8 Best Cheap Life Insurance Companies

Shopping Tips | Compare & Apply for Low-Cost Policies

Finding cheap life insurance coverage can be difficult, but finding cheap life insurance that is also provided by a trusted, well-established company is even harder.

That’s why we reviewed dozens of life insurance carriers and policies to create this list of the top 8 cheap life insurance companies.

The companies that made the list are highly regarded for their:

  • Low-cost policies.
  • Financial strength.
  • Customer service.
  • Experience in the industry.

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3 Tips to Find Low Cost Life Insurance
8 Best Cheap Life Insurance Companies
How to Choose a Cheap Life Insurance Company
How to Apply for Affordable Life Insurance

Best cheap life insurance companies

If you’re just interested in seeing the 8 best companies, here’s the list. Click the company below to navigate to information and rates on their term life insurance policies.

Now you’ll learn exactly what you should know when shopping for cheap life insurance.


3 Tips to Find a Low Cost Life Insurance Policy

Choosing a low cost life insurance policy

If you’re looking for affordable life insurance, there are several things you must before you start shopping for quotes to make sure you get the best rates.

1. Review Term Life Insurance Policies & Compare

As you begin your search for a cheap life insurance policy, you need to remember two important tips.

A term policy, no matter its length, will provide you with the most affordable premiums. When you acquire multiple quotes, you can compare the premium for each policy and see what the policies offer for the quoted price. This makes it very simple to save money on your policy.

2. Avoid Extra Features That Increase Your Premiums

If you want to find the cheapest quote possible when shopping for term life insurance, there are a couple of items you will want to avoid.

  • Avoid life insurance policy riders.
  • Avoid policy add-ons.

This also includes policies for your children and the ability to purchase additional insurance later in life without going through the required medical exam.

Any policy riders or add-ons will increase your life insurance rates.

These are great additions for some people, but if you’re looking for the cheapest life insurance quotes, then you’ll be better off without them.

3. Take the Medical Exam

Especially if you are in good health, choosing to take the medical exam can reduce your life insurance policy rates. When life insurance companies see that you’re in good health, they will view you as low risk and give you a more affordable policy.

Smoking and health conditions can affect this dramatically. So, if you smoke or have untreated medical conditions, you should take care of that to get a cheaper life insurance policy.


The 8 Best Cheap Life Insurance Companies

After reviewing dozens of life insurance carriers, we’ve found the 8 best companies for affordable, low-cost policies. We do recommend that you use our instant quote tool to compare even more companies.

1. Protective Life Insurance Company

Protective life insurance logo

Protective has extremely affordable rates for term life insurance policies.

If you need a $250,000 policy, you might only have to spend $10.87 per month. If you seek $1,000,000 in coverage, it will run you a monthly fee of $26.20. Of course, this depends on your age, health, and other factors.

You can get the premium reduced even further if you choose the income provider option. This will spread the payment of the death benefit out over a series of 10 years instead of making one lump payment to your beneficiaries. For example, if the benefit is $500,000, it will be paid out at $50,000 per year for 10 years instead of a $500,000 payment all at once.

Great policies for the primary income providers for their family who want to consider different coverage and term length options.

Protective Policy Rates

The following rates are for both male and female non-smokers who are 30 years old, in excellent health, seeking $500,000 in coverage for 10, 20, and 30-year terms.

TermMenWomen
10 Year$13.76/mo.$12.04/mo.
20 Year$20.21/mo.$17.63/mo.
30 Year$36.28/mo.$27.52/mo.
banner life insurance logo

Banner Life provides policyholders with a cheap life insurance price for policies across the country.

They have four major amounts to choose from:

  • $250,000
  • $500,000
  • $750,000
  • $1,000,000

Their monthly premiums range from $12.86 for $250,000 worth of coverage to $37.41 for $1,000,000 worth of coverage.

Banner Life offers great policies for people who are not in great health. They often have the cheapest rates for those with diabetes, obesity, smokers, and other health problems.

Banner Life’s Policy Rates

The following rates are for both male and female non-smokers who are 30 years old, in excellent health, seeking $500,000 in coverage for 10, 20, and 30-year terms.

TermMenWomen
10 Year$18.06/mo.$12.25/mo.
20 Year$20.02/mo.$17.11/mo.
30 Year$32.29/mo.$27.19/mo.

3. Mutual of Omaha

mutual of omaha life insurance logo

A $750,000 term life insurance policy from Mutual of Omaha will run you roughly $23.14 per month. You then have the option of adding long-term care insurance as part of your policy. This is a smart addition, especially if you have a disability or illness that prevents you from being able to handle the activities of daily living.

The monthly benefit you can receive from Mutual of Omaha with this option on your policy ranges from $1,500 to $10,000. This could wind up being a big help with your medical bills as costs for long-term care can reach $6,000 per month.

Mutual of Omaha is best for people looking for great customer service with lower coverage amounts. It’s also a great option for those who may need help with medical costs, long-term care, and disabilities.

Mutual of Omaha Term Life Insurance Policy Rates

The following rates are for both male and female non-smokers who are 30 years old, in excellent health, seeking $500,000 in coverage for 10, 20, and 30-year terms.

TermMenWomen
10 Year$12.47/mo.$12.04/mo.
20 Year$21.22/mo.$18.16/mo.
30 Year$34.34/mo.$28.66/mo.

4. North American Company for Life & Health Insurance

north american life insurance logo

A $250,000 term policy from North American will cost you a monthly premium totaling $12.10.

North American is a privately-owned company that provides life insurance policies for people up to age 85.

