Updated: May 29, 2025
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Allstate is the cheapest overall life insurance provider, starting at $12 per month on average for $250,000 of coverage and a 10-year term.
GEICO is the cheapest option for both young adults and seniors looking for life insurance, while those who use or smoke tobacco will find the cheapest rates from Allstate.
The cheapest life insurance company with a no-medical-exam option is offered by Ladder, and TransAmerica has the best rates for those looking for high coverage.
Allstate is the cheapest overall life insurance company, offering a 10-year term policy with $250,000 of coverage for $12 monthly. See the filterable table below to find the cheapest life insurance providers based on your profile, coverage need, and term length.
| Allstate | $12.00 |
| Transamerica | $12.11 |
| GEICO | $12.68 |
| Protective | $13.16 |
| Nationwide | $16.41 |
| Mutual of Omaha | $16.56 |
| Prudential | $16.91 |
| AAA | $16.94 |
| Fidelity | $20.45 |
| Haven | $21.96 |
| State Farm | $21.97 |
| Bestow | $26.99 |
| Progressive | $30.89 |
Based on our comprehensive analysis of life insurance rates across multiple providers, here are the cheapest options for specific coverage needs:
Category | Cheapest Company | Monthly Premium | Policy Details |
|---|---|---|---|
Allstate | $12.00 | $250K coverage, 10-year term | |
GEICO | $9.55 | $250K coverage, 10-year term | |
GEICO | $175.74 | $250K coverage, 10-year term | |
Allstate | $26.57 | $250K coverage, 10-year term | |
Transamerica | $26.30 | $1M coverage, 10-year term | |
Ladder | $13.00 | $250K coverage, 10-year term |
Location is another factor that can impact your life insurance premiums. In our table below, you can find the cheapest provider in each state, along with its cheapest monthly rate, for a variety of customer profiles.
| Alabama | GEICO | $14.70 |
| Alaska | GEICO | $19.31 |
| Arizona | GEICO | $25.40 |
| Arkansas | GEICO | $22.16 |
| California | Transamerica | $21.48 |
| Colorado | GEICO | $20.31 |
| Connecticut | Protective | $14.19 |
| Delaware | GEICO | $17.02 |
| Florida | GEICO | $16.73 |
| Georgia | GEICO | $25.40 |
| Hawaii | Transamerica | $17.43 |
| Idaho | GEICO | $24.28 |
| Illinois | GEICO | $17.73 |
| Indiana | GEICO | $23.39 |
| Iowa | GEICO | $24.94 |
| Kansas | GEICO | $25.29 |
| Kentucky | GEICO | $14.03 |
| Louisiana | GEICO | $23.39 |
| Maine | GEICO | $16.80 |
| Maryland | Protective | $13.16 |
| Massachusetts | Transamerica | $17.43 |
| Michigan | GEICO | $14.71 |
| Minnesota | GEICO | $18.07 |
| Mississippi | Nationwide | $23.54 |
| Missouri | GEICO | $14.70 |
| Montana | GEICO | $15.84 |
| Nebraska | GEICO | $16.34 |
| Nevada | GEICO | $18.32 |
| New Hampshire | Protective | $12.35 |
| New Jersey | Protective | $14.03 |
| New Mexico | Transamerica | $23.67 |
| New York | Haven | $11.42 |
| North Carolina | GEICO | $15.44 |
| North Dakota | GEICO | $26.48 |
| Ohio | GEICO | $14.70 |
| Oklahoma | GEICO | $23.18 |
| Oregon | Allstate | $11.79 |
| Pennsylvania | GEICO | $16.54 |
| Rhode Island | Allstate | $11.17 |
| South Carolina | GEICO | $14.71 |
| South Dakota | GEICO | $26.55 |
| Tennessee | GEICO | $15.44 |
| Texas | GEICO | $25.08 |
| Utah | GEICO | $17.36 |
| Vermont | GEICO | $16.73 |
| Virginia | GEICO | $19.56 |
| Washington | GEICO | $21.54 |
| West Virginia | Nationwide | $15.75 |
| Wisconsin | GEICO | $15.62 |
| Wyoming | GEICO | $18.82 |
Allstate provides the cheapest life insurance for smokers at a monthly cost of $26.57 for a 10-year term policy. Explore the following table to find the best policy for smokers with different coverage levels and personal profiles.
