Cheapest Life Insurance Companies for December 2023
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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 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.
Cheapest term life insurance companies for December 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.
“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 | $18.41 | $18.83 | $29.75 | $69.47 | $200.67 | $790.21 |
Protective | $18.42 | $18.84 | $28.42 | $69.48 | $200.68 | $790.22 |
Pacific Life | $18.52 | $18.94 | $28.42 | $69.88 | $200.70 | N/A |
Corebridge Financial (formerly AIG Life) | $18.40 | $18.82 | $28.30 | $69.47 | $199.56 | $851.76 |
Lincoln Financial | $18.90 | $19.33 | $31.26 | $76.14 | $203.11 | $799.59 |
SBLI | $19.53 | $19.87 | $31.30 | $83.33 | $274.74 | N/A |
Symetra | $18.55 | $18.95 | $28.42 | $69.89 | $200.71 | N/A |
Securian | $21.93 | $22.42 | $31.18 | $87.12 | $235.40 | N/A |
United of Omaha | $23.87 | $23.87 | $37.20 | $92.67 | $273.70 | N/A |
Prudential | $25.38 | $26.25 | $37.19 | $81.38 | $253.75 | N/A |
Source: Quotacy. Rates generated on 7/5/23. | ||||||
Cheapest monthly rates for a super preferred female | ||||||
|---|---|---|---|---|---|---|
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 | Age 70 |
Banner Life | $15.06 | $15.90 | $24 | $54.52 | $140.51 | $697.30 |
Protective | $15.07 | $15.90 | $24.01 | $54.53 | $140.51 | $697.31 |
Pacific Life | $15.16 | $15.99 | $24.03 | $54.81 | $141.35 | N/A |
SBLI | $16.32 | $17.05 | $24.62 | $60.41 | $165.73 | N/A |
Corebridge Financial (formerly AIG Life) | $15.07 | $15.89 | $24.02 | $54.54 | $140.52 | $701 |
Lincoln Financial | $15.47 | $16.31 | $26.19 | $59.42 | $143.87 | $705.59 |
Symetra | $15.18 | $16 | $24.04 | $54.82 | $141.36 | N/A |
Securian | $18.70 | $18.48 | $26.84 | $62.04 | $153.12 | N/A |
United of Omaha | $20.43 | $20.43 | $31.61 | $69.02 | $189.42 | N/A |
Prudential | $18.38 | $22.31 | $32.38 | $64.31 | $178.06 | N/A |
Source: Quotacy. Rates generated on 7/5/23. | ||||||
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 |
Banner Life | $23.04 | $23.82 | $35.22 | $83.16 | $225.68 | $929.35 |
Protective | $23.05 | $23.83 | $35.23 | $83.17 | $225.74 | $929.36 |
Pacific Life | $23.18 | $23.97 | $35.44 | $83.18 | $226.41 | N/A |
Corebridge Financial (formerly AIG Life) | $23.04 | $23.83 | $35.22 | $83.18 | $225.08 | $934.57 |
Lincoln Financial | $23.64 | $24.50 | $38.10 | $88.92 | $230.45 | $940.36 |
Symetra | $23.21 | $24.03 | $35.45 | $83.19 | $226.42 | N/A |
SBLI | $25.04 | $25.92 | $38.09 | $100 | $310.28 | N/A |
Securian | $29.04 | $29.04 | $39.16 | $95.34 | $268.84 | N/A |
United of Omaha | $30.32 | $30.32 | $44.51 | $109.87 | $320.57 | N/A |
Prudential | $32.81 | $32.38 | $45.06 | $97.13 | $308 | N/A |
Source: Quotacy. Rates generated on 7/5/23. | ||||||
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 | $18.84 | $29.35 | $64.55 | $160.46 | $756.01 |
Banner Life | $18 | $18.84 | $29.34 | $64.58 | $160.44 | $736.21 |
Lincoln Financial | $18.48 | $19.34 | $31.86 | $69.07 | $163.31 | $744.95 |
Pacific Life | $18.11 | $18.96 | $29.52 | $64.91 | $161.37 | N/A |
Protective | $18.01 | $18.85 | $29.35 | $64.59 | $160.45 | $736.22 |
Prudential | $20.56 | $25.38 | $35.88 | $74.81 | $211.31 | N/A |
SBLI | $19.64 | $20.48 | $30.92 | $69.09 | $187.64 | N/A |
Securian | $22.37 | $23.75 | $33.45 | $73.24 | $183.11 | N/A |
Symetra | $18.14 | $18.97 | $29.53 | $64.92 | $161.37 | N/A |
United of Omaha | $24.73 | $24.73 | $37.63 | $81.49 | $226.83 | N/A |
Source: Quotacy. Rates generated on 7/5/23. | ||||||
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.
