Compare Rates and Save on Life Insurance

widget-location-pin

Cheapest Life Insurance Companies in November 2023


Banner image
Fact Checked
Updated: Nov 7, 2023
Content was edited
Edited by
 · 
6 Expert Contributions

Allstate stands as the overall cheapest life insurance company, providing term life insurance for $12 per month. Transamerica and GEICO also rank among the least expensive providers.

Age, health and coverage amount affect life insurance costs. Our list of affordable life insurance companies aims to guide you to the best policy for your needs.

mglogo icon

Cheapest Overall Life Insurance Company

Allstate is the cheapest overall life insurance provider, offering a 10-year term policy for ​​$12 a month. Below, the table showcases the costs of all the companies we've considered. Filter by gender, coverage amount or term length to see how the most affordable option may change based on these factors.

Company
Cost

Allstate

$11.00

Transamerica

$11.05

Protective

$11.65

Allstate

$12.00

Transamerica

$12.11

GEICO

$12.68

GEICO

$12.68

Prudential

$12.75

Protective

$13.16

Allstate

$15.00

AAA

$15.18

Mutual of Omaha

$15.27

Transamerica

$15.30

Transamerica

$15.30

Nationwide

$15.75

Protective

$16.08

Nationwide

$16.41

Mutual of Omaha

$16.56

Protective

$16.89

Prudential

$16.91

AAA

$16.94

Allstate

$17.00

Allstate

$17.00

Haven

$17.27

Transamerica

$17.43

Transamerica

$17.64

Allstate

$18.00

GEICO

$18.68

GEICO

$18.68

Protective

$18.70

GEICO

$18.82

GEICO

$18.82

Progressive

$18.92

Fidelity

$18.92

Nationwide

$19.25

Protective

$19.51

Mutual of Omaha

$19.57

Haven

$19.91

State Farm

$20.24

Fidelity

$20.45

Prudential

$21.08

Nationwide

$21.44

State Farm

$21.54

Bestow

$21.65

Mutual of Omaha

$21.72

Nationwide

$21.88

Haven

$21.96

State Farm

$21.97

AAA

$22.00

Nationwide

$22.75

Cheapest Overall: Allstate

Allstate

pros

Offers affordable term life insurance

A+ AM Best rating for financial stability

Provides a range of term, whole and universal life policies

cons

Receives higher-than-average customer complaints

Lacks over-the-phone agent support

Offers limited support for policyholders with certain conditions

COMPANY HIGHLIGHTS

As the overall cheapest life insurance company, Allstate offers a range of reasonably priced life insurance products. With 92 years in operation, the company holds a secure position in the insurance industry, supported by an A+ AM Best rating, indicating sound financial health.

Allstate's offerings are varied, including term policies with coverage amounts between $25,000 to $1 million and term lengths of one to 30 years. The company also provides whole and universal life products, addressing a range of customer needs.

However, an above-average complaint rate suggests potential customer service issues. The buying process, while straightforward with online, phone and mail payment options, lacks phone support from agents, which could be a drawback for some customers.

While Allstate offers support features for policyholders with families, some aren't extended to those with certain conditions, such as diabetes. Despite these limitations, Allstate remains competitive, considering its low-cost policies and financial stability.

Cheapest Life Insurance Company for Seniors

For seniors seeking life cheap insurance, GEICO stands out with a $175.74 monthly cost for a 10-year term policy. 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.

Company
Cost

Allstate

$109.00

Prudential

$131.03

Transamerica

$141.53

Mutual of Omaha

$151.36

Protective

$152.30

State Farm

$166.17

GEICO

$175.74

GEICO

$175.74

Transamerica

$175.74

Allstate

$176.00

Allstate

$197.00

Protective

$204.33

AAA

$210.98

Mutual of Omaha

$213.71

State Farm

$217.07

Prudential

$218.75

AAA

$248.82

Transamerica

$251.10

Mutual of Omaha

$253.92

Prudential

$254.63

Protective

$271.07

Allstate

$313.00

GEICO

$313.23

Transamerica

$313.23

GEICO

$313.23

State Farm

$314.49

Protective

$361.32

Transamerica

$362.31

Allstate

$366.00

AAA

$374.00

Gerber

$380.00

Mutual of Omaha

$393.24

State Farm

$416.29

GEICO

$442.64

GEICO

$442.64

Transamerica

$442.64

Transamerica

$442.85

Prudential

$456.32

AAA

$487.08

Mutual of Omaha

$501.96

Protective

$504.34

Gerber

$557.09

Transamerica

$589.05

State Farm

$591.59

Allstate

$598.00

GEICO

$633.53

GEICO

$633.53

Protective

$682.90

Prudential

$683.64

Transamerica

$697.43

AAA

$717.20

Prudential

$776.57

Mutual of Omaha

$780.32

State Farm

$788.19

GEICO

$852.13

Transamerica

$852.13

GEICO

$852.13

AAA

$907.28

American Family Insurance

$1166.79

Transamerica

$1206.10

American Family Insurance

$1371.79

Transamerica

$1645.60

GEICO

$1845.56

GEICO

$1845.56

American Family Insurance

$2329.29

American Family Insurance

$2739.29

American Family Insurance

$4654.29

American Family Insurance

$5474.29

Cheapest for Seniors: GEICO

GEICO

pros

Affordable life insurance for seniors

Low average rate of customer complaints

Support features for families and military veterans

cons

No available AM Best rating for financial stability

Absence of phone support from agents

Limited support for policyholders with certain health conditions

COMPANY HIGHLIGHTS

GEICO is an affordable choice for seniors with a monthly cost of $175.74 for a 10-year term policy. Although no AM Best rating is available to assess GEICO's financial stability, its 87-year track record in the insurance industry lends credibility.

Customer satisfaction appears to be a strength for GEICO, as evidenced by a lower-than-average rate of complaints. The payment process is straightforward, allowing customers to make payments online, over the phone or via mail. An online quote tool is also available, and resources are provided for beneficiaries, enhancing the customer experience.

GEICO's support features cater specifically to policyholders with families and those with a military background. GEICO's life insurance products include term policies, whole and universal life and accidental death products. Despite these positives, the lack of agent phone support and limitations in support for certain health conditions might be factors to consider when choosing GEICO.

Cheapest Life Insurance Company for Smokers

For smokers, Allstate provides the most affordable life insurance 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.

