Best cheap life insurance companies of 2023

Why trust our insurance experts

Our team of experts evaluates hundreds of insurance products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

• 28 insurers evaluated
• 1,837 rates reviewed
• 5 levels of fact checking

Cheapest life insurance companies

Best for rates

Symetra

Blueprint Rating

Compare Quotes

Compare quotes offered by participating partners

Plan name

SwiftTerm

Minimum coverage

$100,000

Terms available

10, 15, 20 or 30 years

What you should know

Symetra’s SwiftTerm policy offers the lowest rates in our analysis, making it a great option for those looking for a budget-friendly term life insurance option. Qualifying applicants may also get instant approval.

Pros and cons

Pros

• Highly competitive rates among insurers analyzed.
• Approval and coverage available instantly for some applicants.
• No-exam option available for some applicants.

Cons

• Must speak with an agent before completing an online application.
• Maximum issue age of 60, lower than several other insurers we reviewed.
• Maximum $3 million coverage amount is lower compared to some insurers reviewed.

More details

Average annual rate for a $250,000, 20-year term life policy

Age	Male	Female
30	$147	$130
40	$207	$180
50	$456	$362
60	$1,294	$939

Riders available*

• Accelerated death benefit (terminal illness).
• Accidental death benefit.
• Children’s term life insurance.
• Waiver of premium.

*Rider availability may vary.

Best for coverage amounts

Pacific Life

Blueprint Rating

Compare Quotes

Compare quotes offered by participating partners

Plan name

PL Promise Term

Minimum coverage

$50,000

Terms available

10, 15, 20, 25 or 30 years

What you should know

Pacific Life’s term life policy, PL Promise Term, offers a much lower minimum face value amount than competitors we reviewed. Our analysis also found that Pacific Life offers consistently competitive rates and excellent coverage features.

Pros and cons

Pros

• No maximum coverage amount.
• Some riders, such as terminal illness, are included.
• Can convert to a universal life insurance policy until age 70.
• Consistently competitive rates on average.
• Guaranteed renewable until age 95.

Cons

• Can only convert to a universal life insurance policy.
• Need to purchase a policy through an agent.

More details

Average annual rate for a $250,000, 20-year term life policy

Age	Male	Female
30	$147	$130
40	$179	$206
50	$456	$362
60	$1,290	$987

Riders available*

• Accelerate death benefit (terminal illness).
• Children’s level term insurance.
• Waiver of premium (terminal illness and disability).

*Rider availability may vary.

Best for policy perks

Haven Life

Blueprint Rating

Learn More

Via Haven Life's Website

Plan name

Haven Term

Minimum coverage

$100,000

Terms available

10, 15, 20, 25 or 30 years

What you should know

Not only does Haven Term offer competitive rates, but qualifying policyholders have access to Haven Life Plus. This rider offers the ability to create legally valid estate plans, document your end-of-life wishes, secure cloud storage and wellness benefits.

Pros and cons

Pros

• Fully online application process with fast approval for qualifying applicants.
• Haven Life Plus rider available with most policies.
• Backed by C.M. Life Insurance Co., a subsidiary of MassMutual, an insurer with solid financial strength.

Cons

• Term life products are not convertible.
• Haven Life Plus not available in Florida, New York, North Dakota, South Dakota and Washington.

More details

Average annual rate for a $250,000, 20-year term life policy

Age	Male	Female
30	$150	$130
40	$208	$180
50	$921	$658

Riders available*

• Accelerated death benefit.
• Disability waiver of premium.
• Haven Life Plus rider.

*Rider availability may vary.

Best for customer satisfaction

Penn Mutual

Blueprint Rating

Compare Quotes

Compare quotes offered by participating partners

Plan name

Non-Convertible Term

Minimum coverage:

$250,000

Terms available

10, 15, 20 or 30 years

What you should know

Penn Mutual’s Non-Convertible Term policy is highly rated because of much lower than average customer complaints compared to competitors. Though you won’t be able to convert your policy unless you opt to pay for the feature, Penn Mutual does offer competitive rates.

Pros and cons

Pros

• Below average rates.
• Very low level of customer complaints to state insurance departments.
• Qualifying applicants may not need to undergo a medical exam.
• Policyholders can manage their policies online.

Cons

• High minimum face amount at $250,000 compared to many competitors.
• May need to pay extra for the convertible policy.
• Low maximum issue age at 69.

More details

Average annual rate for a $250,000, 20-year term life policy (non-convertible)

Age	Male	Female
30	$160	$141
40	$223	$190
50	$457	$364
60	$1,245	$881

Riders available*

• Accidental death benefit.
• Children’s term insurance.
• Disability waiver of premium.

*Rider availability may vary.

