monthly. Purchasing at 30 instead of 40 saves about $840 over 10 years, with potential savings reaching $2,000 depending on rates.

How much will I save by paying annually instead of monthly?

Annual payments save 3% to 8% compared to monthly premiums. A $300 annual premium paid monthly totals approximately $324 over the year. Over 20-year terms, annual payments save nearly $500. Many insurers offer additional discounts for automatic bank account payments.

Our Review Methodology

Finding affordable life insurance can feel overwhelming when you're comparing dozens of companies with different rate structures and coverage options. That's why we developed a targeted research approach specifically for cost-conscious shoppers who want reliable coverage without overpaying.

Our Standard Customer Profile

We used a consistent baseline profile to ensure fair comparisons across insurers:

40-year-old man
Non-smoker
5 feet 9 inches tall, 160 pounds
Average health rating

To determine the cheapest overall companies, we calculated average rates for 30- to 49-year-olds.

This profile represents a common demographic seeking life insurance and allows for meaningful rate comparisons. We chose these specifications because they reflect standard underwriting scenarios that most applicants encounter.

Coverage Analysis Strategy

Our research focused on companies that offer nationwide coverage and provide online quotes: two factors that matter most when you're shopping for affordable rates. We collected quotes across multiple term lengths and coverage amounts to identify consistent patterns in pricing.

Rate Comparison Process

Beyond our standard profile, we modified key variables to understand how rates change based on:

Age
Gender differences
Height and weight variations
Tobacco use status
Health ratings

This approach revealed pricing trends that helped us calculate projections and identify which companies consistently offer the most affordable rates for different customer types.

Why This Methodology Works

By using standardized profiles and focusing on companies with broad availability, we eliminated variables that could skew results. Our cheapest overall recommendation reflects rates for our standard profile, with specific callouts when different demographics might find better deals elsewhere.

About Mark Fitzpatrick

Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.

Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!

He writes about economics and insurance, breaking down complex topics so people know what they're buying.

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Cheapest Life Insurance Companies In 2025

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