Cheapest Life Insurance Companies of 2020 | Life Insurance – Get our quote in 2 minutes

For many people, life insurance is primarily a way of caring for loved ones in the event of death. It makes sense that you want to do it in the most convenient way possible, assuming that the coverage amounts and other requirements are met. In short, you are purchasing a life insurance policy from a life insurance company, directly or through a broker. With life insurance, provided that you have paid the annual premiums, your beneficiaries will receive a death benefit during the life of the policy. Different companies charge different premiums for the same coverage amount, so it's best to look for the best deal. We have established the cheapest life insurance companies to help you find the right company for your budget. Cheaper Life Insurance Companies These are the sample monthly rates for a 35 year old woman with an average and 20 year old life insurance with a $ 1 million coverage. Find the best life insurance for you Get free quotes and compare life insurance policies without your contact details. Other Life Insurance Guides How We Found the Cheapest Life Insurance Companies Our cheapest life insurance companies rely on sample monthly rates for a 20-year policy with $ 1 million coverage for a non-smoker. 35 years old who falls into the Standard Plus risk class (average health). Learn more about our methodology for evaluating the best life insurance companies. How much does life insurance cost? The monthly premiums charged by our best life insurance companies vary considerably. The cheapest ones are listed in the table below and range from $ 46.80 per month for Banner Life to $ 61.28 per month for Mutual of Omaha. Rates are for a 35 year old woman with an average life insurance and 20 years with an insurance coverage of $ 1 million.
These sampling rates were provided by Hallett / Quotacy, an insurance brokerage. When using certain links on our pages, U.S. news may receive a commission from Hallett / Quotacy.
Many factors influence the amount that a certain life insurance company will charge you for a specific policy. All of these considerations help the company determine how long you could live and therefore the probability that it will have to pay for a claim. Factors that determine how much you will pay for life insurance include:
Duration: for life insurance, the longer the duration, the higher the total premium payments will be. This is simply because you are more likely to die for a longer period than a shorter period.
Coverage amount: the higher the coverage purchased (i.e., the higher the death benefit) for a given type of policy, the higher the life insurance rates.
Age: This is the most important personal characteristic for determining the cost of life insurance. All things being equal, the older you are, the more likely an insurance claim is made and the more you pay.
Gender: women often have lower life insurance costs than men because they tend to live longer.
Health history: Before selling you a life insurance policy, the insurance company usually requires a medical examination. Also review copies of your medical records to determine your current health and medical history. If you have a serious condition like heart disease or have had one in the past, your premiums will likely be higher. Other factors taken into consideration include weight, blood pressure and cholesterol levels. Finally, people in poor health can expect to pay more for life insurance because they are at greater risk for life-threatening health problems. On the contrary, those who are in excellent health will have cheaper life insurance.
Family Health History: Many health conditions are hereditary and the history of a family – even if you don't have it yet – could increase your premiums.
Smoking: this is a known risk factor for cancer, heart disease and other potentially fatal conditions. If you smoke or use other tobacco products, you generally pay more for life insurance.
Hobbies and Employment: If parachuting, scuba diving or other potentially dangerous recreational activities, you will generally pay higher life insurance rates. This also applies if you are a fireman or have another high-risk job.
Rewards are not the only factor to consider when buying life insurance. For term life insurance, you also want to get a term that is long enough to meet your needs, for example to provide coverage until your children graduate from college. Permanent life insurance such as whole or universal life has other considerations, including the rate of return on your investment and the rate that will be charged for the loan against the policy. Our guides on whole life insurance and universal life insurance explain the advantages and disadvantages of this type of policies. If the main reason you're buying a life insurance policy is to take care of your loved ones, shopping primarily based on price may be a good idea. However, if you want the policy to act as an investment vehicle or as part of the pension plan, other factors must also be considered. Before buying life insurance, talk to a financial advisor who can help you reflect on all these considerations. For more information on life insurance, see How life insurance works. Find the best life insurance for you Get free quotes and compare life insurance policies without your contact details. How Much Life Insurance Do I Need? Determining how much life insurance to buy can be tricky. On the one hand, you don't want to buy insufficient insurance and leave people dependent on financial obligations that they can't pay, like a mortgage or other debt. On the other hand, the purchase of a life insurance with an excessive tax-free death benefit can be a waste of money that prevents you from reaching other financial goals for a long time term.
How many dependents do you have, the standard of living you want them to have after your death and their future educational needs.
Your family's current and likely future debt, income and assets.
Out-of-pocket expenses owed by your property after death, including credit card debts, mortgage payments, funerals and other end-of-life expenses.
How your loved ones will support themselves without your salary.
The Insurance Information Institute (III) says that you should also consider "hidden income" which is not part of your annual salary. Examples are employer 401 (k) items, health insurance benefits and other ancillary benefits. All of this will be lost at the time of death and will have to be replaced by life insurance coverage if beneficiaries are expected to maintain the same standard of living. It is best to talk about these issues with the beneficiaries before purchasing a policy. Once you've estimated the life insurance payment you need, determine the monthly premium you can afford to pay. Finally, choose a policy that provides sufficient coverage, stays in your budget and achieves any other financial goals you may have, such as accumulating cash value as an investment. For an idea of ​​how much life insurance could cost you based on your age, see the table below. These average monthly costs are for a non-smoking woman who falls into a Standard Plus risk class (average health) and is purchasing a policy with $ 1 million in coverage. These rates are for policies purchased in the past five years through Hallett and Quotacy. Comparison of the costs of different types of life insurance

