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Cheapest Term Life Companies in October 2023


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Fact Checked
Updated: Oct 30, 2023
Content was edited
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Term life insurance is relatively more affordable than other life insurance policies due to its temporary nature. Depending on certain factors, premium rates may vary per person.

Allstate is the cheapest overall term life insurance company, with an average rate of $12 per month. It's also the most affordable option for smokers and people with poor health. Transamerica is the most budget-friendly choice if you're looking for a high coverage amount. GEICO is the cheapest for young adults, while GEICO and Transamerica offer the lowest average monthly cost for seniors.

Table of Contents
Key Takeaways

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Term life insurance is an affordable form of life insurance that provides coverage for a set period of time.

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Being in poor health or smoking can drive up insurance premiums.

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Term life insurance can help people with financial dependents financially protect their loved ones.

Cheapest Overall Term Life Insurance Company

Allstate ranks as MoneyGeek's most affordable term life insurance provider, costing $12 per month for a $250,000 coverage amount on a 10-year term policy.

Company
Average Monthly 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

AAA

$15.18

Mutual of Omaha

$15.27

Nationwide

$15.75

Nationwide

$16.41

Mutual of Omaha

$16.56

Prudential

$16.91

AAA

$16.94

Haven

$17.27

Fidelity

$18.92

Progressive

$18.92

State Farm

$20.24

Fidelity

$20.45

Bestow

$21.65

Haven

$21.96

State Farm

$21.97

Bestow

$26.99

Progressive

$30.89

Cheapest Overall: Allstate

Allstate

pros

Affordable policies

A+ AM Best rating for financial stability

Diverse life insurance products, including term and no exam policies

cons

Higher-than-average customer complaints

Does not issue its own life insurance policies

COMPANY HIGHLIGHTS

Allstate has been in the insurance business for 92 years, offering various life insurance products. With term life policies ranging from $100,000 to $50 million and term lengths from 10 to 40 years, the company provides flexibility for different life stages. Despite its A+ rating from AM Best, Allstate has a higher-than-average rate of customer complaints. The company doesn't issue its own life insurance policies, which may be a drawback for some. On the upside, Allstate offers multiple payment options and 24/7 online chat support.

Cheapest Term Life Insurance for Smokers and Poor Health

Allstate also stands out as the most budget-friendly term life insurance option for smokers and those in poor health. Smokers can secure a 10-year term policy with $250,000 in coverage for an average of $26.57 per month, while individuals in poor health can obtain similar coverage for $13.32 per month on average.

The tables below comprehensively compare average term life insurance costs for smokers and people with poor health. By examining these rates, you can make a more informed decision, understanding how your lifestyle or health condition could affect your premiums across multiple insurance companies.

Average Costs of Term Life Insurance for Smokers
Company
Average Monthly 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

AAA

$31.70

Mutual of Omaha

$31.89

Nationwide

$32.90

Transamerica

$33.89

Haven

$36.07

Nationwide

$36.33

Mutual of Omaha

$36.66

Protective

$37.41

Prudential

$37.44

AAA

$37.50

Allstate

$37.65

Progressive

$39.52

Fidelity

$39.52

Transamerica

$40.65

GEICO

$41.68

Allstate

$41.98

State Farm

$42.27

Nationwide

$42.64

GEICO

$43.90

Bestow

$45.22

Fidelity

$45.28

Protective

$45.51

Mutual of Omaha

$48.11

Haven

$48.62

State Farm

$48.64

AAA

$50.68

Nationwide

$51.03

Transamerica

$52.05

Prudential

$53.13

Allstate

$56.86

GEICO

$57.63

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

Nationwide

$66.03

Allstate

$68.26

Progressive

$68.39

State Farm

$72.05

Protective

$73.35

Fidelity

$74.08

Prudential

$75.38

Nationwide

$77.23

Bestow

$81.00

Mutual of Omaha

$83.15

AAA

$84.68

Haven

$88.75

State Farm

$91.40

Progressive

$98.00

AAA

$99.43

Prudential

$101.65

Mutual of Omaha

$107.69

Bestow

$110.91

State Farm

$112.73

Haven

$115.04

Progressive

$120.75

Bestow

$144.19

Prudential

$148.63

Haven

$165.48

Fidelity

$166.50

Bestow

$206.60

Fidelity

$218.11

Progressive

$218.11

Average Costs of Term Life Insurance for Poor Health
Company
Average Monthly Cost

