Purchasing life insurance is a wise way to financially provide for your loved ones in the event of your death. A good policy ensures that you do so in a cost-effective manner and that the insurer has enough funds to pay the agreed-upon death benefit.
By shopping around for coverage, you can find the lowest premiums for your specific needs. Check out our list of the cheapest life insurance companies to find the best fit for your needs.
Our Cheapest Life Insurance Companies of 2023
#1 Guardian Life
#2 State Farm
#3 Lincoln Financial Group
#4 Bestow
#5 Nationwide
Cheapest Life Insurance Companies in Detail
#1 Guardian Life
AVERAGE MONTHLY COST $61.00
SAMPLE MONTHLY COST - WOMEN $57.00
SAMPLE MONTHLY COST - MEN $65.00
Pros:
- Policies are available in term, whole, and universal forms.
- Term policy applications are available online.
Cons:
- There is no online access for permanent life insurance quotes or applications.
- Converting a term policy to a permanent policy costs money.
Guardian Life provides term, whole life, and three different types of universal policies. A term policy can be converted to a permanent policy, but there are fees involved. Customers can get quotes and apply for term policies online, but not for permanent policies. To obtain a quote or purchase a permanent policy, contact a Guardian Life insurance agent.
Guardian Life provides term, whole life, and three different types of universal policies. A term policy can be converted to a permanent policy, but there are fees involved. Customers can get quotes and apply for term policies online, but not for permanent policies. To obtain a quote or purchase a permanent policy, contact a Guardian Life insurance agent.
Term, whole, universal, joint universal, and variable universal policies.
Coverage Amounts: Guardian Life offers coverage amounts ranging from $25,000 to $100,000 for its whole life policy and term, universal, and variable universal policies. Contact a Guardian Life agent for the maximum available coverage amounts.
#2 State Farm
AVERAGE MONTHLY COST $62.19
SAMPLE MONTHLY COST - WOMEN $54.79
SAMPLE MONTHLY COST - MEN $69.59
Pros:
- Policies are available in both term and permanent forms.
- There are no-exam policies available.
Cons:
- Policies are only available through a State Farm agent.
State Farm provides term and permanent life insurance policies, as well as whole and universal coverage. It also provides two non-medical exam policies: instant Answer Term and Final Expense. A State Farm policy, however, cannot be purchased online; you must go through a State Farm agent.
Term, whole life, final expense, universal, survivorship universal, and joint universal policies are available.
Amounts of Coverage: State Farm offers a wide range of options. Its final expense whole life policy provides coverage ranging from $10,000 to $15,000; its universal policies begin at $25,000; and its term life policies begin at $50,000. You should speak with a State Farm agent about the maximum available coverage amounts.
#3 Lincoln Financial Group
AVERAGE MONTHLY COST $65.40
SAMPLE MONTHLY COST - WOMEN $57.09
SAMPLE MONTHLY COST - MEN $73.71
Pros:
- There are both term and permanent policies available.
Cons:
- Quotes and applications are only available through the agent.
- There are no whole-life policies.
Lincoln Financial provides term, indexed universal, and variable universal policies, but does not provide whole or standard universal coverage. In addition, the company sells annuities and provides other financial planning services.
Term, indexed universal, variable universal, survivorship universal, and survivorship variable universal policies are available.
Amounts of Coverage: Term policies have coverage limits ranging from $100,000 to more than $1 million, depending on the underwriting. Other policies provide varying levels of coverage, so you should consult with an agent for more details.
#4 Bestow
AVERAGE MONTHLY COST $66.42
SAMPLE MONTHLY COST - WOMEN $56.00
SAMPLE MONTHLY COST - MEN $76.83
Pros:
- Offers term life insurance policies
- Entirely online application process
Cons:
- No riders available
- No permanent life insurance policies
Bestow offers only term life policies, meaning you won’t find any whole or universal policies and you can’t convert an existing term policy to a permanent one. None of its term policies require a medical exam, but you’ll be required to answer some health questions. Its entire application process is online. There are also no riders available to customize your policy.
Bestow is a digital insurance agency. The policies it sells are issued by the North American Co. for Life and Health Insurance.
Policies: Term
Coverage Amounts: Bestow’s term life policy death benefits range from $50,000 to $1.5 million.
#5 Nationwide
AVERAGE MONTHLY COST $68.25
SAMPLE MONTHLY COST - WOMEN $59.94
SAMPLE MONTHLY COST - MEN $76.56
Pros:
- There are both term and permanent policies available.
- Policy riders are available to customise policies.
Cons:
- There are no online quotes for permanent policies; instead, you must contact an agent.
Nationwide offers only one term policy but several universal and whole life policies, including a no-medical-exam Simplified Whole Life plan for existing policyholders. Riders such as long-term care, accidental death benefit, accelerated death benefit, and premium waiver are also available.
Some riders are not available for all policies. While you can get a quote for a term policy online, you will need to speak with an agent to get a quote for any of its permanent policies.
Term, whole, universal, variable universal, indexed universal, and survivorship indexed universal policies are available.
Amounts of Coverage: Nationwide's term policy offers coverage beginning at $25,000. Whole life insurance policies begin at $10,000, while universal policies begin at $100,000. You'll need to speak with a Nationwide insurance agent about the maximum coverage amounts.