Which company provides the cheapest life insurance?

The cheapest life insurance company will vary depending on your age and coverage options. In general, Transamerica offers the most affordable rates across various age groups.

What is the cheapest type of life insurance?

The cheapest type of life insurance is term life insurance . It is the most straightforward and affordable form of coverage. However, it is only in force for a certain period. If you want guaranteed death benefit coverage for a lifetime, whole life insurance is a better choice.

How do I get the best rates for life insurance?

Shopping around and comparing prices is the best way to find the best rates. Different companies tend to have different premium rates and policy features.

Should I get life insurance?

When deciding whether or not to get life insurance, it is important to look at your financial circumstances and needs. For example, if you have dependents and significant debts, you should consider getting life insurance. If you can pay your bills without trouble and do not have debts, you may not need it.

Cheapest Life Insurance Companies in June 2023

Life insurance can be a crucial part of financial planning, providing security for your loved ones when you're no longer around. However, with monthly premiums ranging from as little as $18 to as much as $365, choosing the right policy can be overwhelming. Factors such as age, health status, and coverage amount all influence the cost of life insurance. But regardless of your financial situation, finding affordable life insurance is possible.

To help you make the best decision, we've compiled a list of some of the cheapest life insurance companies in the United States. Our guide offers valuable insights for individuals with limited or fixed incomes, and also highlights the importance of life insurance for everyone, no matter your age or health status.

WHAT WE’RE GEEKING OUT ON:

Cheapest Life Insurance Policies: What To Look For
Cheapest Life Insurance Company Overall
Cheapest for Seniors
Cheapest for Smokers
Cheapest With No Medical Exam
How Much Life Insurance Should You Buy
How to Get Cheaper Life Insurance
Frequently Asked Questions About Cheap Life Insurance

Cheapest Life Insurance Policies: What To Look For

Several factors can make a life insurance policy cheaper and more affordable. First and foremost, the type of policy you choose can have a significant impact on the cost. term life insurance policies, which provide coverage for a specific period of time, are typically more affordable than permanent life insurance policies, such as whole life insurance, universal life insurance, and variable life insurance. This is because the insurer's risk of paying out a death benefit is lower with term life insurance, as the policy only covers the insured for a specific period of time.

Other factors that can impact the cost of a life insurance policy include the insured's age, gender, health status, and lifestyle habits such as smoking. Historically, women have been charged lower life insurance premiums compared to men. This is because women have a longer life expectancy on average, meaning that insurance companies face a lower risk of having to pay out a death benefit. However, the difference in life insurance rates between men and women has been decreasing in recent years due to legislation prohibiting gender discrimination. Younger individuals and those in good health are generally considered to be a lower risk to insure, and thus may be able to secure lower premiums. Additionally, individuals who engage in high-risk activities or have pre-existing medical conditions may face higher premiums.

The amount of coverage you choose can also affect the cost of your policy. Generally, the more coverage you need, the higher your premiums will be. However, it's important to ensure that you have enough coverage to adequately protect your loved ones in the event of your death.

Cheapest & Most Affordable Overall: Transamerica

pros

Multiple policy types

Offers a comparison and quote tool online

Up to $10 million in coverage with Term Life Insurance

cons

Customer experience score is below average

Mobile app only caters to those who will retire

COMPANY HIGHLIGHTS

Transamerica provides a stellar selection of life insurance policies across all 50 states except New York. Its product offerings include term, index universal and whole life insurance. The insurer also offers final expense life insurance and policies for foreign nationals. Transamerica covers those under the age of 18 with its universal life policy. It offers life insurance to smokers and even a possible rate decrease after two years if they kick the habit. Transamerica doesn’t require a medical exam for its permanent or term coverage policies.

With Term Life Insurance, you can opt for a 10-, 15-, 20-, 25-, or 30-year term with a face value from $25,000 to $10 million. Almost anyone between 18 and 80 can apply for this policy type.