Best for customizable terms

Corebridge Financial

Blueprint Rating

Compare Quotes

Compare quotes offered by participating partners

Plan name

Select-A-Term

Minimum coverage

$100,000

Terms available

Flexible terms from 10 to 35 years

What you should know

Corebridge Financial, formerly AIG Life, allows policyholders to choose their own term lengths, anywhere from 10 to 35 years. You can choose a precise policy term that fits your specific needs, such as 18 or 22 years. This feature is unlike other competitors, which only offer a list of terms to choose from, often in five-year increments.

Pros and cons

Pros

• Customizable term lengths available.
• High maximum issue age of 80.
• Can convert to a permanent life insurance policy.

Cons

• Guaranteed renewal not available.
• Higher than average customer complaints to state insurance departments.

More details

Average annual rate for a $250,000, 20-year term life policy

Age	Male	Female
30	$147	$130
40	$208	$180
50	$456	$363
60	$1,295	$939

Riders available

• Accelerated death benefit.
• Children’s term insurance.
• Terminal illness accelerated death benefit.
• Waiver of premium.

*Rider availability may vary.

Best for term lengths

Protective

Blueprint Rating

Compare Quotes

Compare quotes offered by participating partners

Plan name

Classic Choice Term

Minimum coverage

$100,000

Terms available

10, 15, 20, 25, 30, 35 or 40 years

What you should know

Protective’s Classic Choice, its term life insurance policy, offers terms up to 40 years, one of the longest we’ve seen. That way, you have the ability to select a term that best suits your coverage needs and lock in a lower rate for longer.

Pros and cons

Pros

• Up to a 40-year term available.
• Ability to renew policy up to age 85.
• Ample choices when converting to a permanent policy.
• Coverage amounts up to $50,000,000.

Cons

• Maximum age to purchase coverage is 75, younger than some competitors.
• Potentially more restrictions on their accelerated death benefit rider.

More details

Average annual rate for a $250,000, 20-year term life policy

Age	Male	Female
30	$146	$129
40	$206	$179
50	$453	$361
60	$1,244	$874

Riders available*

• Accelerate death benefit.
• Accidental death benefit.
• Children’s term.
• Disability income.
• Guaranteed insurability.
• Waiver of premium.

*Rider availability may vary.

Best for buyers in their 50s

Transamerica

Blueprint Rating

Compare Quotes

Compare quotes offered by participating partners

Plan name

Trendsetter Super

Minimum coverage

$25,000

Terms available

10,15, 20, 25 or 30 years

What you should know

Transamerica’s Trendsetter Super policy offers some of the lowest premiums for individuals in their 50s, a group which often sees substantial rate increases when compared to those in their 30s and 40s. Plus, the maximum issue age of 80 is one of the highest amongst competitors in our analysis.

Pros and cons

Pros

• Qualifying applicants may be able to skip medical exams for policies up to $2 million.
• Policy may be renewable up to age 100, higher than most competitors.
• Minimum coverage is $25,000, which is lower than other insurers we reviewed.

Cons

• Rates not as competitive for individuals in other age brackets.
• Higher than average customer complaints.
• May need to finalize policy with an agent.

More details

Average annual rate for a $250,000, 20-year term life policy

Age	Male	Female
30	$148	$130
40	$198	$173
50	$428	$343
60	$1,455	$1,180

Riders available*

• Accidental death.
• Children’s insurance.
• Chronic illness accelerated death benefit.
• Critical illness accelerated death benefit.
• Disability waiver of premium.
• Income protection option.
• Monthly disability income.
• Terminal illness accelerated death benefit.

*Rider availability may vary.

Best for lengthy terms

Banner Life/Legal & General

Blueprint Rating

Compare Quotes

Compare quotes offered by participating partners

Plan name

OPTerm

Minimum coverage

$100,000

Terms available

10, 15, 20, 25, 30, 35 or 40 years

What you should know

The OPTerm offers terms up to 40 years, one of the longest term lengths available among the insurers we analyzed. Legal & General term life insurance is available for up to 40 years. That means you can lock in a lower rate for longer. Legal & General also has highly competitive rates, making it a budget-friendly option.

Pros and cons

Pros

• Excellent choice of level term lengths, up to 40 years.
• Competitive rates for most people.
• Can convert to a permanent policy until age 70.

Cons

• Only guaranteed renewable until 70, younger than several other insurers we reviewed.
• Will most likely need to work with an agent to finalize your policy.
• Rates for some older applicants are not as competitive.

More details

Average annual rate for a $250,000, 20-year term life policy

Age	Male	Female
30	$146	$129
40	$205	$179
50	$451	$360

Riders available*

• Accelerated death.
• Children’s term insurance.
• Term rider.
• Terminal illness accelerated death benefit.

*Rider availability may vary.

