Cheapest Life Insurance Companies of 2023
The cheapest life insurance company is Transamerica, offering the most affordable rates across ages and for smokers. Ethos offers cheap life insurance without a medical exam, with an average monthly rate of $18.
Life insurance quotes are highly personalized, so it's essential to shop around to find the cheapest rate for you. MoneyGeek collected and analyzed data to help you find the most affordable rates for your profile.
The cost of life insurance may vary, and monthly premiums can be as high as $365 or as low as $18.
Life insurance will help protect your loved ones from financial disaster when you are no longer around. Depending on the type of policy you choose, you can get insurance coverage for a certain number of years or your whole life.
A life insurance policy is an agreement between an individual and an insurance company. According to the terms of the agreement, the individual makes premium payments in return for a death benefit the provider will pay to the policy owner's beneficiaries.
Various factors affect life insurance rates, including age, gender, smoking status, overall health, height, weight, lifestyle habits, family medical history, amount of coverage and how long the policy will last. The cost of life insurance may increase due to risk factors or the overall coverage amount.
Insurance costs vary from person to person. It is possible to find cheap life insurance that will not break the bank, which is especially important for individuals with a limited or fixed income. Similar to other insurance or financial products, life insurance companies use differing rate calculations, with some offering cheaper premiums than others.
You can find affordable life insurance with some research. Regardless of your age or health status, life insurance is worth considering, as it allows you to protect the future of your loved ones.
Table of Contents
- Cheapest Life Insurance
- Cheapest Term Life Insurance
- Cheapest by State
- Cheapest by Coverage Amount
- Cheapest for Smokers
- Cheapest for Low-Health Individuals
- Cheapest for Individuals With High BMIs
- Cheapest for Pre-Existing Conditions
- Cheapest Permanent Life Insurance
- Cheapest Whole Life Insurance
- Cheapest Without Medical Exam
- Cheapest With Final Expense Insurance
- Do You Need Coverage?
- How to Get Cheaper Life Insurance
- Methodology
Key Takeaways
Monthly premiums for life insurance range from as low as $18 to as high as $365.
Life insurance premiums are based on factors like age, gender, smoking status, overall health, height, weight, lifestyle habits, family medical history, amount of coverage and policy length.
Term life insurance is usually the cheapest form of life insurance, but rates vary from person to person.
The Cheapest Life Insurance Companies of 2023
When looking for low-cost life insurance, it is crucial to understand the factors affecting premium prices. Among these are age, overall health and smoking status. The company that offers you the cheapest life insurance option will depend on your circumstances. Transamerica typically provides the most affordable life insurance for smokers and across all age groups.
Monthly Quotes From Companies With the Cheapest Term Life Insurance for 2023
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- Cheapest For...InsurerMonthly Rate
- 30-Year-OldsTransamerica$18.28
- 40-Year-OldsTransamerica$27.09
- 50-Year-OldsTransamerica$64.93
- 60-Year-OldsTransamerica$199.95
- 70-Year-OldsState Farm$365.39
- SmokersTransamerica$62.57
- Low-Health IndividualsMutual of Omaha$22.15
- High BMI IndividualsNationwide$21.96

Transamerica
- MoneyGeek Score: 80/100
- J.D. Power Rating: 736.4/1000
- AM Best Rating: A
Monthly Quotes From Companies With the Cheapest Permanent Coverage for 2023
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- CheapestInsurer
- Whole Life InsuranceTransamerica
- Universal Life InsuranceTransamerica
- Guaranteed Acceptance Insurance (Whole Life Without Medical Exam)Nationwide
- Simplified Issue InsuranceNationwide
- Final Expense InsuranceTransamerica