Index Universal Life Insurance coverage ranges between $25,000–500,000, depending on the policyholder’s assigned category or band. Whole Life Insurance has a face value of $100,000 or more, and Final Expense Life Insurance provides a face amount of $1,000–50,000 plus a death benefit.

Transamerica Monthly Policy Cost

Age

Coverage Amount

Term Length

Age	Gender	Coverage Amount	Term	Premium
30	M	1,000,000	30	$55.90
30	F	500,000	20	$16.77
30	M	250,000	15	$10.32
30	F	500,000	15	$13.33
30	F	1,000,000	30	$44.72
30	M	1,000,000	15	$21.50
30	M	1,000,000	20	$31.82
30	M	250,000	30	$19.35
30	M	500,000	10	$13.33
30	F	1,000,000	20	$25.80
30	F	500,000	30	$26.23
30	F	250,000	30	$16.56
30	M	250,000	10	$9.68
30	F	250,000	15	$9.68
30	M	500,000	20	$19.78
30	F	500,000	10	$11.61
30	F	250,000	10	$8.60
30	F	250,000	20	$11.40
30	F	1,000,000	10	$14.62
30	F	1,000,000	15	$18.92
30	M	500,000	15	$14.62
30	M	250,000	20	$12.90
30	M	1,000,000	10	$18.92
30	M	500,000	30	$31.82
40	M	250,000	30	$29.03
40	F	250,000	10	$10.97
40	F	1,000,000	15	$33.54
40	F	1,000,000	30	$76.54
40	M	1,000,000	15	$34.40
40	F	1,000,000	20	$42.14
40	F	500,000	15	$19.78
40	F	500,000	30	$42.14
40	M	250,000	15	$13.12
40	F	250,000	15	$12.69
40	M	500,000	15	$20.64
40	M	250,000	20	$17.85
40	M	1,000,000	30	$95.46
40	F	1,000,000	10	$21.50
40	M	1,000,000	20	$50.74
40	F	250,000	30	$24.30
40	F	500,000	20	$24.94
40	F	500,000	10	$15.91
40	M	250,000	10	$11.83
40	M	1,000,000	10	$23.22
40	M	500,000	20	$29.24
40	M	500,000	30	$51.17
40	F	250,000	20	$15.27
40	M	500,000	10	$17.20
50	F	500,000	20	$56.33
50	F	1,000,000	15	$77.40
50	M	250,000	15	$32.04
50	M	1,000,000	30	$248.54
50	M	500,000	15	$57.62
50	M	500,000	10	$43.00
50	F	250,000	20	$31.39
50	M	250,000	20	$41.28
50	F	500,000	30	$98.47
50	M	1,000,000	15	$105.78
50	F	1,000,000	30	$182.32
50	F	250,000	10	$20.21
50	F	1,000,000	10	$58.48
50	F	250,000	15	$24.73
50	F	500,000	10	$34.83
50	M	500,000	20	$73.53
50	F	250,000	30	$53.54
50	M	1,000,000	20	$135.88
50	F	1,000,000	20	$98.04
50	F	500,000	15	$43.00
50	M	250,000	10	$24.51
50	M	500,000	30	$132.87
50	M	250,000	30	$69.88
50	M	1,000,000	10	$71.38
60	M	500,000	10	$123.84
60	M	250,000	20	$107.72
60	M	250,000	15	$86.43
60	F	500,000	20	$196.51
60	M	1,000,000	20	$393.02
60	F	500,000	15	$133.30
60	M	250,000	10	$70.52
60	F	1,000,000	15	$242.52
60	F	250,000	15	$71.17
60	F	500,000	10	$104.49
60	M	1,000,000	10	$212.42
60	F	250,000	20	$103.20
60	M	1,000,000	15	$283.80
60	F	250,000	10	$56.98
60	M	500,000	15	$156.52
60	F	1,000,000	20	$379.26
60	F	1,000,000	10	$190.92
60	M	500,000	20	$203.39
70	M	250,000	15	$259.29
70	F	500,000	15	$441.61
70	M	500,000	10	$404.20
70	M	1,000,000	15	$981.26
70	M	250,000	10	$209.84
70	F	500,000	20	$718.10
70	F	1,000,000	15	$839.36
70	F	250,000	15	$233.49
70	F	250,000	10	$171.36
70	M	250,000	20	$450.21
70	F	250,000	20	$372.60
70	F	1,000,000	20	$1,389.76
70	M	500,000	15	$516.00
70	M	1,000,000	10	$632.10
70	F	1,000,000	10	$589.10
70	M	500,000	20	$866.88
70	F	500,000	10	$320.35
70	M	1,000,000	20	$1,677.86