| Transamerica | $40.65 |
| Allstate | $41.98 |
| GEICO | $43.90 |
| Protective | $45.51 |
| Nationwide | $51.03 |
| AAA | $58.50 |
| Mutual of Omaha | $59.69 |
| State Farm | $72.05 |
| Fidelity | $74.08 |
| Prudential | $75.38 |
| Haven | $88.75 |
| Bestow | $110.91 |
| Progressive | $120.75 |
GEICO offers the most affordable life insurance for senior men at $176 monthly for a 10-year, $250,000 policy, while Allstate leads for women at $109 monthly. As age increases, so do life insurance costs, so consider guaranteed life or final expense policies for lower rates with reduced coverage. Compare our top options in the table below.
| Transamerica | $589.05 |
| Allstate | $598.00 |
| GEICO | $633.53 |
| Protective | $682.90 |
| Prudential | $776.57 |
| Mutual of Omaha | $780.32 |
| State Farm | $788.19 |
| AAA | $907.28 |
*Rates are for seniors aged 61-70 who are not smokers and in good health.
GEICO offers the cheapest life insurance for young adults at $9.55 monthly for a 10-year term policy. The table below shows the most affordable life insurance options for young adults by coverage amount and term length:
| Transamerica | $13.18 |
| GEICO | $13.19 |
| Protective | $13.74 |
| Allstate | $14.00 |
| Nationwide | $15.75 |
| Mutual of Omaha | $16.13 |
| AAA | $18.48 |
| Fidelity | $23.49 |
| Progressive | $23.49 |
| State Farm | $24.34 |
| Haven | $25.82 |
| Prudential | $27.74 |
| Bestow | $35.55 |
No-exam life insurance provides coverage without a medical checkup, using health questions and medical record reviews instead. It offers faster approval but costs more than traditional policies with medical exams.
This option works best for people who need coverage quickly or have health conditions that might complicate the exam process. Ladder is the most affordable no-exam option, starting at $13 monthly."
Age | Company | Monthly Cost | |
|---|---|---|---|
25 | Ladder | $13 | |
40 | Haven Life | $23 | |
50 | Fabric | $40 | |
60 | Ethos | $85 |
*These rates are based on a male non-smoker in good health for a 10-year term policy. Female rates are typically 15-25% lower. Application approval times are genearlly 1-2 days.
Transamerica is MoneyGeek's choice for the most affordable high coverage life insurance, offering a 10-year term policy for $26.30 monthly with coverage up to $1 million. Utilize the table below to find cheap term life insurance for higher coverage limits:
| Transamerica | $17.43 |
| Allstate | $18.00 |
| GEICO | $18.82 |
| Protective | $19.51 |
| Nationwide | $21.88 |
| AAA | $25.08 |
| Mutual of Omaha | $25.59 |
| State Farm | $30.89 |
| Fidelity | $31.76 |
| Prudential | $32.32 |
| Haven | $38.05 |
| Bestow | $47.55 |
| Progressive | $51.77 |
The most affordable provider for you will vary depending on your coverage level and personal profile. Allstate, GEICO and TransAmerica consistently ranked among the cheapest life insurance companies across different coverage amounts and customer profiles."
Most affordable term life insurance rates overall for males and females
Wide range of product options
Flexible payment methods available
High rate of customer complaints
Lack of 24/7 customer support
We found Allstate to be the most affordable life insurance provider overall, regardless of age, personal health status and coverage level. With over 90 years of industry experience and strong financial ratings, Allstate has proven staying power in the insurance market. The company's network of local agents helps customers choose coverage and handle claims in person.
Competitive rates specifically designed for older adults
Simplified application with minimal medical questions
Clear policy explanations without confusing terminology
Policies issued through partners rather than directly
Limited permanent life insurance options
GEICO offers the lowest senior life insurance rates at $176 monthly for a $250,000, 10-year policy. The company uses a simplified application process with minimal medical questions and maintains high customer satisfaction ratings among older policyholders.
Very competitive rates for $1M+ policies
Coverage available up to $10 million for qualified applicants
Accessible underwriting for various health profiles
Higher-than-average customer complaint ratio
No dedicated mobile app for life insurance management
Transamerica offers the lowest rates for high-coverage life insurance at $26 monthly for a $1 million, 10-year term policy. The company's rates stay competitive as coverage amounts increase. Transamerica provides flexible underwriting for various health conditions, coverage up to $10 million, and has 95 years of financial stability.
