Updated: April 23, 2025
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Allstate is the cheapest overall life insurance provider, offering a 10-year term policy with $250,000 of coverage for just $12 per month. The second cheapest companies are Transamerica and GEICO with very affordable life insurance companies with rates for the same policy coverage starting around $13 per month.
Several factors affect life insurance costs, including age (buying early saves money), health status and smoking status (healthy lifestyles lead to lower rates), and coverage amount, with various companies being more affordable for specific demographics.
Term life insurance is the cheapest type of life insurance compared to whole or universal life policies because it only provides coverage for a specific period. Guaranteed acceptance and final expense are also cheaper and don't require a medical exam, but only provide minimal coverage. Life insurance policies are cheaper than most people think.
Allstate is the cheapest overall life insurance company, offering a 10-year term policy with $250,000 of coverage for $12 monthly. Life insurance policies are much cheaper than buyer think. See the filterable table below to find the cheapest life insurance providers based on your profile, coverage need, and term length.
| Allstate | $12.00 |
| Transamerica | $12.11 |
| GEICO | $12.68 |
| Protective | $13.16 |
| Nationwide | $16.41 |
| Mutual of Omaha | $16.56 |
| Prudential | $16.91 |
| AAA | $16.94 |
| Fidelity | $20.45 |
| Haven | $21.96 |
| State Farm | $21.97 |
| Bestow | $26.99 |
| Progressive | $30.89 |
Our analysis identifies Allstate as the best overall life insurance provider in 2025, offering the lowest rates at just $12 monthly for a $250,000, 10-year term policy. With a strong financial foundation and flexible coverage options, Allstate delivers exceptional value for budget-conscious consumers.
What Policyholders Love
Areas for Improvement
MoneyGeek's Expert Analysis
Affordability (4.5/5): Allstate offers the most competitive term life rates we've analyzed, with monthly premiums starting at just $12 for a $250,000, 10-year policy. In our comparison across multiple age groups, Allstate consistently delivered 15-25% savings compared to industry averages.
Financial Stability (4/5): Allstate maintains an A+ rating from AM Best, indicating superior financial strength.
Policy Options (4/5): Allstate offers coverage ranging from $25,000 to $10 million and terms from one to 30 years. Their term conversion option allows policyholders to convert to permanent coverage without additional medical underwriting.
The Allstate Life Insurance Experience
When shopping for the cheapest life insurance, understanding the key differences between policy types can help you find the best value for your needs. Here's a comparison of the four main types of policies:
Policy Type | Monthly Cost Range | Coverage Range | Medical Exam | Best For |
|---|---|---|---|---|
$12-$300+ | $25K-$10M | Usually required | Highest coverage at lowest cost | |
$15-$300+ | $25K-$3M | Not required | Quick coverage, young buyers | |
$20-$80 | $5K-$50K | Not required | Seniors with health issues | |
$30-$100 | $5K-$35K | Not required | End-of-life costs only | |
$75-$1000+ | $10K-$10M+ | Usually required | Lifetime coverage with cash value |
For most budget-conscious consumers seeking substantial coverage, term life insurance offers cheap rates and good value. No-exam policies provide convenience but typically cost more for middle-aged or older buyers. Those with health concerns or seniors seeking modest coverage will find guaranteed acceptance or final expense policies cheaper.
Policy Type | Key Features |
|---|---|
Term Life | Lowest monthly premiums for healthy individuals. Coverage for specific period (10, 20, 30 years). No cash value component. Expires at end of term. |
No-Exam Term Life | Convenient application without medical exams. Competitive rates for young, healthy applicants. Often more expensive than traditional term for those 40+. Quick approval (sometimes within 24 hours). |
Guaranteed Acceptance | No health questions or medical exams. Higher premiums for amount of coverage. Usually includes 2-3 year waiting period for full benefits. Permanent coverage with fixed premiums. |
Final Expense | Simplified underwriting (health questions but no exam). Moderate coverage specifically for burial/funeral costs. Permanent coverage that never expires. Fixed premiums that don't increase with age. |
Permanent | Lifetime coverage that never expires. Builds cash value over time. Much higher premiums than term insurance. Options include whole, universal, and variable policies. |
Below are the cheapest no-medical exam life insurance companies by age for a $250,000 term policy. Ladder is the cheapest for young people at $13 per month, while Haven is the cheapest for middle-aged people at $23 per month, and Ethos is cheapest for older buyers at $65 per month.