Cheapest for Seniors: Progressive

pros

Flexible policy payment terms

Quote tool available online

Offers several policy types

cons

Not accredited by the Better Business Bureau

Low customer reviews on the BBB website

COMPANY HIGHLIGHTS

Progressive has a wide range of life insurance products that cater to different consumers. You can choose term, whole, universal, final expense or short-term life insurance with Progressive. Applicants don’t need to undergo a medical exam if they select a short-term or final expense life insurance policy.

The insurer offers term life insurance for 10, 15, 20 or 30 years with coverage up to $2 million. Final expense coverage ranges from $5,000–35,000, while short-term life insurance coverage, or a one-year policy, can reach up to $200,000. Consider whole life or universal insurance if you prefer a permanent policy, which means you’re covered until you pass away.

Progressive Monthly Policy Cost

Age

Coverage Amount

Term Length

Age	Gender	Coverage Amount	Term	Premium
30	F	1,000,000	30	$115.28
30	M	250,000	30	$29.15
30	F	500,000	20	$28.71
30	M	500,000	20	$35.24
30	M	500,000	10	$23.49
30	F	1,000,000	10	$50.03
30	F	250,000	15	$16.97
30	M	1,000,000	15	$74.39
30	M	1,000,000	20	$93.53
30	F	250,000	20	$19.14
30	M	1,000,000	30	$143.99
30	F	250,000	10	$15.23
30	M	500,000	30	$49.59
30	M	250,000	15	$18.49
30	F	500,000	15	$24.80
30	F	1,000,000	20	$73.52
30	F	500,000	30	$40.89
30	F	500,000	10	$21.75
30	F	250,000	30	$25.01
30	F	1,000,000	15	$65.69
30	M	1,000,000	10	$63.95
30	M	500,000	15	$28.28
30	M	250,000	20	$21.97
30	M	250,000	10	$16.10
40	M	500,000	10	$31.76
40	F	250,000	20	$26.97
40	F	1,000,000	30	$196.19
40	M	1,000,000	30	$254.48
40	M	500,000	20	$51.33
40	M	250,000	10	$20.45
40	F	500,000	30	$64.82
40	M	250,000	15	$23.93
40	M	250,000	30	$47.20
40	F	500,000	10	$29.15
40	F	250,000	15	$21.97
40	F	1,000,000	20	$123.11
40	M	1,000,000	15	$120.50
40	F	500,000	20	$43.50
40	F	1,000,000	10	$76.13
40	M	500,000	15	$39.15
40	M	1,000,000	20	$149.21
40	M	1,000,000	10	$92.66
40	F	250,000	30	$37.63
40	F	1,000,000	15	$98.75
40	F	500,000	15	$34.80
40	F	250,000	10	$18.92
40	M	250,000	20	$30.02
40	M	500,000	30	$85.26
50	F	250,000	10	$48.50
50	M	250,000	15	$78.95
50	M	500,000	15	$142.25
50	F	500,000	10	$87.44
50	F	500,000	20	$143.12
50	M	1,000,000	15	$280.58
50	F	1,000,000	15	$207.50
50	F	250,000	30	$101.63
50	F	1,000,000	30	$365.50
50	F	250,000	20	$76.34
50	M	500,000	10	$113.10
50	F	500,000	30	$182.75
50	F	1,000,000	20	$271.88
50	M	1,000,000	20	$361.49
50	F	250,000	15	$62.64
50	M	1,000,000	30	$485.90
50	M	250,000	10	$63.29
50	M	250,000	20	$98.53
50	M	250,000	30	$132.44
50	F	500,000	15	$114.41
50	M	500,000	30	$257.57
50	M	1,000,000	10	$207.50
50	F	1,000,000	10	$158.78
50	M	500,000	20	$182.70
60	M	250,000	20	$205.11
60	F	500,000	10	$187.92
60	F	250,000	10	$99.83
60	M	1,000,000	15	$769.52
60	M	500,000	15	$378.45
60	F	1,000,000	15	$543.32
60	F	250,000	15	$153.77
60	F	1,000,000	10	$335.39
60	F	500,000	20	$280.36
60	M	1,000,000	10	$515.48
60	M	250,000	15	$202.71
60	F	1,000,000	20	$540.71
60	M	1,000,000	20	$755.08
60	F	250,000	20	$148.14
60	M	500,000	20	$387.86
60	M	500,000	10	$277.53
60	F	500,000	15	$287.10
60	M	250,000	10	$146.81
70	M	500,000	10	$614.47
70	F	250,000	20	$317.63
70	F	500,000	20	$1,056.51
70	M	250,000	10	$317.77
70	M	1,000,000	10	$1,148.96
70	F	250,000	10	$218.33
70	M	500,000	20	$1,292.58
70	F	1,000,000	20	$2,032.18
70	F	1,000,000	10	$751.76
70	M	250,000	20	$508.28
70	F	250,000	15	$330.03
70	F	500,000	10	$400.32
70	M	250,000	15	$474.51
70	F	500,000	15	$642.42
70	M	1,000,000	20	$2,574.84
70	M	500,000	15	$928.80
70	M	1,000,000	15	$1,770.74
70	F	1,000,000	15	$1,156.70

