Skip to Main Content
Powered by Coverage.com (NPN: 19966249)

This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Cheapest life insurance companies of 2022

Updated Nov 15, 2022
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . This content is powered by HomeInsurance.com (NPN: 8781838). For more information, please see our .

Shopping for cheap life insurance can seem intimidating, but it doesn’t have to be. It can be helpful to understand how a life insurance company calculates your premium so you know how to find the cheapest coverage for your situation. Your health, age, occupation and even your hobbies can impact how much you pay for life insurance.

Best cheap life insurance companies

COMPANY J.D. POWER SCORE AM BEST RATING
Ladder Life Not rated Depends on partner insurer
Liberty Mutual Not rated A (Excellent)
Mutual of Omaha 801/1,000 A+ (Superior)
Northwestern Mutual 794/1,000 A++ (Superior)
State Farm 839/1,000 A++ (Superior)
Advertising Disclosure
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.

Compare life insurance providers quickly and easily

See which provider is right for you.

Location-Icon Created with Sketch.
Your information is kept secure
Caret DownCaret Up
Please select age
Info Hover for more
Caret DownCaret Up
Please select Coverage amount
Info Hover for more
Caret DownCaret Up
Please select Policy type
Powered by HomeInsurance.com (NPN: 8781838)
Insurance Disclosure

This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Bankrate
Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable.
See more providers in
Choose from insurers in

Ladder Life

Ladder Life has a completely online experience for individuals who want quick and affordable term life insurance, with coverage up to $8 million dollars. Eligible applicants must be between 20 and 60 years old, and although guaranteed life insurance isn’t offered for all coverage levels, a medical exam is not always necessary for those wanting $3 million or less in coverage. Ladder Life underwrites some of its policies, but also matches applicants with its life insurance partners like Allianz Life Insurance Company and Fidelity Security Life Insurance Company. If you’re looking to buy life insurance on your own, Ladder Life could be a great fit. Keep in mind that the options are limited. Term life is the only type of policy available and there are no additional features or riders that can be added to further personalize your policy.

PROS

  • Checkmark

    Medical exam isn’t usually needed for life insurance policies with less than $3 million in coverage

  • Checkmark

    Robust digital platform

  • Checkmark

    Can apply for and purchase a policy online without speaking with an agent if approved

  • Checkmark

    Available in all 50 states

CONS

  • Close X

    Does not offer riders

  • Close X

    Only policy available is term life

  • Close X

    Customer support hours are limited to 8AM–5PM PST

  • Close X

    Renewals not available after policyholder turns 60 years old

Liberty Mutual

Liberty Mutual was not ranked in the 2022 J.D. Power U.S. Life Insurance Study, but it may be worth considering nonetheless. Liberty Mutual received an A (Excellent) financial strength rating from AM Best, indicating a strong historical ability to meet financial obligations such as paying out death benefits. The company offers whole life insurance and term life policies, including simplified issue term and whole life policies without a medical exam.

You can get a life insurance quote from Liberty Mutual online, but you’ll need to work with one of its agents to complete the purchase process. Liberty Mutual offers a wide choice of riders and add-on benefits to tailor your life insurance policy for your family’s needs. However, Liberty Mutual does have a higher-than-baseline overall complaint index of 2.66, as reported by the National Association of Insurance Commissioners (NAIC), suggesting it might not be the best fit for customers looking for top-rated customer service.

PROS

  • Checkmark

    Not ranked by J.D. Power in 2022 in its Life Insurance Study for customer service

  • Checkmark

    Liberty Mutual often hosts webinars led by experts to help customers understand new financial products and trends

  • Checkmark

    Ample life insurance policy types available

  • Checkmark

    Available in all 50 states

CONS

  • Close X

    Not ranked by J.D. Power in 2021 in its Life Insurance Study for customer service

  • Close X

    More complaints than average were filed against the company based on the NAIC Complaint Index

  • Close X

    Not all policy types available for online purchase

  • Close X

    Customer support not 24/7

Mutual of Omaha

Ranked third in the J.D. Power Life Insurance Study, Mutual of Omaha has provided quality insurance products since 1909. The carrier offers whole life and universal life policies, and its term life coverage limits start at $100,000. Mutual of Omaha sells term life coverage to customers between 18 and 80 years old, and offers terms ranging from 10 to 30 years.