No-exam life insurance lets you get cheap coverage without a medical checkup, using just health questions and database checks instead. It offers faster approval but usually costs more than policies requiring exams, making it ideal for healthy people who want quick coverage or those with health issues that might complicate regular applications.
Age | Company | Monthly Cost | |
|---|---|---|---|
25 | Ladder | $13 | |
40 | Haven Life | $23 | |
50 | Fabric | $40 | |
60 | Ethos | $85 |
Note: These rates are based on a male non-smoker in good health for a 10-year term policy. Female rates are typically 15-25% lower. Application approval times are genearlly 1-2 days.
For seniors seeking cheap life insurance, GEICO is the most affordable for male buyers at $175.74 monthly cost for a 10-year term policy. Allstate is cheapest for females at $109 per month. The table below shows life insurance premiums for seniors in their 60s. As you filter by gender, coverage amount or term length, note how the most cost-effective provider can shift based on these variables.
| GEICO | $175.74 |
| Transamerica | $175.74 |
| Allstate | $176.00 |
| Protective | $204.33 |
| Mutual of Omaha | $213.71 |
| State Farm | $217.07 |
| Prudential | $218.75 |
| AAA | $248.82 |
GEICO has the lowest term life rate of $175.74 monthly for a $250,000, 10-year term policy for seniors age 60, GEICO delivers excellent value through their streamlined application process and partner network.
Customer Experience Analysis
What Senior Policyholders Appreciate
Areas for Improvement
Key Strengths
Senior-Friendly Pricing: GEICO offers some of the most competitive rates for seniors at $175.74 monthly for a $250,000 policy. Their rate structure is particularly favorable for those between 60-70 seeking moderate coverage amounts.
Simplified Process: We found GEICO's streamlined application particularly valuable for seniors, with fewer complex medical questions and faster approval times than many competitors targeting older adults.
The Senior Experience
Allstate provides the cheapest life insurance for smokers at a monthly cost of $26.57 for a 10-year term policy. Explore the following table, which shows premiums for smokers, and note that adjustments to gender, coverage amount or term length may highlight different budget-friendly choices.
| Allstate | $26.57 |
| Transamerica | $26.81 |
| GEICO | $28.07 |
| Protective | $29.14 |
| Nationwide | $36.33 |
| Mutual of Omaha | $36.66 |
| Prudential | $37.44 |
| AAA | $37.50 |
| Fidelity | $45.28 |
| Haven | $48.62 |
| State Farm | $48.64 |
| Bestow | $59.76 |
| Progressive | $68.39 |
Consistently offers lowest rates for tobacco users at $22-27 per month
Clear path to premium reductions after quitting smoking
SlightlyHigher-than-average customer complaints related to claims
Allstate offers the most affordable life insurance for smokers at a monthly rate of $27 for males and $22 for females with a $250,000, 10-year term policy. With consistent pricing advantages across age groups, Allstate delivers exceptional value for tobacco users seeking affordable protection.
Customer Experience Analysis
What Smoker Policyholders Appreciate
Areas for Improvement
Key Strengths
Smoker-Friendly Pricing: Allstate offers some of the most competitive rates for tobacco users at $22-27 monthly for a $250,000 policy. Our analysis shows their rates for smokers are consistently 10-15% lower than industry averages. Reclassification Process: We found their process for reclassifying former smokers to non-smoker rates after 12 months tobacco-free is more straightforward than many competitors, requiring only a brief medical exam or tests.