Cheapest for Smokers: MassMutual

pros

Provides numerous policy types

You can compare multiple policies online

Above-average customer service rating from J.D. Power

cons

You can’t file a claim online

No online quote tool

COMPANY HIGHLIGHTS

MassMutual is one of the largest life insurance companies in the U.S., offering term, whole, universal and variable universal life insurance — even to those who smoke. The carrier also provides LifeBridge, a unique life insurance program for eligible parents and legal guardians. In case of an unexpected death, policyholders are covered by a $50,000, 10-year term that funds the educational costs of beneficiaries.

A term life insurance policy with MassMutual can cover policyholders between the ages of 18 to 75 for 10, 20 or 30 years plus a lump-sum death benefit. Its coverage ranges from $100,000 up to $5 million. Whole life insurance caters to policyholders up to 90 years old and offers a $25,000 death benefit while universal life insurance has a $50,000 minimum coverage. Variable life insurance best suits those who prefer a permanent policy, death benefits, flexible premiums and the opportunity to invest net premiums.

MassMutual Monthly Policy Cost

Age

Coverage Amount

Term Length

Age	Gender	Coverage Amount	Term	Premium
30	M	1,000,000	15	$27.41
30	F	500,000	20	$20.02
30	F	500,000	30	$31.33
30	F	500,000	10	$13.93
30	M	500,000	15	$17.41
30	M	1,000,000	30	$66.56
30	F	250,000	15	$11.53
30	M	250,000	20	$15.23
30	M	250,000	15	$12.19
30	F	500,000	15	$16.54
30	F	1,000,000	10	$20.45
30	F	1,000,000	30	$54.38
30	F	250,000	10	$10.45
30	F	250,000	20	$13.71
30	M	1,000,000	10	$23.93
30	F	1,000,000	20	$33.50
30	M	250,000	30	$22.84
30	M	250,000	10	$11.10
30	F	250,000	30	$19.36
30	M	500,000	20	$23.50
30	M	500,000	30	$37.42
30	M	1,000,000	20	$38.72
30	M	500,000	10	$15.60
30	F	1,000,000	15	$26.54
40	M	250,000	15	$16.54
40	M	500,000	20	$36.55
40	M	500,000	30	$65.69
40	M	1,000,000	30	$123.98
40	M	1,000,000	10	$34.37
40	M	250,000	10	$14.58
40	F	250,000	10	$13.49
40	M	1,000,000	20	$66.56
40	F	1,000,000	20	$55.25
40	F	500,000	20	$31.33
40	M	500,000	15	$26.11
40	M	250,000	20	$22.41
40	F	1,000,000	15	$42.20
40	F	1,000,000	10	$31.76
40	M	250,000	30	$36.98
40	F	500,000	30	$53.51
40	F	250,000	15	$15.67
40	F	250,000	20	$18.93
40	F	500,000	10	$19.58
40	F	500,000	15	$24.80
40	F	1,000,000	30	$97.88
40	M	1,000,000	15	$45.68
40	F	250,000	30	$30.46
40	M	500,000	10	$22.63
50	F	1,000,000	20	$127.46
50	M	250,000	10	$29.80
50	M	1,000,000	30	$317.99
50	M	1,000,000	20	$176.18
50	M	500,000	15	$71.78
50	M	250,000	20	$51.12
50	M	250,000	30	$86.79
50	F	500,000	15	$51.34
50	F	250,000	20	$39.16
50	F	250,000	30	$66.56
50	M	500,000	10	$52.64
50	M	500,000	20	$93.53
50	F	500,000	20	$69.61
50	F	1,000,000	10	$73.52
50	F	1,000,000	15	$96.14
50	F	1,000,000	30	$235.34
50	M	250,000	15	$40.24
50	F	250,000	15	$29.15
50	M	1,000,000	15	$133.55
50	F	500,000	10	$41.33
50	M	500,000	30	$164.00
50	F	250,000	10	$25.24
50	M	1,000,000	10	$94.40
50	F	500,000	30	$124.85
60	M	1,000,000	10	$264.92
60	M	1,000,000	20	$499.82
60	F	1,000,000	20	$337.13
60	M	500,000	20	$261.88
60	F	1,000,000	15	$229.25
60	M	250,000	10	$75.04
60	F	500,000	10	$92.23
60	F	250,000	15	$66.56
60	F	1,000,000	10	$170.96
60	M	250,000	15	$98.10
60	M	250,000	20	$137.68
60	M	1,000,000	15	$354.53
60	F	500,000	15	$120.07
60	F	500,000	20	$175.75
60	F	250,000	10	$51.77
60	M	500,000	15	$187.06
60	M	500,000	10	$140.51
60	F	250,000	20	$95.92

Cheapest With No Medical Exam: Nationwide

pros

Offers several life insurance types

Above-average customer service based on J.D. Power study

Offers the option to file a claim online

cons

Quote tool only available for term life policies

COMPANY HIGHLIGHTS

Nationwide is a reliable insurance company and offers whole, term, universal and variable universal life insurance. Smokers can also apply for a Nationwide policy but may qualify at a higher-than-average rate.

Children can be covered by Nationwide until they are 22 years old or married through riders on a parent’s policy. It’s also unlikely that healthy applicants and existing Nationwide Property & Casualty policyholders need a medical exam to qualify for a life insurance policy.

With a Nationwide term life policy, you can get coverage for 10, 15, 20 or 30 years, the option to renew annually until you’re 95 years old, plus a death benefit if you pass away. You can also opt for a permanent life insurance policy until you reach 65. Nationwide provides long-term care for those who need extra support to fund home-based or facility care and meal plan services.