- MoneyGeek Score: 88.6/100
- J.D. Power Rating: 785.5/1000
- AM Best Rating: A+
Companies With the Cheapest Term Life Insurance for 2023
Term life insurance refers to policies that provide coverage for a specified period.
Unlike whole life, term life insurance is less complicated and more affordable because it is straightforward insurance that lasts for a limited number of years. Generally, term life is the cheapest form of life insurance.
The least expensive term life insurance will vary based on several factors, such as age, gender, occupation, location, lifestyle, overall health, smoking status and policy term.
Companies With the Cheapest Term Life Insurance by Age for 2023
The least expensive term life insurance varies depending on your age. For instance, the cheapest option, based on a coverage amount of $500,000, for a 20-year term for a 30-year-old individual is Transamerica, at $237 per month. The same company has the cheapest average rate for 40-year-olds at $360 each month. Meanwhile, State Farm offers the most affordable premium for 50-year-olds at an average rate of $1,079 monthly.
Life insurance tends to cost more based on your age when you sign up for it because insurance companies consider how long you are likely to live after the issuance of the policy or the length of time it will be in force. Typically, the cost of life insurance increases per decade of life.
For instance, the average monthly rate increase for a 40-year-old is 31.10% for a 10-year term, 52.09% for a 20-year term and 63.76% for a 30-year term. Life insurance for seniors tends to be the most expensive, with Transamerica offering the cheapest for 60-year-olds and State Farm having the least expensive term life insurance for 70- and 80-year-olds.
Monthly Quotes for Cheapest Term Life Providers by Age for 2023
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- AgeCheapest Insurer10-Year Term15-Year Term20 Year Term30 Year Term
- 30-Year-OldsTransamerica$12.79$14.73$236.94$32.43
- 40-Year-OldsTransamerica$16.77$22.36$360.36$53.11
- 50-Year-OldsState Farm$59.15Not offered$1,079.44Not offered
- 60-Year-OldsTransamerica$126.53$162.29$2,766.20Not offered
- 70-Year-OldsState Farm$415.63Not offeredNot offeredNot offered
- 80-Year-OldsState Farm$1,039.08Not offeredNot offeredNot offered
The quotes above are based on a policy with $500k coverage.

- MoneyGeek Score: 97.4/100
- J.D. Power Rating: 820.5/1000
- AM Best Rating: A++
Companies With the Cheapest Term Life Insurance by State for 2023
Where you live can affect the cost of your life insurance policy. Rates vary by state, and different companies take the lead in offering the best premiums in various locations.
In most states, Mass Mutual is the cheapest life insurance company and boasts the most affordable rates in 33 states. Nationwide comes in second, offering the most affordable life insurance in nine states. Transamerica has the cheapest options in six states and Mutual of Omaha in two states.
Monthly Quotes for the Cheapest Term Life Insurance Providers by State for 2023
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- StateAverage Coverage NeededCheapest InsurerMonthly Rate
- Alabama$592,000.00Mass Mutual$14.96
- Alaska$860,000.00Mass Mutual$18.76
- Arizona$708,000.00Mass Mutual$17.06
- Arkansas$576,000.00Mass Mutual$14.71
- California$1,130,000.00Transamerica$18.07
- Colorado$919,000.00Transamerica$18.37
- Connecticut$975,000.00Transamerica$19.48
- Delaware$740,000.00Mass Mutual$17.47
The quotes above are based on a policy with a 20 year term length and an average amount of coverage needed per state, based on per capita income for a 30-year-old individual.

MassMutual
- MoneyGeek Score: 84.5/100
- J.D. Power Rating: 758.1/1000
- AM Best Rating: A++
Companies With the Cheapest Term Life Insurance by Coverage Amount for 2023
More coverage provides better protection but leads to higher premiums. When calculating the coverage you need, the safest option is to multiply your annual salary by 10–12 times. MoneyGeek recommends getting $500,000 coverage, which is 10 times the annual average wage in the U.S..
The most affordable company will also vary depending on the coverage. Transamerica is the cheapest company for 30-, 40-, 50- and 60-year-olds looking for $250,000, $500,000, and $1 million in coverage. Meanwhile, Progressive has the most inexpensive term life insurance for 70-year-olds across all coverage levels.
Monthly Quotes for the Cheapest Term Life Providers by Coverage Amount for 2023
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- AgeCheapest Insurer$250k Coverage$500k Coverage$1M Coverage
- 30Transamerica$12.15$18.28$28.81
- 40Transamerica$16.56$27.09$46.44
- 50Transamerica$36.34$64.93$116.96
- 60Transamerica$105.46$199.95$386.14
- 70Progressive$412.96$1,174.55$2,303.51
The quotes above are based on a policy with a 20-year term length.