Allstate

$11.29

Transamerica

$11.34

Protective

$11.96

GEICO

$13.02

Prudential

$13.09

Allstate

$13.32

Transamerica

$13.45

GEICO

$14.08

Protective

$14.61

AAA

$15.58

Mutual of Omaha

$15.68

Nationwide

$16.17

Haven

$17.73

Transamerica

$17.77

Nationwide

$18.22

Mutual of Omaha

$18.39

Prudential

$18.78

AAA

$18.81

Fidelity

$19.42

Progressive

$19.42

Protective

$19.62

Allstate

$19.75

State Farm

$20.78

Transamerica

$21.33

GEICO

$21.86

Allstate

$22.03

Bestow

$22.23

Nationwide

$22.36

Fidelity

$22.71

GEICO

$23.03

Protective

$23.88

Haven

$24.38

State Farm

$24.39

Mutual of Omaha

$25.23

AAA

$26.58

Nationwide

$26.78

Prudential

$27.87

Transamerica

$27.91

Bestow

$29.97

Allstate

$30.49

AAA

$30.70

GEICO

$30.90

Mutual of Omaha

$31.32

Transamerica

$32.37

Protective

$32.39

GEICO

$32.44

State Farm

$33.32

Progressive

$33.86

Fidelity

$33.86

Haven

$33.92

Progressive

$34.30

Nationwide

$35.41

Allstate

$35.70

State Farm

$37.81

Protective

$38.36

Fidelity

$38.87

Prudential

$39.56

Nationwide

$40.39

Bestow

$42.48

Mutual of Omaha

$44.59

AAA

$45.41

Haven

$46.57

State Farm

$49.01

AAA

$52.00

Progressive

$52.55

Prudential

$54.51

Mutual of Omaha

$56.32

Bestow

$58.20

State Farm

$58.95

Haven

$61.69

Progressive

$63.36

Bestow

$77.32

Prudential

$77.72

Haven

$86.54

Fidelity

$89.28

Bestow

$108.04

Progressive

$114.06

Fidelity

$114.06

Cheapest Term Life Insurance Company for High Coverage

Transamerica is MoneyGeek's top pick for high coverage amounts. The monthly cost for a 10-year term policy with $1 million in coverage averages $26.30.

Company
Average Monthly Cost

Transamerica

$23.80

Allstate

$26.00

Transamerica

$26.30

GEICO

$26.35

GEICO

$26.35

Protective

$27.62

Allstate

$29.00

Nationwide

$30.19

Protective

$31.16

Nationwide

$32.81

Mutual of Omaha

$38.02

AAA

$38.72

Transamerica

$40.80

Allstate

$41.00

State Farm

$41.79

AAA

$42.24

Progressive

$44.81

Protective

$45.17

Mutual of Omaha

$45.75

Prudential

$46.48

State Farm

$47.89

Allstate

$49.00

GEICO

$49.30

GEICO

$49.30

Transamerica

$49.30

Nationwide

$52.06

Haven

$52.60

State Farm

$53.99

Protective

$54.19

Mutual of Omaha

$57.78

AAA

$60.72

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

Prudential

$79.80

American Family Insurance

$80.55

Haven

$83.46

Bestow

$87.77

Bestow

$88.67

Prudential

$89.80

Fidelity

$92.66

Progressive

$92.66

American Family Insurance

$107.25

Bestow

$114.95

Fidelity

$123.11

Fidelity

$149.21

Progressive

$149.21

Cheapest for High Coverage: Transamerica

Transamerica

pros

High coverage amounts up to $10 million

Offers a wide range of products

Allows policy conversion from term to permanent

cons

Higher-than-average customer complaints

No 24/7 online chat support

Mobile app limited to retirement

COMPANY HIGHLIGHTS

Transamerica, with 95 years in the insurance sector, offers a broad spectrum of life insurance products, including term, whole and universal life. One notable feature is the availability of up to $2 million in term life coverage without a medical exam for those who meet certain criteria. The company provides extensive coverage options, from as low as $25,000 to as high as $10 million, with term lengths that can be tailored from 10 to 30 years. While customer satisfaction could be improved, Transamerica holds an A rating from AM Best for financial stability. The option to convert term policies to permanent ones adds another layer of flexibility. However, their mobile app is designed solely for retirement planning.

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MONEYGEEK EXPERT TIP

If you’re buying term life insurance, MoneyGeek recommends purchasing $500,000 in coverage. This amount is about 10 times the average annual wage in the U.S., making it ideal for most people. However, your ideal coverage level will depend on your unique family and financial situation.

Cheapest Term Life Insurance Company for Young Adults

GEICO emerges as MoneyGeek's most cost-effective term life insurance choice for young adults aged 25 to 30. For an average rate of $9.55 per month, the company offers a 10-year term policy with a $250,000 coverage amount.