Company
Cost

Allstate

$22.97

Transamerica

$23.08

Protective

$24.33

GEICO

$26.48

Allstate

$26.57

Prudential

$26.63

Transamerica

$26.81

GEICO

$28.07

Protective

$29.14

Allstate

$31.33

AAA

$31.70

Mutual of Omaha

$31.89

Transamerica

$31.96

Nationwide

$32.90

Protective

$33.58

Transamerica

$33.89

Haven

$36.07

Nationwide

$36.33

Mutual of Omaha

$36.66

Protective

$37.41

Prudential

$37.44

AAA

$37.50

Allstate

$37.64

Allstate

$37.65

GEICO

$39.01

Transamerica

$39.05

Progressive

$39.52

Fidelity

$39.52

Transamerica

$40.65

Mutual of Omaha

$40.87

GEICO

$41.36

Protective

$41.40

Haven

$41.58

GEICO

$41.68

Allstate

$41.98

State Farm

$42.27

Nationwide

$42.64

GEICO

$43.90

Prudential

$44.03

Nationwide

$44.78

State Farm

$44.99

Bestow

$45.22

Fidelity

$45.28

Protective

$45.51

AAA

$45.95

Mutual of Omaha

$48.11

Haven

$48.62

State Farm

$48.64

Nationwide

$50.37

AAA

$50.68

Mutual of Omaha

$50.94

Nationwide

$51.03

Transamerica

$52.05

Prudential

$52.18

American Family Insurance

$52.99

Prudential

$53.13

Allstate

$53.16

Transamerica

$53.67

AAA

$55.04

State Farm

$56.32

Progressive

$56.33

Fidelity

$56.33

Haven

$56.55

Allstate

$56.86

Protective

$56.99

GEICO

$57.63

Bestow

$58.42

AAA

$58.50

Mutual of Omaha

$59.69

Bestow

$59.76

Protective

$60.41

Transamerica

$61.91

GEICO

$62.03

State Farm

$63.54

Progressive

$64.56

Fidelity

$64.56

Haven

$64.67

Allstate

$65.31

Nationwide

$65.89

Nationwide

$66.03

Transamerica

$66.43

Fidelity

$66.46

Allstate

$68.26

Progressive

$68.39

GEICO

$69.19

Mutual of Omaha

$70.01

American Family Insurance

$71.93

State Farm

$72.05

Protective

$72.87

GEICO

$72.87

Protective

$73.35

Fidelity

$74.08

State Farm

$74.18

Prudential

$75.38

Haven

$75.77

Bestow

$75.81

AAA

$76.01

Nationwide

$77.23

Bestow

$81.00

Mutual of Omaha

$83.15

Nationwide

$83.69

AAA

$84.68

Mutual of Omaha

$86.77

Haven

$88.75

Transamerica

$89.23

Allstate

$89.67

Prudential

$90.03

State Farm

$91.40

State Farm

$93.39

AAA

$93.39

Progressive

$96.35

Fidelity

$96.35

Progressive

$97.28

Progressive

$98.00

American Family Insurance

$98.58

Protective

$98.79

AAA

$99.43

Prudential

$101.65

Haven

$104.49

Bestow

$105.05

Prudential

$106.48

Mutual of Omaha

$107.69

GEICO

$107.82

Bestow

$110.91

State Farm

$112.73

Nationwide

$113.86

Haven

$115.04

Allstate

$115.34

Transamerica

$116.05

GEICO

$116.05

State Farm

$118.08

Fidelity

$119.72

Progressive

$120.75

Gerber

$125.75

Mutual of Omaha

$126.37

Protective

$127.56

Gerber

$128.36

AAA

$132.80

American Family Insurance

$135.98

Haven

$136.21

Bestow

$141.37

Bestow

$144.19

Prudential

$148.63

Nationwide

$149.33

State Farm

$161.69

Mutual of Omaha

$162.30

Haven

$165.48

AAA

$165.72

Fidelity

$166.50

Progressive

$166.50

Gerber

$169.28

Prudential

$174.52

American Family Insurance

$176.16

Gerber

$176.65

Progressive

$179.60

Bestow

$193.92

Haven

$196.46

Bestow

$206.60

Prudential

$211.38

Fidelity

$218.11

Progressive

$218.11

American Family Insurance

$252.46

Fidelity

$269.24

Bestow

$270.58

Progressive

$351.23

Fidelity

$351.23

Cheapest for Smokers: Allstate

Allstate

pros

Affordable monthly rates for smokers

High financial stability with an A+ AM Best rating

Family support features available

cons

Above-average customer complaint rate

No over-the-phone agent availability

Limited support for policyholders with specific health conditions

COMPANY HIGHLIGHTS

Allstate is MoneyGeek's top pick for the cheapest life insurance for smokers, offering competitively priced policies at a monthly rate of $26.57. This stands out in an industry where smokers often face higher premiums.

In terms of financial stability, Allstate's 92-year track record and A+ AM Best rating suggest a reliable safety net for policyholders. Its product portfolio includes term policies with variable coverage amounts and whole and universal life products. Notably, policies are available without a mandatory medical exam.

While Allstate's affordability for smokers is commendable, the company's customer service record shows room for improvement, marked by a higher-than-average rate of complaints. Additionally, while there are support features for families, individuals with certain health conditions may find resources limited.

Allstate's streamlined buying process — with online, phone and mail payment options — facilitates easy navigation. However, the lack of phone agent availability might pose challenges for some customers.

Cheapest Life Insurance Company for Young Adults

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. Be sure to look at our comprehensive table below; the top budget-friendly option could vary based on gender, coverage amount or term length.

Company
Cost

Transamerica

$8.71

Protective

$8.90

Allstate

$9.00

GEICO

$9.55

GEICO

$9.55

Protective

$9.85

Transamerica

$9.99

Allstate

$10.00

Prudential

$10.87

Allstate

$11.00

Transamerica

$11.05

Transamerica

$11.05

Protective

$11.06

Nationwide

$11.59

Haven

$11.81

Nationwide

$11.81

AAA

$11.88

Allstate

$12.00

Allstate

$12.00

Mutual of Omaha

$12.04

Mutual of Omaha

$12.04

Protective

$12.24

GEICO

$12.50

GEICO

$12.50

Transamerica

$12.54

Protective

$12.56

Haven

$13.11

Transamerica

$13.18

GEICO

$13.19

GEICO

$13.19

Mutual of Omaha

$13.33

AAA

$13.42

Mutual of Omaha

$13.55

Nationwide

$13.56

Protective

$13.74

Allstate

$14.00

Bestow

$14.09

Prudential

$14.41

Prudential

$14.62

Mutual of Omaha

$14.84

Nationwide

$15.09

Fidelity

$15.23

Progressive

$15.23

Transamerica

$15.30

Haven

$15.54

State Farm

$15.67

Nationwide

$15.75

Nationwide

$15.75

AAA

$15.84

Allstate

$16.00

State Farm

$16.09

Progressive

$16.10

Fidelity

$16.10

Mutual of Omaha

$16.13

Transamerica

$16.15

Protective

$16.19

Bestow

$16.29

American Family Insurance

$16.92

AAA

$17.16

Haven

$17.46

AAA

$17.60

State Farm

$17.62

Transamerica

$17.85

Allstate

$18.00

Allstate

$18.00

Prudential

$18.16

Haven

$18.25

Protective

$18.27

AAA

$18.48

State Farm

$18.72

Allstate

$19.00

GEICO

$19.04

GEICO

$19.04

Transamerica

$19.13

Protective

$19.14

Fidelity

$19.14

Progressive

$19.14

Nationwide

$19.69

Nationwide

$19.69

GEICO

$19.87

GEICO

$19.87

Prudential

$20.24

Mutual of Omaha

$20.43

Haven

$20.62

State Farm

$20.89

Bestow

$21.29

Bestow

$21.45

Mutual of Omaha

$21.70

Fidelity

$21.75

Progressive

$21.75

Protective

$21.95

Progressive

$21.97

Fidelity

$21.97

State Farm

$22.19

Bestow

$22.62

Nationwide

$22.75

Bestow

$23.09

Nationwide

$23.19

AAA

$23.32

Fidelity

$23.49

Progressive

$23.49

American Family Insurance

$23.59

Transamerica

$23.80

Mutual of Omaha

$23.87

Allstate

$24.00

State Farm

$24.34

American Family Insurance

$24.48

Protective

$24.59

Haven

$25.82

AAA

$26.84

Mutual of Omaha

$26.85

AAA

$27.28

Prudential

$27.32

Prudential

$27.74

State Farm

$28.29

Progressive

$28.49

State Farm

$28.69

Fidelity

$28.71

Progressive

$28.71

Haven

$29.46

Transamerica

$29.75

AAA

$29.92

Allstate

$30.00

Protective

$30.56

GEICO

$30.56

GEICO

$30.56

Haven

$30.70

Nationwide

$32.81

State Farm

$33.09

Prudential

$34.82

Haven

$35.15

Fidelity

$35.24

Progressive

$35.24

Mutual of Omaha

$35.44

Bestow

$35.55

Bestow

$35.69

State Farm

$35.69

Progressive

$36.11

Bestow

$36.18

Progressive

$38.93

Nationwide

$38.94

Prudential

$38.99

Bestow

$39.32

Gerber

$39.38

Gerber

$40.42

AAA

$40.48

American Family Insurance

$40.95

Mutual of Omaha

$42.32

State Farm

$42.59

Haven

$46.46

AAA

$47.52

American Family Insurance

$47.62

Fidelity

$50.03

Gerber

$50.42

Gerber

$51.04

Prudential

$53.15

Haven

$53.52

Prudential

$53.98

Progressive

$58.73

Fidelity

$63.95

Bestow

$64.11

Bestow

$66.22

Prudential

$68.14

American Family Insurance

$71.65

Fidelity

$73.52

Fidelity

$93.53

Cheapest for Young Adults: GEICO

GEICO

pros

Low monthly cost for young adults

Broad range of support features

Payments can be made via multiple methods

cons

No phone-based agent assistance

No AM Best rating available

Certain conditions lack support features

COMPANY HIGHLIGHTS

GEICO, an established player in the insurance industry, is the most cost-effective choice for life insurance for young adults between the ages of 25 and 30. GEICO's 10-year term policy is priced at $9.55 monthly. With 87 years of operational experience, GEICO provides various life insurance products, including term, whole and universal life products. However, it does not offer some products, such as guaranteed acceptance, simplified issue and burial insurance.

