Cheapest Life Insurance Companies for July 2024
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Cheap life insurance isn't out of reach, especially if you're healthy. Compare rates from a range of carriers, and apply as soon as you identify a need for coverage — such as when you take on a new financial obligation, like getting a mortgage or having a child.
To get started, here’s a breakdown of some of the cheapest life insurance companies by age, gender, rate class and policy type.
Methodology: These rates are based on analysis by Covr Financial Technologies, an online life insurance brokerage that works with more than 28 life insurance companies. Covr analyzed data from the 10 term life insurance carriers that it considers most competitive for low prices. For final expense policies, Covr considered five companies. Covr’s analysis does not include insurers that primarily sell directly to consumers or through agents dedicated to a single company.
Cheapest term life insurance companies for July 2024
Term life insurance is the cheapest type of life insurance policy; the cost of whole life insurance can be significantly higher. With that in mind, here are some of the cheapest companies for a 20-year, $500,000 term life insurance policy covering super preferred applicants.
“Super preferred" is a term insurers use to describe applicants who pose the least risk — typically nonsmokers in excellent health who meet certain additional criteria.
» MORE: Average life insurance rates
Cheapest monthly rates for a super preferred male
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 | Age 70 |
|---|---|---|---|---|---|---|
Banner Life | $18 | $19 | $30 | $69 | $200 | $790 |
Protective | $18 | $19 | $28 | $69 | $200 | $790 |
Corebridge Financial (formerly AIG Life) | $18 | $19 | $28 | $69 | $200 | $852 |
Pacific Life | $18 | $19 | $28 | $70 | $201 | N/A |
Transamerica | $19 | $19 | $28 | $71 | $251 | $852 |
Securian Financial | $22 | $22 | $31 | $87 | $235 | N/A |
MassMutual | $23 | $24 | $33 | $83 | $231 | N/A |
Mutual of Omaha | $24 | $24 | $37 | $93 | $274 | N/A |
Prudential | $25 | $26 | $37 | $81 | $254 | N/A |
Lincoln Financial | $27 | $29 | $44 | $86 | $222 | $836 |
Source: Covr Financial Technologies. Rates generated on 6/18/24. | ||||||
Cheapest monthly rates for a super preferred female
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 | Age 70 |
|---|---|---|---|---|---|---|
Corebridge Financial (formerly AIG Life) | $15 | $16 | $24 | $55 | $141 | $701 |
Banner Life | $15 | $16 | $24 | $54 | $140 | $697 |
Protective | $15 | $16 | $24 | $54 | $140 | $697 |
Pacific Life | $15 | $16 | $24 | $55 | $141 | N/A |
Transamerica | $16 | $16 | $24 | $55 | $202 | $697 |
Prudential | $18 | $22 | $32 | $64 | $178 | N/A |
Securian Financial | $19 | $18 | $27 | $62 | $153 | N/A |
MassMutual | $19 | $20 | $29 | $64 | $157 | N/A |
Mutual of Omaha | $20 | $20 | $32 | $69 | $189 | N/A |
John Hancock | $21 | $24 | $37 | $72 | $192 | N/A |
Source: Covr Financial Technologies. Rates generated on 6/18/24. | ||||||
Cheapest life insurance companies for preferred applicants
Here are some of the cheapest monthly rates for a 20-year, $500,000 term life insurance policy covering a preferred applicant. The term “preferred” refers to a nonsmoking applicant in good health who poses minimal risk to the insurer.
Cheapest monthly rates for a preferred male
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 | Age 70 |
|---|---|---|---|---|---|---|
Corebridge Financial (formerly AIG Life) | $21 | $24 | $35 | $83 | $226 | $935 |
Banner Life | $21 | $24 | $35 | $83 | $225 | $929 |
Protective | $23 | $24 | $35 | $83 | $225 | $929 |
Pacific Life | $23 | $24 | $35 | $83 | $226 | N/A |
Securian Financial | $29 | $29 | $39 | $95 | $269 | N/A |
MassMutual | $29 | $30 | $42 | $99 | $268 | N/A |
Mutual of Omaha | $30 | $30 | $45 | $110 | $321 | N/A |
Transamerica | $32 | $24 | $55 | $121 | $309 | $929 |
John Hancock | $32 | $33 | $51 | $106 | $282 | N/A |
Prudential | $33 | $32 | $45 | $97 | $308 | N/A |
Source: Covr Financial Technologies. Rates generated on 6/18/24. | ||||||
Cheapest monthly rates for a preferred female
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 | Age 70 |
|---|---|---|---|---|---|---|
Corebridge Financial (formerly AIG Life) | $18 | $19 | $29 | $65 | $160 | $756 |
Banner Life | $18 | $19 | $29 | $65 | $160 | $736 |
Protective | $18 | $19 | $29 | $65 | $160 | $736 |
Pacific Life | $18 | $19 | $30 | $65 | $161 | N/A |
Transamerica | $19 | $19 | $30 | $65 | $224 | $752 |
Prudential | $21 | $25 | $36 | $75 | $211 | N/A |
Securian Financial | $22 | $24 | $33 | $73 | $183 | N/A |
MassMutual | $23 | $24 | $35 | $77 | $189 | N/A |
John Hancock | $24 | $27 | $44 | $86 | $232 | N/A |
Mutual of Omaha | $25 | $25 | $38 | $81 | $227 | N/A |
Source: Covr Financial Technologies. Rates generated on 6/18/24. | ||||||
Cheapest term life insurance companies for smokers for 2024
Smokers pay more for life insurance because of the health risks associated with tobacco use. For a smoker in otherwise good health, these are among the cheapest monthly rates for a 20-year, $500,000 term life insurance policy. "Preferred smoker" is a term for applicants who — smoking aside — fit the criteria of the "preferred" category.