Company
Average Monthly 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

Fidelity

$19.14

Progressive

$19.14

Protective

$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

Progressive

$21.75

Fidelity

$21.75

Protective

$21.95

Fidelity

$21.97

Progressive

$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

Progressive

$28.71

Fidelity

$28.71

Haven

$29.46

Transamerica

$29.75

AAA

$29.92

Allstate

$30.00

GEICO

$30.56

GEICO

$30.56

Protective

$30.56

Haven

$30.70

Nationwide

$32.81

State Farm

$33.09

Prudential

$34.82

Haven

$35.15

Progressive

$35.24

Fidelity

$35.24

Mutual of Omaha

$35.44

Bestow

$35.55

State Farm

$35.69

Bestow

$35.69

Progressive

$36.11

Bestow

$36.18

Progressive

$38.93

Nationwide

$38.94

Prudential

$38.99

Bestow

$39.32

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

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

Affordable rates for young adults

A++ AM Best financial rating

Low rate of customer complaints

cons

Doesn't issue its own policies

Limited payment options

COMPANY HIGHLIGHTS

GEICO, with 87 years in the industry, collaborates with several partners like Ladder to offer term life insurance. Young adults can get term coverage ranging from $100,000 to $8 million, with term lengths between 10 and 30 years. While GEICO doesn't offer its own policies, it provides various term life options through its partners. The company excels in customer satisfaction, boasting a low average rate of complaints. Financial stability is another strong suit, evidenced by an A++ AM Best rating. Despite these strengths, GEICO needs more product diversity and payment options.

Cheapest Term Life Insurance Company for Seniors

On average, GEICO and Transamerica offer the most competitive options at $175.74 monthly for seniors seeking affordable term life insurance. These rates are based on a 10-year term policy with a $250,000 coverage amount.

Term life insurance often costs more for seniors. This is mainly because older people are more likely to have health problems, making them riskier to insure. The table below shows term life insurance quotes for seniors from multiple companies.

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

Transamerica

$175.74

GEICO

$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

GEICO

$313.23

Transamerica

$313.23

State Farm

$314.49

Protective

$361.32

Transamerica

$362.31

Allstate

$366.00

AAA

$374.00

Mutual of Omaha

$393.24

State Farm

$416.29

Transamerica

$442.64

GEICO

$442.64

GEICO

$442.64

Transamerica

$442.85

Prudential

$456.32

AAA

$487.08

Mutual of Omaha

$501.96

Protective

$504.34

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

Transamerica

$852.13

GEICO

$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 Term Life Insurance Companies by State

Life insurance rates can differ significantly based on your location. Various factors contribute to these geographical differences, including state-specific insurance laws and the risk profiles associated with certain areas.

Check your state below to view your area's cheapest term life insurance company.

