Securing affordable life insurance is entirely achievable, especially if you’re in good health. Comparing rates from various insurance providers and applying as soon as you identify a need — such as when you’re taking on a significant financial obligation like a mortgage or welcoming a child — can lead to substantial savings.
To help you get started, here’s a breakdown of some of the most cost-effective life insurance companies, categorized by age, gender, health, and policy type.
Methodology: These rates are based on an analysis by Covr Financial Technologies, an online life insurance brokerage that works with over 28 companies. Covr analyzed data from only 10 term life insurance carriers it considers most competitive for low prices. For final expense policies, Covr considered five companies. This analysis does not include insurers that primarily sell directly to consumers or through agents dedicated to a single company.
A Note About Sample Rates While the rates listed are not representative of the entire life insurance market, they provide a useful benchmark for comparison. Many factors affect life insurance prices, so your individual rates may differ from the examples provided here.
Cheapest Term Life Insurance for 2025
Term life insurance is typically the most affordable type of life insurance policy; whole life insurance often comes at a significantly higher cost. Below are some of the most affordable companies for a 20-year, $500,000 term life insurance policy, specifically for applicants considered “super preferred.” (“Super preferred” is the category insurers use for applicants who are considered the least risky — typically non-smokers in excellent health who also meet certain additional criteria.)
Cheapest Monthly Rates for Super Preferred Males
Source: Covr Financial Technologies. Rates generated on 12/04/24.
Cheapest Monthly Rates for Super Preferred Females
Source: Covr Financial Technologies. Rates generated on 12/04/24.
Cheapest Life Insurance Companies for Preferred Applicants
Here are some of the cheapest monthly rates for a 20-year, $500,000 term life insurance policy for applicants rated as “preferred.” “Preferred” refers to a non-smoking applicant in good health who presents a lower risk to the insurer.
Cheapest Monthly Rates for Preferred Males
Source: Covr Financial Technologies. Rates generated on 12/04/24.
Cheapest Monthly Rates for Preferred Females
Source: Covr Financial Technologies. Rates generated on 12/04/24.
Affordable Life Insurance for Smokers for 2025
Smokers typically face higher life insurance premiums due to the increased health risks associated with tobacco use. The following are among the cheapest monthly rates for a 20-year, $500,000 term life insurance policy for applicants who smoke, but are otherwise in good health, and are categorized under “preferred smoker.”
Cheapest Monthly Rates for Preferred Male Smokers
Source: Covr Financial Technologies. Rates generated on 12/04/24.
Cheapest Monthly Rates for Preferred Female Smokers
Source: Covr Financial Technologies. Rates generated on 12/04/24.
Cheapest Companies for Smokers in Fair Health
These are a few of the cheapest insurers for applicants classified as “standard smoker.” These individuals are in moderate health, smoke, and may present other risks to the insurer. The rates below are for a 20-year, $500,000 term life insurance policy.
Cheapest Monthly Rates for Standard Male Smokers
Source: Covr Financial Technologies. Rates generated on 12/04/24.
Cheapest Monthly Rates for Standard Female Smokers
Source: Covr Financial Technologies. Rates generated on 12/04/24.
Cheapest Final Expense Companies for 2025
If you’re looking for life insurance without a medical exam, these companies offer some of the most affordable monthly rates for a $10,000 final expense policy. Often referred to as burial insurance, final expense policies avoid both health questionnaires and medical exams, often capping coverage at lower amounts.
Cheapest Final Expense Companies for a Male
Source: Covr Financial Technologies. Rates generated on 12/04/24.
Cheapest Final Expense Companies for a Female
Source: Covr Financial Technologies. Rates generated on 12/04/24.
