Compare Life Insurance Quotes: December 2022

Compare life insurance quotes and find the right coverage for you and your family.
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How to compare life insurance quotes


Getting life insurance quotes can be easy. Many insurers offer free quotes online so you can compare your options at the click of a button. Depending on the type of coverage you need, you may be able to compare quotes and buy a policy the same day. For more information on how coverage works, read our guide to life insurance.

Life insurance quote comparison

When shopping for life insurance quotes, don’t forget to:
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Shop around
Compare quotes from various insurers to get the best price possible.
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Compare coverage
Select policies with the same level of coverage to get the most accurate comparison.
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Consider extras
Check the features of each policy you compare. Some may include free life insurance riders, while others may not.
Sample rate$26/month*
Coverage lengthTemporary
Cash valueNo
Key takeawayCheap, temporary coverage
*Term sample rate is based on a $500,000, 20-year term life policy for a healthy 40-year-old. Whole life and universal life sample rates are based on a $500,000 policy for a healthy 40-year-old.
Source: Quotacy.
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Types of life insurance coverage

There are two main types of life insurance: term and permanent. Within these two categories, there are various types of policies. Understanding which one is right for you can help you build a robust life insurance plan.
Term life insurance
Term life insurance covers you for a set period of time, such as 10 or 20 years, and it's sufficient for most families. Due to its simplicity, term life is often the cheapest type of coverage. Types of term life include:
Permanent life insurance
Permanent life insurance is designed to last your entire life. This type of coverage typically costs more than term life, but it offers additional features like cash value, which grows over time. Types of permanent life include:

What is a life insurance quote?

A life insurance quote is the estimated cost of your policy based on basic information you provide to the insurer. The final price is determined once you submit a life insurance application and complete any necessary health requirements like a medical exam.

Term life insurance quotes

Term life covers you for a set period of time, such as 10, 15, 20, 25, or 30 years. If you die within the term, the insurer issues the death benefit to your beneficiaries. Term life is often the cheapest type of coverage and sufficient for most families. Due to its simplicity, you can get term life quotes online and even buy a policy the same day.

Average term life insurance rates

These average life insurance rates are based on a $500,000, 20-year term life policy for applicants in excellent health.

Age

Average annual rate for men

Average annual rate for women

30

$224

$189

40

$335

$284

50

$824

$645

60

$2,361

$1,666

70

$9,297

$8,235

Source: Quotacy. Lowest three rates for each age and risk class averaged. Data valid as of November 18, 2022.

Where to buy life insurance

There are a few ways to buy life insurance:
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Buy life insurance directly from the insurer
Check out Nerdwallet's best life insurance companies to find the right insurer for you.
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Buy coverage through an agent or broker
A life insurance agent or broker can help you navigate your options and help you apply.
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Shop for life insurance online
Most insurance companies support online quotes. This makes it easy to shop around for the best coverage.

Life insurance reviews


When you’re assessing life insurance companies, look at these three factors:

Financial strength ratings

These determine an insurer’s ability to pay out claims in the future. You can check financial strength ratings through agencies like AM Best.

Complaint ratios

You can check a company’s complaint ratio through the National Association of Insurance Commissioners. Our rating methodology favors companies that have fewer complaints to state regulators.

Policy options

Not all companies sell the same types of policies. Narrow your choices by reading life insurance reviews before you compare quotes.
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Applying for life insurance

When you've found the right policy, it's time to apply. You may be asked to provide your Social Security number, driver’s license number or list of current medications. So gather the information you need before you start the life insurance application process.
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Select a premium payment interval

You will likely be able to choose from different payment schedules, such as monthly or annually. In some cases, you may be charged an additional administrative fee to pay monthly.

Choose a life insurance beneficiary

A life insurance beneficiary is the person who will receive the payout when you die. Be sure you have their personal details such as Social Security numbers and dates of birth when applying.

Take a medical exam

Depending on the type of policy you're buying, you may be required to take a life insurance medical exam.
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Frequently asked questions

In general, people need life insurance if their death would place a financial burden on others. Examples include breadwinners, parents, homeowners, business owners and people with co-signed debt.

Yes. Many life insurance companies offer free term quotes online. However, when shopping for permanent coverage, such as whole life or universal life, you may need to speak with an insurance agent to get a full quote.

The amount of life insurance you need depends on how much money you want your beneficiaries to receive when you die. Ten times your annual income is a common estimate, but rules like this are not universal and may not reflect your specific situation. Take into account your current finances and future obligations — such as income, debts and daily expenses — when calculating your coverage needs.

Life insurance premiums are calculated using a variety of factors, such as age, health, driving history, policy length and coverage amount. Insurers use this information to estimate your life expectancy, and then they set your premium based on the risk of insuring you.

You can gauge the financial strength of a life insurance company through ratings agencies like AM Best or S&P Global. An insurer’s financial strength can give you an idea of how reliable the company will be in paying out a future claim. This is particularly important for life insurance as these policies often have to last decades. NerdWallet recommends looking for an insurer with an AM Best rating of B+ or better.

Life insurance premiums are typically based on your age and health, and they can differ significantly among policies. For example, the average monthly cost of a $500,000, 20-year term policy for a healthy 40-year-old is $26, according to Quotacy, a life insurance brokerage. To compare, the average monthly cost of a whole life policy with the same coverage amount is $547.

Term life is the most affordable type of life insurance. It lasts for a set number of years and does not build cash value. Term life is typically sufficient for most people.

Find the right life insurance for you
Make sure you and your loved ones are covered - compare customized life insurance quotes through our partner Policygenius
GET QUOTES

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