State
Company
Average Monthly Cost

Alabama

Protective

$9.42

Alabama

Protective

$13.66

Alabama

GEICO

$20.64

Alabama

GEICO

$9.90

Alabama

GEICO

$14.70

Alabama

GEICO

$20.58

Alaska

Allstate

$13.62

Alaska

Allstate

$18.17

Alaska

Allstate

$27.25

Alaska

GEICO

$13.98

Alaska

GEICO

$19.31

Alaska

GEICO

$29.10

Arizona

Transamerica

$17.49

Arizona

Transamerica

$22.19

Arizona

Transamerica

$30.73

Arizona

GEICO

$18.39

Arizona

GEICO

$25.40

Arizona

GEICO

$38.26

Arkansas

Transamerica

$14.80

Arkansas

Transamerica

$18.77

Arkansas

Transamerica

$25.99

Arkansas

GEICO

$16.05

Arkansas

GEICO

$22.16

Arkansas

GEICO

$33.39

California

Transamerica

$14.20

California

Transamerica

$18.01

California

Transamerica

$24.94

California

GEICO

$15.95

California

Transamerica

$21.48

California

Transamerica

$29.09

Colorado

Protective

$14.38

Colorado

Allstate

$19.24

Colorado

Allstate

$28.85

Colorado

GEICO

$14.71

Colorado

GEICO

$20.31

Colorado

GEICO

$30.60

Connecticut

Protective

$8.44

Connecticut

Protective

$12.24

Connecticut

Nationwide

$19.86

Connecticut

Allstate

$9.52

Connecticut

Protective

$14.19

Connecticut

GEICO

$20.21

Delaware

Haven

$9.46

Delaware

Transamerica

$15.76

Delaware

GEICO

$23.83

Delaware

Haven

$10.34

Delaware

GEICO

$17.02

Delaware

GEICO

$23.83

Florida

Allstate

$10.35

Florida

Allstate

$16.00

Florida

GEICO

$23.42

Florida

GEICO

$11.27

Florida

GEICO

$16.73

Florida

GEICO

$23.42

Georgia

Protective

$17.25

Georgia

Protective

$23.73

Georgia

Protective

$35.42

Georgia

GEICO

$18.39

Georgia

GEICO

$25.40

Georgia

GEICO

$38.26

Hawaii

Allstate

$11.00

Hawaii

Transamerica

$15.30

Hawaii

Transamerica

$23.80

Hawaii

Allstate

$12.00

Hawaii

Transamerica

$17.43

Hawaii

Transamerica

$26.30

Idaho

Transamerica

$16.65

Idaho

Transamerica

$21.13

Idaho

Transamerica

$29.25

Idaho

GEICO

$17.58

Idaho

GEICO

$24.28

Idaho

Allstate

$33.19

Illinois

Prudential

$12.67

Illinois

Protective

$17.50

Illinois

Transamerica

$25.31

Illinois

GEICO

$12.84

Illinois

GEICO

$17.73

Illinois

GEICO

$26.71

Indiana

Protective

$15.95

Indiana

Transamerica

$20.42

Indiana

Transamerica

$28.28

Indiana

GEICO

$16.94

Indiana

GEICO

$23.39

Indiana

GEICO

$35.24

Iowa

Allstate

$16.63

Iowa

Transamerica

$21.78

Iowa

Transamerica

$30.16

Iowa

GEICO

$18.06

Iowa

GEICO

$24.94

Iowa

GEICO

$37.58

Kansas

Allstate

$16.63

Kansas

Allstate

$22.17

Kansas

Transamerica

$30.81

Kansas

GEICO

$18.31

Kansas

GEICO

$25.29

Kansas

GEICO

$38.09

Kentucky

Allstate

$8.41

Kentucky

Transamerica

$12.17

Kentucky

Transamerica

$18.93

Kentucky

GEICO

$9.45

Kentucky

GEICO

$14.03

Kentucky

GEICO

$19.64

Louisiana

Protective

$16.44

Louisiana

Protective

$22.60

Louisiana

Nationwide

$33.42

Louisiana

GEICO

$16.94

Louisiana

GEICO

$23.39

Louisiana

GEICO

$35.24

Maine

Allstate

$9.71

Maine

Transamerica

$14.61

Maine

Transamerica

$22.73

Maine

GEICO

$11.32

Maine

GEICO

$16.80

Maine

GEICO

$23.52

Maryland

Protective

$7.69

Maryland

Protective

$11.15

Maryland

Protective

$18.24

Maryland

Protective

$8.88

Maryland

Protective

$13.16

Maryland

GEICO

$18.97

Massachusetts

Allstate

$11.00

Massachusetts

Transamerica

$15.30

Massachusetts

Transamerica

$23.80

Massachusetts

Allstate

$12.00

Massachusetts

Transamerica

$17.43

Massachusetts

Transamerica

$26.30

Michigan

Allstate

$9.06

Michigan

Allstate

$14.00

Michigan

GEICO

$20.86

Michigan

GEICO

$9.91

Michigan

GEICO

$14.71

Michigan

GEICO

$20.60

Minnesota

Prudential

$12.52

Minnesota

Allstate

$16.96

Minnesota

Transamerica

$25.15

Minnesota

GEICO

$13.08

Minnesota

GEICO

$18.07

Minnesota

GEICO

$27.22

Mississippi

GEICO

$15.73

Mississippi

Nationwide

$19.97

Mississippi

Nationwide

$29.00

Mississippi

Nationwide

$17.65

Mississippi

Nationwide

$23.54

Mississippi

Nationwide

$34.66

Missouri

Transamerica

$9.52