Politics / Age
25-34
35-44
45-54
55-64

Duration of 10 years
$ 48.29
$ 69.42
$ 141.82
$ 289.68

Deadline of 15 years
$ 47.51
$ 71.57
$ 142.90
$ 366.85

20-year term
$ 54.24
$ 76.00
$ 175.76
$ 443.37

30-year term
$ 76.95
$ 105.72
$ 273.24
N / A

Universal life
$ 342.54
$ 556.15
$ 919.25
$ 1,436.72

Lifetime
$ 911.57
$ 1,650.04
$ 2,501.45
$ 3,643.12

These sampling rates were provided by Hallett / Quotacy, an insurance brokerage. When using certain links on our pages, U.S. news may receive a commission from Hallett / Quotacy.
Group life insurance and free of charge Some employers and membership groups offer life insurance, often known as group life insurance, as an advantage. The American Council of Life Insurers (ACLI) explains that group life insurance is based on a contract between the employer or the group to provide life insurance – usually a & # 39; 39; term insurance – to all employees or members. Some employers provide this for free as part of the employee's benefit package. According to ACLI, group life insurance represented 43% of all life policies existing in 2018. Group life insurance coverage offered by employers is generally a multiple of the annual salary of a single employee. There are many pros and cons in group life insurance. On the plus side, it is subsidized by the employer and is often guaranteed regardless of age or health. However, the amount of coverage is usually not enough to fully provide dependents. In addition, group policies do not allow for much customization, such as changing or speeding up the death benefit. Group Policy is also not portable: if you get fired or quit your job, coverage disappears. Some group policies can be converted to individual policies in that situation, but the rewards are likely to be higher. If you have access to group life insurance, it is a good idea to take advantage of it, especially when it is provided for free. That being said, you will likely need to supplement this with an individual policy to have a fairly high level of coverage, especially if you end up leaving your employer. Cheapest life insurance for women The example monthly rates below are for a period of 20 years, $ 1- million policy for a non-smoker who falls into a Standard Plus risk class (average health). Comparison of the costs of the selected life insurance companies with affordable rates for women
These sampling rates were provided by Hallett / Quotacy, an insurance brokerage. When using certain links on our pages, U.S. news may receive a commission from Hallett / Quotacy.
Find the best life insurance for you Get free quotes and compare life insurance policies without your contact details. Cheapest life insurance for men The monthly rates shown below are for a period of 20 years, a $ 1 million policy for a male non-smoker who falls into a Standard Plus Risk Class (average health) Cost comparison of selected life insurance companies with affordable rates for men
These sampling rates were provided by Hallett / Quotacy, an insurance brokerage. When using certain links on our pages, U.S. news may receive a commission from Hallett / Quotacy.
Cheapest life insurance for seniors Seniors can expect to pay more for life insurance than young people. These sample monthly rates refer to a 10-year policy with coverage of $ 500,000 for women who do not use tobacco in the Standard Risk category. People in this risk category may have one or two chronic diseases. Cost comparison of selected life insurance companies with affordable rates for older women
These sampling rates were provided by Hallett / Quotacy, an insurance brokerage. When using certain links on our pages, U.S. news may receive a commission from Hallett / Quotacy.
These sample monthly rates refer to a 10-year forward policy with coverage of $ 500,000 for male non-tobacco users in the Standard Risk category. Individuals in this risk category may have one or two chronic diseases. Cost comparison of selected life insurance companies with affordable rates for older men
These sampling rates were provided by Hallett / Quotacy, an insurance brokerage. When using certain links on our pages, U.S. news may receive a commission from Hallett / Quotacy.
