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.
- A note about sample rates
Although these rates are not representative of the entire life insurance market, they can give you an idea of what to expect as you compare life insurance quotes. Many factors affect life insurance prices, and your rates are likely to be different from the sample rates shown below.
Learn more about the companies Covr analyzed by reading NerdWallet's reviews.
Cheapest term life insurance companies for 2025
Term life insurance is the cheapest type of life insurance; 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 |
|---|---|---|---|---|---|---|
Corebridge Financial (formerly AIG Life) | $18.26 | $18.68 | $29.21 | $69.46 | $205.29 | $851.76 |
Banner Life | $18.35 | $18.77 | $29.75 | $69.42 | $199.55 | $790.16 |
Protective | $18.36 | $18.78 | $28.40 | $69.43 | $199.55 | $790.17 |
Pacific Life | $18.41 | $18.82 | $28.42 | $69.87 | $200.73 | N/A |
Transamerica | $19.13 | $19.13 | $28.48 | $70.98 | $250.75 | $852.13 |
Securian Financial | $21.93 | $22.42 | $31.18 | $87.12 | $235.40 | N/A |
Mutual of Omaha | $23.87 | $23.87 | $37.20 | $92.67 | $273.70 | N/A |
MassMutual | $25.24 | $25.24 | $36.11 | $85.27 | $238.39 | N/A |
Prudential | $25.38 | $26.25 | $37.19 | $81.38 | $253.75 | N/A |
Lincoln Financial | $26.51 | $29.20 | $43.64 | $86.49 | $221.99 | $835.57 |
Source: Covr Financial Technologies. Rates generated on 12/04/24. | ||||||
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) | $14.94 | $15.77 | $25.01 | $55.57 | $140.52 | $701.00 |
Banner Life | $15.01 | $15.84 | $23.95 | $54.47 | $140.45 | $697.25 |
Protective | $15.02 | $15.85 | $23.96 | $54.48 | $140.46 | $697.26 |
Pacific Life | $15.06 | $15.89 | $24.00 | $54.81 | $141.34 | N/A |
Transamerica | $15.73 | $16.15 | $24.23 | $55.25 | $202.30 | $697.43 |
Prudential | $18.38 | $22.32 | $32.38 | $64.32 | $178.07 | N/A |
Securian Financial | $18.70 | $18.48 | $26.84 | $62.04 | $153.12 | N/A |
MassMutual | $20.02 | $20.45 | $29.59 | $64.82 | $163.13 | N/A |
Mutual of Omaha | $20.43 | $20.43 | $31.61 | $69.02 | $189.42 | N/A |
John Hancock | $21.36 | $23.91 | $37.11 | $71.56 | $191.96 | N/A |
Source: Covr Financial Technologies. Rates generated on 12/04/24. | ||||||
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) | $20.58 | $23.64 | $34.97 | $87.12 | $231.91 | $934.57 |
Banner Life | $20.70 | $23.77 | $35.17 | $83.11 | $225.03 | $929.30 |
Protective | $23.01 | $23.78 | $35.18 | $83.12 | $225.04 | $929.31 |
Pacific Life | $23.17 | $23.96 | $35.42 | $83.18 | $226.41 | N/A |
Securian Financial | $29.04 | $29.04 | $39.16 | $95.34 | $268.84 | N/A |
Mutual of Omaha | $30.32 | $30.32 | $44.51 | $109.87 | $320.57 | N/A |
MassMutual | $31.33 | $31.76 | $44.38 | $102.67 | $291.02 | N/A |
Transamerica | $31.88 | $24.23 | $36.00 | $121.26 | $308.74 | $929.48 |
John Hancock | $32.46 | $32.96 | $51.26 | $106.01 | $281.76 | N/A |
Prudential | $32.82 | $32.38 | $45.07 | $97.13 | $308.00 | N/A |
Source: Covr Financial Technologies. Rates generated on 12/04/24. | ||||||
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) | $17.86 | $18.68 | $29.13 | $64.55 | $168.15 | $756.01 |
Banner Life | $17.95 | $18.79 | $29.29 | $64.50 | $160.39 | $736.16 |
Protective | $17.96 | $18.79 | $29.30 | $64.51 | $160.40 | $736.17 |
Pacific Life | $18.10 | $18.95 | $29.51 | $64.91 | $161.37 | N/A |
Transamerica | $18.70 | $19.13 | $29.75 | $65.03 | $224.40 | $752.25 |
