Cheap life insurance isn't out of reach, especially if you're healthy. Because rates are more affordable when you’re younger, you want to compare rates from several insurers and apply as soon as you identify a need for coverage. Milestones like taking on a new financial obligation, getting a mortgage or having a child are all times to consider getting life insurance or boosting your current coverage.
For this list of the cheapest life insurance companies, we examined rates from LifeStein.com, a life insurance brokerage that partners with more than 50 U.S. life insurers. Rates are based on a $500,000, 20-year term life insurance policy— the most common term length sold — for a 40-year old female or male non-smoker in good health.
All insurers on this list earned a NerdWallet rating of at least 4.5 out of five stars and sell term life policies that can be converted into permanent coverage.
Reviewed monthly. Last updated: December 2025.
Cheapest life insurance companies in 2026
Insurer | NerdWallet rating | Sample term life monthly rates |
|---|---|---|
Male: $28.03 Female: $23.78 | ||
Male: $28.04 Female: $23.79 | ||
Male: $28.04 Female: $23.79 | ||
Male: $28.42 Female: $24 | ||
Male: $31.33 Female: $26.18 | ||
Source: LifeStein.com. Rates reflect the preferred class and are valid as of November 6, 2025. | ||
NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not any of its term life insurance policies specifically. | ||
How much does life insurance usually cost?
These rates aren’t representative of the entire life insurance market, but they can give you a good idea of what to expect as you compare quotes. The average cost of a 20-year, $500,000 term life policy for a healthy 40-year-old is $26 a month. Note that men typically pay more for coverage as women have a longer life expectancy.
The most affordable life insurers in 2026
Bottom line: Banner Life offers long term life insurance policies lasting up to 40 years and has the lowest rates of the companies on this list.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term & permanent
About Banner Life’s cheap life insurance
💰 Banner Life sample monthly rates
Male: $28.03
Female: $23.78
Banner Life offers good value for term life insurance thanks to its exceptional financial strength, low volume of consumer complaints and affordable rates. Those strong financials are important for anyone looking at Banner’s 35- and 40-year term life policies — they indicate the company has the funds to pay out claims long into the future.
Policy name: OPTerm 20.
Age eligibility: 20 to 70.
Coverage amount: $100,000 to $5 million.
What to know about applying for a policy: You can get a quick quote for term life insurance on Banner’s website, but you’ll have to speak with an advisor when you’re ready to apply.
» Read full review: Banner life insurance
Bottom line: Backed by a Japanese insurance giant, this company offers a mix of term and permanent policies.
Rating Breakdown
Financial strength rating
Strong
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term, permanent & no-exam
About Symetra’s cheap life insurance
💰 Symetra sample monthly rates
Male: $28.04
Female: $23.79
Symetra offers an online term life policy with accelerated underwriting, meaning most people won’t need to take a medical exam. The cheapest rates are for Symetra SwiftTerm, which is offered in partnership with SelectQuote, a life insurance brokerage.
Policy name: Symetra SwiftTerm 20.
Age eligibility: 20 to 60.
Coverage amount: $100,000 to $5 million.
What to know about applying for a policy: To apply for SwiftTerm, you’ll be directed to SelectQuote’s portal, where an agent will help you fill out an application. You could be approved right away, but if you don’t qualify immediately Symtera might contact you to ask additional questions or ask for a medical exam.
» Read full review: Symetra life insurance
Bottom line: Protective Life offers a wide range of insurance policies, including term life sold through Costco. But you can’t buy its policies online.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term & permanent
About Protective Life’s cheap life insurance
💰 Protective Life sample monthly rates
Male: $28.04
Female: $23.79
Protective Life also offers 40-year term policies, and it’s unique for offering 10-, 20- and 30-year term life policies to Costco members. With excellent financials and a low rate of consumer complaints, term life policyholders can feel confident Protective Life will be able to pay out death benefits when the time comes.
Policy name: Classic Choice Term 20.
Age eligibility: 18 to 80 (18 to 75 for smokers).
Coverage amount: $100,000 to $50 million.
What to know about applying for a policy: Term life insurance quotes are available on Protective’s site, but you can’t buy a policy online. You’ll likely need to take a medical exam to lock in your coverage.
» Read full review: Protective life insurance
Bottom line: With high marks from consumers, lots of information available online and affordable rates, Pacific Life is a good option for many shoppers.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Far fewer than expected
Policies offered
Term & permanent
About Pacific Life’s cheap life insurance
💰 Pacific Life sample monthly rates
Male: $28.42
Female: $24.00
In addition to affordable term life rates, Pacific Life has an impressive range of life insurance offerings and lots of policy add-ons for those looking to customize coverage. Pacific Life’s website is also a breath of fresh air, with clear policy details front and center so shoppers can easily find what they need to make a decision.
