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Best Cheap Life Insurance Companies of 2025
The MarketWatch Guides team researched premium costs for term life insurance policies across 60 providers to choose the cheapest life insurance companies. As we researched pricing, we also analyzed providers based on brand trust and overall coverage options to fit various budgets and financial goals. View the table below to see sample rates for men and women with our top-rated providers.
Note: We based cost data on life insurance quotes collected for healthy, tobacco-free 35-year-old men and women seeking a 20-year, $250,000 policy.
How We Ranked The Cheapest Life Insurers
As part of our methodology process, our team obtained cost data directly from insurance providers in December 2023. The rates reflect term life insurance policies based on tobacco-free applicants of various ages qualifying for the preferred health rate class, or considered in good health. Sample applicants included male and female age groups ranging from age 18 to 70. For this review, we narrowed down cost profiles to tobacco-free male and female applicants between ages 35 and 45 since surveys show the median age of life insurance policyholders is 43 years old.
Based on our team’s analysis of cheap life insurance rates across 34 providers nationwide, the average cost of term life insurance is $32. We calculated this average based on quotes collected for 35- and 45-year-old men and women without a history of tobacco use applying for a policy with $250,000 in coverage. Insurers offering rates below this average ranked higher in our review than those with more expensive pricing.
Our team used cost data for term life insurance rates due to the variability of permanent life insurance products. Additionally, term life policies tend to have much lower rates than most permanent life products such as whole life and universal life.
MarketWatch Guides Tip
Keep in mind that online quotes are often preliminary prices based on minimal information. Most policies will require an underwriting process that includes a medical exam or review of recent medical records, research into driving history and evaluation of overall lifestyle. If the applicant is approved for coverage, the provider will offer a finalized, binding quote.
Cheap Life Insurance Companies in Detail
The life insurance industry features many providers that offer various policy types and coverage amounts to fit different budgets and financial goals. Here are our picks for cheap life insurance providers based on our analysis of term life policy rates.
Policies Offered
Term, whole, universal and variable universal
Why We Picked Penn Mutual
Established more than 175 years ago, Penn Mutual offers competitively priced term life plans for $20.71 per month, the lowest among all providers we reviewed. The company also offers a broad range of whole and universal life policies, or up to $7.5 million in no-exam coverage for those seeking an accelerated underwriting option. This process can help the healthiest applicants get approved for policies more quickly than with traditional underwriting.
An area in which Penn Mutual scored well in our review is having a variety of coverage types and offering 15 riders, allowing policyholders to customize their coverage. The company also stands out for customer satisfaction — state insurance departments reporting only one confirmed customer complaint to the NAIC out of more than $2 billion in premiums issued by the company. However, Penn Mutual’s website offers limited coverage information to consumers, and you cannot get quotes or purchase policies online, based on our experience.
Offers term life insurance policies of around $22 based on averages across various applicant profiles
Features a total of 15 riders across policy types
One of the lowest NAIC complaint indexes of the companies we reviewed
Offers limited coverage information to consumers on its website, based on our review
Doesn’t offer online quotes or policy purchases
Policy Types
Penn Mutual offers the following coverage options:
Term life insurance
Whole life insurance
Universal life insurance
Variable universal life insurance
Indexed universal life insurance
No-exam coverage
Cost
To estimate costs for a 20-year term policy with Penn Mutual, we based the rates below on a tobacco-free applicant considered in good health.
35-year-old man: $16
35-year-old woman: $14
45-year-old man: $31
45-year-old woman: $25
Maximum Coverage Amounts
Penn Mutual offers the following maximum coverage amounts for each type of life insurance policy:
Term life insurance: $7.5 million
Whole, universal, variable universal and indexed universal life insurance: $7.5 million or more*
*Penn Mutual assesses eligibility for coverage exceeding $3 million on an individual basis.
Policies Offered
Term and universal
Banner Life earned our pick for term life insurance and the second-cheapest provider on our list for offering average rates of $21.02 per month across a variety of applicant profiles — up to 50% lower than the national average. The company also offers seven options for its term life policies, including a 40-year term, compared to an average of three to five lengths offered by most competitors in our review. The advantage of a 40-year term policy is being able to lock in low rates at a younger age and have coverage well into your senior years. All of the company’s term life plans can get converted to permanent coverage, and it offers no-exam plans for up to $1 million.
