The cheapest life insurance companies of June 2023
When you’re shopping for life insurance coverage, it’s important to pick a policy that can provide enough protection for your loved ones, but you also have to make sure you’re getting a policy you can afford. In most cases, term life insurance will be your cheapest option. Below are our partner companies that offer some of the most affordable rates on the market.
Banner Life, Protective, Corebridge Financial, Pacific Life, and Transamerica are our top picks for affordable life insurance. Each company may offer you cheaper rates depending on your health and lifestyle profile. We used industry data, pricing from Policygenius carrier partners, and third-party ratings like A.M. Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
The best way to find the cheapest rate for your personal situation is to talk with a life insurance agent or independent broker like Policygenius.
Methodology: How we chose the cheapest life insurance companies of 2023
We don't get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends.
Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Banner Life is a financially sound company with an A+ rating according to A.M. Best. It can offer some of the cheapest rates across many health classes and health conditions, such as diabetes, asthma, and high blood pressure. Banner also offers an affordable no-medical exam option for people eligible to skip the medical exam that most companies require when you apply.
Protective
4.8
30+ year terms
Why we chose it
Protective has some of the most affordable and comprehensive life insurance options available.
Pros and cons
Pros
Competitive rates for all ages and health classifications
Good for people with mental health conditions, kidney conditions, and some cancers, including prostate cancer
Term lengths up to 40 years
Cons
Not available in New York
Not great for people who have had bankruptcy, marijuana users, or visa holders
No no-medical-exam policy options
Protective Life is another A+ rated, financially strong company that has some of the cheapest rates; it can offer affordable premiums for some common health conditions, too, like depression.
2023 Policygenius award winner
Corebridge Financial
4.6
30+ year terms
All 50 states
Why we chose it
With competitive pricing and a range of flexible term periods for its Select-a-Term product, Corebridge is a solid option for many life insurance shoppers. Note: We are currently using AIG’s financial strength ratings until Corebridge has its own rating..
Pros and cons
Pros
Competitive pricing for all ages
Favorable underwriting for people with heart conditions and diabetes
Good for current and recently pregnant people, including people with gestational diabetes
Cons
Not the best for people with mental health conditions, including anxiety and depression
No no-medical-exam term option
Corebridge Financial (formerly AIG Life & Retirement) offers competitive rates and a quicker turnaround time than some of its competitors. You can get relatively cheap rates with Corebridge for some common health conditions, such as anxiety and sleep apnea. It also offers an affordable child rider, which can be a great option for families.
Transamerica
4.6
No-medical-exam option
Why we chose it
Transamerica is one of the oldest and largest life insurance companies, with over 12 million active accounts today. It offers affordable rates for almost every age, and you can even skip the medical exam if you fall under a certain age or coverage amount.
Pros and cons
Pros
Competitive rates for term life insurance
No-medical-exam available for qualifying applicants, including smokers and people between 60 and 70, which is rare
One of the fastest turnaround times in the industry for traditionally underwritten term policies
Cons
Term life not available in New York
Not a good option for people with a history of cancer, alcohol abuse, or asthma
Transamerica is another financially reliable choice with affordable rates, including for young adults, students, or visa holders. They also offer a competitive no medical exam option.
2023 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy
Pacific Life is a financially strong, A+ rated company according to A.M best that offers relatively cheap premiums. The company also has high levels of customer satisfaction according to J.D. Power. It often offers competitive rates to people who have a higher BMI or have been treated for sleep apnea, relative to other insurers.
Compare the cheapest life insurance companies of 2023
Company | Policygenius rating | Best for | Financial confidence (based on A.M. Best ratings) | No medical exam option | Types of policies available | |
4.7/5 stars | Pre-existing conditions | A+ | Yes | Term, universal | ||
4.9/5 stars | Overall affordability | A+ | No | Term, whole, universal | ||
4.6/5 stars | Families, anxiety, sleep apnea | A | No | Term, guaranteed issue, universal | ||
4.4/5 stars | Visa & green card holders, young adults | A | Yes | Term, whole, universal | ||
4.6/5 stars | Customer satisfaction | A | No | Term, whole, universal |
→ Read our full carrier reviews
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Cheapest term life insurance rates
Below are average term life insurance rates for the top two health classifications, Preferred Plus and Preferred. If you fall into either of these categories, you might have zero to two mild health conditions and no family history of a high-risk health condition such as heart disease or cancer. Quotes are for a 20-year term life insurance policy with a $500,000 death benefit payout.