You can couple a Mutual of Omaha life insurance policy with accidental death coverage, which allows your beneficiary to receive a payout if your death is the result of a covered accident. You can get a quote online, but you will have to speak with a representative to complete your application and purchase a policy. Before purchasing coverage, keep in mind that Mutual of Omaha only has locations in 32 U.S. states, so if having a local agent is something you value you’ll want to check if there is one local to you before going through with the quote process.

PROS

  • Checkmark

    Whole life insurance can be purchased without a medical exam

  • Checkmark

    Strong financial strength ratings from AM Best and Standard & Poor (S&P), indicating a historical ability to pay out claims

  • Checkmark

    Children’s whole life insurance policies available

  • Checkmark

    Guaranteed acceptance for whole life up to 75 or 85 years old, depending on your location

CONS

  • Close X

    Not available in all states and has only a handful of in-office locations in each state

  • Close X

    Some quotes can be started online, but policies must be purchased after speaking to a representative

  • Close X

    Some policies do not have an online quoting option and mobile app is geared towards mortgages rather than insurance

  • Close X

    Customer service department only open during regular business hours

Northwestern Mutual

Northwestern Mutual ranked fourth in the J.D. Power study. The company offers a variety of different life insurance options, including term life, universal life and whole life policies, as well as annuities and long-term care insurance. Northwestern Mutual advertises a less than $1-per-day term life insurance, so the company may be a great option for cheap life insurance.

The insurer only offers medical exam life insurance, so if you’re looking for guaranteed acceptance insurance, this provider may not be right for you. However, Northwestern Mutual offers conversion riders, which give you the option to convert a term life insurance policy to whole life coverage without another exam ahead of the policy’s expiration, and have a locked-in premium for the remainder of your life. While you can’t get a quote online through Northwestern Mutual, you can calculate how much coverage you need with its life insurance calculator.

PROS

  • Checkmark

    Term life insurance can be obtained for as little as $1/day, though rates will vary based on your unique profile

  • Checkmark

    Term life insurance may be able to be converted to whole life insurance before the policy’s expiration

  • Checkmark

    Policyholders are able to make payments and track spending habits with the Northwestern Mutual mobile app

  • Checkmark

    Available in all 50 states

CONS

  • Close X

    Does not offer guaranteed acceptance life insurance

  • Close X

    Cannot quote or purchase life insurance online

  • Close X

    Can make phone payments 24/7, but customer service only open during normal business hours

  • Close X

    Lack of term policy riders

State Farm

State Farm won a 2022 Bankrate Award for best term life insurer, thanks to its exceptional J.D. Power customer satisfaction score, availability in most states and A++ (Superior) AM Best financial strength rating. The company sells standard life insurance policies, including term life, universal life and whole life insurance. State Farm’s term life policies go the extra mile by providing coverage that is renewable up to age 95, while most competitors terminate coverage after you turn 80.

State Farm’s unique Instant Answer term policy provides $50,000 in term life coverage up to age 50, or a maximum of 10 years. If you qualify for an Instant Answer policy, you won’t have to take a medical exam. State Farm also offers a multi-policy discount on auto insurance if you purchase life insurance, which could help you save some money. In terms of customer reviews, State Farm has fewer-than-baseline complaints for its individual life insurance as reported by the NAIC. However, keep in mind that final expense policies with State Farm have a maximum death benefit of only $10,000.

PROS

  • Checkmark

    State Farm’s Instant Answer policy can be the solution for those who need immediate coverage without a medical exam

  • Checkmark

    Came in first in J.D. Power’s 2022 U.S. Individual Life Insurance Study for customer service

  • Checkmark

    May be eligible for bundling discount on your auto policy if you also have a State Farm life insurance policy

  • Checkmark

    24/7 customer helpline along with more than 19,000 local agents across the country

CONS

  • Close X

    Low maximum death benefit for final expense policies

  • Close X

    Cannot buy policy online; must speak with an agent

  • Close X

    Mobile app not as comprehensive for Android; only Apple users can view and download policy documents on the State Farm mobile app

  • Close X

    Not currently writing new policies in Massachusetts or Rhode Island

Cheap available life insurance policy types

Company Term life Whole life Universal life Survivorship No medical exam* J.D. Power 2022 U.S. Individual Life Insurance Study** AM Best
Ladder Life X X X N/A N/A
Liberty Mutual X X N/A A
Mutual of Omaha X 801/1,000 A+
Northwestern Mutual X 794/1,000 A++
State Farm 839/1,000 A++

*Medical exam requirements may vary depending on the type of life insurance policy purchased.