Missouri

Transamerica

$13.18

Missouri

Transamerica

$20.50

Missouri

GEICO

$9.90

Missouri

GEICO

$14.70

Missouri

GEICO

$20.58

Montana

Allstate

$9.71

Montana

Allstate

$15.00

Montana

GEICO

$22.18

Montana

GEICO

$10.67

Montana

GEICO

$15.84

Montana

GEICO

$22.18

Nebraska

Protective

$10.88

Nebraska

Transamerica

$15.22

Nebraska

GEICO

$22.88

Nebraska

GEICO

$11.01

Nebraska

GEICO

$16.34

Nebraska

GEICO

$22.88

Nevada

Allstate

$12.56

Nevada

Allstate

$16.74

Nevada

Allstate

$25.12

Nevada

GEICO

$13.26

Nevada

GEICO

$18.32

Nevada

GEICO

$27.59

New Hampshire

Protective

$7.40

New Hampshire

Protective

$10.73

New Hampshire

Protective

$17.54

New Hampshire

Allstate

$8.28

New Hampshire

Protective

$12.35

New Hampshire

GEICO

$18.23

New Jersey

Protective

$8.21

New Jersey

Protective

$11.91

New Jersey

Protective

$19.47

New Jersey

Mutual of Omaha

$9.45

New Jersey

Protective

$14.03

New Jersey

GEICO

$19.94

New Mexico

Transamerica

$15.53

New Mexico

Transamerica

$19.70

New Mexico

Transamerica

$27.28

New Mexico

GEICO

$17.43

New Mexico

Transamerica

$23.67

New Mexico

Transamerica

$32.06

New York

Prudential

$5.93

New York

Haven

$10.36

New York

Haven

$18.66

New York

Haven

$6.59

New York

Haven

$11.42

New York

Haven

$21.10

North Carolina

Allstate

$9.06

North Carolina

Transamerica

$13.58

North Carolina

Transamerica

$21.12

North Carolina

GEICO

$10.40

North Carolina

GEICO

$15.44

North Carolina

GEICO

$21.62

North Dakota

Haven

$16.45

North Dakota

Transamerica

$24.13

North Dakota

Transamerica

$33.41

North Dakota

Haven

$17.10

North Dakota

GEICO

$26.48

North Dakota

GEICO

$39.89

Ohio

Transamerica

$9.38

Ohio

Transamerica

$12.99

Ohio

Transamerica

$20.21

Ohio

GEICO

$9.90

Ohio

GEICO

$14.70

Ohio

GEICO

$20.58

Oklahoma

Protective

$15.97

Oklahoma

Transamerica

$20.51

Oklahoma

Transamerica

$28.40

Oklahoma

GEICO

$16.79

Oklahoma

GEICO

$23.18

Oklahoma

GEICO

$34.92

Oregon

Allstate

$6.77

Oregon

Protective

$10.18

Oregon

Allstate

$16.00

Oregon

Allstate

$7.86

Oregon

Allstate

$11.79

Oregon

GEICO

$17.56

Pennsylvania

Transamerica

$11.10

Pennsylvania

Transamerica

$15.37

Pennsylvania

GEICO

$23.16

Pennsylvania

GEICO

$11.14

Pennsylvania

GEICO

$16.54

Pennsylvania

GEICO

$23.16

Rhode Island

Allstate

$6.77

Rhode Island

Protective

$10.20

Rhode Island

Allstate

$16.00

Rhode Island

Allstate

$7.45

Rhode Island

Allstate

$11.17

Rhode Island

GEICO

$17.06

South Carolina

Haven

$7.55

South Carolina

Haven

$12.76

South Carolina

GEICO

$20.86

South Carolina

Haven

$8.60

South Carolina

GEICO

$14.71

South Carolina

GEICO

$20.60

South Dakota

Haven

$16.45

South Dakota

Transamerica

$23.24

South Dakota

Transamerica

$32.18

South Dakota

Haven

$17.10

South Dakota

GEICO

$26.55

South Dakota

Allstate

$34.92

Tennessee

Transamerica

$9.84

Tennessee

Transamerica

$13.63

Tennessee

Transamerica

$21.20

Tennessee

GEICO

$10.40

Tennessee

GEICO

$15.44

Tennessee

GEICO

$21.62

Texas

Protective

$17.85

Texas

Transamerica

$23.79

Texas

Transamerica

$32.94

Texas

GEICO

$18.16

Texas

GEICO

$25.08

Texas

GEICO

$37.78

Utah

Protective

$12.38

Utah

Allstate

$16.97

Utah

Transamerica

$24.99

Utah

GEICO

$12.57

Utah

GEICO

$17.36

Utah

GEICO

$26.16

Vermont

Allstate

$10.35

Vermont

Transamerica

$15.58

Vermont

GEICO

$23.42

Vermont

GEICO

$11.27

Vermont

GEICO

$16.73

Vermont

GEICO

$23.42

Virginia

Allstate

$13.52

Virginia

Allstate

$18.02

Virginia

Allstate

$27.03

Virginia

GEICO

$14.17

Virginia

GEICO

$19.56

Virginia

GEICO

$29.47

Washington

Protective

$14.97

Washington

Protective

$20.58

Washington

Protective

$30.72

Washington

GEICO

$15.59

Washington

GEICO

$21.54

Washington

GEICO

$32.44

West Virginia

GEICO

$9.26

West Virginia

Nationwide

$13.56

West Virginia

GEICO

$19.24

West Virginia

Mutual of Omaha

$11.15

West Virginia

