Why compare life insurance quotes?
Life insurance is the best way to provide a financial safety net for your loved ones in the event of your death. Policygenius makes it easy to compare life insurance quotes from America’s top insurers and find the lowest price — for the best policy.
To get started, all you need is a few pieces of information:
Your age, gender, date of birth, and ZIP code
Individual and household income
Height, weight, and basic medical details
Once you receive free life insurance quotes, a Policygenius agent can help you find the right coverage at the most affordable price.
What is life insurance?
Life insurance is a contract in which you make regular payments — also known as premiums — to an insurance company. If you die while your policy is active, the insurance company pays a tax-free sum of money to your beneficiaries.
This financial protection for your loved ones in the event of your death is the main reason why people buy life insurance. However, only 52% of American adults have a life insurance policy, [1] and 54% of the uninsured say they've put off purchasing it because they don’t know what to buy or how much they need. [2]
Why you can trust Policygenius
Since 2014, we’ve helped more than 30 million Americans find affordable insurance. We’re an independent broker, which means we aren't owned by an insurance company, nor do we own one. Instead, our technology lets you compare quotes from more than 10 of the best life insurance companies to help you find the most affordable option. Our independent agents are licensed in all 50 states, and our articles are thoroughly fact-checked by certified financial planners and licensed insurance experts. Learn more about our editorial standards and our Financial Review Council.
How to get life insurance quotes with Policygenius
1. Learn about the different types of life insurance
The two main types of life insurance most people choose between are term and whole. Term life policies cover you for a set period of time — usually between 10 and 30 years. Whole life insurance covers you for your entire life, and usually comes with a cash value component. However, whole life is significantly more expensive than a term life policy with the same death benefit.
“Term life is usually the best option for most people,” says Patrick Hanzel, CFP®, a certified financial planner. “Whole life insurance is usually only suitable for people who have a large annual income or net worth, complex estate planning needs, or a special-needs dependent.”
Is life insurance right for you?
Life insurance is the best way to protect your loved ones from financial hardship when you die. The payout of a life insurance policy can help your family cover the costs of daily living — including everyday expenses, mortgage payments, and college tuition for your kids. Many people buy term life insurance after a major life event like getting married, having children, or buying a house.
Term life insurance
Term life insurance is the best type of life insurance for most people because it’s affordable and easy to manage. It also provides financial protection during the period of your life when you have the biggest expenses — like when your children are younger, or while you have a mortgage to pay off.
Some term life policies let you skip the medical exam during the application process so you can get coverage more quickly. If you have no health issues or just minor health conditions, you may be eligible for a no-exam life insurance policy.
Whole life insurance
Whole life insurance is a type of permanent life insurance, which means it lasts your entire life. It comes with a cash value component in addition to the lump-sum payout. High-net-worth individuals can benefit from this cash value as an additional investment vehicle, or as a buffer against estate tax.
If you have trouble qualifying for traditional life insurance due to your age or a serious health condition, a type of whole life insurance called final expense insurance could be a good option. Final expense insurance, also known as burial insurance, pays a small death benefit to your family to help cover end-of-life expenses, like a funeral or medical bills.
Term life vs. whole life at a glance
Term | Whole | |
|---|---|---|
Length | 10-40 years | Lifetime |
Average cost | $26/month* | $451/month† |
Builds cash value | No | Yes |
Premiums | Fixed | Fixed |
*Average for a 20-year, $500,000 policy for a healthy 30-year-old. †Average for a $500,000 policy for a healthy 30-year-old.
2. Figure out how much coverage you need
When deciding how much life insurance coverage to get, consider all the expenses your family has now and will have in the future: everyday living expenses, mortgage payments, your children’s educational costs, and even the cost of your own funeral. You’ll want your life insurance policy to cover them all, so your loved ones won’t struggle financially in your absence.
One easy rule of thumb is that your coverage should be roughly 10 to 15 times your annual income. For example, if you make $100,000 per year, you’ll likely need around $1 million to $1.5 million in life insurance coverage.
Our life insurance coverage calculator can help you estimate how much money your family would need to replace the loss of your income and meet their future goals.
Can you buy a life insurance policy online?
Yes, you can buy a life insurance policy online. Many insurers even offer instant life insurance policies. With this type of insurance, some people can get quotes and be approved for coverage almost immediately, without having to take the medical exam that’s usually part of the life insurance application process.