Nationwide Monthly Policy Cost

Age

Coverage Amount

Term Length

Age	Gender	Coverage Amount	Term	Premium
30	M	500,000	10	$15.75
30	M	250,000	20	$15.75
30	F	500,000	30	$31.06
30	F	1,000,000	30	$54.69
30	F	500,000	20	$19.69
30	M	1,000,000	10	$23.19
30	F	250,000	10	$11.59
30	F	1,000,000	10	$19.69
30	F	250,000	30	$19.91
30	M	250,000	30	$23.19
30	F	250,000	20	$15.09
30	M	1,000,000	20	$38.94
30	M	500,000	20	$22.75
30	M	1,000,000	30	$69.56
30	F	1,000,000	20	$32.81
30	M	500,000	30	$38.94
30	F	500,000	10	$13.56
30	M	250,000	10	$11.81
40	F	1,000,000	20	$52.06
40	M	250,000	10	$16.41
40	F	250,000	30	$28.22
40	M	250,000	30	$34.78
40	F	500,000	20	$29.75
40	F	1,000,000	30	$90.56
40	F	500,000	30	$49.44
40	M	1,000,000	10	$32.81
40	F	1,000,000	10	$30.19
40	M	500,000	20	$35.88
40	F	250,000	20	$21.44
40	F	500,000	10	$19.25
40	M	500,000	10	$21.88
40	F	250,000	10	$15.75
40	M	1,000,000	30	$115.06
40	M	250,000	20	$22.75
40	M	500,000	30	$62.13
40	M	1,000,000	20	$63.44
50	M	250,000	20	$47.69
50	M	500,000	20	$86.63
50	F	1,000,000	20	$119.44
50	F	500,000	20	$64.75
50	F	1,000,000	10	$70.44
50	M	1,000,000	10	$87.06
50	F	500,000	10	$40.25
50	F	250,000	10	$24.28
50	M	1,000,000	20	$164.94
50	M	250,000	10	$29.09
50	F	500,000	30	$120.75
50	M	500,000	10	$49.44
50	F	250,000	20	$36.75
50	F	250,000	30	$64.53
50	F	1,000,000	30	$224.44
60	M	1,000,000	10	$273.44
60	F	1,000,000	20	$390.69
60	M	1,000,000	20	$564.81
60	F	250,000	20	$107.19
60	M	500,000	20	$296.63
60	F	1,000,000	10	$173.69
60	M	250,000	20	$154.88
60	M	250,000	10	$84.00
60	M	500,000	10	$143.94
60	F	500,000	20	$204.75
60	F	500,000	10	$96.25
60	F	250,000	10	$57.53

How Much Life Insurance Should You Buy

Making the decision to purchase life insurance is a crucial step 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.

Single Adult
Suppose you are an independent adult without any financial dependents. As an 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 that you purchase 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.
Young College Student
Let's say you are a 20-year-old college student with no dependents, currently working part-time to cover your living expenses while you attend 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, it's still important to have some coverage to help your family cover your final expenses. We recommend purchasing a small term life insurance policy with a coverage of $10,000 to $25,000, 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.
Married Without Children
Let's say you are a married couple, both 40 years old, and have 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 that you purchase 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 financial and family situation changes, it's essential to review and adjust your policy accordingly. For example, if you plan to have children in the future, you may need to increase your coverage to ensure their financial security.
Married With Children
Let's say you are a married couple, both 35 years old, and have 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 that you purchase 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.
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 policies, as they are intended for individuals with higher 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.

How to Get More Affordable 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. Rushing into a life insurance purchase could mean you end up with more coverage than you need. Take the time to assess your financial situation and determine how much coverage you require.

Get professional help

Working with a financial advisor can help you identify the best options for your budget and needs. A professional can guide you through the process and help you understand the features of different policies.

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.

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.

Learn More About Life Insurance

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?