Best for living benefits

Midland National

Blueprint Rating

Compare Quotes

Compare quotes offered by participating partners

Plan name

Premier

Minimum coverage

$100,000

Terms available

10, 15, 20 or 30 years

What you should know

Midland National’s offers policies that include generous living benefits, such as an accelerated death benefit if you are diagnosed with a chronic illness, critical illness or terminal illness. These benefits may be available with other insurers but often at an additional cost. Even with these living benefits, Midland National’s rates are highly competitive against policies that don’t include them.

Pros and cons

Pros

• Living benefits automatically included.
• You can get quotes for term life insurance online.
• High financial strength ratings.

Cons

• Limited rider options.
• Will most likely need to finalize policy with an agent.

More details

Average annual rate for a $250,000, 20-year term life policy

Age	Male	Female
30	$155	$140
40	$223	$188
50	$485	$373
60	$1,295	$943

Riders available*

• Accelerated death benefit.
• Children’s term insurance.
• Waiver of premium for disability.

*Rider availability may vary.

Compare the best cheap life insurance

The average cost of life insurance

How much life insurance costs for you depends on factors such as your age, gender, nicotine use status and health, as well as the type of life insurance and coverage amount you choose. Other factors include your family’s health history and your prescription drug history, driving record, criminal record, hobbies and profession. 

Term life insurance policies are generally cheaper than permanent life insurance policies, such as whole life insurance or universal life insurance policies. 

Policies that have a higher coverage amount also have higher premiums. The table below provides a comparison of average rates by policy type, amount and the age of the insured.

Average monthly cost of a 20-year term life insurance policy by age

Average monthly cost of a whole life insurance policy by age

Who has the cheapest life insurance?

Based on our analysis of rates, the following insurers have the cheapest life insurance for shoppers in their 30s, 40s and 50s looking for a 20-year $250,000 term life policy. 

• Cheapest life insurance at age 30: Haven Life and Symetra.
• Cheapest life insurance at age 40: Haven Life and Symetra.
• Cheapest life insurance at age 50: Transamerica and Banner.

Keep in mind there are multiple factors insurers use to determine how much you’ll pay for life insurance. Getting multiple life insurance quotes can help you find the best rate. 

Example annual rates for a $250,000 20-year term life insurance policy at age 30

Example annual rates for a $250,000 20-year term life insurance policy at age 40

Example annual rates for a $250,000 20-year term life insurance policy at age 50

Types of life insurance

Term life insurance is generally the most affordable type of coverage available, but it’s not your only option. Understanding the key differences in life insurance types can help you choose the best life insurance for your financial and familial needs. 

Term life insurance 

Term life insurance lets you lock in your rate for a specific period of time, or term. Terms usually last anywhere from 10 to 30 years, though some insurers we analyzed offer policies with terms of up to 40 years. If you die during the term, your beneficiary will receive the death benefit. If you outlive your term, you typically have the option to renew or convert the policy to a permanent one, though at a higher rate.

Permanent life insurance

There are multiple types of permanent life insurance, but each type generally shares two common characteristics: coverage that lasts a lifetime and a cash value component that you can access while you’re alive. Common types of permanent life insurance include: 

• Whole life insurance. This is the most common type of permanent life insurance. Whole life insurance provides lifelong coverage and a guaranteed death benefit, as long as you pay your premiums. It also features a cash value component with a guaranteed rate of return. 

• Universal life insurance (UL). UL offers lifelong coverage and a cash value account, but the cash value growth is typically tied to the market indexes, such as the S&P 500. As such, the cash component can experience growth as well as losses. 
  
  Depending on the type of UL policy, you may be able to adjust your policy’s premium payments and death benefit, making it a more flexible option when compared to whole life. 

• Variable life insurance. The distinguishing characteristic of variable life insurance is how the cash value grows and your role in it. When you open a variable life insurance policy, you choose how the cash value is invested. If your investment decisions perform well, your cash value will grow. If not, the cash value can be reduced. 

• Burial insurance: This type of policy, also called funeral insurance, is a type of whole life insurance intended to help your loved ones pay for final expenses, such as funeral costs. The death benefit can also be used to cover other expenses. The coverage amount is smaller, usually $10,000 to $25,000. People shopping for senior life insurance who don’t qualify for other types of life insurance may want to consider burial insurance.

• Survivorship life insurance: This type of permanent life insurance policy has two people insured, such as two spouses, with the death benefit only being paid out once both people have passed away.

• No-exam life insurance.  Generally available as term life insurance, no-exam life insurance allows qualified candidates to secure coverage without going through a medical exam, which may be required with other types of coverage. 

How much life insurance do you need?

You should have enough life insurance to cover the needs of your dependents, whether that means replacing income or covering specific expenses, like a mortgage or rent payment, for a specific period of time. 