3. Estimate how much your life insurance will cost
The cost of your life insurance will depend on several factors, including your age, gender, health, and lifestyle habits. In general, the younger and healthier you are, the cheaper your life insurance rates will be.
Term life insurance is far cheaper than whole life insurance. On average, a healthy 30-year-old who doesn’t smoke pays $26 per month for a 20-year term life policy with a $500,000 payout. But the same person would pay around 17 times more — $451 per month — for a whole life policy with the same payout.
It’s also more affordable to apply sooner rather than later. “One of the reasons people are encouraged to consider life insurance earlier in their lives is due to the fact that premiums will be lower due to their age,” says Kenneth A. Carow, PhD, CFA, a professor of finance and Kelley Faculty Fellow at Indiana University. “They’re also less likely to have developed additional mortality factors that will increase their premium, or maybe even affect their ability to obtain life insurance.”
What are life insurance health classifications?
Your health classification determines how much you’ll pay for life insurance. Insurers assign a classification after reviewing your health profile during the application process.
Here are the six health classifications used by most insurers, from the most affordable to the most expensive:
Preferred Plus offers the most affordable premiums. It’s usually assigned to people who have no or one well-controlled or resolved minor health condition and no family history of conditions like heart disease or cancer.
Preferred offers the second-lowest premiums. It’s usually assigned to people with one or two well-controlled or resolved minor conditions and no family history of conditions like heart disease or cancer.
Standard Plus offers the third-lowest premiums. It’s usually assigned to people who may have well-controlled or resolved mild-to-moderate conditions and who may have one death from heart disease or cancer in their immediate family.
Standard offers the fourth-lowest premiums. It’s usually assigned to people with well-controlled or resolved moderate health conditions and who may have more than one immediate family member who died of heart disease or cancer.
Table Ratings are assigned to applicants with more serious health conditions and are divided into 10 sub ratings — table 1 has the lowest premiums and table 10 the highest.
Tobacco/Smoker ratings are assigned to people who currently use tobacco or nicotine products or have in the past 12 months. There are usually three categories for people in this rating: Preferred, Standard, and Table Ratings.
Average monthly rates for term life insurance in September 2023
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1,000,000 coverage amount |
|---|---|---|---|---|
20 | Female | $15.01 | $22.66 | $33.63 |
Male | $19.19 | $30.20 | $47.51 | |
30 | Female | $15.17 | $22.99 | $36.90 |
Male | $18.19 | $29.33 | $48.88 | |
40 | Female | $21.66 | $35.27 | $60.64 |
Male | $25.38 | $42.94 | $75.25 | |
50 | Female | $43.92 | $78.30 | $139.47 |
Male | $56.69 | $102.50 | $188.26 | |
60 | Female | $107.84 | $194.16 | $354.75 |
Male | $149.38 | $268.13 | $500.33 |
Methodology: Term life insurance rates are for male and female non-smokers with a Preferred health rating buying a 20-year, $250,000, $500,000, and $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Banner Life, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 9/1/2023.
How much does a 40-year term life insurance policy cost?
A 40-year term life insurance policy with a $500,000 death benefit costs, on average, less than $64 a month for a healthy, non-smoking 30-year-old male and less than $47 a month for a healthy, non-smoking 30-year-old female. A 40-year policy is longer than average, so be sure that you’re buying a term length that aligns with your financial needs so you’re only paying for the coverage you need.
How much is $100,000 in life insurance a month?
The average monthly cost of a 20-year term life insurance policy with a $100,000 payout is $10.72 for a 30-year-old in good health. The average monthly cost of a 30-year term life policy with the same payout is $13.88 for a 30-year-old in good health.
Average monthly rates for whole life insurance in September 2023
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1,000,000 coverage amount |
|---|---|---|---|---|
20 | Female | $147.50 | $290.00 | $558.50 |
Male | $175.50 | $347.00 | $670.50 | |
30 | Female | $209.50 | $414.50 | $814.00 |
Male | $245.50 | $487.00 | $954.50 | |
40 | Female | $305.00 | $605.50 | $1,195.00 |
Male | $371.00 | $737.00 | $1,433.50 | |
50 | Female | $480.50 | $957.00 | $1,899.00 |
Male | $569.50 | $1,134.50 | $2,222.00 | |
60 | Female | $800.50 | $1,597.00 | $3,179.50 |
Male | $957.00 | $1,909.50 | $3,769.00 |
Methodology: Whole life insurance rates are calculated for male and female non-smokers in a Preferred health classification obtaining a $250,000, $500,000, or $1,000,000 whole life insurance policy fully paid up at age 100 offered through MassMutual. Individual rates will vary as specific circumstances will affect each customer’s rate. Rate illustration valid as of 9/1/2023.
