Shopping for the cheapest 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 Life Insurance Companies In 2026
Compare the cheapest life insurance in 2026. Explore cheap companies, sample rates, and pros and cons to find the best low-cost policy for you.
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Updated: February 6, 2026
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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.
Compare Cheap Life Insurance Companies
Why You Can Trust MoneyGeek
You can trust MoneyGeek’s analysis because we use a standardized, data-driven methodology that compares insurers fairly and identifies consistently affordable, reliable options across multiple customer profiles. We collected thousands of quotes across a wide range of demographics, policy types and coverage levels to identify the cheapest options on the market today. Read our full methodology to learn more.
Term | Lincoln Financial | Term: $38 | 18-80 | Term, IUL, No-Exam |
Whole & Universal (Older Adults) | Protective Insurance | Term: $44 Whole: $637 Universal: $280 IUL: $327 | 20-80 | Term, Whole, Universal, IUL |
Whole & Universal (Young Adults) | North American | Term: $43 Whole: $656 Universal: $289 IUL: $319 | 18-60 | Term, Whole, Universal, IUL |
Indexed Universal (IUL) | Ethos | Term: $72 IUL: $357 Guaranteed: $109 | 18-69 | Term, Whole, IUL, No-Exam |
Guaranteed Acceptance | Mutual of Omaha | Term: $60 Guaranteed: $81 | 18-80 | Term, Whole, Universal, IUL, No-Exam |
* Rates shown are averages for 40-year-old non-smokers of average height, health and weight.
Cheapest Term Life Insurance
Lincoln Financial offers the cheapest term life insurance policies for all age groups we surveyed, with monthly rates as low as $18 for 25-year-old women and $23 for 25-year-old men.
Lincoln Financial | $18 (F), $23 (M) | $31 (F), $38 (M) | $163 (F), $230 (M) |
North American | $22 (F), $28 (M) | $35 (F), $43 (M) | $183 (F), $262 (M) |
Midland National | $22 (F), $28 (M) | $35 (F), $43 (M) | $183 (F), $262 (M) |
Protective Insurance | $23 (F), $29 (M) | $37 (F), $44 (M) | $202 (F), $284 (M) |
Cincinnati Life | $24 (F), $29 (M) | $40 (F), $49 (M) | $236 (F), $323 (M) |
CoreBridge | $25 (F), $30 (M) | $38 (F), $47 (M) | $220 (F), $312 (M) |
SBLI | $25 (F), $30 (M) | $37 (F), $48 (M) | $225 (F), $319 (M) |
Principal National | $26 (F), $30 (M) | $38 (F), $47 (M) | $202 (F), $314 (M) |
Legal & General | $26 (F), $30 (M) | $38 (F), $47 (M) | $221 (F), $314 (M) |
* Rates shown are for 20-year term policies with $500,000 coverage for non-smoking applicants of average height, health, and weight. Your rates will vary based on your specific profile and needs.
Lincoln Financial
Cheapest Term Life Insurance
MoneyGeek Rating
4.5/ 5
4.9/5Affordability
3.6/5Customer Experience
4.5/5Coverage Points
Avg. Monthly Rate
$38 (Term)Policy Types
Term
Read More: Best Term Life Insurance
Cheapest Whole Life Insurance
Protective provides the cheapest whole life insurance for most age groups, but North American and Midland National are cheaper for young adults. Protective’s monthly rates start at $308 for 25-year-old women.
North American | $281 (F), $347 (M) | $589 (F), $656 (M) | $1,828 (F), $2,231 (M) |
Midland National | $281 (F), $347 (M) | $589 (F), $656 (M) | $1,828 (F), $2,231 (M) |
Columbus Life | $293 (F), $352 (M) | $651 (F), $751 (M) | $1,915 (F), $2,377 (M) |
Protective Insurance | $308 (F), $350 (M) | $580 (F), $637 (M) | $1,612 (F), $1,901 (M) |
Pacific Life | $313 (F), $377 (M) | $630 (F), $698 (M) | $1,864 (F), $2,303 (M) |
* Rates shown are for whole life policies with $500,000 coverage for non-smoking applicants of average height, health, and weight. Your rates will vary based on your specific profile and needs.