Greg Giardino, a certified financial planner, suggests calculating your “human life value” when it comes to determining how much life insurance you need. Your human life value is the dollar amount it would take to replace your future net financial contributions to your loved ones.

“Your human life value includes your projected income, retirement date, current savings and investments, and liabilities,” he says. “Human life value takes the present value of all these variables to figure out what it would cost to replace you with a dollar amount today.”

For instance, if people rely on your income to pay bills and debts, it may make sense to purchase a higher coverage amount compared to someone who doesn’t carry that financial responsibility. Or, if you’re retired and have paid off your mortgage, you may feel comfortable with a lower coverage amount. 

Ultimately, you want to ensure there is enough money for your beneficiaries to maintain a certain standard of living for a predetermined amount of time, whether that’s five years or longer. 

According to Alison Salka, Ph.D., the senior vice president and head of LIMRA Research, “Life insurance is a piece of a broader whole: your financial security.” As such, she suggests consumers speak to a financial advisor who can take a holistic look at their financial needs and determine the amount and type of coverage that suits them. 

How to get the cheapest life insurance

If you’re shopping for coverage, there are several things you can do to make sure you find the most affordable life insurance policy for your needs. 

Shop around for a policy

Getting life insurance quotes from multiple insurers gives you a higher chance of finding the cheapest rate based on your age and medical history. Since rates can vary from company to company, looking at several quotes allows you to get a baseline price unique to your profile. 

You can get quotes by working directly with an insurance agent from each company you’re considering. You can also work with an independent agent or broker — or use an online quote tool — to collect quotes from multiple insurers at one time. If you choose the online route, you may be able to purchase your policy after receiving the quote, though some insurers will require you to speak to an agent to complete the quote or make a purchase. 

Purchase term life insurance

If you want coverage but are on a tight budget, consider term life. When comparing term to permanent life insurance, Salka points out that “people can purchase larger coverage amounts for less.” She also says term life is a good option if you want to ensure your loved ones are covered for a specific period of time, such as while you have dependents living at home or the years you have left on your mortgage.  

However, if you think a policy that covers you for life would be better in the long run, don’t discount a whole life insurance policy. If you go with term life insurance in your 30s or 40s and your term runs out in 20 years, converting to or purchasing a permanent policy will be more expensive. 

Avoid unnecessary riders

Riders are add-ons that enhance your coverage. Common riders include terminal or chronic illness riders, which give you access to your benefits if you’re diagnosed with a qualifying condition, and child riders, which allow you to add a term life policy for a minor dependent. 

Some riders are offered for free as part of your policy, but others will increase your premium payment. Evaluate the benefits and drawbacks of any rider before you add it, making sure that the potential premium increase is worth the additional coverage benefit. 

Buy life insurance sooner 

The younger you are the lower your life insurance rates. That’s because age and health are primary factors used by insurers to determine rates. This is true of both whole and term life insurance. 

If you’re purchasing term insurance at a young age, make sure you carefully consider the term length. For instance, if you’re 30 years old and you only purchase a 10-year term policy, you’ll need to shop for coverage again in your 40s, and that will likely mean higher rates. 

Work toward a healthy lifestyle

Life insurance rates hinge heavily on your health. Using nicotine products or being overweight will lead to higher rates. Avoiding or quitting smoking, eating well and exercising can help you stay healthy and give you a better chance to lock in lower rates.

Methodology

To determine the best life insurance companies, our life insurance experts evaluated 21 of the top life insurance companies that offer coverage in the United States. Each life insurance company included in our evaluation had the opportunity to earn up to 100 points, based on the factors below. 

Term life insurance rates: 70 points. Term life insurance is often the most affordable coverage option, so we evaluated rates for both 30- and 40-year-old males and females, for term lengths of 10, 20 and 30 years and coverage amounts of $250,000, $500,000, $1 million and $2 million. 

Complaints: 20 points. Life insurance claims are often filed during what may be an extraordinarily difficult time during a beneficiary’s life. As such, the customer experience is an important factor when identifying the best life insurance companies. To determine which companies offer the best service, we analyzed complaints submitted to the National Association of Insurance Commissioners.

Term life conversion availability: 10 points. Some life insurance companies allow policyholders to convert term coverage to a permanent life insurance policy. We factored this in to evaluate life insurance companies, using data provided by Veralytic, an independent publisher of life insurance research and analytics, and AccuQuote, a national online insurance agency.

The best cheap life insurance companies are the top-scoring best life insurance plans that offer term life insurance rates below the national average.

Why some companies didn’t make the cut

Of the 21 insurance companies we evaluated, nine made our rating of the best cheap life insurance companies. From the top-scoring plans in our analysis of the best life insurance, only those that cost less than the national average made the cut.