Features term plans for $21 per month across multiple applicant profiles
Offers seven term life periods, more than any provider we reviewed
Holds an A+ financial strength rating from the credit rating agency AM Best
Does not offer whole life policies
Offers fewer riders than some competitors we reviewed, such as Nationwide
Policy Types
Banner Life offers the following types of life insurance policies:
Term life insurance
Universal life insurance
No-exam coverage options
Cost
After researching Banner Life’s rates, we estimated monthly premium costs for a 20-year term policy for a tobacco-free applicant who qualifies for the preferred health rate class.
35-year-old man: $16
35-year-old woman: $14
45-year-old man: $30
45-year-old woman: $24
Maximum Coverage Amounts
Banner Life offers the following maximum coverage amounts for its policies:
Term life insurance: $10 million or more*
Universal life insurance: You must speak directly with a Banner Life Insurance agent to discuss coverage amounts.
*Banner Life assesses eligibility for coverage exceeding $10 million on an individual basis.
Policies Offered
Term, whole and universal
Why We Picked Pacific Life
Pacific Life ranked third on our list of cheapest life insurance companies for offering term policy rates of $21.41 per month across sample applicants. This cost is between 30% to 50% lower than the national average, based on our data. The company offers numerous policy options and 13 available riders for coverage flexibility and customization. For example, term life customers can include up to $10,000 in coverage for each child from 15 days old to 18 years old by adding the Children’s Level Term Insurance Rider. Pacific Life complements its strong term life coverage with a diverse universal life portfolio, earning our pick as the best universal life company.
Offers the cheapest term life rates of companies we reviewed with an average of $21 across various applicant profiles
Received significantly fewer complaints than expected, based on NAIC data
Ranks well for customer satisfaction in J.D. Power’s 2023 Individual Life Insurance Study
Offers a variety of universal life coverage but no whole life policies
Customers cannot receive quotes or apply online, a potential drawback if you prefer digital processes
Policy Types
Pacific Life offers the following coverage options:
Term life insurance
Whole life insurance
Universal life insurance
Variable universal life insurance
Cost
To estimate the cost of coverage with Pacific Life, we requested rates for a 20-year term policy for a tobacco-free applicant considered in good health.
35-year-old man: $16
35-year-old woman: $14
45-year-old man: $30
45-year-old woman: $24
Maximum Coverage Amounts
Here are the maximum coverage amounts you can choose for a policy with Pacific Life:
Term life insurance: $3 million or more*
Whole, universal or variable universal life insurance: You must speak directly with a Pacific Life agent to discuss coverage amounts.
*Pacific Life assesses eligibility for coverage exceeding $3 million on an individual basis.
Policies Offered
Term, whole and universal
Why We Picked Transamerica
Transamerica offers average term life insurance rates of $21.46 per month, ranking fourth on our list of the cheapest companies. The company earned our pick for including living benefits for terminal, chronic or critical illness at no additional premium cost. Another strength is the company’s diverse plan portfolio, with policy options including term, whole, universal, indexed universal and indexed variable universal life insurance. Consumers interested in combining lifelong coverage with building investment income and retirement savings might consider Transamerica.
Offers average term life rates of around $21 across multiple applicant profiles, based on our calculations
Includes coverage limit of $10 million and up on selected term policies
Features a range of policy types, including term, whole and universal life products
No weekend customer support hours
Has a high NAIC complaint index of 3.20 out of a baseline of 1.0, compared to other companies on our list
Policy Types
Transamerica offers the following types of life insurance policies:
Term life insurance
Whole life insurance
Universal life insurance
Indexed universal life insurance
Indexed variable universal life insurance
Cost
To estimate the cost of a Transamerica plan, we requested rates for a 20-year term policy based on a tobacco-free applicant considered in good health and qualifying for the preferred rate health class.
35-year-old man: $16
35-year-old woman: $14
45-year-old man: $31
45-year-old woman: $25
Maximum Coverage Amounts
Transamerica offers the following coverage amounts with its policies:
Term life insurance: $10 million
Whole, universal, indexed universal and indexed variable universal life insurance: You must speak directly with a Transamerica agent to discuss coverage amounts.
Policies Offered
Term, whole, universal and variable universal
An all-around provider, MassMutual has term life rates about 13% below the national average, according to our research. With an average cost of $25.29, the company ranked fifth on our list of the cheapest life insurance. Plus, MassMutual offers six term length options, whereas most companies we reviewed offer between three and five. The company also offers a wide range of permanent life insurance options — making it our pick for permanent life insurance — including multiple universal life policies and a guaranteed issue plan intended to cover final expenses for those with pre-existing medical conditions.