Joseph Farizo

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

Heidi Petschauer, CIC

President, Petschauer Insurance

Jonathan Handy

Assistant Professor of Finance at Western Kentucky University

Greg Kuhlemeyer

Professor of Business Finance at Carroll University

Dr. Nan Zhu

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

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. Stephen Willand

Adjunct Professor at the School of Business, Quinsigamond Community College

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

Helen Stephens, CFP(R), EA, CEPA

President at Aspen Wealth Management

Brandon Hartsel

President at Fiduciary Insurance Group

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

Founder at Well Spent Wealth Planning

Brett Coffman

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

Daniel Tobias

CEO and CERTIFIED FINANCIAL PLANNER™ Professional at Passport Wealth Management

Kevin Meyer

Financial Advisor at John Bailey Financial

Matthew Crum

Financial Planner and Founder at True North Financial Services

Ksenia Sarkisova CFP®️

Wealth Advisor at Octavia Wealth Advisors

Patrick Rusch

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

Mitchell Hamer, CFP®

Wealth Advisor at Kovitz

Ben Fuchs

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

Ryan Rink, CFP®, ChFC®, CLTC®

Financial Advisor at Shakespeare Wealth Management

Kimberly Flynn

Financial Advisor at Thrivepoint Financial

Brendan Sheehan

Managing Director at Waymark Wealth Management

Mark Kinney

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

David Peters

CPA, CFP, ChFC, CLU, CPCU, CGMA

Brent Novoselsky

ChFC, Vice President, Wealth Management

Travis Tracy, CFP®, EA

Founder and Financial Planner at Fortitude Financial Planning

Andrew Dressel

Financial Planner at Abundo Wealth

Rob Bertman, CFA, CFP®

Founder, Family Budget Expert

Kristin Baker

Paraplanner at Pine Grove Financial Group

Craig Joncas

Financial Advisor & Chief Executive Officer

Tom Luing

Financial Planner at Capital Management Associates, Inc.

Jeffrey Settle

Bachelor's and CFP designation

Michael Angell

Financial Planner at Pi Wealth Management

Jeff Hahn

Founder at Buttonwood Wealth

Joseph S. Burgess

CFP®, AIF®, CAP®, CLU, ChFC

Rachael Burns

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

Chuck Foresyth, CFP

Wealth Advisor at Signature Wealth Strategies

Jamie Lima

Founder and President at Woodson Wealth Management

Jonathan Grannick

Financial Planner & Owner Credentials: CFP®

Brett Sifling

Director of Get Invested at Gerber Kawasaki Wealth & Investment Management

Jon Coughlin

Private Wealth Manager at Munroe Morrow Wealth Management

Erik Jefferson, CFA, CAIA, CWS

Chief Investment Officer at Flagship Harbor Advisors

Donna Freedman

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

Brett Kusske

President Certified Financial Planner

Gabriel Shahin

President, CFP, MBA

Thomas Fisher

Owner, CERTIFIED FINANCIAL PLANNER™

Karl Frank

President of A&I Financial Services

Steven Evensen, CFP®

Investment Advisor Representative at Gerber Kawasaki Wealth & Investment Management