While the company's customer complaint rate is lower than average, its lack of an AM Best rating could be a cause for concern about financial stability. However, it provides a range of payment options to make the purchasing process as simple as possible.

GEICO's support features cater to families and veterans, including a military support center staffed by veterans. Unfortunately, support features are not available to policyholders with certain medical conditions, like diabetes or HIV. Despite these limitations, GEICO's commitment to low-cost life insurance policies and its range of services make it a compelling option for young adults seeking coverage.

Cheapest Life Insurance Company for High Coverage Amounts

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.

Company
Cost

Allstate

$11.00

Transamerica

$11.05

Protective

$11.65

Allstate

$12.00

Transamerica

$12.11

GEICO

$12.68

GEICO

$12.68

Prudential

$12.75

Protective

$13.16

Allstate

$15.00

AAA

$15.18

Mutual of Omaha

$15.27

Transamerica

$15.30

Transamerica

$15.30

Nationwide

$15.75

Protective

$16.08

Nationwide

$16.41

Mutual of Omaha

$16.56

Protective

$16.89

Prudential

$16.91

AAA

$16.94

Allstate

$17.00

Allstate

$17.00

Haven

$17.27

Transamerica

$17.43

Transamerica

$17.64

Allstate

$18.00

GEICO

$18.68

GEICO

$18.68

Protective

$18.70

GEICO

$18.82

GEICO

$18.82

Progressive

$18.92

Fidelity

$18.92

Nationwide

$19.25

Protective

$19.51

Mutual of Omaha

$19.57

Haven

$19.91

State Farm

$20.24

Fidelity

$20.45

Prudential

$21.08

Nationwide

$21.44

State Farm

$21.54

Bestow

$21.65

Mutual of Omaha

$21.72

Nationwide

$21.88

Haven

$21.96

State Farm

$21.97

AAA

$22.00

Nationwide

$22.75

AAA

$22.88

Mutual of Omaha

$23.01

Prudential

$23.57

Transamerica

$23.80

Prudential

$23.99

Allstate

$24.00

Transamerica

$24.23

AAA

$24.86

AAA

$25.08

American Family Insurance

$25.37

State Farm

$25.44

Haven

$25.54

Mutual of Omaha

$25.59

Protective

$25.73

Allstate

$26.00

Transamerica

$26.30

GEICO

$26.35

GEICO

$26.35

Fidelity

$26.97

Progressive

$26.97

Bestow

$26.99

Protective

$27.62

Bestow

$27.97

Allstate

$28.00

Transamerica

$28.48

State Farm

$28.69

Allstate

$29.00

Fidelity

$29.15

Progressive

$29.15

Haven

$29.20

Nationwide

$29.75

Fidelity

$30.02

Nationwide

$30.19

Progressive

$30.89

State Farm

$30.89

Protective

$31.16

GEICO

$31.24

GEICO

$31.24

Protective

$31.24

Mutual of Omaha

$31.61

Fidelity

$31.76

Prudential

$32.32

American Family Insurance

$32.49

Nationwide

$32.81

State Farm

$33.49

Haven

$34.21

Bestow

$34.24

AAA

$34.32

Nationwide

$35.88

Bestow

$36.57

Mutual of Omaha

$37.20

Mutual of Omaha

$38.02

Haven

$38.05

AAA

$38.72

State Farm

$40.04

AAA

$40.04

Prudential

$40.65

Transamerica

$40.80

Allstate

$41.00

State Farm

$41.79

AAA

$42.24

Progressive

$43.50

Fidelity

$43.50

Progressive

$43.94

American Family Insurance

$44.51

Haven

$44.80

Progressive

$44.81

Protective

$45.17

Prudential

$45.65

Mutual of Omaha

$45.75

Prudential

$46.48

Bestow

$47.43

Bestow

$47.55

State Farm

$47.89

Allstate

$49.00

GEICO

$49.30

GEICO

$49.30

Transamerica

$49.30

Fidelity

$51.33

Progressive

$51.77

Nationwide

$52.06

Haven

$52.60

State Farm

$53.99

Protective

$54.19

Mutual of Omaha

$57.78

American Family Insurance

$58.30

Gerber

$60.21

Bestow

$60.61

AAA

$60.72

Gerber

$61.46

Haven

$62.28

Prudential

$63.14

Nationwide

$63.44

Bestow

$65.93

State Farm

$68.69

Mutual of Omaha

$68.95

Haven

$70.30

AAA

$70.40

Progressive

$76.13

Fidelity

$76.13

Gerber

$76.46

Progressive

$77.00

Gerber

$79.79

Prudential

$79.80

American Family Insurance

$80.55

Haven

$83.46

Bestow

$87.77

Bestow

$88.67

Prudential

$89.80

Progressive

$92.66

Fidelity

$92.66

American Family Insurance

$107.25

Bestow

$114.95

Fidelity

$123.11

Fidelity

$149.21

Progressive

$149.21

Cheapest for High Coverage Amounts: Transamerica

Transamerica

pros

Affordable high coverage up to $10 million

Support features tailored for families and tobacco users

Extensive history with 95 years in business

cons

Above-average customer complaint rate

Limited support for those with certain health conditions

No mobile app for life insurance policyholders

COMPANY HIGHLIGHTS

Transamerica, MoneyGeek's choice for cheap high coverage life insurance, provides a broad spectrum of insurance products. With term policies offering coverage from $25,000 to $10 million, Transamerica reaches many types of customers, including tobacco users, with tailored support features. Term lengths extend up to 30 years, ensuring flexibility and convenience. In addition, whole and universal life products are available for those seeking more comprehensive solutions.

The company does have a higher-than-average complaint rate among its customers. Another setback is its lack of mobile app services for life insurance policyholders, possibly limiting the ease of access to policy management.

Transamerica's history of 95 years in the business signals reliability, supported by a commendable A rating from AM Best. Despite certain shortcomings, the company offers a solid solution for those seeking high coverage at a lower cost.

Cheapest Life Insurance Companies by State

The cheapest life insurance company often varies by state. Location can influence insurance premiums, along with personal details like age, gender and medical history.

The table below offers a comprehensive view of the cheapest life insurance companies per state. You can filter results by gender, age and coverage amount, helping you identify the most cost-effective options tailored to your circumstances and area.