Age | Gender | Preferred Plus health class | Preferred health class |
25 | Female | $17.63 | $20.91 |
Male | $21.42 | $26.97 | |
35 | Female | $20.84 | $25.55 |
Male | $24.65 | $30.51 | |
45 | Female | $41.34 | $48.13 |
Male | $51.71 | $61.17 | |
55 | Female | $95.49 | $110.50 |
Male | $130.68 | $152.60 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred Plus and a Preferred health classification, obtaining a $500,000, 20-year term policy from Banner Life, Corebridge Financial, Pacific Life, Protective, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 06/01/2023.
Cheapest no medical exam life insurance rates
Below are some of the cheapest rates you can get with no medical exam products. To qualify you will likely have zero to one mild health condition and no family history of high-risk conditions like heart disease. Quotes are for term life insurance policies with a duration of 20 years.
ge | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
25 | Female | $12.37 | $17.63 | $25.54 |
Male | $14.13 | $21.42 | $33.36 | |
35 | Female | $13.83 | $20.84 | $32.89 |
Male | $15.71 | $24.65 | $39.03 | |
45 | Female | $24.65 | $41.34 | $73.10 |
Male | $30.43 | $51.71 | $94.11 |
39.0
Methodology: Average monthly rates are calculated for male and female non-smokers obtaining a $250,000, $500,000, or $1,000,000 20-year term life insurance policy in a Preferred Plus health classification from Banner Life and Transamerica. Rates may vary by insurer, term coverage amount, health class, and state. Whether a medical exam will be requested will vary based on each company’s underwriting guidelines. Not all policies available in all states. Rate illustration valid as of 06/01/2023.
Most affordable final expense insurance rates
Final expense insurance is typically available for people age 45 and up. It’s intended to cover end-of-life expenses like medical or funeral bills. This type of policy can be a good choice if you’re unable to qualify for a traditional term policy for a health reason, or if you only need a small amount of coverage.
Age | Gender | $10,000 coverage amount | $15,000 coverage amount | $20,000 coverage amount |
45 | Female | $22.61 | $32.31 | $42.01 |
Male | $27.11 | $39.06 | $51.01 | |
55 | Female | $27.71 | $39.96 | $52.21 |
Male | $35.95 | $52.32 | $68.69 | |
65 | Female | $41.01 | $59.91 | $78.82 |
Male | $56.48 | $83.12 | $109.75 |
Methodology: Monthly rates are calculated for male and female non-smokers obtaining a $10,000, $15,000, or $20,000 final expense policy from Mutual of Omaha. Rates may vary by insurer, term coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 06/01/2023.
Cheapest whole life insurance rates
Below are whole life insurance rates at the Preferred Plus health class. If you qualify for these rates, you likely have zero to one mild health condition that may be managed with medication or otherwise, and no family history of a high-risk health condition. Both term and whole life insurance use the same health classifications.
Age | Gender | $50,000 coverage amount | $100,000 coverage amount | $250,000 coverage amount |
25 | Female | $44 | $75 | $175 |
Male | $50 | $84 | $199 | |
35 | Female | $59 | $102 | $243 |
Male | $66 | $120 | $288 | |
45 | Female | $80 | $149 | $360 |
Male | $99 | $184 | $435 | |
55 | Female | $126 | $240 | $589 |
Male | $155 | $288 | $692 |
Methodology: Sample monthly rates are calculated for male and female non-smokers in a Preferred Plus health classification, obtaining a $50,000, $100,000, or $250,000 whole life insurance policy from MassMutual, paid up at age 100. Rates may vary by individual circumstances. Not all policies available in all states. Rate illustration valid as of 06/01/2023.
Cheapest life insurance rates for women
Below are some examples of cheap rates for women under a Preferred health class. If you qualify for these rates, you may be taking medication for a mild health condition but have no serious health complications. Quotes are for term life insurance policies with a duration of 20 years.
Age | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
25 | $14.30 | $20.92 | $32.49 |
35 | $16.57 | $25.56 | $41.78 |
45 | $28.66 | $48.14 | $85.98 |
55 | $61.24 | $110.51 | $205.51 |
Methodology: Average monthly rates are calculated for female non-smokers in a Preferred health classification, obtaining a $250,000, $500,000, or $1,000,000 20-year term policy from Banner Life, Corebridge Financial, Pacific Life, Protective, and Transamerica. Rates may vary by insurer, term coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 06/01/2023.