Cheapest monthly rates for a preferred male smoker | |||||
|---|---|---|---|---|---|
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 |
Corebridge Financial (formerly AIG Life) | $62.94 | $65.91 | $121.35 | $293.56 | $716.43 |
Banner Life | $62.93 | $65.90 | $121.34 | $293.55 | $716.43 |
Lincoln Financial | $76.11 | $84.28 | $167.27 | $393.45 | $999.75 |
Pacific Life | $65.02 | $73.52 | $131.32 | $306.84 | $762.44 |
Prudential | $77.88 | $92.75 | $156.63 | $365.75 | $890.75 |
SBLI | $69.52 | $77.25 | $131.75 | $324.87 | N/A |
Securian | $65.01 | $77.44 | $136.40 | $356.84 | $780.56 |
Symetra | $65.02 | $66.72 | $122.82 | $297.06 | $762.02 |
United of Omaha | $90.52 | $91.81 | $149 | $362.28 | $893.76 |
Source: Quotacy. Rates generated on 7/5/23. | |||||
Cheapest monthly rates for a preferred female smoker | |||||
|---|---|---|---|---|---|
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 |
Corebridge Financial (formerly AIG Life) | $46.69 | $54.15 | $96.90 | $215.01 | $493.47 |
Banner Life | $48.57 | $54.15 | $96.89 | $215 | $493.46 |
Lincoln Financial | $57.62 | $66.09 | $120.83 | $251.98 | $610.60 |
Pacific Life | $50.99 | $58.64 | $101.57 | $220.14 | $566.07 |
Prudential | $53.81 | $71.31 | $120.75 | $275.19 | $612.94 |
SBLI | $55.36 | $60.08 | $104.28 | $232.60 | N/A |
Securian | $48.68 | $62.92 | $101.79 | $243.76 | $524.92 |
Symetra | $50.14 | $54.81 | $98.08 | $217.59 | $517.64 |
United of Omaha | $74.18 | $82.78 | $113.31 | $257.79 | $617.70 |
Source: Quotacy. Rates generated on 7/5/23. | |||||
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 (AIG Life) | $66.34 | $81.88 | $167.30 | $366.65 | $907.38 |
Banner Life | $66.33 | $81.87 | $167.29 | $366.64 | $907.38 |
Lincoln Financial | $104.49 | $114.38 | $221.45 | $506.97 | $1,284.84 |
Pacific Life | $89.24 | $99.44 | $180.19 | $409.69 | $974.52 |
Protective | $101.58 | $111.78 | $195.08 | $489.60 | N/A |
Prudential | $102.38 | $119 | $214.38 | $497 | $1,116.50 |
SBLI | $90.12 | $99.99 | $181.96 | $413.70 | N/A |
Securian | $89.32 | $100.76 | $186.44 | $442.64 | $999.68 |
Symetra | $86.69 | $89.67 | $175.10 | $390.14 | $972.82 |
United of Omaha | $113.31 | $119.33 | $198.88 | $463.33 | $1,034.80 |
Source: Quotacy. Rates generated on 7/5/23. | |||||
Cheapest monthly rates for a standard female smoker | |||||
|---|---|---|---|---|---|
Carrier | Age 20 | Age 30 | Age 40 | Age 50 | Age 60 |
Corebridge Financial (formerly AIG Life) | $54.92 | $66.75 | $119.26 | $280.68 | $637.54 |
Banner Life | $59.98 | $66.74 | $119.25 | $280.68 | $637.53 |
Lincoln Financial | $85.14 | $92.71 | $163.83 | $348.73 | $810.55 |
Pacific Life | $60.34 | $71.82 | $138.12 | $299.41 | $719.30 |
Protective | $79.05 | $88.40 | $158.53 | $351.90 | $891.65 |
Prudential | $62.56 | $87.94 | $159.25 | $365.75 | $758.63 |
SBLI | $55.79 | $71.67 | $134.32 | $293.54 | N/A |
Securian | $64.68 | $75.24 | $131.92 | $313.95 | $695.20 |
Symetra | $60.35 | $71.39 | $127.42 | $288.14 | $665.55 |
United of Omaha | $93.10 | $99.12 | $148.14 | $330.03 | $727.78 |
Source: Quotacy. Rates generated on 7/5/23. | |||||
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.
Cheapest final expense companies for a male | ||||
|---|---|---|---|---|
Carrier | Age 50 | Age 60 | Age 70 | Age 80 |
Gerber | $44.09 | $63.89 | $99.18 | $247.32 |
Corebridge Financial (formerly AIG Life) | $55.99 | $68.14 | $106 | $206.32 |
Fidelity Life | $55.28 | $73.92 | $111 | $225 |
Source: Quotacy. Rates generated on 7/5/23. | ||||
Cheapest final expense companies for a female | ||||
|---|---|---|---|---|
Carrier | Age 50 | Age 60 | Age 70 | Age 80 |
Gerber | $34.47 | $51.06 | $75.53 | $176.37 |
Corebridge Financial (formerly AIG Life) | $38.58 | $53.93 | $80.41 | $189.53 |
Fidelity Life | $42.46 | $58.32 | $81.08 | $167 |
Source: Quotacy. Rates generated on 7/5/23. | ||||
» 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.
Company and review | NerdWallet rating |
|---|---|
Mutual of Omaha life insurance review. (United of Omaha's parent company) | |
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 2019-2021. 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.