GEICO takes the lead as MoneyGeek's cheapest life insurance provider for young adults, offering a 10-year term life policy at $9.55 monthly. Look at our comprehensive table below; the most affordable life insurance option could vary based on gender, coverage amount or term length.
| GEICO | $9.55 |
| Protective | $9.85 |
| Transamerica | $9.99 |
| Allstate | $10.00 |
| Nationwide | $11.81 |
| Mutual of Omaha | $12.04 |
| AAA | $13.42 |
| Prudential | $14.62 |
| Haven | $15.54 |
| Progressive | $16.10 |
| Fidelity | $16.10 |
| State Farm | $17.62 |
| Bestow | $21.29 |
Transamerica is MoneyGeek's choice for the most affordable high coverage life insurance, offering a 10-year term policy for $26.30 monthly with coverage up to $1 million. The table below provides more rates; costs may vary based on features such as gender, coverage amount and term length.
| Transamerica | $26.30 |
| GEICO | $26.35 |
| Allstate | $29.00 |
| Protective | $31.16 |
| Nationwide | $32.81 |
| AAA | $42.24 |
| Mutual of Omaha | $45.75 |
| State Farm | $47.89 |
| Prudential | $63.14 |
| Haven | $70.30 |
| Bestow | $87.77 |
| Progressive | $92.66 |
| Fidelity | $92.66 |
Our analysis positions Transamerica as the top choice for consumers seeking substantial life insurance coverage in 2025. With rates starting at just $26.30 monthly for a $1 million, 10-year term policy, Transamerica offers unmatched value for those requiring significant protection at affordable prices.
Customer Experience Analysis: What High-Coverage Policyholders Appreciate
Areas for Improvement
Key Strengths
High-Value Policy Pricing: Transamerica consistently delivers the most competitive rates for policies above $1 million, with monthly premiums starting at $26.30 for $1 million in coverage. Our analysis shows their pricing advantage grows as coverage amounts increase, making them particularly valuable for those seeking substantial protection.
Flexible Underwriting: When testing their application process, we found Transamerica's underwriting approach more accommodating for various health profiles than many competitors, making high-coverage amounts accessible to a broader range of applicants, including those with well-managed health conditions.
The Transamerica High-Coverage Experience
| Alabama | GEICO | $9.90 |
| Alaska | GEICO | $13.98 |
| Arizona | GEICO | $18.39 |
| Arkansas | GEICO | $16.05 |
| California | GEICO | $15.95 |
| Colorado | GEICO | $14.71 |
| Connecticut | Allstate | $9.52 |
| Delaware | Haven | $10.34 |
| Florida | GEICO | $11.27 |
| Georgia | GEICO | $18.39 |
| Hawaii | Allstate | $12.00 |
| Idaho | GEICO | $17.58 |
| Illinois | GEICO | $12.84 |
| Indiana | GEICO | $16.94 |
| Iowa | GEICO | $18.06 |
| Kansas | GEICO | $18.31 |
| Kentucky | GEICO | $9.45 |
| Louisiana | GEICO | $16.94 |
| Maine | GEICO | $11.32 |
| Maryland | Protective | $8.88 |
| Massachusetts | Allstate | $12.00 |
| Michigan | GEICO | $9.91 |
| Minnesota | GEICO | $13.08 |
| Mississippi | Nationwide | $17.65 |
| Missouri | GEICO | $9.90 |
| Montana | GEICO | $10.67 |
| Nebraska | GEICO | $11.01 |
| Nevada | GEICO | $13.26 |
| New Hampshire | Allstate | $8.28 |
| New Jersey | Mutual of Omaha | $9.45 |
| New Mexico | GEICO | $17.43 |
| New York | Haven | $6.59 |
| North Carolina | GEICO | $10.40 |
| North Dakota | Haven | $17.10 |
| Ohio | GEICO | $9.90 |
| Oklahoma | GEICO | $16.79 |
| Oregon | Allstate | $7.86 |
| Pennsylvania | GEICO | $11.14 |
| Rhode Island | Allstate | $7.45 |
| South Carolina | Haven | $8.60 |
| South Dakota | Haven | $17.10 |
| Tennessee | GEICO | $10.40 |
| Texas | GEICO | $18.16 |
| Utah | GEICO | $12.57 |
| Vermont | GEICO | $11.27 |
| Virginia | GEICO | $14.17 |
| Washington | GEICO | $15.59 |
| West Virginia | Mutual of Omaha | $11.15 |
| Wisconsin | GEICO | $10.52 |
| Wyoming | GEICO | $13.62 |
A little research and planning can lead to substantial savings on your life insurance premiums. Here are some steps to help you secure affordable life insurance:
Term life insurance tends to be less expensive than whole or universal life policies because it provides a death benefit only for a specified term and doesn't build cash value.