Policy name: PL Promise Term 20.
Age eligibility: 18 to 80.
Coverage amount: $50,000 to $3 million.
What to know about applying for a policy: Though Pacific Life has a user-friendly site, it doesn’t support online quotes or digital applications. To take next steps, you’ll be asked to enter your zip code and choose a life insurance agent or financial professional from Pacific Life’s list.
» Read full review: Pacific life insurance
Bottom line: Guardian stands out for affordable rates and coverage for buyers living with health conditions.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term & permanent
About Guardian’s cheap life insurance
💰 Guardian Life sample monthly rates
Male: $31.33
Female: $26.18
Guardian Life is a mutual company with life insurance policies to cater to a range of shoppers. It stands out for offering affordable life insurance to people with certain health conditions, such as qualified HIV-positive applicants.
Policy name: Level Term 20.
Age eligibility: 18 to 75.
Coverage amount: $100,000 to $5 million.
What to know about applying for a policy: You can get an online quote for term life insurance, but you’ll have to connect with an agent to apply for a policy. And even though Guardian is supportive of people living with health issues, know you’ll probably need to take a medical exam.
» Read full review: Guardian life insurance
How we rate the best life insurance companies
✅ 445 life insurers reviewed
📝 210 policies assessed
🔢 1,515 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 (35%). 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 (35%). 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.
☎️ Consumer experience (20%). Insurers who allow consumers to contact them by email, phone and live chat earn the highest scores. The same goes for insurers who support online quotes, beneficiary changes and claims.
👀 Transparency (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.
⭐ 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.
What are the cheapest types of policies?
Term life insurance is usually the cheapest type of life insurance. To compare, whole life insurance — the most popular permanent policy — can be six to ten times more expensive.
Let’s look at a $500,000 whole life policy. A healthy, nonsmoking 40-year-old man might pay $5,525 a year for coverage, while a woman could pay $4,968 a year, according to LifeStein.com. For a 20-year term life policy worth the same amount, it would be $410 a year for men and $340 a year for women.
» MORE: Average life insurance rates
How to save on life insurance
You don’t always have control over some of the biggest factors that determine your life insurance rate, like your age. But there are a few things you can do to potentially get a more affordable premium.
Consider a term life policy first. Term life insurance is straightforward and does exactly what life insurance is intended to do. A 20- or 30-year policy should cover most of your working years when losing income might be an outsized financial burden on your family.
Take the medical exam. If you’re relatively healthy, you’re likely to be offered a better rate as the company has a more complete picture of who they’re insuring.
Don’t wait for a better time. Because rates for life insurance are mostly tied to your age, there’s no better time to buy a policy than right now. The longer you wait to address, the greater risk you run of developing a health condition that will affect the price of coverage.
Round up. Buying in bulk can pay off and life insurance is no exception. There are benefit tiers of coverage that earn premium discounts, so ask what those are and see if you can round up to earn more coverage for a similar cost.
Compare quotes. Like shopping for auto insurance, getting a handful of quotes can help you find a more affordable rate. There are more than 700 life insurance companies in the U.S. and chances are someone out there is willing to insure you for less, so shop around before you sign. You can compare term life quotes via NerdWallet.
How to lower your current life insurance rate
If you already have a life insurance policy and the premiums are more expensive than you’d hoped, there are two major things you can do to improve your rates:
Stop smoking or using tobacco products. Smokers can pay three times more than nonsmokers for the same coverage.
Manage any medical conditions. You’ll need to document that you’re going to checkups, following your doctor’s advice and taking your medication.
You can request a rate reconsideration once you’re in better health. Your insurer will ask for proof of the above, and may adjust your risk class so you get a lower rate.
More top-rated insurers
Looking for a specific type of life insurance policy? Check out NerdWallet’s top picks across these categories:
Frequently asked questions
Can I buy life insurance without a medical exam?
Can I buy life insurance without a medical exam?
You can buy life insurance without a medical exam, but you’ll usually pay more for coverage. Simplified issue, guaranteed issue and group life insurance policies through your employer are all types of life insurance that usually don’t require a medical exam. Depending on your age and health, some term life policies may also skip the medical exam.
Can I switch life insurance providers?
Can I switch life insurance providers?
While you’re always free to “switch” life insurance providers, you can’t transfer a policy from one insurer to another. You can purchase a new policy with your preferred insurer and then cancel or surrender the old policy or wait for the coverage to expire.
Who has the cheapest life insurance?
Who has the cheapest life insurance?
Of the life insurers NerdWallet reviews, the insurer with the cheapest rate for a 40-year old man or woman purchasing a 20-year, $500,000 term life policy is Banner Life. It’s followed closely by similar rates from Symetra, Protective Life and Pacific Life.