State
Company
Cost

Alabama

Protective

$9.42

Alabama

Protective

$11.53

Alabama

Protective

$13.66

Alabama

Protective

$18.45

Alabama

GEICO

$20.64

Alabama

Protective

$32.39

Alabama

GEICO

$9.90

Alabama

GEICO

$13.27

Alabama

GEICO

$14.70

Alabama

GEICO

$22.20

Alabama

GEICO

$20.58

Alabama

GEICO

$35.03

Alaska

Allstate

$13.62

Alaska

Allstate

$16.90

Alaska

Allstate

$18.17

Alaska

Allstate

$24.58

Alaska

Allstate

$27.25

Alaska

Allstate

$36.87

Alaska

GEICO

$13.98

Alaska

GEICO

$17.71

Alaska

GEICO

$19.31

Alaska

GEICO

$26.97

Alaska

GEICO

$29.10

Alaska

GEICO

$43.29

Arizona

Transamerica

$17.49

Arizona

Transamerica

$22.70

Arizona

Transamerica

$22.19

Arizona

Transamerica

$33.18

Arizona

Transamerica

$30.73

Arizona

Transamerica

$48.89

Arizona

GEICO

$18.39

Arizona

GEICO

$25.60

Arizona

GEICO

$25.40

Arizona

GEICO

$39.00

Arizona

GEICO

$38.26

Arizona

GEICO

$62.60

Arkansas

Transamerica

$14.80

Arkansas

Transamerica

$18.96

Arkansas

Transamerica

$18.77

Arkansas

Transamerica

$27.71

Arkansas

Transamerica

$25.99

Arkansas

Transamerica

$40.84

Arkansas

GEICO

$16.05

Arkansas

Mutual of Omaha

$25.79

Arkansas

GEICO

$22.16

Arkansas

Nationwide

$37.50

Arkansas

GEICO

$33.39

Arkansas

Nationwide

$64.18

California

Transamerica

$14.20

California

Allstate

$17.87

California

Transamerica

$18.01

California

Allstate

$26.00

California

Transamerica

$24.94

California

Transamerica

$38.79

California

GEICO

$15.95

California

Allstate

$19.50

California

Transamerica

$21.48

California

Allstate

$30.87

California

Transamerica

$29.09

California

Transamerica

$48.49

Colorado

Protective

$14.38

Colorado

Allstate

$18.37

Colorado

Allstate

$19.24

Colorado

Allstate

$26.72

Colorado

Allstate

$28.85

Colorado

Allstate

$40.07

Colorado

GEICO

$14.71

Colorado

GEICO

$18.83

Colorado

GEICO

$20.31

Colorado

GEICO

$28.68

Colorado

GEICO

$30.60

Colorado

GEICO

$46.03

Connecticut

Protective

$8.44

Connecticut

Allstate

$9.88

Connecticut

Protective

$12.24

Connecticut

Allstate

$15.80

Connecticut

Nationwide

$19.86

Connecticut

Allstate

$27.00

Connecticut

Allstate

$9.52

Connecticut

Allstate

$11.45

Connecticut

Protective

$14.19

Connecticut

Allstate

$18.86

Connecticut

GEICO

$20.21

Connecticut

GEICO

$30.76

Delaware

Haven

$9.46

Delaware

Protective

$14.01

Delaware

Transamerica

$15.76

Delaware

Protective

$22.42

Delaware

GEICO

$23.83

Delaware

Protective

$39.36

Delaware

Haven

$10.34

Delaware

GEICO

$15.59

Delaware

GEICO

$17.02

Delaware

GEICO

$26.08

Delaware

GEICO

$23.83

Delaware

GEICO

$41.16

Florida

Allstate

$10.35

Florida

Allstate

$13.75

Florida

Allstate

$16.00

Florida

Allstate

$22.00

Florida

GEICO

$23.42

Florida

Allstate

$37.58

Florida

GEICO

$11.27

Florida

GEICO

$15.10

Florida

GEICO

$16.73

Florida

GEICO

$25.25

Florida

GEICO

$23.42

Florida

GEICO

$39.85

Georgia

Protective

$17.25

Georgia

Protective

$22.18

Georgia

Protective

$23.73

Georgia

Protective

$32.46

Georgia

Protective

$35.42

Georgia

Protective

$49.30

Georgia

GEICO

$18.39

Georgia

GEICO

$24.65

Georgia

GEICO

$25.40

Georgia

GEICO

$37.55

Georgia

GEICO

$38.26

Georgia

GEICO

$60.27

Hawaii

Allstate

$11.00

Hawaii

Allstate

$15.00

Hawaii

Transamerica

$15.30

Hawaii

Allstate

$24.00

Hawaii

Transamerica

$23.80

Hawaii

Transamerica

$40.80

Hawaii

Allstate

$12.00

Hawaii

Allstate

$17.00

Hawaii

Transamerica

$17.43

Hawaii

Allstate

$28.00

Hawaii

Gerber

$87.44

Hawaii

Transamerica

$26.30

Hawaii

Allstate

$49.00

Idaho

Transamerica

$16.65

Idaho

Allstate

$21.07

Idaho

Transamerica

$21.13

Idaho

Allstate

$30.65

Idaho

Transamerica

$29.25

Idaho

Allstate

$45.98

Idaho

GEICO

$17.58

Idaho

Allstate

$23.44

Idaho

GEICO

$24.28

Idaho

GEICO

$35.74

Idaho

Allstate

$33.19

Idaho

GEICO

$57.36

Illinois

Prudential

$12.67

Illinois

GEICO

$16.23

Illinois

Protective

$17.50

Illinois

Protective

$23.80

Illinois

Transamerica

$25.31

Illinois

Protective

$36.15

Illinois

GEICO

$12.84

Illinois

GEICO

$16.23

Illinois

GEICO

$17.73

Illinois

GEICO

$24.72

Illinois

GEICO

$26.71

Illinois

GEICO

$39.68

Indiana

Protective

$15.95

Indiana

Protective

$20.21

Indiana

Transamerica

$20.42

Indiana

Protective

$29.58

Indiana

Transamerica

$28.28

Indiana

Transamerica

$44.53

Indiana

GEICO

$16.94

Indiana

GEICO

$22.86

Indiana

GEICO

$23.39

Indiana

GEICO

$34.81

Indiana

GEICO

$35.24

Indiana

GEICO

$55.88

Iowa

Allstate

$16.63

Iowa

Allstate

$20.69

Iowa

Transamerica

$21.78

Iowa

Allstate

$30.09

Iowa

Transamerica

$30.16

Iowa

Allstate

$45.14

Iowa

GEICO

$18.06

Iowa

GEICO

$24.94

Iowa

GEICO

$24.94

Iowa

GEICO

$37.99

Iowa

GEICO

$37.58

Iowa

GEICO

$60.97

Kansas

Allstate

$16.63

Kansas

Allstate

$20.69

Kansas

Allstate

$22.17

Kansas

Allstate

$30.09

Kansas

Transamerica

$30.81

Kansas

Allstate

$45.14

Kansas

GEICO

$18.31

Kansas

GEICO

$24.94

Kansas

GEICO

$25.29

Kansas

GEICO

$37.99

Kansas

GEICO

$38.09

Kansas

GEICO

$60.97

Kentucky

Allstate

$8.41

Kentucky

Protective

$11.18

Kentucky

Transamerica

$12.17

Kentucky

Protective

$17.89

Kentucky

Transamerica

$18.93

Kentucky

Allstate

$30.75

Kentucky

GEICO

$9.45

Kentucky

GEICO

$12.60

Kentucky

GEICO

$14.03

Kentucky

GEICO

$21.07

Kentucky

GEICO

$19.64

Kentucky

GEICO

$33.25

Louisiana

Protective

$16.44

Louisiana

Protective

$20.95

Louisiana

Protective

$22.60

Louisiana

Protective

$30.67

Louisiana

Nationwide

$33.42

Louisiana

Protective

$46.58

Louisiana

GEICO

$16.94

Louisiana

GEICO

$22.88

Louisiana

Gerber

$73.94

Louisiana

GEICO

$23.39

Louisiana

GEICO

$34.85

Louisiana

GEICO

$35.24

Louisiana

GEICO

$55.93

Maine

Allstate

$9.71

Maine

Allstate

$13.13

Maine

Transamerica

$14.61

Maine

Allstate

$21.00

Maine

Transamerica

$22.73

Maine

Allstate

$35.88

Maine

GEICO

$11.32

Maine

Allstate

$15.18

Maine

Transamerica

$16.80

Maine

Allstate

$25.00

Maine

GEICO

$23.52

Maine

GEICO

$40.34

Maryland

Protective

$7.69

Maryland