North American is one of the few life insurance companies out there that will ensure someone up to the age of 85, making them incredibly popular among seniors and even those who are planning now for the future.

This company is best for elderly seniors who cannot get life insurance elsewhere.

North American Company Term Life Insurance Policy Rates

The following rates are for both male and female non-smokers who are 30 years old, in excellent health, seeking $500,000 in coverage for 10, 20, and 30-year terms.

TermMenWomen
10 Year$15.40/mo.$14.96/mo.
20 Year$22.44/mo.$19.36/mo.
30 Year$36.08/mo.$30.36/mo.

5. AIG

AIG logo

AIG is another premier life insurance provider in the United States, dating back to 1919. Known for their wide range of policies, low rates, and steady claim history, they are a great choice for just about anyone looking to start a life insurance policy.

For non-smokers especially, AIG provides very low rates. Smoker rates are fairly competitive as well. AIG has very affordable options for young families starting out.

They also provide variable life, universal life, and death & dismemberment coverage. Overall, AIG has a wide range of products that come at affordable rates for most health classes.

AIG is best for people looking for a reliable company with a variety of affordable policy options.

AIG Term Life Insurance Policy Rates

The following rates are for both male and female non-smokers who are 30 years old, in excellent health, seeking $500,000 in coverage for 10, 20, and 30-year terms.

TermMenWomen
10 Year$14.19/mo.$13.32/mo.
20 Year$20.24/mo.$17.21/mo.
30 Year$32.78/mo.$27.59/mo.

6. Prudential

Prudential logo

Prudential also dates back to the early 1870’s, having a rich history in the United States. They are widely known for their cheap term life insurance and whole life policies.

They largely specialize in Universal Life policies, of which they have 11 core products, each with their own unique riders and add-ons which help to customize policies to best fit client needs.

Prudential is equally known for its classification of high risk individuals. Due to its massive size, expertise, and long history, Prudential is able to secure some of the best rates for people who other carriers would consider high risk.

Prudential is best for people with serious medical conditions.

Prudential Term Life Insurance Policy Rates

The following rates are for both male and female non-smokers who are 30 years old, in excellent health, seeking $500,000 in coverage for 10, 20, and 30-year terms.

TermMenWomen
10 Year$14.19/mo.$30.62/mo.
20 Year$33.25/mo.$27.13/mo.
30 Year$35.44/mo.$31.06/mo.

7. Sagicor Life Insurance

Sagicor Life insurance logo

Sagicor originated in 1849 and has been continually serving the United States as one of the premier no-medical-exam life insurance firms since.

They offer highly competitive rates to higher risk individuals who apply for no-medical exam policies. On top of this, they also offer a wide range of term and whole life policies, with death benefits on some policies lasting all the way out until age 95, which is extremely difficult to secure in the life insurance market.

Sagicor also offers the option to convert many of their term life policies into whole life policies at an affordable rate.

Sagicor is best for people who may want to convert their term policy into a whole life insurance policy in the future.

Sagicor Life’s Term Life Insurance Policy Rates

The following rates are for both male and female non-smokers who are 30 years old, in excellent health, seeking $500,000 in coverage for 10, 15, and 20-year terms.

TermMenWomen
10 Year$22.00/mo.$14.00/mo.
15 Year$24.00/mo.$17.00/mo.
20 Year$30.00/mo.$20.00/mo.

8. Transamerica

Transamerica Ventures Life insurance logo

Transamerica has little to no tolerance for policyholders who use tobacco products. In fact, if you were to answer yes to the ‘are you a smoker’ question, you will likely see a monthly quote that is $13 more than if you answer no. If you are a non-smoker, this is one of the more affordable life insurance policies available today.

Another benefit of choosing Transamerica is that this company offers some of the most flexible death benefits compared to other insurance providers. When you choose a term life insurance policy from Transamerica, you can pick a death benefit that ranges from $25,000 to $2 million.

The gap in death benefits is wide enough that it allows you to make a choice based on your financial needs.

Transamerica is best for non-smokers who want cheap rates but a variety of coverage options.

Transamerica Term Life Insurance Policy Rates

The following rates are for both male and female non-smokers who are 30 years old, in excellent health, seeking $500,000 in coverage for 10, 20, and 30-year terms.

TermMenWomen
10 Year$14.19/mo.$12.04/mo.
20 Year$23.65/mo.$19.78/mo.
30 Year$34.40/mo.$28.81/mo.

The Key to Choosing a Cheap Life Insurance Company

person shopping cheap life insurance

The search for an affordable life insurance policy should not be difficult. It also shouldn’t take you too long to find a policy that meets your needs and fits into your budget.

You should be looking for life insurance companies & policies that offer:

  • Excellent customer service
  • Consistently low premiums
  • Flexible term lengths
  • A range of policy sizes

If you get those four things right and follow our 3 tips above, you will find a reasonably priced policy that fits your needs.


Apply for Cheap Life Insurance Quickly & Easily

Shopping for a cheap life insurance policy that fits into your budget, might be difficult if you don’t know where to look. The companies and policies named here are some of the most affordable on the market today.

Make sure you do the research yourself using the internet tools that are available to you, so you receive a quote based on your unique situation. It doesn’t take long to acquire various quotes from the providers listed here.

However, the fastest way to find the cheapest policy is to fill out the quote form (click the compare quotes button above) and give us a call. Since we work with dozens of companies and hundreds of shoppers, we’ll know which policy is best for you. Best of all, we do this for free.

It is very important that you compare as many companies as possible to make sure you get the cheapest life insurance rates possible.