Finding the right life insurance at a price you can afford is a key financial decision. This guide explores the best cheap life insurance options available in 2025. While “cheap” doesn’t always mean the most comprehensive coverage, the companies listed here offer a variety of plans that can still play a vital role in your financial security.
Best Cheap Life Insurance Companies
Here’s a look at some of the top picks for affordable life insurance:
- Best for guaranteed coverage: Ethos Life
- Best for customer satisfaction: State Farm Life Insurance
- Best for pre-existing conditions: Guardian Life Insurance
- Best term life: Corebridge Direct
- Best whole life: New York Life Insurance
- Best for customized coverage: Northwestern Mutual Life Insurance
- Best for military and veterans: USAA Life Insurance
- Best for foreign nationals: Transamerica Life Insurance
Company Details
State Farm Life Insurance
State Farm Life Insurance earned the top spot in the latest J.D. Power customer satisfaction survey. Their agents possess a strong understanding of their wide range of insurance products, including auto and home, to properly apply any discounts, and manage claims effectively. They offer various whole life policies, ranging from single premium to level payment options. Those aged 50-80 may also qualify for a final expense policy up to a $10,000 death benefit. State Farm operates in every state except Massachusetts, New York, and Wisconsin; however, their subsidiaries offer similar options in those locations. Getting a quote is straightforward, especially if you’re an existing customer.
Guardian Life Insurance
Guardian Life Insurance simplifies the process with online quotes available in minutes without the need for an agent. They provide term policies from 10 to 30 years and offer a variety of life insurance solutions beyond term. Guardian differentiates itself by offering unique policies, such as its HIV life insurance. Certain conditions apply, like a history of antiretroviral therapy and an undetectable HIV viral load. This program has expanded to include applicants up to age 65. Applicants with a history of IV drug use also have more flexibility in obtaining coverage. This HIV plan is just one example of Guardian’s innovative approaches to life insurance.
Ethos Life
Ethos Life, also listed among the best no medical exam life insurance providers offers convenient online quotes and term/permanent life insurance plans. The company focuses on helping difficult-to-insure populations with its services. It also provides guaranteed issue policies with guaranteed acceptance within specific age ranges. These plans can offer death benefits up to $25,000 for applicants between 65 and 85. Guaranteed plans are primarily suited for funeral and other end-of-life expenses. For those with a need for a higher death benefit, Ethos offers whole, term, and no medical exam policies starting with a $7 monthly premium, but customers can gather quotes specific to them to pinpoint the exact cost.
Corebridge Direct
Corebridge Direct offers various term life insurance policies that often don’t require medical exams. It’s known for some of the most affordable term life insurance quotes in the industry. A 20-year policy with a $500,000 death benefit can cost a healthy 30-year-old male around $18.67, significantly lower than the $29 industry average. The affordable option also extends for women with similar savings. Corebridge’s Select-a-Term product provides 18 term period options between 10 and 35 years, with death benefits ranging from $100,000 to $2 million. Qualified customers can convert their term policies to permanent policies without extra underwriting before the term ends or before age 70.
New York Life Insurance
New York Life Insurance focuses on investment-oriented policies, ideal for retirement. The company offers term, whole, and universal life options but does not provide online quotes. Agents undergo extensive training and can answer all questions about policies, helping to locate the best fit for the buyer. Agents also provide a way to customize plans with riders. Policyholders may also earn dividends, even on smaller policies.
Northwestern Mutual Life Insurance
Northwestern Mutual Life Insurance has been recognized for top customer satisfaction. The company offers straightforward quoting, quality customer service, and a simple overall application process. The company stands apart as the best for customized plans, allowing buyers to utilize different riders tailored to their needs. Adding riders to protect your life insurance is one of the affordable life insurance add-ons offered by Northwestern Mutual. Working with a qualified agent will best ensure you can customize your plan to meet all needs.
USAA Life Insurance
USAA Life Insurance often caters to those with a military background, even if not currently connected to the military. USAA life insurance is accessible for all buyers. The advantage of USAA’s life insurance is that USAA policies are available for active-duty military members. USAA offers whole life insurance and expedited coverage for deployed soldiers. Severe injury benefits and wartime coverage are also part of their comprehensive offerings. A key selling point for veterans is USAA guarantees SGLI replacement when separating from the military.
Transamerica Life Insurance
Transamerica Life Insurance (AEGON) provides life insurance limits of up to $10 million with many universal life insurance policies and other permanent options. Even visa holders can buy plans with Transamerica. When evaluating your risk class, some restrictions may apply depending on the country of origin. Transamerica claims faster underwriting and processing times. While offering limited online quotes, many of their best policies are only offered through licensed insurance agents.
Types of Cheap Life Insurance
- Term Life Insurance: This is a popular cheap option because it provides temporary coverage over a set period, usually 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive a payout. However, if you die after the policy expires, there is no benefit. These policies also don’t come with cash value benefits.
- Simplified Issue Life Insurance: With this no medical exam type, you can avoid a doctor’s visit but answer a health questionnaire, while the companies still look into previous medical history. The application is faster, although serious health problems can still cause rejection. Premiums are typically higher than term life insurance.
- Guaranteed Issue Life Insurance: This offers coverage with low applicant requirements and simple underwriting, but it’s limited to applicants aged 50 and older. This policy does not include death benefits when you are younger. This type usually has higher premiums than simplified or term life insurance, and usually works best as burial insurance.
How to Find the Cheapest Life Insurance
- Consider Your Needs: Think about your goals and the death benefit you’d like to provide.
- Consider Your Health and Age: These factors influence your eligibility and the premiums you’ll pay.
- Shop Around for the Right Policy Type: Choose a policy that aligns with your plans, such as term life for affordability or whole life for investment features.
- Compare Quotes: Use online tools or aggregators like Policygenius to gather quotes from multiple companies.
- Talk to an Expert: Consulting a licensed insurance agent is advised. They can provide valuable information.
Why You Can Trust Us
This evaluation goes beyond factors such as affordable pricing to see what life insurance companies can truly offer. They take the following factors into consideration for their reviews:
- Customer satisfaction ratings from JD Power
- Financial stability ratings from AM Best
- The types of life insurance policies that are offered
- Average costs
- Waiting periods
- Product availability
- Ethical practices
FAQs
- What age is too late to get life insurance? It’s usually never too late, unless it’s beyond a company’s cutoff. The sooner you get a policy, the lower it is, since you pose less of a risk when you’re younger.
- What not to say when applying for life insurance? Never lie on an application. Dishonesty about health conditions or substance use can invalidate the policy.
- What makes life insurance more expensive? Poor health choices, such as starting to smoke or choosing permanent life insurance, can raise premiums.
- Can I get cheap life insurance if I smoke? Yes, but expect higher premiums and limited benefits compared to non-smokers, with a chance to have less overall benefits.
- Is cheap life insurance worth it? Yes, it can provide basic financial protection for loved ones, even with limited coverage.