Nationwide

$15.75

West Virginia

Nationwide

$23.62

Wisconsin

Transamerica

$10.35

Wisconsin

Transamerica

$14.33

Wisconsin

GEICO

$21.87

Wisconsin

GEICO

$10.52

Wisconsin

GEICO

$15.62

Wisconsin

GEICO

$21.87

Wyoming

Allstate

$12.82

Wyoming

Allstate

$17.10

Wyoming

Allstate

$25.65

Wyoming

GEICO

$13.62

Wyoming

GEICO

$18.82

Wyoming

GEICO

$28.34

Alabama

Protective

$11.53

Alabama

Protective

$18.45

Alabama

Protective

$32.39

Alabama

GEICO

$13.27

Alabama

GEICO

$22.20

Alabama

GEICO

$35.03

Alaska

Allstate

$16.90

Alaska

Allstate

$24.58

Alaska

Allstate

$36.87

Alaska

GEICO

$17.71

Alaska

GEICO

$26.97

Alaska

GEICO

$43.29

Arizona

Transamerica

$22.70

Arizona

Transamerica

$33.18

Arizona

Transamerica

$48.89

Arizona

GEICO

$25.60

Arizona

GEICO

$39.00

Arizona

GEICO

$62.60

Arkansas

Transamerica

$18.96

Arkansas

Transamerica

$27.71

Arkansas

Transamerica

$40.84

Arkansas

Mutual of Omaha

$25.79

Arkansas

Nationwide

$37.50

Arkansas

Nationwide

$64.18

California

Allstate

$17.87

California

Allstate

$26.00

California

Transamerica

$38.79

California

Allstate

$19.50

California

Allstate

$30.87

California

Transamerica

$48.49

Colorado

Allstate

$18.37

Colorado

Allstate

$26.72

Colorado

Allstate

$40.07

Colorado

GEICO

$18.83

Colorado

GEICO

$28.68

Colorado

GEICO

$46.03

Connecticut

Allstate

$9.88

Connecticut

Allstate

$15.80

Connecticut

Allstate

$27.00

Connecticut

Allstate

$11.45

Connecticut

Allstate

$18.86

Connecticut

GEICO

$30.76

Delaware

Protective

$14.01

Delaware

Protective

$22.42

Delaware

Protective

$39.36

Delaware

GEICO

$15.59

Delaware

GEICO

$26.08

Delaware

GEICO

$41.16

Florida

Allstate

$13.75

Florida

Allstate

$22.00

Florida

Allstate

$37.58

Florida

GEICO

$15.10

Florida

GEICO

$25.25

Florida

GEICO

$39.85

Georgia

Protective

$22.18

Georgia

Protective

$32.46

Georgia

Protective

$49.30

Georgia

GEICO

$24.65

Georgia

GEICO

$37.55

Georgia

GEICO

$60.27

Hawaii

Allstate

$15.00

Hawaii

Allstate

$24.00

Hawaii

Transamerica

$40.80

Hawaii

Allstate

$17.00

Hawaii

Allstate

$28.00

Hawaii

Allstate

$49.00

Idaho

Allstate

$21.07

Idaho

Allstate

$30.65

Idaho

Allstate

$45.98

Idaho

Allstate

$23.44

Idaho

GEICO

$35.74

Idaho

GEICO

$57.36

Illinois

GEICO

$16.23

Illinois

Protective

$23.80

Illinois

Protective

$36.15

Illinois

GEICO

$16.23

Illinois

GEICO

$24.72

Illinois

GEICO

$39.68

Indiana

Protective

$20.21

Indiana

Protective

$29.58

Indiana

Transamerica

$44.53

Indiana

GEICO

$22.86

Indiana

GEICO

$34.81

Indiana

GEICO

$55.88

Iowa

Allstate

$20.69

Iowa

Allstate

$30.09

Iowa

Allstate

$45.14

Iowa

GEICO

$24.94

Iowa

GEICO

$37.99

Iowa

GEICO

$60.97

Kansas

Allstate

$20.69

Kansas

Allstate

$30.09

Kansas

Allstate

$45.14

Kansas

GEICO

$24.94

Kansas

GEICO

$37.99

Kansas

GEICO

$60.97

Kentucky

Protective

$11.18

Kentucky

Protective

$17.89

Kentucky

Allstate

$30.75

Kentucky

GEICO

$12.60

Kentucky

GEICO

$21.07

Kentucky

GEICO

$33.25

Louisiana

Protective

$20.95

Louisiana

Protective

$30.67

Louisiana

Protective

$46.58

Louisiana

GEICO

$22.88

Louisiana

GEICO

$34.85

Louisiana

GEICO

$55.93

Maine

Allstate

$13.13

Maine

Allstate

$21.00

Maine

Allstate

$35.88

Maine

Allstate

$15.18

Maine

Allstate

$25.00

Maine

GEICO

$40.34

Maryland

Protective

$9.17

Maryland

Protective

$14.67

Maryland

Protective

$25.75

Maryland

Protective

$10.77

Maryland

Protective

$17.99

Maryland

GEICO

$28.61

Massachusetts

Allstate

$15.00

Massachusetts

Allstate

$24.00

Massachusetts

Transamerica

$40.80

Massachusetts

Allstate

$17.00

Massachusetts

Allstate

$28.00

Massachusetts

Allstate

$49.00

Michigan

Allstate

$11.88

Michigan

Allstate

$19.00

Michigan

Allstate

$32.46

Michigan

GEICO

$13.46

Michigan

GEICO

$22.51

Michigan

GEICO

$35.52

Minnesota

Allstate

$16.04

Minnesota

Allstate

$23.32

Minnesota

Allstate

$34.99