Transamerica
- MoneyGeek Score: 80/100
- J.D. Power Rating: 736.4/1000
- AM Best Rating: A
Cheapest Term Life Insurance Providers for Smokers for 2023
Insurance companies view smokers as high-risk individuals because they are more prone to severe illness and can have a shorter lifespan than non-smokers. These health effects result in higher premium rates on life insurance for for people who smoke. The difference in insurance rates between a smoker and a non-smoker can range from 185.71% to 454.62%.
Transamerica offers the lowest average monthly rate for smokers at $63, followed by Mass Mutual at $75 and State Farm at $78. Based on average rates, the most expensive option is Nationwide, at $118 per month.
Monthly Quotes for Cheapest Term Life Insurance Providers for Smokers for 2023
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- InsurerMonthly Rate
- 1.Transamerica$62.57
- 2.Mass Mutual$75.27
- 3.State Farm$77.64
- 4.Mutual of Omaha$87.30
- 5.AAA$88.00
- 6.Progressive$91.36
- 7.Prudential$101.88
- 8.Nationwide$117.69
The quotes above are based on a policy with $500k coverage and a 20-year term for a 30-year-old individual who smokes.

Transamerica
- MoneyGeek Score: 80/100
- J.D. Power Rating: 736.4/1000
- AM Best Rating: A
Cheapest Term Life Insurance Rates for Those With Low Health Ratings for 2023
Your health rating is one of the most significant determining factors when it comes to the cost of your insurance. It is based on your medical history, family medical history, smoking status and medical condition. Life insurance health ratings are typically categorized into the following classifications:
- Preferred
- Standard
- Preferred Smoker
- Standard Smoker
- Preferred Plus
- Standard Plus
- Substandard Insurance policies can cost 46.25%–101.01% more for a low-health individual than for someone with excellent health. Based on average monthly rates, Mutual of Omaha is the cheapest company for individuals with low health ratings, typically charging $22 per month. Transamerica is not far behind at $31 monthly, followed by Mass Mutual, with premiums averaging $40 each month.
Cheapest Term Life Provider Quotes for Those With Low Health Ratings for 2023
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- InsurerMonthly Rate
- 1.Mutual of Omaha$22.15
- 2.Transamerica$30.96
- 3.Mass Mutual$40.46
- 4.State Farm$41.54
- 5.Nationwide$42.66
- 6.AAA$45.54
- 7.Progressive$46.77
- 8.Prudential$54.65
The quotes above are based on a policy with $500k coverage and a 20-year term length for a 30-year-old individual with a low health rating.

Mutual of Omaha
- MoneyGeek Score: 90.8/100
- J.D. Power Rating: 783.4/1000
- AM Best Rating: A+
Cheapest Term Life Providers for High BMI Individuals for 2023
Individuals with high BMIs are considered high-risk individuals by life insurance companies. That is because high BMI can increase the risk of certain conditions, like diabetes and high blood pressure.
In some cases, insurance providers use body mass index, or BMI, to determine an individual's level of health. This causes some individuals who have good muscle mass percentage, like bodybuilders, to sometimes be considered obese.
Insurance can increase by 3.50%–104.04% for those who have high BMI.
On average, Nationwide offers the best rates for individuals with high BMIs. It charges an average monthly rate of $22. Mass Mutual comes in second at just over $22.52 per month, followed at just pennies more by Mutual of Omaha at a monthly rate of $22.93.
Quotes from the Cheapest Term Life Insurance Providers for 2023 for High BMI
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- InsurerMonthly Rate
- 1.Nationwide$21.96
- 2.Mass Mutual$22.52
- 3.Mutual of Omaha$22.93
- 4.Transamerica$35.83
- 5.State Farm$42.99
- 6.AAA$47.13
- 7.Progressive$48.40
- 8.Prudential$52.79
The quotes above are based on a policy with $500k coverage and a 20-year term for a 30-year-old individual with a BMI classified as obese.