Cheaper life insurance for smokers Smokers pay more for life insurance than non-smokers, all things being equal. Here are the sample monthly rates for a 20-year life insurance policy with $ 1 million coverage for a 35-year-old female smoker. Cost comparison of selected life insurance companies with affordable rates for women smokers
These sampling rates were provided by Hallett / Quotacy, an insurance brokerage. When using certain links on our pages, U.S. news may receive a commission from Hallett / Quotacy.
These sample monthly rates refer to a 20-year life insurance policy with $ 1 million coverage for a 35-year-old male smoker. Cost comparison of selected life insurance companies with affordable rates for male smokers
These sampling rates were provided by Hallett / Quotacy, an insurance brokerage. When using certain links on our pages, U.S. news may receive a commission from Hallett / Quotacy.
The cheapest life insurance for children Since they present a limited insurance risk, life insurance for children is relatively affordable. A parent or guardian will often add a pilot child to a term or full-life policy rather than purchasing a stand-alone policy for the child. Autonomous policies for children are so rarely in demand that many companies don't even offer them. This type of cyclist is typically available for children up to 18-25 years old, depending on the insurance company. A knight usually covers all dependent family members of an individual, regardless of how many children they have. You may not be eligible for a child rider if the life insurance company scores you at the table. This refers to a part of the risk category that the underwriter determines after assessing your health and lifestyle. Below are the annual costs for a child offering $ 10,000 coverage. Cost comparison of selected life insurance companies with affordable rates for motorcyclists
These sampling rates were provided by Hallett / Quotacy, an insurance brokerage. When using certain links on our pages, U.S. news may receive a commission from Hallett / Quotacy.
Cheapest life insurance without exam When applying for a life insurance policy, the insurance company will normally ask you to get a medical exam to determine your health, and therefore what type of insurance risk you present. You may be able to skip the physical exam and speed up the approval process by applying for life insurance without an exam. The rewards for a policy without an exam are often higher than a traditional policy, but there are some options available. The least expensive option is probably to look for a standard policy that offers accelerated acceptance. A low cost route is to look for a company that offers accelerated acceptance or accelerated subscription on its forward policies. For healthy people, accelerated acceptance waives the medical exam at no additional cost. Some life insurance policies without an exam provide less coverage than a traditional policy. Older people, smokers and those who just want to speed up the application process should consider a policy without an exam. But if you're healthy, in no hurry and / or want a great deal of coverage, a traditional policy is probably the best way to go. Although life insurance quotes are not available for life insurance without an exam, you can read more here. The Best Life Insurance Companies While it might be tempting to buy life insurance based solely on price, this could be a mistake, because an economic policy may not provide coverage, additional drivers or other necessary features. At the same time, paying too much for life insurance could delay or prevent other financial goals from being achieved. It is important to find the right balance between cost, coverage and functionality given your unique circumstances. For assistance, see Life Insurance, The Best Life Insurance Companies and How to Buy Life Insurance. News from the United States 360 reviews take an impartial approach to our recommendations. When you use our links to buy products, we can earn a commission, but this does not affect our editorial independence in any way.