Protective
Cheapest Whole & Universal (Older Adults)
MoneyGeek Rating
4.9/ 5
5/5Affordability
4.8/5Customer Experience
4.4/5Coverage Points
Avg. Monthly Rate
$44 (Term), $637 (Whole), $280 (Universal), $327 (IUL)Policy Types
Term, Whole, Universal, IUL
Read More: Best Whole Life Insurance
Cheapest Universal Life Insurance
Protective provides the cheapest universal life insurance for most age groups, but North American and Midland National are cheaper for young adults. Protective’s monthly rates start at $150 for 25-year-old women.
North American | $137 (F), $163 (M) | $248 (F), $289 (M) | $660 (F), $800 (M) |
Midland National | $137 (F), $163 (M) | $248 (F), $289 (M) | $660 (F), $800 (M) |
Columbus Life | $143 (F), $165 (M) | $273 (F), $331 (M) | $692 (F), $852 (M) |
Protective Insurance | $150 (F), $165 (M) | $244 (F), $281 (M) | $582 (F), $682 (M) |
Pacific Life | $153 (F), $177 (M) | $265 (F), $307 (M) | $673 (F), $790 (M) |
* Rates shown are for universal life policies with $500,000 coverage for non-smoking applicants of average height, health, and weight. Your rates will vary based on your specific profile and needs.
North American
Cheapest Whole & Universal (Young Adults)
MoneyGeek Rating
4.6/ 5
4.8/5Affordability
4.7/5Customer Experience
3.8/5Coverage Points
Avg. Monthly Rates
$43 (Term), $656 (Whole), $289 (Universal), $319 (IUL)Policy Types
Term, Whole, Universal, IUL
Read More: Best Universal Life Insurance
Cheapest Indexed Universal Life Insurance
Ethos is the cheapest indexed universal life (IUL) insurance provider. It has monthly rates starting at $133 for 25-year-old women and $160 for men. Protective is cheaper if you are an older adult. Its rates start at $745 for 60-year-old women and $994 for 60-year-old women.
Ethos | $133 (F), $160 (M) | $267 (F), $326 (M) | $745 (F), $994 (M) |
North American | $166 (F), $213 (M) | $285 (F), $355 (M) | $831 (F), $944 (M) |
Protective Insurance | $182 (F), $216 (M) | $280 (F), $327 (M) | $733 (F), $804 (M) |
Pacific Life | $185 (F), $232 (M) | $304 (F), $357 (M) | $848 (F), $932 (M) |
Legal & General | $248 (F), $293 (M) | $421 (F), $542 (M) | $1,017 (F), $1,440 (M) |
* Rates shown are for IUL policies with $500,000 coverage for non-smoking applicants of average height, health, and weight. Your rates will vary based on your specific profile and needs.
Ethos
Cheapest IUL Insurance
MoneyGeek Rating
4.7/ 5
4.5/5Affordability
5/5Customer Experience
5/5Coverage Points
Avg. Monthly Rates
$72 (Term), $326 (IUL), $109 (Guaranteed)Policy Types
Term, IUL, Guaranteed
Read More: Best Indexed Universal Life Insurance
Cheapest Guaranteed Life Insurance
Mutual of Omaha offers the cheapest guaranteed acceptance life insurance, with rates as low as $20 for a $5,000 coverage policy. Coverage level is the main factor that affects rates for these types of policies.
