Affordable Life Insurance: Cheapest Life Insurance Options of October 2023

Our experts answer readers’ insurance questions and write unbiased product reviews (here’s how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.

Life insurance is a great way to care for your family’s short-term needs once you’re gone. In the right circumstances, it can also be a retirement tool and build generational wealth for your descendants. Compare cheap life insurance options that fit your budget below. 

Cheapest Life Insurance Companies

• Ethos Life: Best for Guaranteed Coverage
• Haven Life: Best for Term Life
• State Farm Life Insurance: Best for Customer Satisfaction
• Guardian Life Insurance: Best for Preexisting Conditions
• New York Life Insurance: Best for Whole Life
• Northwestern Mutual Life: Best for Customized Coverage
• USAA Life Insurance: Best for Military and Veterans
• Transamerica Life Insurance: Best for Foreign Nationals

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Cheap Life Insurance Policies

Whatever your goals, applying for a life insurance policy in your 20s gives you a greater chance of being accepted and more affordable premiums. But we’ve identified the best cheap coverage for buyers of all ages from the best life insurance companies.

State Farm Life Insurance

State Farm Life Insurance took the top spot in the most recent JD Power US Life Insurance Study. Its agents are well versed in its auto, home, life, and other insurance products, quoting with all applicable discounts, claims management, and more. State Farm sells several types of whole life policies ranging from a single premium option (for immediate protection) to a whole life policy with fixed payments. Adults between 50 and 80 may also qualify for a final expense policy with a $10,000 death benefit.

State Farm Life Insurance operates in all states except Massachusetts, New York, and Wisconsin. State Farm Life and Accident Assurance Company offers similar life insurance policies in New York and Wisconsin. Wherever you are within the US, quoting is easy, especially if you’re already a customer.

State Farm Life Insurance Review

Guardian Life Insurance

Guardian Life Insurance offers easy online quotes in minutes with no insurance agent required. In addition, the company offers term policies as short as 10 years and as long as 30 years. It also provides whole, universal, and other life insurance products.

What sets Guardian Life apart from other life insurance companies is its unique HIV life insurance. Of course, conditions apply, such as a two-year history of antiretroviral therapy, no AIDS-defining illnesses, and an undetectable HIV viral load. Recently, the company has expanded this program to allow buyers up to age 65. Buyers with a history of IV drug use also have more flexibility as the company can offer coverage after seven years instead of the previous 10 years. The HIV plan is just one of the innovative life insurance products offered by a select few life insurance providers, including Guardian Life.

Guardian Life Insurance Review

Ethos Life Insurance

Ethos Life is known for its efforts to work with difficult-to-insure populations. The company offers easy online quotes and term and permanent life insurance options. It also has guaranteed issue policies, meaning guaranteed acceptance if you fall between predefined age limits. At this time, all guaranteed issue policies with Ethos are whole life policies. While some companies may offer no medical exam term life insurance, issuance requires underwriter review.

Ethos’ guaranteed coverage plans can offer death benefits up to $25,000 for applicants between 65 and 85. Guaranteed plans primarily cover funerals and other final expenses. If you’re seeking a higher death benefit, Ethos offers whole, term, and no medical exam policies. Its monthly premiums start at just $7 per month, but interested customers should get a quote on their preferred life insurance plan to nail down exact premiums.

Ethos Life Insurance Review

Haven Life Insurance

Haven Life offers coverage ranging from $25,000 to $3 million for qualified applicants. Many plans don’t require a medical exam, and term policies are available with terms of 5 to 30 years. Haven Term and Haven Simple can both be purchased online, the difference being Haven Simple requires no medical exam.

One thing sets Haven Life apart from other insurance companies selling term policies. Haven Life customers can add an accelerated death benefit rider to term policies. While the policy would eventually expire, policyholders can withdraw 75% of the total death benefit or $250,000 when they need it most.

The term life insurance market is full of stories of buyers unable to convert term policies before death. Policies expire before they die, leaving loved ones with six-figure medical debts and no death benefit. Haven Life offers a happy medium to protect you in the worst-case scenario.

Haven Life Insurance Review

New York Life Insurance

New York Life Insurance specializes in multi-million dollar investment policies great for retirement planning with term, whole, and universal life insurance options. However, it does not provide online quotes. In addition, New York Life insurance agents complete extensive training to answer all questions about its policies and help buyers identify the right policy. New York Life agents can add riders to customize plans to meet your needs. Even with some of its smaller policies, policyholders may earn dividends.

New York Life Insurance Review

Northwestern Mutual Life Insurance

Northwestern Mutual Life temporarily unseated State Farm as the top life insurance company in customer satisfaction. While it may not top JD Power’s rankings currently, the company continues to offer easy quoting, strong customer service, and a streamlined process overall. Northwestern Mutual also allows buyers to utilize diverse riders to customize plans to meet their needs.

Adding a rider to protect your life insurance benefits if you’re sick and can’t make payments is just one of the affordable life insurance riders offered by Northwestern Mutual. Working with a qualified life insurance agent is the best way to ensure you can customize your plan to meet your needs.

Northwestern Mutual Life Insurance Review

USAA Life Insurance

USAA Life Insurance is available to buyers with no connection to the military, though USAA as a whole has become synonymous with financial services for veterans. What makes it unique is its life insurance policies are open to active-duty military members. Outside of SGLI (servicemember’s group life insurance), many life insurance companies restrict coverage for military members in specific ways. SGLI may be generous while you’re involved with the military. But once you separate, the coverage would no longer be available.

USAA offers whole life insurance policies with expedited coverage for deployed soldiers. It also provides severe injury benefits and coverage for wartime. One key selling point for veterans is USAA guarantees SGLI replacement when separating from the military.

USAA Life Insurance Review

Transamerica Life Insurance

Transamerica Life Insurance (AEGON) offers life insurance limits of up to $10 million with many universal life insurance policies and other permanent options. Visa holders can also buy plans with Transamerica. When evaluating your risk class, some restrictions may apply depending on the country of origin.

Transamerica has decades of history in the life insurance market. It also reports faster underwriting and processing times than its competitors. If you’re interested in life insurance with Transamerica, we recommend contacting an agent. It offers limited quotes online, but many of the best policies are only sold through licensed insurance agents.

Transamerica Life Insurance Review

Cheap Life Insurance Frequently Asked Questions

How to Pick a Life Insurance Policy that Fits Your Budget

We recommend starting with online research if you want a life insurance plan. You can get quotes online if you want a plan to cover funerals and other limited costs. But first, decide what you want your life insurance plan to do, how much you can afford to spend each month, etc.

Next, we recommend talking to at least one licensed insurance agent. Some of the best life insurance products can only be quoted or sold through a licensed insurance agent. Ask questions about the things you don’t understand. Let an agent help you calculate the ideal benefit for your needs. Ask which riders customers add to the policies you’re looking at, and compare three life insurance quotes.

Why You Should Trust Us: How We Chose the Cheapest Life Insurance

We look beyond the obvious factors like online quote calculators and affordable pricing to see what life insurance companies offer. Our life insurance ratings methodology reflects aspects including:

• Customer satisfaction (as rated by JD Power)
• Financial stability (as rated by AM Best)
• Policy types offered
• Average monthly premiums/affordability
• Waiting periods required for complete life insurance benefits
• Exclusions that would prevent you from getting life insurance with the company being reviewed
• What you can expect from life insurance agents who quote a company’s policies
• How available are a company’s life insurance products? (is it licensed to sell life insurance in all 50 states and Washington, DC?)
• How ethical company practices are measured by recent controversies, charitable activities or donations, etc.

Compare Cheap Life Insurance Policy Options