Susan Koe

Certified Financial Planner

Justin Baxter

Financial Advisor & Accredited Investment Fiduciary

Michael L. Kutz

Financial Advisor at IAG

Shane Witt

Financial Advisor

Patti Hughes

CPA, CFP and President of Lake Life Wealth Advisory Group

Danielle Miura

Founder of Spark Financials

Brennan Gmeiner, AIF®, CLTC®, WMS®

Director of Business Development & Financial Advisor

Michelle Lee Wagner

MBA, CFP®

Gary Weiner

Personal Finance Blogger at Super Saving Tips

Tolen Teigen

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

David Ritter

LPL Financial Advisor at Discovery Financial

Karen L. Asbra, CFP®

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

Steven Herrmann, CFP®

Partner, Financial Consultant at The AdvisoryOne Group

Tim DiSette, ChFC, AIF

Senior Partner at Infinitas

Lena Nebel, CFP®, MSFS

Chief Operating Officer at BFG Financial Advisors

Nick Rose, CFP®, CEPA®

Co-Founder & Financial Consultant at TrailWise Financial Partners

Kane Brolin

CERTIFIED FINANCIAL PLANNER™ Practitioner

AJ DiLiberto

COO, CCO at Noble Wealth Management

Kalvin Sid

CFP® MBA, CKA®

Kenneth Eaton

Managing Partner at Stepp & Rothwell

Kevin Gotts

Certified Financial Planner

George Pate III, CLTC

Financial Advisor at The Journeys Group

Thomas Kopelman

Co-Founder and Financial Partner at AllStreet Wealth

Gary Grewal

Owner at Financial Fives

Frances Bird

Private Wealth Advisor & Analyst

Adam Wright, CFA, CFP®

Managing Partner at Wright Associates Investment Advisers

Jordan Frey

MD, Founder of The Prudent Plastic Surgeon

Dan Beltran

Founder at Plantran Financial

Adam Spiegelman

CFP

Dick Pfister

CEO, Founder at AlphaCore

Connor Bauserman, ChFC®

Financial Advisor at Preferred Financial Group, LLC

Ari Fischman

FP, Financial Life Advisor at Telemus

Jae Oh

Certified Financial Planner

Aywanna Monroe

Independent Insurance Agent at Quickset Insurance and Associates

Kirk Barth, CFP, ChSNC, CLU, ChFC

Financial Advisor at Smart Assets of Hawaii

Matt Bowden

CFP, ChFC, CLU

Leif Kristjansen

Elliott Appel

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

Dennis LaVoy, CFP®, CLU®

Founder & Financial Planner at Telos Financial

Micah Crabdree, CFP®, CRPS®, CPFA®

Regional Vice President and Wealth Advisor at KDI Wealth Management

Marlow Campbell

President

Brannon T. Lambert

CFP®, CPFA®, CEP®

Lisa Harrison

Creator, Mad Money Monster

Dr. Cory S. Fawcett

Medical Doctor, Certified High Performance Coach

Eddie W. Kramer

Principal; CFP(R)

Jeff Kikel

President of Freedom Day Wealth Management LLC

Claire Mork