Protective

$9.17

Maryland

Protective

$11.15

Maryland

Protective

$14.67

Maryland

Protective

$18.24

Maryland

Protective

$25.75

Maryland

Protective

$8.88

Maryland

Protective

$10.77

Maryland

Protective

$13.16

Maryland

Protective

$17.99

Maryland

GEICO

$18.97

Maryland

GEICO

$28.61

Massachusetts

Allstate

$11.00

Massachusetts

Allstate

$15.00

Massachusetts

Transamerica

$15.30

Massachusetts

Allstate

$24.00

Massachusetts

Transamerica

$23.80

Massachusetts

Transamerica

$40.80

Massachusetts

Allstate

$12.00

Massachusetts

Allstate

$17.00

Massachusetts

Transamerica

$17.43

Massachusetts

Allstate

$28.00

Massachusetts

Transamerica

$26.30

Massachusetts

Allstate

$49.00

Michigan

Allstate

$9.06

Michigan

Allstate

$11.88

Michigan

Allstate

$14.00

Michigan

Allstate

$19.00

Michigan

GEICO

$20.86

Michigan

Allstate

$32.46

Michigan

GEICO

$9.91

Michigan

GEICO

$13.46

Michigan

GEICO

$14.71

Michigan

GEICO

$22.51

Michigan

GEICO

$20.60

Michigan

GEICO

$35.52

Minnesota

Prudential

$12.52

Minnesota

Allstate

$16.04

Minnesota

Allstate

$16.96

Minnesota

Allstate

$23.32

Minnesota

Transamerica

$25.15

Minnesota

Allstate

$34.99

Minnesota

GEICO

$13.08

Minnesota

GEICO

$16.51

Minnesota

GEICO

$18.07

Minnesota

GEICO

$25.16

Minnesota

GEICO

$27.22

Minnesota

GEICO

$40.38

Mississippi

GEICO

$15.73

Mississippi

Allstate

$20.39

Mississippi

Nationwide

$19.97

Mississippi

Nationwide

$29.43

Mississippi

Nationwide

$29.00

Mississippi

Transamerica

$44.09

Mississippi

Nationwide

$17.65

Mississippi

Nationwide

$23.54

Mississippi

Nationwide

$23.54

Mississippi

Nationwide

$34.00

Mississippi

Nationwide

$34.66

Mississippi

Nationwide

$58.20

Missouri

Transamerica

$9.52

Missouri

Protective

$11.98

Missouri

Transamerica

$13.18

Missouri

Protective

$19.17

Missouri

Transamerica

$20.50

Missouri

Protective

$33.65

Missouri

GEICO

$9.90

Missouri

GEICO

$13.26

Missouri

GEICO

$14.70

Missouri

GEICO

$22.17

Missouri

GEICO

$20.58

Missouri

GEICO

$34.99

Montana

Allstate

$9.71

Montana

Allstate

$13.13

Montana

Allstate

$15.00

Montana

Allstate

$21.00

Montana

GEICO

$22.18

Montana

Allstate

$35.88

Montana

GEICO

$10.67

Montana

GEICO

$14.53

Montana

GEICO

$15.84

Montana

GEICO

$24.30

Montana

GEICO

$22.18

Montana

GEICO

$38.35

Nebraska

Protective

$10.88

Nebraska

Protective

$13.37

Nebraska

Transamerica

$15.22

Nebraska

Protective

$21.40

Nebraska

GEICO

$22.88

Nebraska

Protective

$37.57

Nebraska

GEICO

$11.01

Nebraska

GEICO

$14.53

Nebraska

GEICO

$16.34

Nebraska

GEICO

$24.30

Nebraska

GEICO

$22.88

Nebraska

GEICO

$38.35

Nevada

Allstate

$12.56

Nevada

Allstate

$15.83

Nevada

Allstate

$16.74

Nevada

Allstate

$23.02

Nevada

Allstate

$25.12

Nevada

Allstate

$34.53

Nevada

GEICO

$13.26

Nevada

GEICO

$16.84

Nevada

GEICO

$18.32

Nevada

GEICO

$25.66

Nevada

GEICO

$27.59

Nevada

GEICO

$41.18

New Hampshire

Protective

$7.40

New Hampshire

Protective

$8.78

New Hampshire

Protective

$10.73

New Hampshire

Protective

$14.05

New Hampshire

Protective

$17.54

New Hampshire

Allstate

$24.00

New Hampshire

Allstate

$8.28

New Hampshire

Allstate

$10.06

New Hampshire

Protective

$12.35

New Hampshire

Allstate

$16.57

New Hampshire

GEICO

$18.23

New Hampshire

GEICO

$27.77

New Jersey

Protective

$8.21

New Jersey

Protective

$9.65

New Jersey

Protective

$11.91

New Jersey

Protective

$15.44

New Jersey

Protective

$19.47

New Jersey

Protective

$27.10

New Jersey

Mutual of Omaha

$9.45

New Jersey

Protective

$11.31

New Jersey

Protective

$14.03

New Jersey

Protective

$18.89

New Jersey

GEICO

$19.94

New Jersey

GEICO

$30.25

New Mexico

Transamerica

$15.53

New Mexico

Allstate

$19.78

New Mexico

Transamerica

$19.70

New Mexico

Allstate

$28.78

New Mexico

Transamerica

$27.28

New Mexico

Transamerica

$43.04

New Mexico

GEICO

$17.43

New Mexico

Allstate

$22.21

New Mexico

Transamerica

$23.67

New Mexico

Transamerica

$34.75

New Mexico

Transamerica

$32.06

New Mexico

Transamerica

$54.04

New York

Prudential

$5.93

New York

Haven

$9.10

New York

Haven

$10.36

New York

Haven

$15.63

New York

Haven

$18.66

New York

Allstate

$27.00

New York

Haven

$6.59

New York

Haven

$10.33

New York

Haven

$11.42

New York

Haven

$18.13

New York

Haven

$21.10

New York

GEICO

$31.87

North Carolina

Allstate

$9.06

North Carolina

Allstate

$11.88

North Carolina

Transamerica

$13.58

North Carolina

Allstate

$19.00

North Carolina

Transamerica

$21.12

North Carolina

Allstate

$32.46

North Carolina

GEICO

$10.40

North Carolina

GEICO

$14.08

North Carolina

Gerber

$73.94

North Carolina

GEICO

$15.44

North Carolina

GEICO

$23.54

North Carolina

GEICO

$21.62

North Carolina

GEICO

$37.15

North Dakota

Haven

$16.45

North Dakota

Allstate

$22.15

North Dakota

Transamerica

$24.13

North Dakota

Allstate

$32.22

North Dakota

Transamerica

$33.41

North Dakota

Allstate

$48.33

North Dakota

Haven

$17.10

North Dakota

Haven

$24.83

North Dakota

GEICO

$26.48

North Dakota

GEICO

$39.18

North Dakota

Gerber

$87.44

North Dakota

GEICO

$39.89

North Dakota

GEICO

$62.89

Ohio

Transamerica

$9.38

Ohio

Protective

$11.83

Ohio

Transamerica

$12.99

Ohio

Protective

$18.93

Ohio

Transamerica

$20.21

Ohio

Protective

$33.23

Ohio

GEICO

$9.90

Ohio

GEICO

$13.26

Ohio

GEICO

$14.70

Ohio

GEICO

$22.17

Ohio

GEICO

$20.58

Ohio

GEICO

$34.99

Oklahoma

Protective

$15.97

Oklahoma

Allstate

$19.51

Oklahoma

Transamerica

$20.51

Oklahoma

Allstate

$28.37

Oklahoma

Transamerica

$28.40

Oklahoma

Allstate

$42.56

Oklahoma

GEICO

$16.79

Oklahoma

GEICO

$22.86

Oklahoma

Gerber

$73.94

Oklahoma

GEICO

$23.18

Oklahoma

GEICO

$34.81

Oklahoma

GEICO

$34.92

Oklahoma

GEICO

$55.88

Oregon

Allstate

$6.77

Oregon

Protective

$8.26

Oregon

Protective

$10.18

Oregon

Protective

$13.21

Oregon

Allstate

$16.00

Oregon

Allstate

$23.00

Oregon

Allstate

$7.86

Oregon

Protective

$9.65

Oregon

Allstate

$11.79

Oregon

Allstate

$16.00

Oregon

GEICO

$17.56