Your age plays a significant role in determining your premium rates. Generally, the younger you are, the lower the rates. This is due to the decreased risk associated with insuring younger individuals.
Health is another key determinant of life insurance premiums. Smoking, excessive drinking, a high BMI and pre-existing medical conditions can drive up the cost of your premiums. Leading a healthy lifestyle can contribute to lowering your premium rates.
A technique known as laddering involves buying multiple term life policies with different lengths instead of one large policy. For instance, if you need more coverage now but anticipate needing less in the future, you can 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 aligns with your anticipated needs. This strategy could lower the overall cost of coverage.
Prices can vary from one insurer to another. Consider using an online comparison tool or working with an independent agent to compare rates from various insurers and find inexpensive life insurance quotes.
As your life circumstances change — say you quit smoking or pay off a mortgage — you may qualify for lower premiums. Regularly reviewing your policy can help ensure it remains cost-effective and suitable for your needs.
Determining the right coverage amount doesn't have to be complicated. Use these simple approaches:
Method | Formula | Example |
|---|---|---|
Income Multiplier | Annual income × 10-15 | $60,000 income = $600,000-$900,000 coverage |
DIME Formula | Debt + Income needs + Mortgage + Education | $20,000 debt + $500,000 income replacement + $200,000 mortgage + $80,000 education = $800,000 |
Life Stage | Recommended Coverage | Key Considerations |
|---|---|---|
Single Adult | 5-10× annual income | Cover debts, final expenses, and legacy goals |
Young Family | 10-15× annual income | Replace income, cover childcare, education |
Established Family | 7-10× annual income | Cover remaining mortgage, education, income |
Empty Nesters | 5× annual income | Cover final years of work, remaining debts |
Retirees | $15,000-$50,000 | Primarily for final expenses and remaining debts |
Most people need more coverage during their working years with dependents, and less as they age, pay down debts, and accumulate savings. Review your needs every few years, especially after major life events like marriage, childbirth, home purchase, or retirement.
Follow these steps to secure the lowest possible rates on your life insurance:
Application Process
Most applications take 2-6 weeks from submission to approval. The process is faster for no-exam policies (sometimes just days), but these typically come with higher premiums unless you're young and in excellent health.
Explore the questions below for more insights on securing cheap life insurance coverage and identifying the companies offering the most affordable policies.
With a monthly rate of $12 for a $250,000 policy over a 10-year term, Allstate ranks as the cheapest life insurance company. Allstate also stands out for its strong financial stability and its range of product offerings, including whole and universal life policies.
Term life insurance is typically the cheapest type of life insurance. Its affordability comes from its simplicity, covering the policyholder for a specific time. Unlike whole life insurance, it lacks a cash value component, making premiums considerably less expensive while providing substantial death benefits.
To get affordable life insurance, start by researching and comparing policies and providers. Prioritize a healthy lifestyle to get better rates. Opt for term insurance for cost-effective coverage, and consider laddering policies. Regularly review your policy to ensure it aligns with your changing needs and life circumstances.
If you can't afford your life insurance policy, it may lapse, leaving you without coverage. Before this happens, contact your provider to discuss your options, which may include reducing your death benefit or switching to a cheaper policy. If your policy lapses and you want to reinstate it, you may need to catch up on premium payments, pay a reinstatement fee and pass a health exam, depending on the insurer's guidelines.
Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes to determine the cheapest life insurance companies for a variety of needs.
Recency: Coverage costs and company information for life insurance providers were updated in 2025.
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!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