Offers an average rate of $25 a month for term life coverage across multiple applicant profiles
Ranks high in J.D. Power’s annual customer satisfaction survey
Holds the highest possible financial strength score from the credit rating agency AM Best
Most policies require a medical exam, a potential drawback for applicants who value convenience
Doesn’t offer online quotes for all term life policies
Policy Types
MassMutual offers the following types of life insurance policies:
Term life insurance
Whole life insurance
Universal life insurance
Variable universal life insurance
No-exam final expense life insurance
Cost
To give you an idea of what MassMutual policyholders might pay for term coverage, we based the rates below on a 20-year policy for a tobacco-free applicant considered in good health.
35-year-old man: $19
35-year-old woman: $17
45-year-old man: $37
45-year-old woman: $29
Maximum Coverage Amounts
MassMutual offers the following coverage amounts with its life insurance policies:
Term life insurance: $10 million
Whole, universal, indexed universal and indexed variable universal life insurance: You must speak directly with a MassMutual agent to discuss coverage amounts.
Policies Offered
Term, whole, universal and variable universal
Nationwide ranked sixth in our review of cheap life insurance companies for offering term policy pricing of about $26 per month, about 19% below the national average. Consumers can apply for up to $1.5 million in term coverage without taking a medical exam for the Nationwide Life Essentials plan, which could appeal to customers who want to get coverage quickly.
Nationwide is typically our pick for the best whole life insurance company for offering two payment options. Customers can accumulate cash value faster by paying off their policy in 20 years or paying smaller, fixed premiums until age 100. The company also offers an exam-free simplified whole life policy for people who want to cover final expenses with smaller death benefit amounts.
Sets term life insurance rates of around $25 based our average calculation across various applicant profiles
Has strong customer satisfaction rankings from independent sources such as J.D. Power
Offers 12 riders to allow policyholders to customize their plans
Website doesn’t offer a live chat feature
Limits new term life policies to people under 70 years old
Policy Types
Nationwide offers the following types of life insurance policies:
Term life insurance
Whole life insurance
Universal life insurance
Variable universal life insurance
No-exam final expense life insurance
Cost
To give you sample rates for Nationwide plans, we based the monthly costs below on a 20-year term policy for a tobacco-free applicant considered in good health.
35-year-old man: $21
35-year-old woman: $18
45-year-old man: $35
45-year-old woman: $32
Maximum Coverage Amounts
Term life insurance: No maximum as long as the amount is reasonable for the applicant’s age, income and lifestage.
Whole, universal, and variable universal life insurance: You must speak directly with a Nationwide agent to discuss coverage amounts.
Policies Offered
Term, whole and universal
Why We Picked Mutual of Omaha
Mutual of Omaha has the highest term life insurance cost of the providers on our list at $27.15 per month, it still offers rates about 15% lower than the national average, based on our cost analysis. Mutual of Omaha also earned our pick for offering exam-free options for term and whole life policies, which can benefit those with pre-existing conditions or who want a faster underwriting decision. The insurer complements this feature with strong financial strength and customer service ratings from third-party companies such as AM Best and J.D. Power.
Offers term life rates of around $27 based on averages we calculated across various applicant profiles
Holds an A+ financial strength score from AM Best
Offers a variety of no-exam policy options
Customers must speak with an agent to get quotes for term policies
Does not offer quotes for term life policies online
Policy Types
Mutual of Omaha offers the following life insurance policies:
Cost
To get an idea of how much Mutual of Omaha policyholders might pay, we based the rates below on a 20-year term policy for a tobacco-free applicant in good health who qualifies for the preferred rate class.
35-year-old man: $20
35-year-old woman: $18
45-year-old man: $40
45-year-old woman: $31
Maximum Coverage Amounts
Mutual of Omaha offers the following coverage amounts for its life insurance policies:
Term life insurance: $300,000 for Term Life Express*
Guaranteed issue whole life insurance: $25,000
Universal and indexed universal life insurance: You must speak directly with a Mutual of Omaha agent to discuss coverage amounts.
*You must speak directly with an agent to discuss maximum amounts for Term Life Answers. The policy minimum for Term Life Answers is $100,000.
