Our experts answer readers’ insurance questions and write unbiased product reviews (here’s how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.
Life insurance is a great way to care for your family’s short-term needs once you’re gone. In the right circumstances, it can also be a retirement tool and build generational wealth for your descendants. Compare cheap life insurance options that fit your budget below.Â
Cheapest Life Insurance Companies
Ethos Life – Product Name Only : Best for Guaranteed CoverageHaven Life – Product Name Only : Best for Term LifeState Farm Life Insurance – Product Name Only : Best for Customer SatisfactionGuardian Life Insurance – Product Name Only : Best for Preexisting ConditionsNew York Life Insurance – Product Name Only : Best for Whole LifeNorthwestern Mutual Life – Product Name Only : Best for Customized CoverageUSAA Life Insurance – Product Name Only : Best for Military and VeteransTransamerica Life Insurance – Product Name Only : Best for Foreign Nationals
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Estimate your life insurance cost and request a quote from Ethos.
Cheap Life Insurance Policies
Whatever your goals, applying for a life insurance policy in your 20s gives you a greater chance of being accepted and more affordable premiums. But we’ve identified the best cheap coverage for buyers of all ages from the best life insurance companies.
State Farm Life Insurance
State Farm Life Insurance operates in all states except Massachusetts, New York, and Wisconsin. State Farm Life and Accident Assurance Company offers similar life insurance policies in New York and Wisconsin. Wherever you are within the US, quoting is easy, especially if you’re already a customer.
State Farm Life Insurance Review
Guardian Life Insurance
What sets Guardian Life apart from other life insurance companies is its unique HIV life insurance. Of course, conditions apply, such as a two-year history of antiretroviral therapy, no AIDS-defining illnesses, and an undetectable HIV viral load. Recently, the company has expanded this program to allow buyers up to age 65. Buyers with a history of IV drug use also have more flexibility as the company can offer coverage after seven years instead of the previous 10 years. The HIV plan is just one of the innovative life insurance products offered by a select few life insurance providers, including Guardian Life.
Guardian Life Insurance Review
Ethos Life Insurance
Ethos’ guaranteed coverage plans can offer death benefits up to $25,000 for applicants between 65 and 85. Guaranteed plans primarily cover funerals and other final expenses. If you’re seeking a higher death benefit, Ethos offers whole, term, and no medical exam policies. Its monthly premiums start at just $7 per month, but interested customers should get a quote on their preferred life insurance plan to nail down exact premiums.
Haven Life Insurance
One thing sets Haven Life apart from other insurance companies selling term policies. Haven Life customers can add an accelerated death benefit rider to term policies. While the policy would eventually expire, policyholders can withdraw 75% of the total death benefit or $250,000 when they need it most.
The term life insurance market is full of stories of buyers unable to convert term policies before death. Policies expire before they die, leaving loved ones with six-figure medical debts and no death benefit. Haven Life offers a happy medium to protect you in the worst-case scenario.
New York Life Insurance
New York Life Insurance Review
Northwestern Mutual Life Insurance
Adding a rider to protect your life insurance benefits if you’re sick and can’t make payments is just one of the affordable life insurance riders offered by Northwestern Mutual. Working with a qualified life insurance agent is the best way to ensure you can customize your plan to meet your needs.
Northwestern Mutual Life Insurance Review
USAA Life Insurance
USAA offers whole life insurance policies with expedited coverage for deployed soldiers. It also provides severe injury benefits and coverage for wartime. One key selling point for veterans is USAA guarantees SGLI replacement when separating from the military.
Transamerica Life Insurance
Transamerica has decades of history in the life insurance market. It also reports faster underwriting and processing times than its competitors. If you’re interested in life insurance with Transamerica, we recommend contacting an agent. It offers limited quotes online, but many of the best policies are only sold through licensed insurance agents.
Transamerica Life Insurance Review
Cheap Life Insurance Frequently Asked Questions
What is the cheapest form of life insurance?
Term life insurance is generally the cheapest type of life insurance, but it’s the cheapest for a reason: It expires after a set term. You can buy a 30-year term life insurance policy, but if you outlive the policy, your relatives won’t receive any payout when you die.
How much is life insurance a month?
The average cost of life insurance is $40-$55 a month. Keep in mind that your monthly premium will vary depending on the type of policy you purchase and how much coverage you select.
What is the cheapest life insurance that has no cash value?
The cheapest life insurance with no cash value is term life insurance. Term life insurance policies only last for a set amount of time (usually 10 to 30 years) and they don’t accrue any cash value like whole life policies do.
How can I get cheap life insurance?
To get cheap life insurance, consider working with an insurance agent who can help you balance your need for affordable premiums with adequate coverage. While term policies are the cheapest, that might not be the best option for your situation.
Is life insurance affordable?
Life insurance is affordable, with monthly premiums averaging about $50. You’ll save money the earlier you buy a life insurance policy as well, so it may be worth buying a policy for yourself or a loved one while they’re still young.
How to Pick a Life Insurance Policy that Fits Your Budget
We recommend starting with online research if you want a life insurance plan. You can get quotes online if you want a plan to cover funerals and other limited costs. But first, decide what you want your life insurance plan to do, how much you can afford to spend each month, etc.
Next, we recommend talking to at least one licensed insurance agent. Some of the best life insurance products can only be quoted or sold through a licensed insurance agent. Ask questions about the things you don’t understand. Let an agent help you calculate the ideal benefit for your needs. Ask which riders customers add to the policies you’re looking at, and compare three life insurance quotes.
Why You Should Trust Us: How We Chose the Cheapest Life Insurance
We look beyond the obvious factors like online quote calculators and affordable pricing to see what life insurance companies offer. Our life insurance ratings methodology reflects aspects including:
- Customer satisfaction (as rated by JD Power)
- Financial stability (as rated by AM Best)
- Policy types offered
- Average monthly premiums/affordability
- Waiting periods required for complete life insurance benefits
- Exclusions that would prevent you from getting life insurance with the company being reviewed
- What you can expect from life insurance agents who quote a company’s policies
- How available are a company’s life insurance products? (is it licensed to sell life insurance in all 50 states and Washington, DC?)
- How ethical company practices are measured by recent controversies, charitable activities or donations, etc.