Cheap Life Insurance

Shopping Tips, The 8 Best Companies & Policy Rates

For many, life insurance is a necessity to ensure family is provided for financially in the event of your death. Finding cheap coverage can be difficult enough, but finding cheap life insurance that is also provided by a trusted, well-established company is even harder.

It is precisely this sweet spot of value that you are likely looking for in affordable life insurance coverage. That’s why we went out of our way to bring you this list of the 8 Cheapest Life Insurance Companies.

The companies that made the list are highly regarded, and have very good records of paying out on policies. They are also well established with long histories in the industry, as well as some of the lowest life insurance rates in the industry.

Before showing you the 8 Best Cheap Life Insurance Companies, we’ll cover several tips for saving money on life insurance!

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3 Tips for Finding a Cheap Life Insurance Policy
How to Choose a Cheap Life Insurance Company
The 8 Best Cheap Life Insurance Companies & Policies
The Fastest Way To Find The Cheapest Rates

Cheap Life Insurance

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 for Finding a Cheap Life Insurance Policy

tips for finding cheap life insurance

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.

Look for Cheap Term Life Insurance Quotes & Compare

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

  1. Look for a term life insurance policy.
  2. Acquire multiple quotes.

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 what the policies offer for the quoted price.

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.

  1. Avoid life insurance policy riders.
  2. 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.

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.

How To Choose a Cheap Life Insurance Company

person shopping for a cheap life insurance policyThe 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 tips above, you will find a reasonably priced policy that fits your needs.

However, the fastest way to find the cheapest policy is to fill out the quote form on this page (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.

The 8 Best Cheap Life Insurance Companies & Policies

After reviewing dozens of cheap life insurance carriers, we’ve found the 8 best companies for affordable quotes based on those criteria.

1. Protective Life Insurance Company

Protective life insurance logo

Protective, which is a smart name for a life insurance provider, has extremely affordable rates for term 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 cheap monthly fee of $26.20.

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.

Protective 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.

Term Men Women
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’s Term 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.

Term Men Women
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 two of the six 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 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.

Term Men Women
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, a very low, cheap life insurance price.

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.

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.

Term Men Women
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, when compared with a majority of other providers.

AIG has very affordable options for young families starting out, as well as extensive coverage on whole life policies that can last until age 85.

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 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.

Term Men Women
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 their classification of high risk individuals. Due to their massive size, expertise, and long history, Prudential is able to secure some of the best rates for high risk individuals by placing them in the best possible health classes.

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.

Term Men Women
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 additional riders on whole life policies that cover the cost of long-term care expenses and offers the option to convert many of their term life policies into whole life policies at an affordable rate.

Overall, Sagicor is a great option for both term and whole life coverage. Specifically, their unique whole life offerings make them one of the top whole life providers on the market.

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.

Term Men Women
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 is another insurance provider that offers a cheap life insurance policy for those who are living on the tightest of budgets if you are a non-smoker.

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. You can choose a small amount if you don’t have much financial responsibility. Or, if you are a single parent who is financing multiple college educations, you can choose a higher death benefit amount to ensure that your children are taken care of should you pass before they get to finish school.

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.

Term Men Women
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 Fastest Way To Find The Cheapest Life Insurance Rates

Shopping for a cheap term life insurance policy that fits into your budget and accepts a medical condition you may have, might be difficult if you don’t know where to look. The 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. All you need is your name, age, gender, height, weight, smoking preference, the amount left on your mortgage and current non-mortgage debt.

As you shop around for life insurance quotes be sure to acquire at least two from different providers so you can make an informed decision as to which one is best for your financial situation when trying to find the best cheap life insurance price.

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Spectrum Insurance Group is made up of life insurance agents who are licensed in all 50 states and the District of Columbia. Spectrum Insurance Group has helped 1000’s of consumers purchase life insurance online & over the phone.

All content on this site has been written by life insurance experts & licensed life insurance agents.