Mutual of Omaha | $20 | $57 | $61 | $81 | $101 |
Gerber Life | $21 | $64 | $64 | $85 | $106 |
AARP | $22 | $60 | $66 | $88 | $111 |
Ethos | $27 | $72 | $82 | $109 | N/A |
TruStage | $27 | $72 | $82 | $109 | $137 |
AAA | $30 | $62 | $91 | $121 | $151 |
Mutual of Omaha
Cheapest Guaranteed Acceptance Life Insurance
MoneyGeek Rating
4.6/ 5
4.8/5Affordability
4.5/5Customer Experience
4.3/5Coverage Points
Avg. Monthly Rates
$60 (Term), $81 (Guaranteed)Policy Types
Term, Guaranteed
Read More: Best Guaranteed Acceptance Life Insurance
Cheapest Life Insurance By Profile
The most affordable life insurance company for a 30-year-old man might charge double what a 30-year-old woman pays, and neither will be the cheapest option for a 65-year-old or smoker. Insurers price risk differently, so the best rate depends on which demographic category you fall into.
We compared life insurance rates from major insurers across different profiles to identify which companies have the lowest premiums for each group. The tables below shows the most affordable options based on your age, gender and smoking status:
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 Cheap Life Insurance
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. This costs less than whole or universal life policies because it provides a death benefit only for a specified term.
- Lead a healthy lifestyle. 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. 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.
- Choose cost-effective payment schedules. Pay annually instead of monthly to typically save 3% to 8% on premiums.
- Shop around. Prices vary between insurers.
- Regularly review your policy. Life changes, like quitting smoking or paying off a mortgage, qualify you for lower premiums.
USING EMPLOYER LIFE INSURANCE TO SAVE
Employer-provided life insurance costs little or nothing but usually covers just one to two times your salary, which is around $100,000 to $150,000 for most workers. Financial advisors recommend 10 to 15 times your income, however, leaving a significant gap.
MoneyGeek Tip: Keep your employer coverage and buy an individual term policy to fill the gap. A 35-year-old can add $400,000 in 20-year term coverage for $30 to $40 monthly.
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.
How much does cheap life insurance actually cost per month?
Life insurance costs vary greatly by plan type, age, gender, health levels and other factors. For 40-year-olds seeking $500,000 in coverage, the cheapest life insurance rates for term policies are $31 for women and $38 for men, while the cheapest rates for whole life policies are $589 for women and $656 for men.
Is term life insurance always cheaper than whole life?
Term life insurance is almost always cheaper than whole life at comparable coverage levels, because it provides coverage for a set period and doesn’t build cash value. You may be able to get a lower rate for a whole insurance policy if you reduce your coverage level. For example, a $100,000 coverage whole life policy may be cheaper than a $500,000 term life policy.
Can smokers get affordable life insurance?
Yes, smokers can still get affordable life insurance, though premiums are much higher than non-smoker rates. Term life insurance remains the cheapest life insurance for smokers.
Who has the cheapest $1,000,000 life insurance policy?
Lincoln Financial has the cheapest rates for a $1,000,000 life insurance policy on a 20-year term for 40-year-olds, averaging $60 per month for women and $73 per month for men.
Is no-exam life insurance cheaper than fully underwritten coverage?
Usually no. For the same coverage, no-exam policies tend to cost more because insurers price in extra risk without a medical exam. Healthy applicants get lower premiums with a fully underwritten policy.
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Our Review Methodology
Finding affordable life insurance can feel overwhelming when you're comparing dozens of companies with different rate structures and coverage options. We developed a targeted research approach specifically for cost-conscious shoppers who want reliable coverage without overpaying.
Standard Profile
We used a consistent baseline profile to ensure fair comparisons across insurers: a 40-year-old nonsmoking man, 5 feet 9 inches tall, 160 pounds, with an 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, avoiding complications that trigger higher premiums or substandard ratings.
Quote Collection
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, policy types, and coverage amounts to identify consistent patterns in pricing and determine which insurers maintain competitive rates across different policy structures rather than just offering low teaser rates on specific terms.
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, and 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, not just ideal applicants.
Why It Matters
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. This methodology prioritizes affordability while ensuring the recommended companies deliver reliable coverage and financial stability, not just the lowest premiums from insurers that may disappear when your beneficiaries need to collect decades from now.
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About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in 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.