Cheapest monthly rates for a preferred male smoker
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|---|
Banner Life | $63 | $66 | $121 | $294 | $716 |
Corebridge Financial (formerly AIG Life) | $64 | $66 | $121 | $294 | $716 |
Transamerica | $64 | $68 | $128 | $297 | $745 |
Securian Financial | $65 | $77 | $136 | $357 | $781 |
Pacific Life | $65 | $74 | $131 | $307 | $762 |
MassMutual | $71 | $84 | $145 | $350 | $813 |
Prudential | $78 | $93 | $157 | $366 | $891 |
John Hancock | $81 | $88 | $145 | $405 | $1,256 |
Mutual of Omaha | $91 | $92 | $149 | $362 | $894 |
Nationwide | $98 | $84 | $146 | $371 | $886 |
Source: Covr Financial Technologies. Rates generated on 6/18/24. | |||||
Note: These insurers don't offer term coverage for smokers ages 70 or older. | |||||
Cheapest monthly rates for a preferred female smoker
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|---|
Corebridge Financial (formerly AIG Life) | $47 | $54 | $97 | $215 | $493 |
Transamerica | $48 | $55 | $101 | $218 | $512 |
Banner Life | $49 | $54 | $97 | $215 | $493 |
Securian Financial | $49 | $63 | $102 | $244 | $525 |
Pacific Life | $51 | $59 | $102 | $220 | $566 |
Prudential | $54 | $71 | $121 | $275 | $613 |
MassMutual | $55 | $67 | $111 | $254 | $575 |
John Hancock | $60 | $71 | $118 | $287 | $756 |
Mutual of Omaha | $74 | $83 | $113 | $258 | $618 |
Protective | $79 | $88 | $159 | $352 | $892 |
Source: Covr Financial Technologies. Rates generated on 6/18/24. | |||||
Note: These insurers don't offer term coverage for smokers ages 70 or older. | |||||
Cheapest life insurance companies for smokers in fair health
These are a few of the cheapest insurers for applicants who fall into the “standard smoker” category. Standard smokers are people in moderate health who smoke and may pose other risks to the insurer. The monthly rates below are for a 20-year, $500,000 term life insurance policy.
Cheapest monthly rates for a standard male smoker
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|---|
Corebridge Financial (formerly AIG Life) | $66 | $82 | $167 | $367 | $907 |
Banner Life | $66 | $82 | $167 | $367 | $907 |
Transamerica | $86 | $83 | $175 | $371 | $930 |
Securian Financial | $89 | $100 | $186 | $442 | $999 |
Pacific Life | $89 | $99 | $180 | $410 | $975 |
MassMutual | $96 | $102 | $198 | $437 | $1,009 |
Protective | $102 | $112 | $195 | $490 | $1,016 |
Prudential | $102 | $119 | $214 | $497 | $1,117 |
Mutual of Omaha | $113 | $119 | $199 | $463 | $1,035 |
John Hancock | $128 | $156 | $275 | $646 | $1,535 |
Source: Covr Financial Technologies. Rates generated on 6/18/24. | |||||
Note: These insurers don't offer term coverage for smokers ages 70 or older. | |||||
Cheapest monthly rates for a standard female smoker
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|---|
Corebridge Financial (formerly AIG Life) | $55 | $67 | $119 | $281 | $638 |
Transamerica | $55 | $67 | $121 | $288 | $652 |
Banner Life | $60 | $67 | $119 | $281 | $638 |
Pacific Life | $60 | $72 | $138 | $299 | $719 |
Securian Financial | $64 | $75 | $131 | $313 | $695 |
MassMutual | $64 | $81 | $142 | $317 | $681 |
Protective | $79 | $88 | $159 | $352 | $892 |
Mutual of Omaha | $93 | $99 | $148 | $330 | $728 |
Nationwide | $96 | $92 | $156 | $324 | $691 |
John Hancock | $101 | $122 | $201 | $423 | $913 |
Source: Covr Financial Technologies. Rates generated on 6/18/24. | |||||
Note: These insurers don't offer term coverage for smokers ages 70 or older. | |||||
Cheapest final expense companies for 2024
If you’re in the market for no medical exam life insurance, these companies have some of the cheapest monthly rates for a $10,000 final expense policy. Also known as burial insurance, final expense policies skip both the health questionnaire and medical exam and are often capped at low amounts of coverage.
Cheapest final expense companies for a male
Carrier | Age 50 | Age 60 | Age 70 | Age 80 |
|---|---|---|---|---|
Cincinnati Life Insurance Company | $27 | $41 | $72 | $130 |
Mutual of Omaha | $31 | $44 | $75 | $140 |
Protective Life | $31 | $50 | $80 | N/A |
Source: Covr Financial Technologies. Rates generated on 6/18/24. | ||||
Cheapest final expense companies for a female
Carrier | Age 50 | Age 60 | Age 70 | Age 80 |
|---|---|---|---|---|
Mutual of Omaha | $24 | $33 | $53 | $98 |
Cincinnati Life Insurance Company | $24 | $36 | $60 | $103 |
Protective Life | $26 | $41 | $64 | N/A |
Source: Covr Financial Technologies. Rates generated on 6/18/24. | ||||
» MORE: Best burial insurance companies
A closer look at these companies
Read full reviews of the insurers Covr Financial Technologies analyzed to learn more about their policy options, pros and cons. NerdWallet’s life insurance ratings take into account financial strength, customer complaint ratios and consumer experience.
Company and review | NerdWallet rating |
|---|---|
Cincinnati Life Insurance | |
Mutual of Omaha life insurance review. (United of Omaha's parent company) | |
Learn about the best life insurance companies in 2024
Use our tool to find the best life insurance companies across a range of policy types:
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
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