Cheapest Life Insurance in 2024
Finding the cheapest life insurance quotes starts with choosing the best policy to fit your needs. Term life insurance quotes tend to be the most affordable over whole life insurance quotes, although company quotes for life insurance will always vary based on your age, gender, and health status.
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Jeffrey Manola
Licensed Life Insurance Agent
Jeffrey Manola is an experienced life insurance agent who founded TopQuoteLifeInsurance.com and NoMedicalExamQuotes.com. His mission when creating these sites was to provide online consumers searching for life insurance with the most affordable term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide consumers with t...
Licensed Life Insurance Agent
UPDATED: Oct 25, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Oct 25, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Life insurance quotes vary depending on an individual’s age, gender, and health
- Term life insurance quotes are almost always the cheapest on a monthly basis
- Whole life insurance quotes can vary based on coverage amount
If you’re looking for the best life insurance quotes, it’s important to review sample life insurance rates and to get quotes from providers that offer the policy that best suits your needs. We’ll help teach you how to find the best life insurance quotes and where to buy life insurance so you can start saving today.
Ready to learn how to get the cheapest life insurance quotes? Continue reading or get a head start with free life insurance quotes now by entering your ZIP code above.
How do I get cheap life insurance quotes?
Finding affordable life insurance isn’t always a straightforward process. Why? There are many variables that affect life insurance rates, and not all companies weigh these factors the same.
Some common factors that influence potential life insurance quotes include:
- Age
- Gender
- Health status
- Hobbies
- Occupation
- Smoking
- Drug/alcohol use
The factors above are pivotal when shopping for rates, regardless of the policy type you choose. The amount you pay each month will also vary depending on the type of policy and the amount of coverage you buy.
If you’re going to buy term life insurance, you can expect to pay quite a bit less than whole life insurance. Even then, term life insurance comes with varying term lengths and can even be more expensive if you choose a no exam term life insurance policy.
In short, there are many variables to consider. There is no one simple way to get the cheapest life insurance quotes.
How do I get affordable term life insurance quotes?
In most cases, term life insurance is the most affordable type of life insurance on a monthly basis. This is because term life insurance only offers coverage for a pre-determined period of time and doesn’t have the cash value component that is offered with permanent life insurance policies.
According to the Insurance Information Institute, the first step to getting the best quotes is to shop around for the best rates. Again, with the variables that affect life insurance pricing, this is the most foolproof way to ensure you get the best rates.
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You can expect different quotes between males and females and different life insurance quotes over 50 years old than under 50 years old.
Read more: Life Insurance Cost by Age: How Your Age Impacts Life Insurance Premiums
Below, you’ll be able to see how the same life insurance policies can vary by age and gender.
Sample Term Life Insurance Quotes for a 20-year, $250,000 Policy
| Age | AIG - Male | AIG - Female | John Hancock - Male | John Hancock - Female | Mutual of Omaha - Male | Mutual of Omaha - Female | Prudential - Male | Prudential - Female |
|---|---|---|---|---|---|---|---|---|
| 25 | $12.90 | $11.33 | $14.21 | $12.39 | $13.33 | $12.04 | $19.03 | $16.41 |
| 30 | $12.97 | $11.54 | $14.79 | $13.74 | $13.55 | $12.26 | $20.35 | $17.28 |
| 35 | $13.53 | $12.69 | $16.86 | $15.64 | $14.84 | $13.76 | $20.78 | $17.72 |
| 40 | $18.12 | $16.09 | $22.09 | $19.94 | $20.64 | $17.63 | $24.50 | $22.53 |
| 45 | $28.28 | $23.06 | $31.54 | $28.26 | $30.75 | $25.16 | $29.97 | $29.10 |
| 50 | $41.68 | $32.02 | $49.24 | $38.56 | $45.80 | $35.69 | $45.50 | $40.03 |
| 55 | $69.89 | $52.58 | $78.24 | $56.54 | $72.24 | $54.61 | $71.53 | $53.82 |
| 60 | $124.42 | $87.21 | $116.99 | $88.64 | $134.59 | $101.91 | $129.07 | $89.91 |
| 65 | $207.35 | $153.90 | $202.24 | $156.59 | $266.60 | $172.00 | $242.60 | $155.75 |
It’s standard for men to pay more than women for life insurance policies, but that difference doesn’t have to be drastic. Some companies might put a large emphasis on the risk associated with insuring men and charge them much more than necessary.
The same can be true for aging adults. You can see above that young males can pay competitive rates with Mutual of Omaha, but older males might overpay with that same company when compared to other industry competitors.
Other factors, such as smoking, can play a major role in how much you’ll pay for your term life insurance.
