Cost & Coverage
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Life insurance provides a tax-free lump sum of money to your loved ones after your death so you can make sure they’re able to pay everyday bills, children's college costs, or final expenses. A life insurance policy provides affordable financial protection — and invaluable peace of mind — to people with friends or family who rely on them.
At the end of the day, most people will choose between two different types of life insurance: term life insurance, which lasts for a set amount of time before expiring, or whole life insurance, a type of permanent life insurance that has an investment-like cash value component and stays in effect for as long as you make the premium payments.
|TERM LIFE||WHOLE LIFE|
|Average Monthly Cost?||$25-$35||6-10x more than term|
➞ In Our Learn Center: Term life insurance vs whole life insurance
Whole life insurance can be good for people with complex financial situations or estate planning needs, but term life is the right choice for most shoppers because it’s the cheaper and more straightforward option.
There are even more types of life insurance with their own benefits, drawbacks, and unique properties. Talk to an expert before choosing a more complex policy – a term life policy will work best in most cases.
According to an annual study by nonprofit organization Life Happens and industry group LIMRA, more than half of people think term life insurance is at least three times more expensive than it actually is.
In truth, a term policy can provide a large death benefit at an affordable cost. A healthy 30-year-old man can get a $250,000, 20-year-term policy starting at around $16 a month. See our quotes comparison below for sample rates.
|BENEFIT AMOUNT||AGE 30||AGE 35||AGE 40||AGE 45||AGE 50|
➞ In Our Learn Center: Life insurance rates by age
The following factors go into determining the cost of your life insurance policy:
Each life insurance company will weigh factors differently. Policygenius can help you easily compare life insurance quotes from multiple carriers to make sure you’re getting the best rates.
➞ In Our Learn Center: Understanding the cost of life insurance
No. Like traditional brokers, Policygenius gets a commission from the life insurance company when you buy a policy. But that commission is already included in your quote and you’ll end up paying the same rate whether you buy through the insurer directly, another broker, or Policygenius.
The best part? Our agents are salaried and aren’t incentivized to upsell you on the coverage you won’t need. That means getting the protection you can afford.
A 2019 report by the U.S. Federal Reserve Board showed that nearly 40% of adults would have trouble paying a $400 emergency expense, and 12% "would be unable to pay the expense by any means." Life insurance helps protect anyone who depends on your income or services from such emergencies.
Life insurance policyholders commonly include:
You might consider life insurance even if you don’t fall into one of those buckets. For example, you can use a death benefit to leave behind a charitable gift to a museum or foundation.
➞ In Our Learn Center: Do I need life insurance?
Group coverage is a popular workplace perk but often falls short in two ways: It limits the benefit amount and isn't transferable between employers. A private insurance policy allows you to customize your coverage and stay protected for as long as you need it.
Already have group life insurance? Let our agents help you find the right supplemental policy to complete your coverage.
Ready to start shopping for life insurance? Even if you’re not ready to buy, you can take some commitment-free steps to compare life insurance quotes and see what your options are – no email or phone number required.
➞ In Our Learn Center: How much life insurance coverage do I need?
Policygenius is proud to provide industry-best life insurance quotes. But sometimes information uncovered during the application process means your policy will cost more than expected.
When this happens, we'll shop your application around to our partner carriers and negotiate to get you the best price possible — guaranteed.
Once you've compared rates and applied online, a Policygenius expert will walk you through the rest of the process. We'll schedule your medical exam, handle all the paperwork, and answer any questions you have during the underwriting process. You’ll be able to check the progress of your application online with our simple dashboard for a hassle-free experience.
Here’s a secret: For most people, the cheapest life insurance policy is the best one.
But some insurers differ in how they treat people of different ages or with different health conditions. So which insurance company will offer you the most affordable option?
Don’t worry — we’ve done the heavy lifting and reviewed the best life insurance companies in America:
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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