Cheapest Term Life Insurance (2026)

MoneyGeek's analysis of term life insurance rates found Lincoln Financial offers the lowest premiums for the average buyer, charging $7 per month for women and $9 for men. These rates apply to $100,000 coverage with a 10-year term for healthy 40-year-old nonsmokers.

Term life insurance costs vary based on your personal profile. Women pay less than men for identical coverage because statistics show women have longer average lifespans. This reduced mortality risk translates to lower premiums across all age groups and coverage levels. Some states prohibit gender-based pricing for life insurance.

Rates are estimates from MoneyGeek's analysis of major insurers based on a $100,000 term policy for our sample profile. Your actual premiums will depend on your health, age, lifestyle and chosen insurer.

Lincoln Financial offers the most affordable term life insurance for young adults at $5 monthly for women and $6 for men. Young adults benefit from lower premiums because they have fewer health risks and longer life expectancies than older applicants.

Rates shown are estimates based on a $100,000 term policy for 30-year-old nonsmokers. Actual premiums will differ, depending on your profile, coverage needs and insurer.

Buying term life insurance in your 30s locks in these lower rates for the entire term length. A 30-year policy bought at age 30 costs less per year than the same coverage purchased at age 40 or 50.

SBLI has the lowest average cheap term life insurance rates for 70-year-olds at $101 per month for women and $143 for men. Seniors pay higher premiums because companies look at age as a primary risk factor.

Rates are estimates based on a $100,000 term policy for 70-year-old nonsmokers. Actual premiums will differ, depending on your profile, coverage needs and insurer.

Many insurers limit term life policies for people over 65 or 70. Companies offer fewer coverage options as you age, while premiums increase. Some companies cap term lengths at 10 or 15 years for seniors.

North American offers the cheapest term life insurance for smokers at $25 per month for women and $30 for men. Smoking increases your term life insurance costs by roughly three times nonsmoker rates because tobacco use raises your risk of heart disease, cancer and other fatal conditions.

Rates are estimates based on a $100,000 term policy for 40-year-old smokers. Actual premiums will differ, depending on your profile, coverage needs and insurer.

Insurers classify you as a smoker if you've used tobacco products, including cigarettes, cigars, vaping devices or chewing tobacco, within the past 12 to 24 months. Some insurers extend this period to 36 months. Disclosing your smoking status during the application process prevents claim denials later.

Lincoln Financial provides the cheapest term life insurance for people with poor health at $9 per month for women and $11 for men. Health conditions like diabetes, high blood pressure, obesity or past heart problems place you in higher-risk categories, which means higher premiums.

Rates are estimates based on a $100,000 term policy for 40-year-old nonsmokers. Actual premiums will differ, depending on your profile, coverage needs and insurer.

Higher coverage amounts provide stronger financial protection for your family's long-term needs, but cost more monthly. Insurance companies base premiums on the total death benefit they risk paying out.

Lincoln Financial offers cheap term life insurance at $38 per month for men and $31 for women for a 20-year term with $500,000 in coverage. Extending to a 30-year term with $1 million coverage increases costs to $119 for men and $97 for women.

Rates are estimates based on a term life insurance policy for 40-year-old nonsmokers. Actual premiums will differ, depending on your profile, coverage needs and insurer.

Term life insurance costs vary widely based on age, coverage amount and term length. The following table shows average monthly premiums for different profiles.

These averages show quotes based on MoneyGeek's analysis of 16 major insurers for people with average health. Your actual premium depends on your health profile, lifestyle, age, gender and chosen insurance company.

Lincoln Financial offers the most affordable term life insurance for the average buyer, but your specific rate depends on age, health and coverage needs. Comparing quotes from multiple insurers reveals price differences.

Buy coverage early to lock in cheap term life insurance rates before aging or health changes increase your premiums. Match your term length to your financial obligations and avoid unnecessary riders that inflate costs without adding meaningful protection.

Life insurance pricing varies based on your age, health and coverage needs. We analyzed 248,399 quotes from 16 major insurers to determine which companies offer the most affordable rates. Our research included testing quotes across 250 ZIP codes for multiple profiles.

Our baseline profile represents a typical applicant: a 40-year-old male, nonsmoker, 5'9" tall, 160 pounds, with average health. We then modified this profile across multiple dimensions (age, gender, tobacco use and health ratings) to capture how rates vary across different customers. We also tested various term lengths and coverage amounts to see which insurers remain competitive as your needs evolve.

Coverage Analysis

We collected quotes for term life insurance policies with varying term lengths (10-year, 20-year, 30-year) and coverage amounts ($100,000 to $3 million).

All premiums reflect rates for our standard profile unless we specify otherwise. When we highlight savings for specific demographics, such as seniors, smokers or people with health conditions, we've adjusted the profile accordingly and clearly note those changes.