Prudential | $20.57 | $25.38 | $35.88 | $74.82 | $211.32 | N/A |
Securian Financial | $22.37 | $23.75 | $33.45 | $73.24 | $183.11 | N/A |
MassMutual | $22.63 | $23.93 | $35.24 | $78.74 | $199.67 | N/A |
John Hancock | $24.31 | $27.36 | $43.71 | $86.31 | $232.41 | N/A |
Mutual of Omaha | $24.73 | $24.73 | $37.63 | $81.49 | $226.83 | N/A |
Source: Covr Financial Technologies. Rates generated on 12/04/24. | ||||||
More Nerdy Perspective
Since life insurance is a long-term commitment, treat it like a big-ticket purchase. Shop around and get quotes from three to five insurers to make sure you’re getting the best possible coverage for the best possible price. There are almost 800 life insurers in the U.S. competing for your business — my advice is to let them!
Cheapest term life insurance companies for smokers for 2025
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 | $64.00 | $68.00 | $126.00 | $297.00 | $745.00 |
Transamerica | $64.18 | $68.00 | $128.35 | $297.08 | $745.45 |
Corebridge Financial (formerly AIG Life) | $64.63 | $67.60 | $125.20 | $295.32 | $741.06 |
Securian Financial | $65.01 | $77.44 | $136.40 | $356.84 | $780.56 |
Pacific Life | $65.02 | $73.52 | $131.32 | $306.84 | $762.44 |
MassMutual | $73.09 | $87.88 | $167.48 | $394.12 | $957.88 |
Prudential | $77.88 | $92.75 | $156.63 | $365.75 | $890.75 |
John Hancock | $80.51 | $87.96 | $145.21 | $405.41 | $1,255.66 |
Mutual of Omaha | $90.52 | $91.81 | $149.00 | $362.28 | $893.76 |
Nationwide | $98.44 | $84.44 | $145.69 | $371.00 | $885.50 |
Source: Covr Financial Technologies. Rates generated on 12/04/24. | |||||
Cheapest monthly rates for a preferred female smoker
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|---|
Corebridge Financial (formerly AIG Life) | $47.74 | $54.50 | $100.13 | $216.32 | $508.69 |
Transamerica | $48.03 | $54.83 | $100.73 | $217.60 | $511.70 |
Securian Financial | $48.68 | $62.92 | $101.79 | $243.76 | $524.92 |
Pacific Life | $50.99 | $58.64 | $101.57 | $220.14 | $566.07 |
Banner Life | $51.00 | $55.00 | $101.00 | $218.00 | $512.00 |
Prudential | $53.82 | $71.32 | $120.75 | $275.19 | $612.94 |
MassMutual | $56.99 | $74.39 | $124.85 | $275.80 | $624.67 |
John Hancock | $60.16 | $70.76 | $117.81 | $287.01 | $756.41 |
Mutual of Omaha | $74.18 | $82.78 | $113.31 | $257.79 | $617.70 |
Protective | $79.05 | $88.40 | $158.53 | $351.90 | $891.65 |
Source: Covr Financial Technologies. Rates generated on 12/04/24. | |||||
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) | $67 | $82 | $174 | $369 | $925 |
Banner Life | $67 | $83 | $175 | $371 | $930 |
Transamerica | $86 | $83 | $175 | $371 | $930 |
Securian Financial | $89 | $100 | $186 | $442 | $999 |
Pacific Life | $89 | $99 | $180 | $410 | $975 |
Protective | $102 | $112 | $195 | $490 | $1,016 |
Prudential | $102 | $119 | $214 | $497 | $1,117 |
MassMutual | $105 | $112 | $218 | $480 | $1,110 |
Mutual of Omaha | $113 | $119 | $199 | $463 | $1,035 |
John Hancock | $129 | $157 | $276 | $647 | $1,536 |
Source: Covr Financial Technologies. Rates generated on 12/04/24. | |||||
Cheapest monthly rates for a standard female smoker
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 |
|---|---|---|---|---|---|
Transamerica | $55 | $67 | $121 | $288 | $652 |
Corebridge Financial (formerly AIG Life) | $57 | $70 | $120 | $286 | $649 |
Banner Life | $60 | $67 | $121 | $288 | $652 |