Affordable Life Insurance Rates
Based on our research, the monthly cost of term life insurance is $22 for a 35-year-old and $42 for a 45-year-old seeking a 20-year term life policy with $250,000 in coverage. The cost of a life insurance policy can vary based on several factors, including an applicant’s age, amount of coverage and health. To determine the average prices, we secret-shopped to obtain quotes for various policy types, coverage amounts and policyholder ages.
These costs reflect term life insurance pricing based on tobacco-free male and female applicants who qualify for the preferred health rate class.
Cheapest Rates for Women
Women pay lower premiums for life insurance, on average, because they have an average life expectancy nearly six years longer than men. In our survey of 1,000 policyholders, 46% of females with term life said they paid less than $50 per month, but only 20% of male participants paid less than $50. Here are the average affordable monthly term life insurance rates for female applicants.
Cheapest Rates for Men
According to our 2024 survey of 1,000 life insurance policyholders nationwide, 20% of male respondents who own a term life policy reported paying less than $50 a month, while 43% pay more than $100 per month. Below, view affordable monthly term life insurance rates for male applicants based on quotes our team collected.
Cheapest Rates for Seniors
Although life insurance rates increase with age, the following companies provide the best rates for senior life insurance, based on our research. According to a recent survey conducted by the insurance trade association LIMRA, 81% of baby boomers, or people born between 1946 and 1964, said they would research online before purchasing life insurance. The chart below outlines sample cheap life insurance rates for seniors across our top companies.
Cheapest Rates for Smokers
Life insurance rates for smokers and those who use tobacco or vape products can be as much as three times higher than rates for non-smokers. According to our February 2024 survey, 53% of policyholders who smoke said they paid $50 to $100 per month for 10 to 20-year term life insurance policies. Use the table below to compare life insurance rates for women who smoke across our top providers.
According to our cost data, men who smoke will pay 25% to 35% more for the exact same life insurance policy than female smokers of the same age.
The Cheapest Types of Life Insurance
The cheapest type of life insurance is term life insurance, especially when compared to permanent life insurance which can be significantly more expensive. According to our 2024 survey, 68% of term life policyholders said they pay less than $100 per month across coverage amounts. Here are the two major reasons a term life policy is cheaper:
It’s temporary: Unlike permanent life insurance, term life has a defined end date — typical term life periods are between 10 and 30 years. A permanent life insurance policy is guaranteed to pay a death benefit if you continue to pay the premiums.
It has no cash value: Permanent life insurance policies such as whole life and universal life feature a cash value component that offers living benefits to policyholders. Once a term life policy expires, your coverage ends without benefits unless you decide to renew.
MarketWatch Guides Tip
If you’re working within a strict budget and need financial protection for a defined number of years, consider term life insurance. According to recent data from Policygenius, whole life insurance rates can increase to 10 to 15 times higher than term life rates for the same coverage amount.
Compare Types of Life Insurance From the Most Affordable Companies
Each provider offers a range of policies in their coverage portfolio. Here are the types of plans offered by the companies in our review.
How To Get a Cheap Life Insurance Policy
Major factors that determine the cost of life insurance premiums include your age, health status, lifestyle, and the type and amount of coverage you select. Here are some ways to possibly lower your rates:
Consider term coverage: Term life insurance is considerably more affordable than whole life insurance. Studies conducted by Policygenius in 2023 showed a healthy 35-year-old policyholder paying approximately $30 per month for a 20-year term plan with $500,000 in coverage. That rate increased to $571 for a whole life policy with the same amount of life insurance.
Read more: Best rated whole life insurance
Apply when you’re younger: If you think you might need life insurance, it is advantageous to buy coverage early rather than wait. Based on our market research, term rates more than double between the ages of 25 and 45 for the same coverage amount.
Tobacco use: Staying tobacco-free can keep your life insurance rates lower. Of the companies we reviewed, a healthy 35-year-old who does not use tobacco can expect to pay an average rate of $30 per month for $500,000 in coverage and a 20-year term. If that 35-year-old were in the same health class but also used tobacco, he would pay an average rate of more than $100 a month for the same coverage amount.
Maintaining your health: Applicants with pre-existing conditions such as high blood pressure and high cholesterol or being overweight typically face higher life insurance rates. Lowering your blood pressure for a sustained period or losing weight — and keeping it off — could help you become eligible for a lower rate class.
Group Life Insurance
Many employers provide employees free or low-cost group life insurance as part of their benefits package, with the option to purchase additional coverage at the employee’s expense.
