When you’re shopping for life insurance, it’s important to pick a policy that can provide enough protection for your loved ones and fits within your budget. In most cases, term life insurance will be your cheapest option, but you’ll also need to find a life insurance company that offers you the most affordable rates for your specific profile.
We analyzed premium costs, policy options, customer satisfaction, and financial strength of the best insurers on the market to find the cheapest life insurance company for you. However, one company may offer you better rates than others depending on your specific situation, including your age, gender, overall health profile, and financial needs.
Our evidence-based ratings and recommendations will get you started, but a Policygenius agent can help you find the most affordable life insurance coverage for you.
→ Get free life insurance quotes
The cheapest life insurance companies of 2023
Company | Policygenius rating | Cheapest for | AM Best rating | |
4.9/5 ★ | People with preexisting conditions | A+ | ||
4.8/5 ★ | Overall, people on a budget, seniors | A+ | ||
4.8/5 ★ | People considered overweight | A | ||
4.6/5 ★ | Families | A | ||
4.3/5 ★ | Smokers | A |
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
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
Overall cheapest life insurance: Protective
Our pick for cheapest life insurance is Protective. The company will likely be able to offer you rates cheaper than other insurers regardless of your health profile. If you have mental health conditions, kidney conditions, and some cancers, Protective will probably be able to give you the best rates.
Cheapest life insurance for people on a budget: Protective
According to our analysis, Protective has some of the cheapest rates for common mental health conditions like depression, as well as kidney disease and some types of cancer, including prostate cancer. It offers long terms — up to 40 years — and coverage amounts as low as $100,000. Protective is one of the best choices for individuals who are budget-conscious.
Cheapest life insurance for seniors: Protective
We also found that Protective’s pricing makes it a top contender for seniors looking for relatively cheap term life insurance. It can offer cheaper rates than some of its competitors.
The company also has flexible financial guidelines regarding unearned income such as pensions, Social Security, and investment income. However, Protective does require a minimum household income of $25,000.
2023 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, 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
Cheapest life insurance for people with pre-existing conditions: Legal & General America
We think that Legal & General America (which also does business as Banner Life and William Penn) offers some of the cheapest rates across many health classes and health conditions, including diabetes, asthma, and high blood pressure. Legal & General America also offers an affordable no-medical exam life insurance option for people eligible to skip the medical exam that most companies require when you apply.
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
Cheapest life insurance for families: Corebridge Financial
Our analysis found that Corebridge Financial (formerly AIG Life & Retirement) offers cheaper rates and a quicker turnaround time than some of its competitors. If you have some common health conditions, such as anxiety and sleep apnea, you’ll likely get the cheapest rates with Corebridge. It also offers an affordable child rider, which is a policy supplement that can help families get coverage for their children.
Cheapest life insurance for smokers: Corebridge Financial
Corebridge Financial is our top pick for affordable life insurance for smokers. Not only did we find that Corebridge is a highly-rated company that offers affordable term life insurance with customizable term lengths and riders, but it also offers some of the cheapest rates on the market for both male and female smokers.
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
Cheapest life insurance for young people: Transamerica
According to our analysis, Transamerica offers affordable rates for young adults, students, and non-U.S. citizens, including visa holders and even applicants who don’t have a Social Security number. It also offers a competitive no-exam option that allows you to skip the medical test and simply fill out an online health questionnaire during your life insurance application.
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
Cheapest life insurance for people considered overweight: Pacific Life
We found that Pacific Life offers some of the most competitive rates to people who might be considered overweight based on their BMI, or people who have been treated for sleep apnea. It has term life policies available with coverage amounts as low as $50,000 and terms as short as 10 years.
→ Read our full life insurance carrier reviews
What is the cheapest type of life insurance?
Term life insurance is usually the cheapest way to provide financial protection for your family in the event of your death. It’s easy to manage, doesn’t have any complex tax implications or restrictions, and lasts for a set term — usually between 10 and 30 years — during the period of your life when you have the biggest expenses, such as mortgage payments, or the cost of raising a family.
Term life is typically about 10 to 15 times cheaper than permanent life insurance options like whole life insurance policy. Whole life is significantly more expensive because it comes with added features like lifelong coverage and a cash value account.
→ Learn more about the main differences between term and whole life insurance
What about group life insurance?
Most people who are employed full-time are eligible for a life insurance policy of one to two times their annual salary as part of their standard benefits package at no cost or a subsidized rate.
Group life insurance allows you to get covered for free or at a really low cost, but it usually provides 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 it’s generally not a good replacement. Getting an individual term life policy is almost always the cheapest way to get the life insurance coverage your family needs.
However, if buying an individual policy is currently out of your budget and you have the chance to get group life insurance through your employer — or an organization like an union — take it. Any amount of life insurance coverage you can get will help your loved ones.
How much is life insurance?
Life insurance costs on average $30 per month for a 20-year, $500,000 term life insurance policy for a 30-year–old male with few health conditions, and $23 per month for a 30-year-old female with a similar profile.
The younger and healthier you are, the cheaper the cost of life insurance will be for you, but every insurer evaluates the different factors that ultimately determine your premiums differently. That’s why it’s important to shop around with multiple life insurance companies, until you find the one that offers you the best rate for your unique profile.
How much life insurance do I need?
You need enough coverage to help your loved ones cover your current and future financial obligations in the event of your death. Many financial experts suggest buying an amount of coverage that is 10 to 15 times your annual income.
