Cheap Life Insurance Companies for 2023

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 Quotacy, an online life insurance brokerage and NerdWallet partner that works with more than 25 term life insurance companies. Quotacy analyzed data from the 10 term life insurance carriers that it considers most competitive for low prices, and Banner Life topped the list of cheap life insurance companies for multiple categories. For final expense policies, Quotacy considered two additional companies. Quotacy’s analysis does not include insurers that primarily sell directly to consumers or through agents dedicated to a single company.

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 Quotacy analyzed by reading NerdWallet's reviews.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair, so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners and here’s how we make money.

» MORE: How to get affordable life insurance

Cheapest term life insurance companies for 2023

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.

» MORE: Average life insurance rates

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 non-smoking applicant in good health who poses minimal risk to the insurer.

» MORE: Preferred vs. standard: Life insurance rate categories

Cheapest term life insurance companies for smokers for 2023

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.

» MORE: Life insurance for smokers — and quitters

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 final expense companies for 2023

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.

» MORE: Best burial insurance companies

A closer look at these companies

Read full reviews of the insurers Quotacy 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.

» MORE: NerdWallet's life insurance company reviews