Minnesota

GEICO

$16.51

Minnesota

GEICO

$25.16

Minnesota

GEICO

$40.38

Mississippi

Allstate

$20.39

Mississippi

Nationwide

$29.43

Mississippi

Transamerica

$44.09

Mississippi

Nationwide

$23.54

Mississippi

Nationwide

$34.00

Mississippi

Nationwide

$58.20

Missouri

Protective

$11.98

Missouri

Protective

$19.17

Missouri

Protective

$33.65

Missouri

GEICO

$13.26

Missouri

GEICO

$22.17

Missouri

GEICO

$34.99

Montana

Allstate

$13.13

Montana

Allstate

$21.00

Montana

Allstate

$35.88

Montana

GEICO

$14.53

Montana

GEICO

$24.30

Montana

GEICO

$38.35

Nebraska

Protective

$13.37

Nebraska

Protective

$21.40

Nebraska

Protective

$37.57

Nebraska

GEICO

$14.53

Nebraska

GEICO

$24.30

Nebraska

GEICO

$38.35

Nevada

Allstate

$15.83

Nevada

Allstate

$23.02

Nevada

Allstate

$34.53

Nevada

GEICO

$16.84

Nevada

GEICO

$25.66

Nevada

GEICO

$41.18

New Hampshire

Protective

$8.78

New Hampshire

Protective

$14.05

New Hampshire

Allstate

$24.00

New Hampshire

Allstate

$10.06

New Hampshire

Allstate

$16.57

New Hampshire

GEICO

$27.77

New Jersey

Protective

$9.65

New Jersey

Protective

$15.44

New Jersey

Protective

$27.10

New Jersey

Protective

$11.31

New Jersey

Protective

$18.89

New Jersey

GEICO

$30.25

New Mexico

Allstate

$19.78

New Mexico

Allstate

$28.78

New Mexico

Transamerica

$43.04

New Mexico

Allstate

$22.21

New Mexico

Transamerica

$34.75

New Mexico

Transamerica

$54.04

New York

Haven

$9.10

New York

Haven

$15.63

New York

Allstate

$27.00

New York

Haven

$10.33

New York

Haven

$18.13

New York

GEICO

$31.87

North Carolina

Allstate

$11.88

North Carolina

Allstate

$19.00

North Carolina

Allstate

$32.46

North Carolina

GEICO

$14.08

North Carolina

GEICO

$23.54

North Carolina

GEICO

$37.15

North Dakota

Allstate

$22.15

North Dakota

Allstate

$32.22

North Dakota

Allstate

$48.33

North Dakota

Haven

$24.83

North Dakota

GEICO

$39.18

North Dakota

GEICO

$62.89

Ohio

Protective

$11.83

Ohio

Protective

$18.93

Ohio

Protective

$33.23

Ohio

GEICO

$13.26

Ohio

GEICO

$22.17

Ohio

GEICO

$34.99

Oklahoma

Allstate

$19.51

Oklahoma

Allstate

$28.37

Oklahoma

Allstate

$42.56

Oklahoma

GEICO

$22.86

Oklahoma

GEICO

$34.81

Oklahoma

GEICO

$55.88

Oregon

Protective

$8.26

Oregon

Protective

$13.21

Oregon

Allstate

$23.00

Oregon

Protective

$9.65

Oregon

Allstate

$16.00

Oregon

GEICO

$26.28

Pennsylvania

Protective

$13.70

Pennsylvania

Protective

$21.92

Pennsylvania

Protective

$38.48

Pennsylvania

GEICO

$14.76

Pennsylvania

GEICO

$24.68

Pennsylvania

GEICO

$38.95

Rhode Island

Allstate

$8.05

Rhode Island

Allstate

$12.88

Rhode Island

Allstate

$22.00

Rhode Island

Allstate

$9.37

Rhode Island

Allstate

$15.43

Rhode Island

GEICO

$25.49

South Carolina

Haven

$10.84

South Carolina

Haven

$18.63

South Carolina

Haven

$33.92

South Carolina

Haven

$13.00

South Carolina

GEICO

$22.51

South Carolina

GEICO

$35.52

South Dakota

Allstate

$21.97

South Dakota

Allstate

$31.95

South Dakota

Allstate

$47.93

South Dakota

Allstate

$24.22

South Dakota

Allstate

$38.34

South Dakota

Allstate

$60.54

Tennessee

Protective

$12.35

Tennessee

Protective

$19.76

Tennessee

Protective

$34.69

Tennessee

GEICO

$14.08

Tennessee

GEICO

$23.54

Tennessee

GEICO

$37.15

Texas

Protective

$22.49

Texas

Protective

$32.93

Texas

Protective

$50.01

Texas

GEICO

$25.04

Texas

GEICO

$38.14

Texas

GEICO

$61.22

Utah

Allstate

$14.59

Utah

Allstate

$21.22

Utah

Allstate

$31.83

Utah

GEICO

$15.55

Utah

GEICO

$23.68

Utah

GEICO

$38.01

Vermont

Allstate

$13.13

Vermont

Allstate

$21.00

Vermont

Allstate

$35.88

Vermont

GEICO

$15.10

Vermont

GEICO

$25.25

Vermont

GEICO

$39.85

Virginia

Allstate

$17.49

Virginia

Allstate

$25.44

Virginia

Allstate

$38.17

Virginia

GEICO

$18.07

Virginia

GEICO

$27.52

Virginia

GEICO

$44.17

Washington

Protective

$19.53

Washington

Protective

$28.59

Washington