Director of Financial Planning at Edelman Financial Engines

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

CEO/Founder at Central Coast Wealth Management

Sean Lovison, CPA

Principal at WJL Financial Advisors, LLC

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

Mark Evers, Ph.D., CFP®, CRPC®

Lecturer and Financial Planning Program Director at University of North Texas

Brandon Gregg

Market President and Financial Advisor at BBK Wealth Management

Robert McLeod, Ph.D.

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

Amy Guerich

Partner at Stepp & Rothwel, Inc.

Guy Baker, Ph.D.

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

Tyler Flora

CEO & Mortgage Advisor

Jeffrey Clark

Wealth Advisor and Partner at Pine Grove Financial Group

Matt Hylland

Financial Planner at Arnold & Mote Wealth Management

Zachary Bachner

Advisor and Investment Research Analyst at Summit Financial Consulting

Michael E. Gray Jr.

Independent Insurance Agent

Corey Janoff, CFP®

Financial Advisor at Finity Group

Jon Dulin

Founder and CEO at Money Smart Guides

Claire Thornton

Lead Financial Planner at Inspired Financial

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 Mark Fitzpatrick

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark earned a master’s degree in Economics and International Relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.

sources

Better Business Bureau. "Progressive Corporation." Accessed January 9, 2022.
MassMutual. "MassMutual’s LifeBridge Program." Accessed January 9, 2023.
Nationwide. "What Is No-Exam Life Insurance and How Does It Work?." Accessed May 17, 2023.

Compare Rates and Save On Life Insurance

Cheapest Life Insurance Companies in June 2023

On This Page

Cheapest Life Insurance Policies: What To Look For

Cheapest & Most Affordable Overall: Transamerica

pros

cons

COMPANY HIGHLIGHTS

Transamerica Monthly Policy Cost

Cheapest for Seniors: Progressive

pros

cons

COMPANY HIGHLIGHTS

Progressive Monthly Policy Cost

Cheapest for Smokers: MassMutual

pros

cons

COMPANY HIGHLIGHTS

MassMutual Monthly Policy Cost

Cheapest With No Medical Exam: Nationwide

pros

cons

COMPANY HIGHLIGHTS

Nationwide Monthly Policy Cost

How Much Life Insurance Should You Buy

How to Get More Affordable Life Insurance

Take some time to decide

Get professional help

Shop around

Don’t get unnecessary coverage

Get life insurance while you are young

Consider laddering your coverage

Frequently Asked Questions About Cheap Life Insurance

Learn More About Life Insurance

Expert Advice: Finding Affordable Life Insurance

Methodology

sources