4. Gather the information you need & get free quotes
Getting and comparing free life insurance quotes online is easy with Policygenius. Here’s everything you need to get your quotes:
Basic details like your age, gender, date of birth, and ZIP code
Individual and household income
Health and lifestyle information, like your height, weight, and basic medical details
All the same information for your spouse, if you’d like to get coverage for them too
Depending on your circumstances, you may need to answer a few more questions with a Policygenius agent about your lifestyle, health, and past medical conditions.
5. Choose the best life insurance company for you
The right life insurance company for you will depend on factors like your age, health, and financial needs. Our independent, unbiased ratings and reviews of the best life insurance companies will help you find a great life insurance policy with confidence.
“To get the best policy, one of the most important things is to work with an independent, licensed agent who isn't tied to a specific life insurance company,” says Maria Filindras, a licensed financial advisor. “That way, you’ll see quotes from multiple life insurance companies, and you can choose a policy that suits your personal circumstances and long-term goals.”
The 5 best life insurance companies
Company | Policygenius rating | AM Best rating | Cost |
|---|---|---|---|
5.0/5 | A | $ | |
4.9/5 | A+ | $ | |
4.9/5 | A++ | $$$ | |
4.8/5 | A | $ | |
4.8/5 | A+ | $ |
→ Explore our reviews of more than 30 life insurance companies
6. Apply for life insurance
Whether you’re applying online or with a Policygenius agent over the phone, you’ll need to provide some additional information about your health and lifestyle so insurers can make an offer.
Here are some of the details you’ll need to provide when you apply:
Identification and financial information like your driver’s license number, your citizenship status, and your income and net worth.
Health history and medical information like any conditions you’ve had in the last 10 years, any medications you’re currently taking, and details about your family history.
Habits and hobbies including any risky sports like scuba diving or skydiving, use of tobacco products, and drinking habits or drug use.
The online application or phone interview with an agent usually only takes 15 to 30 minutes. After applying, the process to make your policy active can take up to two months, so if you want to get coverage soon, apply as early as you can.
How to save money by comparing life insurance quotes
Many factors determine how much your life insurance will cost, including your age, gender, and health profile. Since every life insurance company weighs these factors differently, comparing quotes from multiple insurers is the best way to find the cheapest coverage.
At Policygenius, our agents can help you compare quotes from different insurance companies and apply for the right coverage at a price that works for you.
What factors affect life insurance rates?
Age: The younger you are, the lower your premium payments will be. Life insurance rates typically go up 4.5% to 9% every year you age, since we all become riskier to insure as we grow older.
Gender: Women pay an average of 24% less for life insurance than men. Since women often live longer than men, covering women presents less risk to an insurance company.
Health: Serious health conditions can lead to high rates or denied coverage. Mild conditions may have a small impact on the cost of your premiums.
Lifestyle: Insurance companies consider some hobbies — like skydiving or scuba diving past a certain depth — risky enough to increase the cost of your life insurance.
Frequently asked questions
How much is a $10,000 term life insurance policy worth?
Term life insurance policies don’t have cash value. In this case, the $10,000 would be the amount of the death benefit your beneficiaries would receive as a tax-free sum of money if you die.
How can you compare two life insurance policies?
Use a marketplace or independent broker like Policygenius to submit your policy details, including coverage amount and term length.
Answer a few questions about your personal and financial situation, including your age, gender, health profile, debt, and income.
Look at policy details offered by different insurers, including the monthly or annual cost, and see which offer best aligns with your needs and budget.
Talk to a licensed life insurance agent to answer any questions.
Where can you compare multiple life insurance quotes in one place?
At Policygenius, most people can compare life insurance quotes online and for free. Asan independent broker, we work with more than 10 of the top life insurance companies on the market.