Group life insurance can provide a valuable company benefit, but such policies may not offer enough coverage to meet an employee’s insurance needs. Here are some pros and cons to consider:
Pros
Offers lower and sometimes free premiums than individual life insurance policies
You typically don’t have to undergo a medical exam to obtain coverage
Cons
Policies generally offer smaller coverage amounts than other options, such as individual term life insurance
Coverage expires when you leave the company
Plans typically have no cash value
How To Choose an Affordable Life Insurance Company
While cost is an important consideration as you research life insurance companies, it shouldn’t be the only factor you think about. Here are some other tips
See what customers say: If you are looking for a company that values its customers, seeing how other consumers evaluate a provider can offer beneficial insights. J.D. Power’s annual customer satisfaction study and the NAIC complaint index are respected and trustworthy sources for measuring customer satisfaction with life insurers.
Consider financial strength: You want to know if a company can pay a death benefit to your loved ones if the unexpected happens. Credit rating agency AM Best assigns financial strength letter grades to life insurers that assess their ability to pay claims.
Research coverage options: Once you figure out your coverage needs, you can investigate which companies offer products that fit. Most companies also offer a selection of riders, which are provisions you can add to a standard policy for extra coverage.
Compare quotes: Try to get preliminary quotes based on your age and the type and amount of coverage you want. Keep in mind that providers consider each applicant individually based on underwriting guidelines that consider factors such as overall health, lifestyle, tobacco use and family medical history.
MarketWatch Guides Tip
Shopping for life insurance when you’re younger can help you lock in the lowest rates possible. According to our cost research, average rates double between ages 40 and 50, and then double again between ages 50 to 60, based partially on the likelihood of developing major health conditions. Insurance companies could classify you in a higher-cost rating class or disqualify you altogether if underwriters determine you are a major health risk.
Is Cheap Life Insurance Worth It
Yes, cheap life insurance is worth it as long as you select the type and amount of coverage that suits your needs. Each company we featured in this guide not only has affordable rates but also scores well overall compared to the 34 life insurers we reviewed nationwide when determining our list.
Every insurance provider has a proprietary underwriting process to determine coverage eligibility and premium costs. It’s possible to find the same coverage from 10 different insurers at 10 slightly different price points. To ensure that you find the best affordable coverage to suit your needs we recommend requesting multiple quotes and consulting a licensed professional.
ASK THE EXPERTS: Is Cheap Life Insurance Worth It?
“A cheap life insurance policy may be sufficient, but it depends completely on your needs. Many term life insurance policies are affordable. If you already have coverage through a spouse or some other form of group coverage, you may only need a small policy that does not cost a lot.
But if you have a lot of financial obligations that would need to be covered — such as outstanding student loans, a mortgage or young children who will need college funds — life insurance is not something we would recommend you cut corners on. It would be better to ensure you have a plan with enough coverage for everything you need than to save a few cents now, especially when you can probably get a term life insurance plan that is cheap and still provides everything you need.”
ASK THE EXPERTS: Is Cheap Life Insurance Worth It?
“Yes, cheap life insurance is absolutely worth it. Just like cheap car insurance would allow you to get from point A to point B, having something cheap is better than nothing. However, before you purchase cheap life insurance, you’ll want to understand what you’re buying and whether or not it’s the right product for you and your family. What is most important is that you have some coverage to protect your family when life ultimately happens.”
ASK THE EXPERTS: Is Cheap Life Insurance Worth It?
“Absolutely, a cheap life insurance policy is worth it. Imagine this: for a few dollars a month, you can ensure your loved ones are taken care of when you’re no longer around. No other asset class allows you to pay a small premium and guarantee a substantial, tax-free inheritance. Plus, with the right policy and carrier, you can receive living benefits you can use while you’re still alive. It’s better to have some coverage than none at all, and a budget-friendly policy can provide peace of mind and financial security.”
ASK THE EXPERTS: Is Cheap Life Insurance Worth It?
“A cheap life insurance policy may be the best financial investment you [can] make for your loved ones. A life insurance policy is simply the purchase of a large sum of money at a discounted price with the promise the money will be paid to your beneficiaries in the event of your death.
With cheap term life insurance, you can literally purchase dollars for pennies or, maybe better put, thousands of dollars for mere dollars. If you have anyone who depends upon you for financial support or even if you just have a favorite charity, a cheap life insurance policy can bring peace of mind, personal satisfaction and financial security for your loved ones — making it worth the relatively few dollars you will spend on it each month.”