- MoneyGeek Score: 88.6/100
- J.D. Power Rating: 785.5/1000
- AM Best Rating: A+
Cheapest Term Life Insurance Companies for Pre-Existing Conditions for 2023
Insurance companies also base premiums on whether or not an individual has pre-existing conditions, which are health issues and conditions acquired before they applied for life insurance coverage.
Common pre-existing conditions include:
- Asthma
- Autism
- Cancer
- Depression and other mental health conditions
- Diabetes
- Epilepsy
- Heart disease
While most insurers are flexible regarding pre-existing conditions, eligibility for a traditional policy may vary depending on type or severity.
Individuals with pre-existing conditions tend to have more expensive premiums than those with excellent health. However, it is still possible to find cost-effective life insurance if you have a medical condition. Nationwide offers the cheapest rate at $21 per month, followed by Mutual of Omaha at $22 and AAA at $23.
Cheapest Term Insurance Provider Rates for Pre-Existing Conditions for 2023
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- InsurerMonthly Rates
- 1.Nationwide$21.22
- 2.Mutual of Omaha$22.15
- 3.AAA$23.10
- 4.Prudential$34.82
Companies With the Cheapest Permanent Life Insurance for 2023
Another coverage option, permanent life insurance, is designed not to expire. There are two types of permanent life insurance: whole life insurance and universal life insurance.
Unlike term life insurance, whole life insurance is guaranteed to provide coverage that will last until the policyholder's death, and it includes cash value. Despite being more expensive than term life insurance, it is the best option for people who need long-term coverage. If your highest priority is cheap life insurance, term life is the way to go.
The cheapest permanent life insurance provider for you will be based on several factors. These include your age, gender, location, smoking status and overall health.
Companies With the Cheapest Whole Life Insurance for 2023
Similar to term life insurance policies, as you age, the cost of whole life insurance premiums increase. The cheapest options may vary depending on how old you are. Transamerica typically offers the lowest rates for 30-, 40-, 50- and 60-year-olds. Meanwhile, State Farm has the cheapest permanent life insurance for 70-year-olds.
Whole life insurance is more complex than term life insurance. It has two parts: the life insurance component and the cash value component. Whole life insurance can cost up to 20 times more than term life insurance. It remains active throughout your lifetime or until a specified age, typically 100–121 years old. It also offers generally tax-deferred cash value, which can serve as a savings component.
Additionally, premiums for whole life insurance will never increase once the policy is in place, regardless of age, health and inflation. MoneyGeek evaluated companies to determine the cheapest options based on their term life insurance rates.
Companies With the Cheapest Whole Life Insurance for 2023
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- Cheapest For...Insurer
- 30-Year-OldsTransamerica
- 40-Year-OldsTransamerica
- 50-Year-OldsTransamerica
- 60-Year-OldsTransamerica
- 70-Year-OldsState Farm

Transamerica
- MoneyGeek Score: 80/100
- J.D. Power Rating: 736.4/1000
- AM Best Rating: A
Cheapest Life Insurance Companies With No Medical Exam for 2023
If you are looking for life insurance that does not require a medical exam, you have two options: guaranteed acceptance and simplified issue.
Types of Life Insurance That Do Not Require a Medical Exam for 2023
- Fast approval
- Has a waiting period, during which the beneficiaries may only receive a return of premiums paid plus interest, instead of the full death benefit
- Limited coverage amount or coverage cap, which is typically up to $25,000
- No medical exams or questionnaires about health
- Usually limited to individuals 50–85 years old, though some companies offer this coverage to younger individuals
- Possible waiting period for full benefits payout
- Limited coverage amount or coverage cap, which is typically up to $150,000
- Underwriting based on medical records, driving history and family medical history
- Has questionnaires about health
- No age restrictions
Cheapest Guaranteed Acceptance Insurance
If you are looking for affordable guaranteed acceptance insurance, the best option for you is Ethos. It offers an average monthly rate of $18. Following Ethos is Mutual of Omaha, with premiums of $57 and Gerber Life with a $68 premium.
Quotes From Cheapest Guaranteed Acceptance Insurance Providers for 2023
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- InsurerMonthly Rate
- 1.Ethos$18.86
- 2.Mutual of Omaha$57.00
- 3.Gerber Life$68.05

Ethos LIfe
- MoneyGeek Score: N/A
- J.D. Power Rating: N/A
- AM Best Rating: A
Cheapest Simplified Issue Insurance for 2023
Only a few companies offer simplified issue insurance products. It is also challenging to get quote data for simplified issue products. That said, MoneyGeek experts narrowed down the cheapest, high-quality option for this type of insurance to Nationwide.