The most affordable life insurance company depends on your coverage needs, health, age and financial goals. Use these strategies to find the cheapest policy and choose the right coverage and provider
Research and planning lead to substantial savings on your life insurance premiums. Follow these steps for affordable life insurance:
Term life insurance costs less than whole or universal life policies because it provides a death benefit only for a specified term and doesn't build cash value
Your age determines your premium rates. Younger applicants get lower rates because they present less risk to insurers.
Health directly affects life insurance premiums. Smoking, excessive drinking, high BMI and pre-existing medical conditions increase your costs. Healthy habits lower your rates.
Laddering involves buying multiple term life policies with different lengths instead of one large policy. For instance, if you need more coverage now but less in the future, buy one 10-year policy and another 20-year plan instead of a single 30-year policy. When the shorter-term policy ends, you're left with less coverage, which matches your anticipated needs and lowers overall costs.
Prices vary between insurers. Use an online comparison tool or work with an independent agent to compare rates from various insurers and find cheaper life insurance quotes.
Life changes like quitting smoking or paying off a mortgage qualify you for lower premiums. Review your policy regularly to ensure it remains cost-effective and fits your needs.
For budget-conscious consumers seeking substantial coverage, term life insurance offers the cheapest rates. However, other policy types work better depending on your situation. Compare term life insurance to other popular life insurance policy types to determine the right choice for you.
Policy Type | Monthly Cost Range | Coverage Range | Medical Exam | Best For |
|---|---|---|---|---|
$12-$300+ | $25K-$10M | Usually required | Highest coverage at lowest cost | |
$15-$300+ | $25K-$3M | Not required | Quick coverage, young buyers | |
$20-$80 | $5K-$50K | Not required | Seniors with health issues | |
$30-$100 | $5K-$35K | Not required | End-of-life costs only | |
$75-$1000+ | $10K-$10M+ | Usually required | Lifetime coverage with cash value |
Most people need more coverage during their working years with dependents, and less as they age. Review your needs every few years, especially after major life events like marriage, childbirth, home purchase, or retirement. The table shows recommended coverage for different life stages:
Life Stage | Recommended Coverage | Key Considerations |
|---|---|---|
Single Adult | 5-10× annual income | Cover debts, final expenses, and legacy goals |
Young Family | 10-15× annual income | Replace income, cover childcare, education |
Established Family | 7-10× annual income | Cover remaining mortgage, education, income |
Empty Nesters | 5× annual income | Cover final years of work, remaining debts |
Retirees | $15,000-$50,000 | Primarily for final expenses and remaining debts |
Besides the typical income multiplier method, you can alternatively use the DIME method to determine your life insurance coverage needs. This adds your Debt+Income needs+Mortgage+Education to get the correct amount of coverage.
When shopping for the cheapest life insurance, understanding the key differences between policy types can help you find the cheapest policy for your needs. Here's a comparison of the main types of life insurance policies:
Policy Type | Key Features |
|---|---|
Term Life | Lowest monthly premiums for healthy individuals. Coverage for specific period (10, 20, 30 years). No cash value component. Expires at end of term. |
No-Exam Term Life | Convenient application without medical exams. Competitive rates for young, healthy applicants. Often more expensive than traditional term for those 40+. Quick approval (sometimes within 24 hours). |
Guaranteed Acceptance | No health questions or medical exams. Higher premiums for amount of coverage. Usually includes 2-3 year waiting period for full benefits. Permanent coverage with fixed premiums. |
Final Expense | Simplified underwriting (health questions but no exam). Moderate coverage specifically for burial/funeral costs. Permanent coverage that never expires. Fixed premiums that don't increase with age. |
Permanent | Lifetime coverage that never expires. Builds cash value over time. Much higher premiums than term insurance. Options include whole, universal, and variable policies. |
Life Insurance will vary depending on the provider you choose, on top of personal factors and your chosen coverage. Using our calculator below, get quotes from top providers that fit your needs to protect your loved ones.
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
Rates updated:
Jun 09, 2025
Below are tips to help you secure the most affordable life insurance coverage:
Pay annually instead of monthly to typically save 3% to 8% on premiums, which can add up to hundreds of dollars in savings over your entire policy term.
Use comparison sites to quickly gather multiple quotes simultaneously rather than visiting individual insurer websites one by one, saving time and ensuring you don't miss competitive options.
If a medical exam is required, fast for eight to 12 hours beforehand, avoid alcohol for 48 hours and limit caffeine and exercise for 24 hours to ensure the best possible test results.
Have precise health, lifestyle and family history details ready before starting. Correcting application errors later could lead to higher rates and delays in your coverage.