Oregon

GEICO

$26.28

Pennsylvania

Transamerica

$11.10

Pennsylvania

Protective

$13.70

Pennsylvania

Transamerica

$15.37

Pennsylvania

Protective

$21.92

Pennsylvania

GEICO

$23.16

Pennsylvania

Protective

$38.48

Pennsylvania

GEICO

$11.14

Pennsylvania

GEICO

$14.76

Pennsylvania

GEICO

$16.54

Pennsylvania

GEICO

$24.68

Pennsylvania

GEICO

$23.16

Pennsylvania

GEICO

$38.95

Rhode Island

Allstate

$6.77

Rhode Island

Allstate

$8.05

Rhode Island

Protective

$10.20

Rhode Island

Allstate

$12.88

Rhode Island

Allstate

$16.00

Rhode Island

Allstate

$22.00

Rhode Island

Allstate

$7.45

Rhode Island

Allstate

$9.37

Rhode Island

Allstate

$11.17

Rhode Island

Allstate

$15.43

Rhode Island

Gerber

$87.44

Rhode Island

GEICO

$17.06

Rhode Island

GEICO

$25.49

South Carolina

Haven

$7.55

South Carolina

Haven

$10.84

South Carolina

Haven

$12.76

South Carolina

Haven

$18.63

South Carolina

GEICO

$20.86

South Carolina

Haven

$33.92

South Carolina

Haven

$8.60

South Carolina

Haven

$13.00

South Carolina

GEICO

$14.71

South Carolina

GEICO

$22.51

South Carolina

GEICO

$20.60

South Carolina

GEICO

$35.52

South Dakota

Haven

$16.45

South Dakota

Allstate

$21.97

South Dakota

Transamerica

$23.24

South Dakota

Allstate

$31.95

South Dakota

Transamerica

$32.18

South Dakota

Allstate

$47.93

South Dakota

Haven

$17.10

South Dakota

Allstate

$24.22

South Dakota

GEICO

$26.55

South Dakota

Allstate

$38.34

South Dakota

Allstate

$34.92

South Dakota

Allstate

$60.54

Tennessee

Transamerica

$9.84

Tennessee

Protective

$12.35

Tennessee

Transamerica

$13.63

Tennessee

Protective

$19.76

Tennessee

Transamerica

$21.20

Tennessee

Protective

$34.69

Tennessee

GEICO

$10.40

Tennessee

GEICO

$14.08

Tennessee

Gerber

$73.94

Tennessee

GEICO

$15.44

Tennessee

GEICO

$23.54

Tennessee

GEICO

$21.62

Tennessee

GEICO

$37.15

Texas

Protective

$17.85

Texas

Protective

$22.49

Texas

Transamerica

$23.79

Texas

Protective

$32.93

Texas

Transamerica

$32.94

Texas

Protective

$50.01

Texas

GEICO

$18.16

Texas

GEICO

$25.04

Texas

GEICO

$25.08

Texas

GEICO

$38.14

Texas

GEICO

$37.78

Texas

GEICO

$61.22

Utah

Protective

$12.38

Utah

Allstate

$14.59

Utah

Allstate

$16.97

Utah

Allstate

$21.22

Utah

Transamerica

$24.99

Utah

Allstate

$31.83

Utah

GEICO

$12.57

Utah

GEICO

$15.55

Utah

GEICO

$17.36

Utah

GEICO

$23.68

Utah

GEICO

$26.16

Utah

GEICO

$38.01

Vermont

Allstate

$10.35

Vermont

Allstate

$13.13

Vermont

Transamerica

$15.58

Vermont

Allstate

$21.00

Vermont

GEICO

$23.42

Vermont

Allstate

$35.88

Vermont

GEICO

$11.27

Vermont

GEICO

$15.10

Vermont

GEICO

$16.73

Vermont

GEICO

$25.25

Vermont

GEICO

$23.42

Vermont

GEICO

$39.85

Virginia

Allstate

$13.52

Virginia

Allstate

$17.49

Virginia

Allstate

$18.02

Virginia

Allstate

$25.44

Virginia

Allstate

$27.03

Virginia

Allstate

$38.17

Virginia

GEICO

$14.17

Virginia

GEICO

$18.07

Virginia

GEICO

$19.56

Virginia

GEICO

$27.52

Virginia

GEICO

$29.47

Virginia

GEICO

$44.17

Washington

Protective

$14.97

Washington

Protective

$19.53

Washington

Protective

$20.58

Washington

Protective

$28.59

Washington

Protective

$30.72

Washington

Protective

$43.42

Washington

GEICO

$15.59

Washington

GEICO

$20.02

Washington

GEICO

$21.54

Washington

GEICO

$30.50

Washington

GEICO

$32.44

Washington

GEICO

$48.95

West Virginia

GEICO

$9.26

West Virginia

GEICO

$12.40

West Virginia

Nationwide

$13.56

West Virginia

Nationwide

$20.56

West Virginia

GEICO

$19.24

West Virginia

GEICO

$32.71

West Virginia

Mutual of Omaha

$11.15

West Virginia

Nationwide

$14.42

West Virginia

Nationwide

$15.75

West Virginia

Nationwide

$22.75

West Virginia

Nationwide

$23.62

West Virginia

Nationwide

$40.22

Wisconsin

Transamerica

$10.35

Wisconsin

Protective

$12.67

Wisconsin

Transamerica

$14.33

Wisconsin

Protective

$20.28

Wisconsin

GEICO

$21.87

Wisconsin

Transamerica

$35.36

Wisconsin

GEICO

$10.52

Wisconsin

GEICO

$14.29

Wisconsin

GEICO

$15.62

Wisconsin

GEICO

$23.89

Wisconsin

GEICO

$21.87

Wisconsin

GEICO

$37.70

Wyoming

Allstate

$12.82

Wyoming

Allstate

$16.16

Wyoming

Allstate

$17.10

Wyoming

Allstate

$23.51

Wyoming

Allstate

$25.65

Wyoming

Allstate

$35.26

Wyoming

GEICO

$13.62

Wyoming

GEICO

$17.30

Wyoming

GEICO

$18.82

Wyoming

GEICO

$26.36

Wyoming

GEICO

$28.34

Wyoming

GEICO

$42.30

Cheapest Type of Life Insurance

Term life is the least expensive form of life insurance. This policy type provides coverage for a specific term, usually spanning 10, 20 or 30 years. Unlike whole life or universal life insurance policies, term life insurance does not accumulate cash value over time. It simply pays out the death benefit if the insured person passes away during the term.

The cost-effectiveness of term life insurance stems from its simplicity. It only provides a death benefit, so its premiums are lower than whole or universal life insurance. Whole and universal life, both permanent policies, combine a death benefit with an investment component, leading to higher premiums.

The potential downside is that if the term ends and the policyholder is still alive, there is no return on the premiums paid. But if cost is a crucial factor and the aim is to secure financial protection for loved ones during a specific period, term life insurance is an economical and straightforward choice.

How To Get Cheaper Life Insurance

A bit of research and planning can lead to substantial savings on your life insurance premiums. Here are some steps to help you secure affordable life insurance:

1

Opt for Term 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.

2

Buy Early

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.

3

Lead a Healthy Lifestyle

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.

4

Ladder Your Policies

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.

5

Shop Around

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.

6

Regularly Review Your Policy

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.

How Much Life Insurance Should You Buy?