** J.D. Power 2022 U.S. Individual Life Insurance Study

How to get cheaper life insurance

The cost of a life insurance policy varies from person to person, as rates are highly dependent on your age and health. In general, younger, healthier policyholders pay lower premiums than older, at-risk applicants. If you’re hoping to get the best life insurance rates, these steps may help you shave a few dollars off your monthly premium.

  • Consider purchasing a policy when you’re young. Life insurance generally becomes more expensive as we get older, so it can be beneficial to purchase a policy when you’re young for lower rates.
  • Manage the parts of your health that are in your control. This could include healthy habits like eating well-balanced meals, exercising daily and getting enough sleep.
  • Cut out smoking and/or other nicotine products. Smoking can trigger long-term health problems, which is why insurers typically have much higher life insurance rates for smokers. Striving to quit can be difficult but could provide long-term health benefits, along with lower rates.
  • Avoid dangerous activities. Risky hobbies like skydiving and rock climbing could increase your life insurance premium significantly. Swapping out a risky activity for safer habits, such as going for long daily walks, could indicate a safer lifestyle to an insurer.
  • Reevaluate your coverage level. Once you’ve paid off your mortgage and your kids have moved away from home, you may not need as much life insurance coverage. Reevaluating your coverage and choosing a policy with lower premiums and a lower death benefit may be right for you.
  • Evaluate employment benefits. Life insurance provided through employer benefit programs sometimes offers lower rates because they benefit from group pricing. Keep in mind, these policies will typically end if you leave your employer or retire.

Learn more: How to buy life insurance

Reasons to consider a term life insurance policy

Term life insurance is a type of life insurance policy that remains in effect for a set amount of time, typically between 10 and 30 years. Many policyholders choose term life insurance because it’s generally significantly cheaper than permanent life insurance. Term life insurance may work for families that want coverage for a specific period of time, such as when their children are young or while their mortgage is active. If you’re looking for cheap life insurance, a term life insurance policy might be worth your research for the following reasons.

  • Low premiums: Term life insurance policy premiums are usually cheaper than permanent life insurance since coverage only lasts for a set period of time. However, term policies can be expensive if you are a senior, since age is a strong predictor of mortality.
  • Expires after a preselected period of time: Term life insurance policies remain in effect for a period of time that the policyholder chooses, usually between 10 and 30 years. Term life insurance may be right for policyholders who only want coverage for a certain period of time, such as when their children are young, or while they’re actively paying a mortgage.
  • Option to convert to permanent insurance: If your term life insurance policy expires before you pass away, you’ll stop paying premiums and will not receive a death benefit. However, many of the best life insurance companies offer conversion riders that allow you to convert your term policy to a permanent policy before the term expires.

Shop around for life insurance

One of the first steps to buying life insurance is to understand how life insurance works. Once you have a grasp on the basics, you may find it helpful to evaluate your financial goals; this will help guide your decision when choosing the type of policy that will best meet your needs. You may also want to consider if you’d like to add any riders to your policy. Since some companies specialize in a wide variety of riders, this information can help narrow your search. After you know what you’re looking for in a life insurance company, it’s time to start shopping around and comparing quotes.

Learn more: Guide to life insurance

Frequently asked questions

Methodology

Choosing the best life insurance policy is not a decision to take lightly. The insurance company’s history, as well as its reputation for customer service, financial stability and death benefit payouts, are just a few of the things that can impact both your experience and policy value. We assessed NAIC ratings based on market share, financial stability ratings from sources like AM Best and customer satisfaction scores from J.D. Power. We also examined the number of riders available, general accessibility, coverage capacity and whether medical exams were required as part of the underwriting process in order to make our picks.

Written by
Elizabeth Rivelli
Insurance Contributor

Elizabeth Rivelli is a contributing insurance writer for Bankrate and has years of experience writing for insurance domains such as The Simple Dollar, Coverage.com and NextAdvisor, among others

Edited by Insurance Editor