- MoneyGeek Score: 88.6/100
- J.D. Power Rating: 785.5/1000
- AM Best Rating: A+
Cheapest Life Insurance Companies With Final Expense Insurance for 2023
Final expense insurance is a type of whole life insurance that provides a small death benefit intended to cover funeral expenses. It is also known as funeral insurance or burial insurance. Quote data for final expense insurance is difficult to come by. However, MoneyGeek experts narrowed down the most cost-effective life insurance provider for a final expense policy to Transamerica.
Transamerica’s final expense product offering includes face value amounts ranging between $1,000–$50,000. The death benefit is income tax-free.

Transamerica
- MoneyGeek Score: 80/100
- J.D. Power Rating: 736.4/1000
- AM Best Rating: A
Should You Get Life Insurance?
For this article, we investigated the cheapest options for life insurance. But just because something is cheap does not always mean it’s your best option. The purpose of this section is to outline which criteria you may want to consider when deciding whether or not you need life insurance.
So, the question we want to answer here is, “Is it practical for someone with my specific circumstances to get life insurance?”
Though most people need life insurance, not everyone does. For many, it may be an unnecessary expense. If you meet certain criteria, it is okay to forgo life insurance altogether. However, many people, especially breadwinners for their families, should buy life insurance.
Should You Get Life Insurance?
- You have outstanding debts.
- You have dependents.
- You plan on leaving an inheritance to your loved ones.
- You want to prepare for final expenses, such as funeral and other related costs.
- You want to provide for expected education expenses for secondary school and college.
- You are looking for protection for business interests that may outlive you.
- You want access to cash value that may help you in the event of large unexpected expenses.
- You have enough money saved to cover final expenses.
- You do not have dependents.
- You do not have large debts.
- You do not own property.
- You do not have a business that will be liquidated after you die.
Depending on your circumstances and financial situation, you may not need to purchase life insurance. For instance, if your income is enough to cover all your bills and expenses, then you may not need it. However, if you have dependents or struggle to pay debts, it is good to consider life insurance.
How to Get Cheaper Life Insurance
The rates from the companies mentioned above are some of the most affordable life insurance premiums available. However, there are ways to potentially lower life insurance costs even more.
Take some time to decide.
Don’t rush your decision. Consider your financial circumstances and needs, so you only buy the coverage you need.
Get professional help.
The best way to find cost-effective life insurance is to ask a financial advisor. A professional can discuss all the details and features with you to help you better understand your options.
Shop around.
Companies often charge differently for similar policies. They may also offer different features and inclusions. Compare prices and coverage options to find the best inexpensive life insurance for your needs.
Don’t get unnecessary coverage.
Read the fine print. Check the riders offered or included in your policy. Consider which coverage you can do without.
Get life insurance while you are young.
The cost of life insurance increases as you age. So, it is better to purchase a policy while you are young and healthier.
Consider laddering your coverage.
Buying the right amount of coverage is essential. However, your needs may change as you age. You can opt to get a series of term life insurance enough to cover specific periods and a small whole life policy to pay for final expenses.
Finding cheap life insurance may be challenging, but it is manageable if you take a few extra steps, like shopping around and seeking professional help. Be sure to review your policy to check for unnecessary add-ons that may increase the price of your coverage.
Shopping for life insurance requires research and a proper understanding of the various options available. Your circumstances and needs will determine how much your policy will cost. You may also choose between lifetime coverage and one that is limited to a specific period.
Frequently Asked Questions About Cheap Life Insurance
Understanding life insurance can be challenging, especially if you are a first-time buyer. MoneyGeek answers some frequently asked questions to give you more insight into the topic.
Expert Advice: Finding Affordable Life Insurance
- What factors affect the cost of life insurance? What does it mean to have cheap life insurance?
- What is the best strategy to find cheaper rates on a life insurance policy?
- What types of life insurance policies are the cheapest? Why?
Methodology
To obtain cost data for term life insurance policies, MoneyGeek collected quotes from 13 companies across all 50 states for ages 30–70. We utilized the same term life insurance cost data to determine which companies had the cheapest whole life insurance policies.
About the Author

sources
- U.S. Bureau of Labor Statistics. "May 2020 National Occupational Employment and Wage Estimates." Accessed January 12, 2022.