If your quoted rate comes back higher than expected, ask your agent whether adjusting the term length or making slight coverage modifications could help reduce your premium.
Be thorough and honest on all forms. Any undisclosed information discovered during underwriting can result in significantly higher premiums or even denied claims down the road.
Submit any requested medical records or explanations quickly to speed up the underwriting process and prevent your temporary coverage from expiring while you wait.
Most applications take two to six weeks from submission to approval. The process is faster for no-exam policies (sometimes just days), but these typically come with higher premiums unless you're young and in excellent health.
Our nationwide analysis found that Allstate, TransAmerica, GEICO, Protective and Nationwide offer the lowest average life insurance rates across different customer profiles. Compare quotes from multiple providers since rates vary based on your age, health, coverage amount and other personal factors.
Below are some of common questions regarding cheap life insurance providers:
With a monthly rate of $12 for a $250,000 policy over a 10-year term, Allstate ranks as the cheapest life insurance company. Allstate also offers strong financial stability and a range of product offerings, including whole and universal life policies.
Term life insurance is typically the cheapest type of life insurance. Its affordability comes from its simplicity, covering the policyholder for a specific time. Unlike whole life insurance, it lacks a cash value component, making premiums considerably less expensive while providing substantial death benefits.
To get affordable life insurance, start by researching and comparing policies and providers. Prioritize a healthy lifestyle to get better rates. Opt for term insurance for cost-effective coverage, and consider laddering policies. Regularly review your policy to ensure it aligns with your changing needs.
If you can't afford your life insurance policy, it may lapse, leaving you without coverage. Before this happens, contact your provider to discuss your options, which may include reducing your death benefit or switching to a cheaper policy.
If your policy lapses and you want to reinstate it, you may need to catch up on premium payments, pay a reinstatement fee and pass a health exam, depending on the insurer's guidelines.
The most significant factors affecting life insurance premiums are age, health status, gender, smoking status, and coverage amount. Younger applicants receive lower rates, as do those in excellent health.
Smokers typically pay two to three times more than non-smokers, and men usually pay higher premiums than women. The higher your coverage amount and the longer your term, the more your policy will cost.
The average cost of a $250,000, 10-year term life insurance policy for a healthy 30-year-old is about $12 to $15 per month.
However, rates vary significantly based on age, health, coverage amount and term length. A healthy 40-year-old pays $18 to $25 monthly for the same coverage, while a healthy 50-year-old pays $30 to $45 monthly.
Yes, term life insurance is almost always significantly cheaper than whole life insurance for the same coverage amount. A term policy might cost $15 to $30 per month, while a comparable whole life policy could cost $200 to $500 monthly.
This price difference exists because whole life includes a cash value component and provides lifetime coverage, while term only covers a specific period.
For term life insurance, your premium remains fixed throughout the entire term. However, if you renew after your term expires, the new premium will be based on your current age and health, resulting in significantly higher rates.
For whole life insurance, rates are typically fixed for life. Some universal life policies can have premiums that fluctuate based on market conditions.
Buying life insurance early can result in substantial savings. For example, a 25-year-old might pay about $12 monthly for a $250,000, 20-year term policy, while waiting until age 35 could increase that rate to $17 monthly, and age 45 could cost $35 monthly. Over a 20-year term, buying at 25 instead of 35 could save you approximately $1,200.
High-risk occupations like commercial fishers, loggers, pilots, roofers, and certain construction workers typically pay 25% to 50% more for life insurance. Desk jobs and low-risk professions receive the best rates. Some insurers specialize in covering certain high-risk professions and may offer more competitive rates.
Paying annually instead of monthly typically saves 3% to 8% on your total premium. For example, on a $300 annual premium, monthly payments might total $324 over the year. Over a 20-year term, this could save you nearly $500. Some insurers also offer discounts for automatic payments from your bank account.
MoneyGeek compared life insurance companies across cost metrics and ranked them based on their premiums. We chose to review these companies based on their broad national coverage and ability to provide an online quote.
Sample Customer Profile
MoneyGeek used a standard profile to obtain life insurance quotes:
Our pick for the cheapest overall life insurance company is based on a standard profile unless otherwise noted.
We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect various quotes and determine the cheapest life insurance company for several types of customers. We also collected quotes for term life insurance with varying term lengths and coverage amounts.
Additionally, we identified trends in the data set and used those patterns to calculate projections and extend the data beyond what was originally collected.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