Even if you’re at a point in your life where you can’t afford to get the recommended amount of coverage, a licensed agent can work with you to find a smaller amount of coverage that works with your budget. This can ensure some level of protection for your family for whatever financial situation you’re in.
→ Use our coverage calculator to determine how much life insurance you need
Which factors affect the cost of life insurance?
The cost of life insurance is determined by your overall risk of dying while the policy is active, as determined by the insurer. Your age, gender, health, and lifestyle will go into that risk assessment.
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 — or unhealthy habits — like smoking — risky enough to increase the cost of your life insurance.
Make sure that when you’re applying for life insurance, you’re honest with your agent so that they can find the insurer that will give you the most favorable evaluation based on your unique health and lifestyle profile.
Cheapest term life insurance rates
Your overall health will be one of the most important factors that will determine whether you can get a cheap life insurance rate, so one of the best things you can do to lower the cost of your policy is to maintain your health as much as is in your control.
When you apply for life insurance, insurers assign you a health classification based on how risky you are to insure — the healthier they think you are, the less risky to insure they’ll consider you and thus the lower your premiums will be.
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. These ratings can also be applied to frequent marijuana users. There are usually three categories for people in this rating: Preferred, Standard, and Table Ratings.
The rates you’ll see below are for the top two health classifications — Preferred Plus and Preferred. If you fall into either of these categories, you might be considered in excellent or very good health. The following rates 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 |
20 | Female | $18.54 | $22.65 |
Male | $23.66 | $30.20 | |
30 | Female | $18.90 | $22.99 |
Male | $22.59 | $29.32 | |
40 | Female | $28.73 | $35.27 |
Male | $34.27 | $42.95 | |
50 | Female | $63.71 | $78.30 |
Male | $81.71 | $102.50 | |
60 | Female | $169.25 | $194.16 |
Male | $234.37 | $268.09 |
Methodology: 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 life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, 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 01/01/2024.
Cheapest life insurance rates for women
A 30-year-old non-smoking female in good health can expect to pay $23 for a 20-year term life insurance policy with a $500,00 death benefit payout. Women pay on average 14% less for life insurance than men because their life expectancy is statistically longer.
Age | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | $15.01 | $22.65 | $33.63 |
30 | $15.17 | $22.99 | $36.90 |
40 | $21.66 | $35.27 | $60.65 |
50 | $43.92 | $78.30 | $139.50 |
60 | $107.84 | $194.16 | $354.64 |
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 life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, 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 01/01/2024.
Cheapest life insurance rates for men
A 30-year-old non-smoking male in good health can expect to pay $29 for a 20-year term life insurance policy with a $500,00 death benefit payout.
Age | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | $19.18 | $30.20 | $47.51 |
30 | $18.19 | $29.32 | $48.89 |
40 | $25.38 | $42.95 | $75.25 |
50 | $56.69 | $102.50 | $188.29 |
60 | $149.38 | $268.09 | $500.17 |
Methodology: 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 life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, 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 01/01/2024.
Cheapest 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. 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 | $42.77 | $73.16 | $132.27 |
Male | $55.11 | $96.54 | $170.59 | |
60 | Female | $62.60 | $107.24 | $190.74 |
Male | $82.70 | $144.34 | $259.24 | |
65 | Female | $101.88 | $179.23 | $323.50 |
Male | $137.90 | $256.92 | $474.69 |
Methodology: Rates are calculated for male and female non-smokers in a Preferred health classification, obtaining a $250,000, $500,000, or $1,000,000 10-year term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, 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 01/01/2024.
Cheapest life insurance rates for smokers
Smokers pay at least twice as much for life insurance as non-smokers because the use of tobacco has known negative health effects, which affects insurance risk. However, the best life insurance companies for smokers offer competitive options depending on your overall health and other factors. The estimates below are for smokers who are generally in good health.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $35.71 | $60.59 | $101.32 |
Male | $44.50 | $76.43 | $132.34 | |
30 | Female | $38.52 | $65.75 | $117.20 |
Male | $46.90 | $80.95 | $143.89 | |
40 | Female | $62.74 | $113.40 | $207.38 |
Male | $78.26 | $145.39 | $266.49 | |
50 | Female | $137.94 | $257.05 | $465.89 |
Male | $188.09 | $351.50 | $660.83 | |
60 | Female | $320.17 | $617.51 | $1,123.64 |
Male | $461.29 | $887.93 | $1,642.70 |
Methodology: Rates are calculated for male and female smokers in a Preferred Tobacco health classification, obtaining a $250,000, $500,000, or $1,000,000 20-year term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, Corebridge Financial, Pacific Life, 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 01/01/2024.
7 ways to get cheap life insurance
While you can’t control some factors that influence premiums, like gender or a health diagnosis, there are specific steps you can take to lower the cost of your life insurance policy.
When you go through a major life change, like getting married or divorced, having a child, or changing jobs, you should reevaluate your insurance needs and consider adding or dropping coverage as needed. That way, you can ensure that you have the right coverage for your loved ones in place at the right price.
Frequently asked questions
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 insurers 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 30-year-old non-smoker in a Preferred health class — reserved for people who are generally in good health — can pay around $26 per month for a 20-year term life insurance policy with a $500,000 payout.
Can I switch life insurance providers to lower my rate?
In some cases, switching your insurer can get you a cheaper rate. This usually happens when you make a major change like quitting smoking or dramatically improving your health.
You can also save on your policy by switching life insurance companies if you didn’t adequately shop around when you first got coverage. Comparing rates is the best way to ensure you’re getting the cheapest rates possible.