Deciding to purchase life insurance is crucial in protecting your loved ones' financial future in the event of your untimely passing. However, determining how much life insurance you should buy can be a challenging task. It depends on various factors, including your age, income, debt and family obligations. The right amount of coverage can provide peace of mind and security, while inadequate coverage could leave your loved ones with financial stress and instability.

  • man icon

    Single Adult

    Suppose you are an independent adult without any financial dependents. For example, let's say you are 30 years old and earn a yearly salary of $50,000. You have a total debt of $30,000, consisting of $20,000 in student loans and $10,000 in car loans. You have savings of $10,000. We recommend purchasing a life insurance policy with a 10-year term and coverage of around $500,000. However, if you get married or have children, it is essential to review and update your policy as your financial and family circumstances change.

  • studentThinking icon

    Young College Student

    Let's say you are a 20-year-old college student with no dependents, working part-time to cover your living expenses while attending school. You have a student loan debt of $15,000 and no significant savings or investments. In this scenario, it's essential to consider the potential financial burden on your family in the event of your unexpected passing. While you may not need a large life insurance policy, having some coverage is still important to help your family pay for your final expenses. We recommend purchasing a small term life insurance policy with $10,000 to $25,000 in coverage, which can be relatively affordable for a young person. This amount can help cover your funeral expenses and any remaining debts, so your family does not have to bear that financial burden. As you progress in your career and start a family, you can review and adjust your coverage accordingly.

  • coupleL icon

    Married Without Children

    Let's say you are a married couple, both 40 years old, with a combined annual income of $150,000. You have a mortgage of $250,000 and no other significant debts. You have a total of $100,000 in savings and investments. In this situation, financial experts recommend purchasing a life insurance policy with a term of 15 years and coverage of at least $500,000. This amount would help your spouse cover your income, pay off any remaining debts and maintain their lifestyle if one of you were to pass away. As your finances and family's situation changes, reviewing and adjusting your policy is essential. For example, if you plan to have children in the future, you may need to increase your coverage to ensure their financial security.

  • family icon

    Married With Children

    Let's say you are a married couple, both 35 years old, with a combined annual income of $120,000. You have a mortgage of $300,000 and a car loan of $20,000. You also have $50,000 in student loan debt. You have two children, aged five and three. Your older child has a 529 college savings plan with $10,000, and you have $30,000 in combined savings. In this situation, financial experts recommend purchasing a life insurance policy with a term of 20 years and coverage of at least $1 million. This amount would help your spouse and children cover your income, pay off debts and continue to support your children's education and future expenses if one of you were to pass away.

  • seniors icon

    Senior

    Let's say you are a 70-year-old retiree with failing health. You have no significant debt and have already paid off your mortgage, but you still want to leave a financial legacy for your children and grandchildren. You have a small pension and social security benefits that help cover your daily living expenses. In this scenario, it's essential to consider the high cost of end-of-life care and the potential financial burden on your family. While you may not be able to purchase a traditional term or permanent life insurance policy due to your health condition, you may still be able to get a final expense or burial insurance policy. These types of policies are designed to cover funeral expenses and other end-of-life costs, typically ranging from $5,000 to $25,000 in coverage.

    It's important to note that the premiums for these policies may be higher than traditional life insurance plans, as they are intended for individuals with more health risks. However, they may still be a viable option to help provide peace of mind for you and your family in the event of your passing.

Frequently Asked Questions About Cheap Life Insurance

Explore the questions below for more insights on securing cheap life insurance coverage and identifying the companies offering the most affordable policies.

Expert Advice: Finding Affordable Life Insurance

  1. What factors affect the cost of life insurance? What does it mean to have cheap life insurance?
  2. What is the best strategy to find cheaper rates on a life insurance policy?
  3. What types of life insurance policies are the cheapest? Why?
Jeffrey Clark
Jeffrey Clark

Wealth Advisor and Partner at Pine Grove Financial Group

Tyler Flora
Tyler Flora

CEO & Mortgage Advisor

Guy Baker, Ph.D.
Guy Baker, Ph.D.

Founder, Managing Director, MSM, CFP, CLU and ChFC at The Wealth Teams Alliance

Amy Guerich
Amy Guerich

Partner at Stepp & Rothwel, Inc.

Robert McLeod, Ph.D.
Robert McLeod, Ph.D.

Professor of Finance at Culverhouse College of Business at The University of Alabama

Brandon Gregg
Brandon Gregg

Market President and Financial Advisor at BBK Wealth Management

Mark Evers, Ph.D., CFP®, CRPC®
Mark Evers, Ph.D., CFP®, CRPC®

Lecturer and Financial Planning Program Director at University of North Texas

Stephen T. Parente, Ph.D
Stephen T. Parente, Ph.D

Professor in the Department of Finance and the Minnesota Insurance Industry Chair of Health Finance at Carlson School of Management and Associate Dean of the Global Institute

Sean Lovison, CPA
Sean Lovison, CPA

Principal at WJL Financial Advisors, LLC

Kurt Jackson, CFP®, C(K)P®, AIF®, CRPS®
Kurt Jackson, CFP®, C(K)P®, AIF®, CRPS®

CEO/Founder at Central Coast Wealth Management

Claire Mork
Claire Mork

Director of Financial Planning at Edelman Financial Engines

Eddie W. Kramer
Eddie W. Kramer

Principal; CFP(R)

Lisa Harrison
Lisa Harrison

Creator, Mad Money Monster

Jon Dulin
Jon Dulin

Founder and CEO at Money Smart Guides

Brannon T. Lambert
Brannon T. Lambert

CFP®, CPFA®, CEP®

Marlow Campbell
Marlow Campbell

President

Dennis LaVoy, CFP®, CLU®
Dennis LaVoy, CFP®, CLU®

Founder & Financial Planner at Telos Financial

Elliott Appel
Elliott Appel

CFP®, CLU®, RLP® at Kindness Financial Planning

Leif Kristjansen
Leif Kristjansen
Matt Bowden
Matt Bowden

CFP, ChFC, CLU

Kirk Barth, CFP, ChSNC, CLU, ChFC
Kirk Barth, CFP, ChSNC, CLU, ChFC

Financial Advisor at Smart Assets of Hawaii

Aywanna Monroe
Aywanna Monroe

Independent Insurance Agent at Quickset Insurance and Associates

Jae Oh
Jae Oh

Certified Financial Planner

Ari Fischman
Ari Fischman

FP, Financial Life Advisor at Telemus

Connor Bauserman, ChFC®
Connor Bauserman, ChFC®

Financial Advisor at Preferred Financial Group, LLC

Corey Janoff, CFP®
Corey Janoff, CFP®

Financial Advisor at Finity Group

Dick Pfister
Dick Pfister

CEO, Founder at AlphaCore

Adam Spiegelman
Adam Spiegelman

CFP

Dan Beltran
Dan Beltran

Founder at Plantran Financial

Jordan Frey
Jordan Frey

MD, Founder of The Prudent Plastic Surgeon

Adam Wright, CFA, CFP®
Adam Wright, CFA, CFP®

Managing Partner at Wright Associates Investment Advisers

Frances Bird
Frances Bird

Private Wealth Advisor & Analyst

Gary Grewal
Gary Grewal

Owner at Financial Fives

 Thomas Kopelman
Thomas Kopelman

Co-Founder and Financial Partner at AllStreet Wealth

George Pate III, CLTC
George Pate III, CLTC

Financial Advisor at The Journeys Group

Kevin Gotts
Kevin Gotts

Certified Financial Planner

Kenneth Eaton
Kenneth Eaton

Managing Partner at Stepp & Rothwell

Kalvin Sid
Kalvin Sid

CFP® MBA, CKA®

Zachary Bachner
Zachary Bachner

Advisor and Investment Research Analyst at Summit Financial Consulting

Kane Brolin
Kane Brolin

CERTIFIED FINANCIAL PLANNER™ Practitioner

Nick Rose, CFP®, CEPA®
Nick Rose, CFP®, CEPA®

Co-Founder & Financial Consultant at TrailWise Financial Partners

Lena Nebel, CFP®, MSFS
Lena Nebel, CFP®, MSFS

Chief Operating Officer at BFG Financial Advisors

Tim DiSette, ChFC, AIF
Tim DiSette, ChFC, AIF

Senior Partner at Infinitas

Steven Herrmann, CFP®
Steven Herrmann, CFP®

Partner, Financial Consultant at The AdvisoryOne Group

David Ritter
David Ritter

LPL Financial Advisor at Discovery Financial

Tolen Teigen
Tolen Teigen

Chief Investment Officer at FinDec, CFA, CFP, AIF, C(k)P, ChFC, CASL, AEP and MSFS