Protective

$43.42

Washington

GEICO

$20.02

Washington

GEICO

$30.50

Washington

GEICO

$48.95

West Virginia

GEICO

$12.40

West Virginia

Nationwide

$20.56

West Virginia

GEICO

$32.71

West Virginia

Nationwide

$14.42

West Virginia

Nationwide

$22.75

West Virginia

Nationwide

$40.22

Wisconsin

Protective

$12.67

Wisconsin

Protective

$20.28

Wisconsin

Transamerica

$35.36

Wisconsin

GEICO

$14.29

Wisconsin

GEICO

$23.89

Wisconsin

GEICO

$37.70

Wyoming

Allstate

$16.16

Wyoming

Allstate

$23.51

Wyoming

Allstate

$35.26

Wyoming

GEICO

$17.30

Wyoming

GEICO

$26.36

Wyoming

GEICO

$42.30

What Is Term Life Insurance?

Term life insurance is an inexpensive type of life insurance that provides funds to your beneficiary or beneficiaries if you pass away during your policy’s term.

Unlike whole life insurance, term life insurance doesn’t hold a cash value once the policy is canceled, and it doesn’t include an investment component. However, term life insurance is cheaper and less complicated to buy.

Although term life insurance is the most affordable life insurance, rates still vary depending on your age, smoking status, health, occupation and other factors.

Should You Get Term Life Insurance?

Deciding on term life insurance depends on your personal and financial circumstances. If you have individuals who rely on your income — like a spouse, children or aging parents — a term life policy can offer essential financial protection in the event of your untimely passing. If you have no dependents, the urgency for this type of coverage may not be as high. Evaluating your specific needs and responsibilities can help determine whether term life insurance is worth it.


checkSign icon
Yes, if:
  • You’re young and newly married.
  • You have unpaid debts, such as a home mortgage or business loans.
  • You’re the sole financial provider for your family.
  • You’re a stay-at-home parent.
denySign icon
No, if:
  • You need permanent coverage.
  • You’re looking for an investment component in your life insurance policy.
  • You don’t have any debt or dependents.
  • You’re looking for a financial tool that will pay for expenses during your retirement.

How to Get Cheaper Term Life Insurance Quotes

Although term life insurance is the least expensive form of life insurance, you can make your rates even cheaper by not taking unnecessary coverage and not extending your policy for an excessive term length. Since different companies offer different rates, it makes sense to shop around until you find a quote that fits your needs and budget.

1

Opt for a Shorter Term Length

You can lower your monthly premiums by shortening your term life insurance's coverage period. Count the years when you’ll need it, such as the duration of your mortgage or until your children finish college.

2

Don’t Get Unnecessary Coverage

Since increased coverage comes with more expensive premiums, carefully consider the coverage amount you need.

3

Take Some Time to Decide on a Policy

Don’t commit to the first quote you receive. Shopping around and comparing offers from various providers is an excellent way to find the best rate for you.

4

Get Professional Assistance

You can hire a financial advisor to help you decide on your policy term, coverage amount and insurance provider.

FAQ: Cheapest Term Life Insurance

MoneyGeek answered frequently asked questions about term life insurance to help you find the best deal possible.

Expert Advice on Cheap Term Life Quotes

  1. What advice would you give someone looking to get cheaper quotes on term life insurance?
  2. Are there any common mistakes people make when selecting a term life insurance company?
  3. Are there specialized options available to individuals with poor health ratings?
  4. How does the cost of term life insurance vary by age?
Nadia C. Vanderhall
Nadia C. Vanderhall

Founder of The Brands + Bands Strategy Group

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.


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