Sample Term Life Insurance Quotes for Smokers for a 20-year, $250,000 Policy
| Age | AIG - Male | AIG - Female | John Hancock - Male | John Hancock - Female | Mutual of Omaha - Male | Mutual of Omaha - Female | Prudential - Male | Prudential - Female |
|---|---|---|---|---|---|---|---|---|
| 25 | $37.57 | $30.78 | $40.59 | $36.11 | $55.47 | $43.86 | $43.97 | $35.22 |
| 30 | $42.32 | $33.98 | $42.21 | $41.61 | $55.47 | $47.52 | $46.38 | $38.28 |
| 35 | $47.45 | $39.11 | $62.54 | $48.29 | $58.48 | $51.60 | $51.19 | $45.72 |
| 40 | $69.25 | $56.00 | $88.91 | $65.56 | $78.69 | $60.85 | $78.32 | $63.00 |
| 45 | $107.09 | $80.15 | $142.94 | $97.44 | $122.34 | $91.81 | $122.94 | $90.35 |
| 50 | $158.39 | $119.06 | $217.21 | $143.51 | $185.33 | $132.23 | $178.72 | $136.72 |
| 55 | $244.10 | $179.76 | $340.66 | $210.94 | $279.93 | $197.59 | $271.69 | $194.69 |
| 60 | $400.57 | $272.53 | $583.69 | $328.49 | $449.78 | $311.75 | $419.57 | $293.40 |
| 65 | $553.55 | $432.20 | $971.09 | $571.91 | $871.40 | $588.24 | NA | NA |
You’ll see above that smokers tend to pay significantly more for life insurance despite having the same coverage from the same life insurance companies. Smokers can sometimes pay more than three times as much for life insurance as non-smokers.
In some cases, it could be beneficial to shop for term life insurance quotes with no medical exam to see if you can find more affordable rates. This essentially means that you don’t have to disclose your smoking status or take an exam that might uncover additional health concerns.
These policies might be more expensive than a healthy person’s term life insurance policy, but it could be more affordable than if you were to disclose your smoking and health status.
Again, the best way to find the cheapest quotes for yourself is to compare quotes from multiple providers.
How do I find affordable whole life insurance quotes online?
Term life insurance is the most common because it tends to be the most affordable from month to month. Whole life insurance and other permanent life insurance options can be quite a bit more expensive due to the lifelong coverage.
Read more: Types of Life Insurance: Find the Right Policy for Your Needs
In addition, some types of permanent life insurance policies are much less predictable because of that cash value component and if and how interest is accrued. Our original statement on shopping for multiple quotes stands true, but there are some other tips.
For starters, you shouldn’t have too much trouble getting whole life insurance quotes online. To initiate a policy, you may need to meet with an agent and possibly a doctor, however.
Your whole life insurance rates will depend on the death benefit, your health and age, and any associated life insurance riders you choose. It’s important to be diligent when comparing quotes to be sure that each policy is identical.
In addition, whole life insurance policies tend to have some type of guaranteed interest rate. This can vary from company to company, and you’ll want the highest guarantee possible to continue letting your money work for itself.
Some companies will offer different payment schemes for your whole life insurance policy as well. Although the traditional method is to pay each month until you die, some companies will let you choose a term or a one-time payment.
In any case, below, you can see how much whole life insurance might be for healthy adults in comparison to term life insurance.
Sample Term vs. Whole Life Insurance Quotes with Foresters Financial for a $250,000 Policy
| Age | Term - Male | Term - Female | Whole - Male | Whole - Female |
|---|---|---|---|---|
| 25 | $13.78 | $11.59 | $178.68 | $156.80 |
| 30 | $14.00 | $12.91 | $216.52 | $188.96 |
| 35 | $15.53 | $14.00 | $267.05 | $230.52 |
| 40 | $20.56 | $18.59 | $326.33 | $277.99 |
| 45 | $31.94 | $25.81 | $401.58 | $349.30 |
| 50 | $46.59 | $36.97 | $499.36 | $429.14 |
| 55 | $72.41 | $54.69 | $629.30 | $549.89 |
| 60 | $118.13 | $88.38 | $802.33 | $700.83 |
| 65 | $219.63 | $150.06 | $1,043.61 | $912.58 |
Again, if finding the absolute lowest monthly payment is your goal, whole life insurance isn’t the best idea. Term life insurance is significantly cheaper, but it doesn’t carry the cash value component. In some cases, whole life insurance could be a good investment.
More About Cheap Life Insurance Quotes
As you start shopping for the cheapest life insurance quotes, it’s important that you really consider your and your beneficiaries’ financial needs. Nobody wants to pay for an ineffective or unnecessary life insurance policy.
If you don’t have close relatives or friends that you want to serve as a beneficiary, or if you just don’t want to burden anyone with your funeral expenses, you might want to consider burial or final expense insurance.
As you may have noticed earlier, older adults can pay a great deal for life insurance. Burial insurance tends to be a bit more affordable for older adults since the death benefit is much smaller in comparison to traditional term life insurance policies.