Pacific Life | $60 | $72 | $138 | $299 | $719 |
Prudential | $63 | $88 | $159 | $366 | $759 |
Securian Financial | $64 | $75 | $131 | $313 | $695 |
MassMutual | $70 | $89 | $156 | $349 | $750 |
Protective | $79 | $88 | $159 | $352 | $892 |
Mutual of Omaha | $93 | $99 | $148 | $330 | $728 |
Nationwide | $96 | $92 | $156 | $324 | $691 |
Source: Covr Financial Technologies. Rates generated on 12/04/24. | |||||
Cheapest final expense companies for 2025
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 | $26.95 | $41.16 | $72.12 | $130.06 |
Mutual of Omaha | $30.68 | $43.76 | $74.61 | $139.73 |
Protective Life | $31.26 | $50.39 | $79.85 | N/A |
Gerber Life | $44.09 | $63.89 | $99.18 | $247.32 |
Source: Covr Financial Technologies. Rates generated on 12/04/24. | ||||
Cheapest final expense companies for a female
Carrier | Age 50 | Age 60 | Age 70 | Age 80 |
|---|---|---|---|---|
Mutual of Omaha | $24.31 | $32.87 | $53.24 | $98.43 |
Cincinnati Life Insurance | $24.35 | $36.44 | $60.46 | $103.22 |
Protective Life | $26.36 | $40.52 | $63.59 | N/A |
Gerber Life | $34.47 | $51.06 | $75.53 | $176.37 |
Source: Covr Financial Technologies. Rates generated on 12/04/24. | ||||
» 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 | |
Corebridge Financial life insurance review (formerly AIG Life). |
How we rate the best life insurance companies
✅ 441 life insurers reviewed
📝 185 policies assessed
🔢 1,315 data points analyzed
📊 Star rating categories
When NerdWallet evaluates life insurance companies, our editorial team considers the insurer's strengths and weaknesses, as well as the things that matter most to customers buying a long-term financial product. We then weigh these factors carefully:
💰 Financial strength (40%). We use AM Best ratings to confirm an insurer’s financial stability and ability to pay claims far into the future. The top life insurance companies have an exceptional financial strength rating of A+ or A++ (Superior).
🗣️ Consumer complaints (40%). Our top-rated life insurance companies have fewer than the expected number of complaints to state regulators over a three-year period, according to the National Association of Insurance Commissioners — so you can expect a smoother customer experience.
👀 Policy detail availability (10%). Our methodology gives higher scores to transparent insurers who clearly display information about their policy options, coverage amounts and term lengths (if applicable) on their site.
☎️ Ease of communication (10%). Insurers who allow consumers to contact them by email, phone and live chat earn the highest scores.
⭐ What our star ratings mean
Companies with 5 stars are exceptional, with strong financials, diverse policy lineups and great reputations for customer service.
Companies with 4.5 stars are excellent, with solid financials and policy offerings, and good customer service track records.
Companies with 4.0 stars are good, and potentially great for people looking for niche coverage options.
Companies with 3.5 stars or fewer could do better in certain categories, like financial strength and customer complaints.
NerdWallet does not receive compensation for our star ratings or our reviews. Read more about our life insurance ratings methodology and editorial guidelines.
Learn about the best life insurance companies in September 2025
Use our tool to find the best life insurance companies across a range of policy types:
