Cheapest life insurance companies of 2024
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BLUEPRINT
Updated 5:03 a.m. UTC July 1, 2024
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Symetra has the best cheap life insurance in 2024, based on our analysis. However, there are several cheap life insurance companies to consider before you purchase a policy. To help you find a cheap life insurance policy for your financial goals and needs, our life insurance analysts identified the life insurance companies that have the most competitive rates for coverage.
Cheapest life insurance companies
- Symetra: Excellent for cheap term life insurance.
- Penn Mutual: Excellent for customer satisfaction.
- Pacific Life: Great for coverage amount options.
- Corebridge Financial: Great for customizable life insurance terms.
- Protective: Excellent for selection of term lengths.
- Transamerica: Great for low coverage term life insurance.
Why trust our life insurance experts
Our team of life insurance experts evaluates hundreds of insurance products and analyzes thousands of data points to help you find the right 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.
- 20 life insurance companies evaluated.
- 1,440 rates reviewed.
- 5 levels of fact-checking.
Top-ranked cheap life insurance companies of 2024
Methodology
We evaluated the cheapest life insurance companies in our best term life insurance rating.
To find the best term life insurance, we conducted our own research and analyzed data provided by AccuQuote, a national online life insurance agency. Each life insurance company included in our evaluation had the opportunity to earn up to 100 points, based on the following factors.
If you’d like to dig in deeper, head over to our life insurance ratings methodology page.
Who has the cheapest life insurance?
Symetra has the cheapest life insurance of the insurers we evaluated. However, the most affordable life insurance for your needs will depend on several factors, including your age, the type of life insurance and the coverage amount you choose. Term life insurance is typically the cheapest option.
Based on our analysis of term life insurance 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: Banner Life/Legal & General America.
- Cheapest life insurance at age 40: Protective.
- Cheapest life insurance at age 50: Banner Life/Legal & General America.
Keep in mind that the average cost of life insurance may not be indicative of how much you pay for coverage. Get and compare at least three rates before you purchase a policy to find the most affordable life insurance for your situation and preferences.
Compare the cheapest life insurance companies
Looking for affordable life insurance? The table below includes the top-ranked cheap life insurance companies in order of average rate for healthy applicants at ages 30, 40 and 50.
| LIFE INSURANCE COMPANY | TERM LIFE INSURANCE POLICY | OUR RATING | Learn More | |||||
|---|---|---|---|---|---|---|---|---|
 Symetra | Symetra SwiftTerm | Compare Quotes Compare quotes offered by participating partners | ||||||
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| Non-Convertible Term | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Pacific Life | PL Promise Term | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Protective | Classic Choice Term | Compare Quotes Compare quotes offered by participating partners | ||||||
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| Select-a-Term | Compare Quotes Compare quotes offered by participating partners | |||||||
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 Transamerica | Trendsetter Super | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Midland National | Premier Term | Compare Quotes Compare quotes offered by participating partners | ||||||
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 Banner Life/Legal & General America | OPTerm | Compare Quotes Compare quotes offered by participating partners | ||||||
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Example life insurance rates for a female: $250,000, 20-year term
| LIFE INSURANCE COMPANY | FEMALE AT 30 | FEMALE AT 40 | FEMALE AT 50 | Learn More | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Protective | $128 | $178 | $358 | Compare Quotes Compare quotes offered by participating partners | ||||||
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| Symetra | $128 | $178 | $358 | Compare Quotes Compare quotes offered by participating partners | ||||||
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| Pacific Life | $128 | $178 | $360 | Compare Quotes Compare quotes offered by participating partners | ||||||
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| Banner Life/Legal & General America | $128 | $178 | $358 | Compare Quotes Compare quotes offered by participating partners | ||||||
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| $129 | $180 | $360 | Compare Quotes Compare quotes offered by participating partners | |||||||
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| $129 | $179 | $361 | Compare Quotes Compare quotes offered by participating partners | |||||||
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| Transamerica | $130 | $180 | $363 | Compare Quotes Compare quotes offered by participating partners | ||||||
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| Midland National | $140 | $188 | $373 | Compare Quotes Compare quotes offered by participating partners | ||||||
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Annual term life insurance rates reflect the average life insurance rate for female non-smokers in good health.
Example life insurance rates for a male: $250,000, 20-year term
| LIFE INSURANCE COMPANY | MALE AT 30 | MALE AT 40 | MALE AT 50 | Learn More | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Protective | $145 | $203 | $448 | Compare Quotes Compare quotes offered by participating partners | ||||||
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| Symetra | $145 | $203 | $448 | Compare Quotes Compare quotes offered by participating partners | ||||||
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| Pacific Life | $145 | $204 | $451 | Compare Quotes Compare quotes offered by participating partners | ||||||
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| Banner Life/Legal & General America | $145 | $207 | $448 | Compare Quotes Compare quotes offered by participating partners | ||||||
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| $146 | $205 | $451 | Compare Quotes Compare quotes offered by participating partners | |||||||
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| $146 | $206 | $453 | Compare Quotes Compare quotes offered by participating partners | |||||||
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| Transamerica | $148 | $208 | $458 | Compare Quotes Compare quotes offered by participating partners | ||||||
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| Midland National | $155 | $223 | $485 | Compare Quotes Compare quotes offered by participating partners | ||||||
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Annual term life insurance rates reflect the average life insurance rate for male non-smokers in good health.
The average cost of life insurance in 2024
Term life insurance policies are generally cheaper than permanent life insurance policies like whole life insurance or universal life insurance policies. Your rate will depend on the insurer you choose and the factors outlined above.
The tables below provide a comparison of average life insurance rates by policy type, amount and age of the insured.
Average monthly cost of a 20-year term life insurance policy by age
| LIFE INSURANCE COVERAGE AMOUNT | AGE 30 | AGE 40 | AGE 50 | AGE 60 |
|---|---|---|---|---|
$250,000
| $13
| $18
| $36
| $99
|
$500,000
| $20
| $28
| $65
| $181
|
$1,000,000
| $32
| $49
| $122
| $347
|
Monthly term life insurance rates reflect the combined average for both male and female non-smokers in good health.
Average monthly cost of a whole life insurance policy by age
| LIFE INSURANCE COVERAGE AMOUNT | AGE 30 | AGE 40 | AGE 50 |
|---|---|---|---|
$250,000
| $16
| $23
| $35
|
$500,000
| $31
| $45
| $67
|
$1,000,000
| $62
| $67
| $133
|
Monthly whole life insurance rates reflect the combined average for both male and female non-smokers in good health.
Factors that affect the cost of life insurance
How much you pay for life insurance will depend on various factors, such as:
- Age.
- Gender.
- Desired life insurance coverage amount and term.
- Nicotine or marijuana use status.
- Health and medical history.
- Prescription drug health.
- Family medical history.
- Driving record.
- Criminal record.
- Risky hobbies or professions, if applicable.
Ethos
What you should know
If you’re looking for quick coverage and a large death benefit, consider Ethos Term Life. Eligible applicants can get instant approval and coverage for up to $2 million.
Pros and cons
Pros
- Policies up to $2 million available.
- Instant application approval.
Cons
- Can’t convert to permanent life insurance policy.
More details
Ethos example premiums for a 20-year term policy
What is the cheapest type of life insurance?
Term life insurance is generally the cheapest type of life insurance. Unlike permanent life insurance, term life insurance does not include cash value and only locks in rates and coverage for a set period of time, or term.
Term life insurance
- Typically has policy terms between 10 to 30 years, though some insurers offer longer terms.
- If you die during the term, your beneficiaries will receive a death benefit.
- Before the term ends, you typically have the option to renew, though likely at a higher rate each year. Always check your policy to determine what happens at the end of the term.
- To maintain life insurance coverage, you may also have the choice to convert your term life policy to a permanent policy. Or you might choose to purchase a new policy.
How to get cheap life insurance
If you’re shopping for coverage, here’s what you can do to 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 a cheap life insurance policy based on your age and medical history.
- Purchase term life insurance: Consider term life if you’re on a budget or just want coverage for a specific timeframe, such as a mortgage. When comparing term to permanent life insurance, Salka points out that “people can purchase larger coverage amounts for less.”
- Avoid unnecessary riders. Some riders, or policy add-ons, are free as part of your policy, 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 cheaper your life insurance will be. 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.
- 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.
Alternatives to term life insurance
Just because term coverage is generally the cheapest type of life insurance doesn’t mean it’s always the right choice.
For instance, if you want coverage that lasts a lifetime, consider a permanent life insurance policy. There are also life insurance policies designed to meet a specific need, such as to cover the cost of a funeral.
Here are other types of life insurance coverage available to most consumers:
- Whole life insurance
- The most straightforward and affordable type of permanent life insurance.
- Provides lifelong coverage and a guaranteed death benefit, as long as you pay your premiums.
- Features a cash value component with a guaranteed rate of return.
- Universal life insurance (UL)
- Offers lifelong coverage and a cash value account.
- Types of UL include guaranteed universal life (GUL), indexed universal life (IUL) and variable universal life (UL).
- Premiums and/or death benefits may be flexible, depending on type of policy.
- Policy’s cash value growth is typically tied to the market index or subaccount performance, depending on the type of policy.
- Generally considered to be more flexible than whole life insurance.
- Burial insurance (funeral insurance)
- Designed to help your loved ones pay for final expenses, such as burial or funeral costs, outstanding medical bills, etc., though benefits can be used to cover other expenses.
- Coverage amount is smaller, usually $10,000 to $25,000.
- Often an option for someone shopping for senior life insurance if they don’t qualify for other types of life insurance.
- Structured as a permanent life insurance policy.
- Survivorship life insurance
- Single policy that covers two people, such as spouses.
- Death benefit only being paid out once both people have passed away.
- No-exam life insurance
- Life insurance coverage that does not require a medical exam.
- Usually available as term life insurance, though it can be permanent coverage.
- No-exam life insurance more expensive than other types of coverage.
- May be a good option for people who are having difficulty finding life insurance coverage due to medical issues.
Which life insurance is right for you? Types of life insurance
How much life insurance do you need?
You should have enough life insurance to cover the needs of your dependents. This usually means taking into account one or more of the following:
- Your annual salary and the number of years you would want it replaced if you were to die during your working years.
- Existing debts that a dependent would need to take on after your death, such as a mortgage.
- Educational expenses, such as tuition, for children.
- Whether or not you want to cover your final expenses, such as a funeral.
- Any inheritance you may want to leave your life insurance beneficiaries.
It can be difficult to anticipate expenses, especially as you factor in career changes, inflation, retirement or other investment assets and milestones, such as having a child or buying a home. In many cases, the most efficient way to determine what type of life insurance is most suited to your needs is to contact a professional.
Cheap life insurance frequently asked questions (FAQs)
If you have term life insurance and you outlive your policy you will no longer have coverage and your beneficiaries won’t receive a death benefit.
Depending on your insurer, you may have the option to renew your policy or convert it to a permanent policy, such as universal life insurance or whole life insurance.
Term life insurance is typically the cheapest type of life insurance. That’s because term life insurance lasts for a limited period and does not include a cash value component.
Permanent policies, like whole life insurance, are typically more expensive because they last a lifetime and usually have a cash value component.
You can switch life insurance providers by canceling your current policy and buying a new one with a different insurer.
Be cautious if you’re considering switching providers, however. Life insurance rates increase with age, so a new policy may be more expensive than one you bought when you were younger.
You may be able to get a discount from your insurer for bundling your life insurance policy with another type of coverage, such as homeowners insurance or auto insurance. You might also be able to get a discount for paying for your policy in full instead of making monthly premium payments.
Life insurance discounts are less prevalent than car insurance discounts, so be sure to get life insurance quotes from multiple companies to compare.
Term life insurance is typically cheaper than whole life insurance because term life policies lock in rates for a set period of time, instead of a lifetime. Term life insurance also doesn’t have a cash value component, which helps to make it more affordable than whole and other types of permanent life insurance.
You can get cheap life insurance by shopping around and comparing life insurance quotes from multiple insurers to make sure you’re getting the best deal on the coverage you want.
Life insurance companies use your health and age, among other factors, when determining your life insurance rate. Purchasing a life insurance policy when you’re young and healthy — or improving your overall health and lifestyle — can help result in lower rates.
Term life insurance is typically the cheapest type of life insurance policy, just keep in mind that coverage is designed to cover you for a specific timeframe, not a lifetime.
If you die while your life insurance policy is active and in good standing, your life insurance beneficiary or beneficiaries will file a claim. To do this, they’ll need:
- A certified copy of a death certificate.
- The policy number.
- The insured’s name.
- The insured’s date, location and cause of death.
Once the claim is approved, the insurance company will pay out the death benefit.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