ASK THE EXPERTS: Is Cheap Life Insurance Worth It?
“In most instances, term life insurance stands out as the most cost-effective life insurance option for both individuals and families. Is it a worthwhile investment? Absolutely. Unless an individual has achieved financial independence, rendering a life insurance policy unnecessary, it remains crucial to protect their loved ones by transferring the risk of premature death to an insurance company.
How cost-effective is term insurance? Here’s a quick example:
Let’s assume a 36-year-old individual has a $1 million, 20-year, level-premium term policy with a $350 annual premium. If the individual dies in the last year of the policy, the most they would have paid is $7,000, with an effective cost of 0.70%.”
ASK THE EXPERTS: Is Cheap Life Insurance Worth It?
“A cheap life insurance policy may be sufficient, but it depends completely on your needs. Many term life insurance policies are affordable. If you already have coverage through a spouse or some other form of group coverage, you may only need a small policy that does not cost a lot.
But if you have a lot of financial obligations that would need to be covered — such as outstanding student loans, a mortgage or young children who will need college funds — life insurance is not something we would recommend you cut corners on. It would be better to ensure you have a plan with enough coverage for everything you need than to save a few cents now, especially when you can probably get a term life insurance plan that is cheap and still provides everything you need.”
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Frequently Asked Questions About Cheap Life Insurance
What is the cheapest life insurance you can get?
Term life insurance is typically the cheapest type of life insurance available and is much more affordable than permanent life insurance. Whole life insurance policies guarantee a payout for the policyholders’ beneficiaries, which increases the financial risk the insurance company takes on. This can make whole life coverage prohibitively expensive.
How do I get cheap life insurance?
There are a few ways to get cheap life insurance, based on our team’s research. Since premiums are related to your life expectancy, maintaining good health and being a non-smoker can lead to lower rates. You can also opt for a term policy and compare coverage options before buying to find affordable coverage.
How much is life insurance per month?
According to our cost data, a 20-year term life insurance policy with $250,000 in coverage costs between $14 and $30 per month. Our team calculated this average by requesting quotes from the companies in this review across various applicant age profiles. Your customized price will depend primarily on your age, health, type of policy and amount of coverage.
Which life insurance is the cheapest?
Our recommended provider for affordable life insurance coverage is Penn Mutual. Based on our cost research, Penn Mutual offers rates that average $20.71 per month for male and female applicants considered in good health for 20-year, $250,000 term life policies. Banner Life, Pacific Life and Transamerica offer rates of just over $21 per month based on the same applicant profiles.
How does life insurance work?
Life insurance works by providing your beneficiaries with a payout if you die known as a death benefit. The death benefit can be used for any purpose your beneficiaries choose, however, your beneficiaries only get paid out if your policy is in-force when you pass away and you have paid the required premiums while you’re alive.
Methodology: Our System for Rating Cheap Life Insurance Companies
Our goal at the MarketWatch Guides team is to provide you with comprehensive, unbiased recommendations you can trust. To rank the cheapest life insurance companies, we requested quotes directly from each provider for a 20-year, $250,000 term life policy for men and women aged 35 to 45. After calculating an average cost of $32 among the 34 total providers we received quotes for, we reviewed companies with lower-than-average rates based on the following criteria to ensure trustworthiness and reliability:
Cost: As mentioned above, cost was the main factor when selecting our list of the cheapest life insurance companies.
Coverage: We evaluated factors such as the types and number of plans offered, maximum age limits and coverage amounts, availability of riders and no-exam options.
Brand trust: We assessed companies based on customer satisfaction ratings from J.D. Power and the NAIC complaint index, and considered financial strength based on scores from the credit rating agency AM Best.
Customer convenience: We rated companies based on the number of communication methods available to policyholders for customer support and filing claims. We also looked at the availability of ways to receive quotes and complete applications — for instance, via an in-person agent, by phone or online.
Survey insights: We surveyed 1,000 life insurance policyholders in 2024 on such factors as the companies they chose, the type and cost of their plan, and the most important factors when choosing a life insurance policy. We then used that information to inform our ratings for cheap life insurance coverage across different consumer profiles.
We used the above factors to determine an overall company score on a 5-star rating scale. Only companies with at least a 4-star rating in our methodology earned a spot on our list of the cheapest life insurance companies.
To learn more, read our full life insurance methodology for reviewing and scoring providers.
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