Gary Weiner
Gary Weiner

Personal Finance Blogger at Super Saving Tips

Brennan Gmeiner, AIF®, CLTC®, WMS®
Brennan Gmeiner, AIF®, CLTC®, WMS®

Director of Business Development & Financial Advisor

Patti Hughes
Patti Hughes

CPA, CFP and President of Lake Life Wealth Advisory Group

Shane Witt
Shane Witt

Financial Advisor

Michael L. Kutz
Michael L. Kutz

Financial Advisor at IAG

Susan Koe
Susan Koe

Certified Financial Planner

Karl Frank
Karl Frank

President of A&I Financial Services

Steven Evensen, CFP®
Steven Evensen, CFP®

Investment Advisor Representative at Gerber Kawasaki Wealth & Investment Management

Gabriel Shahin
Gabriel Shahin

President, CFP, MBA

Brett Kusske
Brett Kusske

President Certified Financial Planner

Donna Freedman
Donna Freedman

Writer, Editor, Individual and Corporate Coaching at Write A Blog People Will Read

Erik Jefferson, CFA, CAIA, CWS
Erik Jefferson, CFA, CAIA, CWS

Chief Investment Officer at Flagship Harbor Advisors

Jon Coughlin
Jon Coughlin

Private Wealth Manager at Munroe Morrow Wealth Management

Brett Sifling
Brett Sifling

Director of Get Invested at Gerber Kawasaki Wealth & Investment Management

Jonathan Grannick
Jonathan Grannick

Financial Planner & Founder of Wonder Wealth

Jamie Lima
Jamie Lima

Founder and President at Woodson Wealth Management

Chuck Foresyth, CFP
Chuck Foresyth, CFP

Wealth Advisor at Signature Wealth Strategies

Claire Thornton
Claire Thornton

Lead Financial Planner at Inspired Financial

Rachael Burns
Rachael Burns

Founder and Certified Financial Planner® Practitioner at True Worth Financial Planning

Joseph S. Burgess
Joseph S. Burgess

CFP®, AIF®, CAP®, CLU, ChFC

Jeff Hahn
Jeff Hahn

Founder at Buttonwood Wealth

Michael Angell
Michael Angell

Financial Planner at Pi Wealth Management

Jeffrey Settle
Jeffrey Settle

Bachelor's and CFP designation

Tom Luing
Tom Luing

Financial Planner at Capital Management Associates, Inc.

Craig Joncas
Craig Joncas

Financial Advisor & Chief Executive Officer

Kristin Baker
Kristin Baker

Paraplanner at Pine Grove Financial Group

Rob Bertman, CFA, CFP®
Rob Bertman, CFA, CFP®

Founder, Family Budget Expert

Andrew Dressel
Andrew Dressel

Financial Planner at Abundo Wealth

Travis Tracy, CFP®, EA
Travis Tracy, CFP®, EA

Founder and Financial Planner at Fortitude Financial Planning

Brent Novoselsky
Brent Novoselsky

ChFC, Vice President, Wealth Management

David Peters
David Peters

CPA, CFP, ChFC, CLU, CPCU, CGMA

Brendan Sheehan
Brendan Sheehan

Managing Director at Waymark Wealth Management

Kimberly Flynn
Kimberly Flynn

Financial Advisor at Thrivepoint Financial

Ryan Rink, CFP®, ChFC®, CLTC®
Ryan Rink, CFP®, ChFC®, CLTC®

Financial Advisor at Shakespeare Wealth Management

Ben Fuchs
Ben Fuchs

Certified Financial Planner® (CFP) and Founder at Fuchs Financial

Mitchell Hamer, CFP®
Mitchell Hamer, CFP®

Wealth Advisor at Kovitz

Patrick Rusch
Patrick Rusch

CFP/ChFC/CLU Partner & Financial Planner at Investment Designers

Ksenia Sarkisova CFP®️
Ksenia Sarkisova CFP®️

Wealth Advisor at Octavia Wealth Advisors

Matthew Crum
Matthew Crum

Financial Planner and Founder at True North Financial Services

Kevin Meyer
Kevin Meyer

Financial Advisor at John Bailey Financial

Brett Coffman
Brett Coffman

Managing Director | NAPFA-Registered Financial Advisor at Resilience Wealth Advisors

Danielle Seurkamp, MS, MPAS®, FBS®, CFP®
Danielle Seurkamp, MS, MPAS®, FBS®, CFP®

Founder at Well Spent Wealth Planning

Brandon Hartsel
Brandon Hartsel

President at Fiduciary Insurance Group

Helen Stephens, CFP(R), EA, CEPA
Helen Stephens, CFP(R), EA, CEPA

President at Aspen Wealth Management

Dr. Stephen Willand
Dr. Stephen Willand

Adjunct Professor at the School of Business, Quinsigamond Community College

Robert Hartwig
Robert Hartwig

Clinical Associate Professor, Finance Department and Director, Center for Risk and Uncertainty Management; Darla Moore School of Business; University of South Carolina

Dr. Nan Zhu
Dr. Nan Zhu

Associate Professor of Risk Management at the Smeal College of Business, Pennsylvania State University

Matt Hylland
Matt Hylland

Financial Planner at Arnold & Mote Wealth Management

Greg Kuhlemeyer
Greg Kuhlemeyer

Professor of Business Finance at Carroll University

Jonathan Handy
Jonathan Handy

Assistant Professor of Finance at Western Kentucky University

Heidi Petschauer, CIC
Heidi Petschauer, CIC

President, Petschauer Insurance

Joseph Farizo
Joseph Farizo

Assistant Professor of Finance at the Robins School of Business at the University of Richmond

Jeff Kikel
Jeff Kikel

President of Freedom Day Wealth Management LLC

Micah Crabdree, CFP®, CRPS®, CPFA®
Micah Crabdree, CFP®, CRPS®, CPFA®

Regional Vice President and Wealth Advisor at KDI Wealth Management

Michael E. Gray Jr.
Michael E. Gray Jr.

Independent Insurance Agent

Karen L. Asbra, CFP®
Karen L. Asbra, CFP®

Chief Operating Officer and Principal at Rappaport Reiches Capital Management, LLC

AJ DiLiberto
AJ DiLiberto

COO, CCO at Noble Wealth Management

Michelle Lee Wagner
Michelle Lee Wagner

MBA, CFP®

Danielle Miura
Danielle Miura

Founder of Spark Financials

Mark Kinney
Mark Kinney

Founding Partner and Certified Financial Planner at Kinney Wealth, Inc.

Daniel Tobias
Daniel Tobias

CEO and CERTIFIED FINANCIAL PLANNER™ Professional at Passport Wealth Management

Ali Nejadmalayeri, Ph.D., CFA®
Ali Nejadmalayeri, Ph.D., CFA®

John A. Guthrie Endowed Chair of Banking and Financial Services and Associate Professor of Finance at the University of Wyoming

Dr. Cory S. Fawcett
Dr. Cory S. Fawcett

Medical Doctor, Certified High Performance Coach

Justin Baxter
Justin Baxter

Financial Advisor & Accredited Investment Fiduciary

Thomas Fisher
Thomas Fisher

Owner, CERTIFIED FINANCIAL PLANNER™

About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.