Cheapest Term Life Insurance (2026)

MoneyGeek's analysis of term life insurance rates found John Hancock offers the lowest premiums for the average female buyer, charging $6 per month. The cheapest option for men is Penn Mutual, with a $9 average monthly rate.  These rates apply to $100,000 coverage with a 10-year term for healthy 40-year-old nonsmokers.

Term life insurance costs depend on your personal profile. Women pay less than men for the same coverage because women live longer on average, which lowers their mortality risk and their premiums. Some states ban gender-based pricing.

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.

John Hancock and Guardian Life offer the most affordable term life insurance for young adults at $4 monthly for women and $6 for men, respectively. 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.

Penn Mutual has the lowest average cheap term life insurance rates for 70-year-old women at $67 per month, while John Hancock has the lowest average monthly rate for 70-year-old men at $104. 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.

State Farm offers the cheapest term life insurance for smokers at $18 per month for women and $20 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.

Guardian Life provides the cheapest term life insurance for people with poor health at $6 per month for women and $9 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.

Banner Life offers cheap term life insurance at $37 per month for women and $46 per month for men for a 20-year term with $500,000 in coverage, for a 20-year. Extending to a 30-year term with $1 million coverage increases costs to $112 for women and $150 for men.

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 rates 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.

John Hancock and Penn Mutual offer the most affordable term life insurance for the average buyers, 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 quotes from major insurers to determine which companies offer the most affordable rates. Our research included testing quotes 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, 15-year, 20-year, 25-year, 30-year, 35-year, 40-year) and coverage amounts ($100,000 to $10 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.