Cheapest life insurance rates for men
Below are some examples of cheap rates for men under a Preferred health class. If you qualify for these rates, you may be taking medication for a mild health condition but have no serious health complications. Quotes are for term life insurance policies with a duration of 20 years.
Age | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
25 | $17.15 | $26.97 | $43.61 |
35 | $18.72 | $30.51 | $50.71 |
45 | $35.55 | $61.17 | $112.04 |
55 | $83.70 | $152.60 | $279.98 |
Methodology: Average monthly rates are calculated for male non-smokers in a Preferred health classification, obtaining a $250,000, $500,000, or $1,000,000 20-year term policy from Banner Life, Corebridge Financial, Pacific Life, Protective, and Transamerica. Rates may vary by insurer, term coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 06/01/2023.
Cheapest life insurance rates for young adults
Below are examples of rates for young adults under the Preferred Plus health class. If you qualify for the cheapest rates, you don't smoke, you likely have zero to one mild health condition, and no family history of a high-risk condition like heart disease or cancer.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
25 | Female | $12.37 | $17.63 | $25.54 |
Male | $14.13 | $21.42 | $33.36 | |
30 | Female | $12.77 | $18.84 | $27.83 |
Male | $14.48 | $22.21 | $34.73 | |
35 | Female | $13.83 | $20.84 | $32.89 |
Male | $15.71 | $24.65 | $39.03 |
Methodology: Average monthly rates are calculated for male and female non-smokers obtaining a $250,000, $500,000, or $1,000,000 20-year term life insurance policy in a Preferred Plus health classification from Banner Life, Corebridge Financial, Pacific Life, Protective, and Transamerica. Rates may vary by insurer, term coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 06/01/2023.
Most affordable life insurance rates for families
Below are some approximations of rates for families with different compositions. Speaking with a licensed agent can help you find out how much you can expect to pay to cover your family members. Rates are calculated using the Preferred health classification, which means if you qualify, you might be managing a mild health condition or two but have overall no major complications.
Family member | Coverage amount & term length | Monthly premium |
35-year-old female | $500,000, 20-year term | $25.55 |
35-year-old male | $500,000, 20-year term | $30.51 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums: | $60.64 |
Family member | Coverage amount & term length | Monthly premium |
35-year-old male | $1 million, 20-year term | $50.71 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums: | $55.29 |
Family member | Coverage amount & term length | Monthly premium |
35-year-old female | $1 million 20-year term | $41.76 |
One child or more children | $10,000 child rider | $4.58 |
Total monthly premiums: | $46.34 |
Family member | Coverage amount & term length | Monthly premium |
35-year-old female | $500,000, 20-year term | $25.55 |
35-year-old female | $500,000, 20-year term | $25.55 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums: | $55.68 |
Family member | Coverage amount & term length | Monthly premium |
35-year-old male | $500,000, 20-year term | $30.51 |
35-year-old male | $500,000, 20-year term | $30.51 |
One or more children | $10,000 child rider | $4.58 |
Total monthly premiums: | $65.60 |
Methodology: Average monthly estimated rates are calculated for 35-year-old male and female non-smokers in a Preferred health class, obtaining a 20-year, $1,000,000 term policy with a $10,000 child rider or a 20-year, $500,000 term life insurance policy with a $10,000 child rider. Life insurance averages are based on a composite of policies from 10 carriers that offer policies through the Policygenius marketplace. Individual rates will vary as specific circumstances will affect each customer's rate. Rate illustration valid as of 06/01/2023.
→ Read more about life insurance for families
Most affordable life insurance rates for seniors
Term life insurance will be the cheapest for seniors who have zero to one mild health condition (like mild osteoarthritis or elevated blood pressure), managed with medication or otherwise. Most insurance companies are able to offer term life coverage for individuals up to age 85. Quotes are for term life insurance policies with a duration of 10 years.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
55 | Female | $53.16 | $95.49 | $174.37 |
Male | $71.49 | $130.68 | $241.01 | |
60 | Female | $94.91 | $169.25 | $303.00 |
Male | $130.00 | $234.11 | $429.45 | |
65 | Female | $170.13 | $316.88 | $579.79 |
Male | $224.63 | $433.18 | $812.96 |
Methodology: Average monthly rates are calculated for male and female non-smokers obtaining a $250,000, $500,000, or $1,000,000 10-year term life insurance policy in a Preferred Plus health classification from Banner Life, Corebridge Financial, Pacific Life, Protective, and Transamerica. Rates may vary by insurer, term coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 06/01/2023.