Sample Burial Life Insurance Quotes for a $15,000 Policy
| Age | Transamerica - Male | Transamerica - Female | Foresters Financial - Male | Foresters Financial - Female | AIG - Male | AIG - Female |
|---|---|---|---|---|---|---|
| 50 | $44.31 | $36.20 | $46.42 | $37.50 | $76.89 | $52.74 |
| 55 | $52.21 | $42.00 | $53.72 | $45.16 | $84.35 | $63.85 |
| 60 | $63.93 | $48.79 | $66.20 | $51.54 | $93.75 | $74.03 |
| 65 | $83.00 | $60.65 | $82.04 | $62.62 | $125.23 | $91.35 |
| 70 | $110.20 | $79.20 | $107.78 | $78.55 | $146.27 | $110.78 |
| 75 | $148.26 | $107.55 | $152.46 | $111.04 | $206.83 | $159.75 |
| 80 | $208.55 | $154.38 | $218.53 | $165.05 | $368.66 | $262.13 |
Even at 55 years old, a normal term life insurance policy can cost upwards of $150 per month. For burial insurance, you’re looking at a monthly premium of about $50 each month. Of course, nobody will be gaining much financial freedom from this type of policy, but at least nobody should go into debt.
At the end of the day, the policy you choose will truly determine how affordable your life insurance can be. It’s important to shop around and to make sure you’re buying a policy from a trustworthy source before you commit to a long-term policy.
If you have a handful of options with similar quotes, it might be worthwhile to review the company’s user features and claims processes to make the experience as easy as possible when the time comes.
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Case Studies: Cheap Life Insurance Quotes
Case Study 1: John’s Term Life Insurance
John, a 35-year-old non-smoker, is in good health and looking for an affordable life insurance policy. He decides to explore term life insurance options to get the best rates. By comparing quotes from multiple providers, John finds a policy with competitive rates that offer coverage for a 20-year term. This allows him to secure the cheapest life insurance quotes while meeting his financial needs.
Case Study 2: Sarah’s Burial Insurance
Sarah, a 60-year-old woman, wants to ensure her funeral expenses are covered without burdening her loved ones. She looks into burial or final expense insurance, which typically offers more affordable premiums for older adults. By comparing different burial insurance quotes, Sarah finds a policy that provides a smaller death benefit but meets her specific needs. This allows her to secure affordable life insurance while addressing her concerns.
Case Study 3: Mark’s Whole Life Insurance
Mark, a 45-year-old individual, is interested in a life insurance policy that offers lifelong coverage and a cash value component. He explores whole life insurance options but wants to find the most affordable rates. Mark compares quotes from various providers, ensuring that each policy has identical features and coverage. Through careful evaluation, he finds a whole life insurance policy with a favorable guaranteed interest rate and payment scheme that fits his budget.
Shopping Life Insurance Quotes: The Bottom Line
Getting the cheapest life insurance quotes isn’t a complicated process, but it does take some time. It’s important to be sure you become familiar with your needs, the policy options, and to get quotes from different companies.
By now, you should know how to start finding the cheapest life insurance quotes. Start today for free by entering your ZIP code below.
Frequently Asked Questions
How can I ensure I’m buying life insurance from a trustworthy source?
To ensure you’re buying life insurance from a trustworthy source, it’s essential to research the insurance provider’s reputation, user features, and claims processes. Reading reviews and seeking recommendations can also help in making an informed decision.
What is burial or final expense insurance?
Burial or final expense insurance is a type of life insurance with a smaller death benefit designed to cover funeral expenses and other related costs. It is often more affordable for older adults compared to traditional term life insurance policies.
Can I get term life insurance quotes without a medical exam?
Some insurance providers offer term life insurance quotes without a medical exam. These policies may be more expensive than standard term life insurance, but they can be an option for individuals who want to avoid disclosing smoking or health status.
How do age, gender, and smoking affect life insurance quotes?
Age, gender, and smoking status are key factors that influence life insurance quotes. Older individuals may pay higher premiums, and men often pay more than women due to risk factors. Smokers usually face significantly higher premiums compared to non-smokers.
Are term life insurance quotes always cheaper than whole life insurance quotes?
Yes, term life insurance quotes are typically cheaper on a monthly basis compared to whole life insurance. Term life insurance provides coverage for a specific period without the cash value component of permanent life insurance policies.
Is it better to buy life insurance directly from the company or through an agent?
Whether you buy life insurance directly from the company or through an agent depends on your personal preference. Buying directly from the company allows you to skip the agent’s commission fees, which can potentially save you money. On the other hand, working with an agent can provide you with personalized guidance and assistance in finding the best policy for your needs.
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Jeffrey Manola
Licensed Life Insurance Agent
Jeffrey Manola is an experienced life insurance agent who founded TopQuoteLifeInsurance.com and NoMedicalExamQuotes.com. His mission when creating these sites was to provide online consumers searching for life insurance with the most affordable term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide consumers with t...
Licensed Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.