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What factors affect the cost of life insurance?
Your age, gender, health, and lifestyle will affect the cost of your life insurance, in addition to which kind of policy you apply for. Other factors, like which state you live in or how many beneficiaries you want to name, won’t have an impact on the price of your policy.
How much life insurance do I need?
How much life insurance you need depends on your financial situation, and whether you have any dependents. Many financial experts suggest coverage that is 10 to 15 times your annual income. Another common method is to apply for coverage that costs about 1% of your annual salary, so you can be confident it’ll fit into your budget.
7 ways to get cheap life insurance
While you can’t control some factors that influence premiums, like gender or a health diagnosis, below are some ways to get lower premiums.
1. Buy life insurance early
Buying life insurance while young can make a big difference when it comes to your premiums — rates increase 4.9% to 9% on average every year we age.
2. Opt for term life insurance
Term life insurance is the most affordable type of insurance. If you know you need coverage, a term policy can help you get the financial protection you need at a cheaper rate than if you were to apply for permanent coverage.
3. Lower your death benefit
Some coverage is always better than no coverage at all — if you’re on a budget, you can opt for a smaller death benefit to make sure you can afford your premiums.
4. Consider a cost-effective payment schedule
Some life insurance companies offer up to a 5% discount if you pay your premiums annually as opposed to monthly, but it varies by company. The agent or brokerage you’re working with will be able to tell you if you can save significantly using this method.
5. Compare quotes
Comparing quotes from multiple insurers can help make sure you’re getting the best policy for you and the cheapest rates. Working with an independent broker can help you easily compare quotes across insurers.
6. Avoid unnecessary riders
Riders are add-ons you can use to customize your policy, but they’re not always cost efficient. If you have a specific need for a rider, like a child rider to cover any children, it may be worth it, but speaking with a non-commissioned agent can help you determine which riders you might benefit from and which don’t make sense for you financially.
7. Get the right amount of coverage
It’s important that you’re not underinsured, but it’s smart to make sure you’re not over-insured, either. Having a coverage amount that’s too high or not proportional to your financial obligations can raise your premiums unnecessarily.
What is the cheapest type of life insurance?
Term life is generally the cheapest type of life insurance. It provides a financial safety net for your loved ones during a set period of time (usually between 10 and 30 years) without tax implications for an affordable price.
Which is cheaper: Term or whole life insurance?
On average, whole life insurance will be about five to 15 times more expensive than a term life insurance policy with the same face value.
Why is term life insurance cheaper?
Term life insurance is more affordable than whole life because it only lasts for a fixed amount of time. “Whole life insurance is designed to last your entire life, so the insurance company is more likely to pay out the death benefit, making the policy more expensive,” explains Patrick Hanzel, certified financial planner and Advanced Planning manager at Policygenius .
Whole life policies come with a cash value component that earns interest in addition to the death benefit payout, which also contributes to increasing its cost.
Is it cheaper to get life insurance through your employer?
Most people who are employed full-time receive a life insurance policy of one to two times their annual salary as part of their standard benefits package at no cost. Employer-provided life insurance offers less coverage than most people need, and if you leave your job, you lose the coverage.
Employer-provided life insurance can be a great supplement to an individual policy, but generally not a good replacement. Getting an individual term life policy is almost always the cheapest way to get life insurance coverage.
Frequently asked questions
Can I get discounts on my life insurance?
With most insurance carriers, if you pay annually for your life insurance, you can save 2% to 5% on your premiums than if you paid monthly.
How do I get the best rates for life insurance?
You can get cheaper rates by applying while you’re young, monitoring and treating any health conditions if needed, and avoiding risky lifestyle habits like smoking. It’s also important to compare rates between multiple carriers before applying for a policy.
How much does life insurance usually cost per month?
It depends on your age, health, and gender, as well as what type of policy you’re looking for. For example, a 35-year-old non-smoker in a Preferred health class — reserved for people with only one or two minor health conditions — can pay around $28 per month for a 20-year term life insurance policy with a $500,000 payout.
How can you pay less for life insurance?
Applying while young can help you lock in affordable rates. You can also opt for a term life insurance policy, as well as a lower coverage amount or term length if you’d like to keep costs low.
Can I switch life insurance providers to lower my rate?
It’s possible to save money by switching providers. An easy way to tell if this is a good option is to work with an independent broker who can compare quotes for you.
