Best Cheap Life Insurance Companies

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Best Cheap Life Insurance

How we narrowed down the field.

Finding the best cheap life insurance is challenging because of the many variables involved. Your age, health and lifestyle significantly impact your rates, as does the type of policy.

The best cheap life insurance providers leverage technology to cut costs and offer multiple lines of insurance so you can take advantage of multi-policy discounts. They also provide solid coverage and, of course, a low price. Keeping all this in mind, we came up with this list of the best cheap life insurance companies.

  • Allstate
    • Multi-policy discount:
      Insuring your home or car with Allstate earns you a discount on life insurance.
    • Level premiums:
      Allstate guarantees your premiums won't go up for the entire life of your policy.
    • Excellent online resources:
      Allstate has coverage calculators, insurance guides, and a quote tool.
    Find the best company:
    Get Quote
    • A.M. Best Rating
      A+
    • Online Quote?
      Yes
    • Level premiums?
      Yes
    • Multi-policy discount?
      Yes
  • Prudential
    • Low initial coverage options:
      Choose as little as $50,000 of term life coverage to start.
    • Guaranteed premium rates:
      Your premium rates remain level for the duration of your policy.
    • Online quote tool:
      Compare features across products and then use their specialized quote tool to get your rate.
    Find the best company:
    Get Quote
    • A.M. Best Rating
      A+
    • Online Quote?
      Yes
    • Level premiums?
      Yes
    • Multi-policy discount?
      No
  • State Farm
    • Flexible coverage limits:
      Purchase as little as $50,000 of coverage or as much as $250,000.
    • Save by bundling:
      State Farm offers discounts to customers who purchase multiple lines of insurance from them.
    • Handle claims online:
      You can manage claims and check your claim status on State Farm's website.
    Find the best company:
    Get Quote
    • A.M. Best Rating
      A++
    • Online Quote?
      Yes
    • Level premiums?
      Yes
    • Multi-policy discount?
      Yes

Price

When searching for cheap life insurance, price is the main factor. Rates vary significantly depending on your age, health, and other factors, so get quotes from multiple sources. Many life insurance providers require you to contact an agent for a quote, but the three companies on this list have online tools, so you can compare coverage and rates without reaching out to the company.

Coverage

The level of life insurance coverage is as important as the price you pay for it. Figure out how much coverage you need and factor in any policy riders you're interested in. Choose a company with level premiums, so you don't have to worry about your rate increasing over time. Insurance providers with low initial coverage limits are also great for budget shoppers. Discounts are another easy way to save, if the life insurance provider offers several lines of insurance. Prudential falls slightly behind the other two in this category because they don't offer a multi-policy discount.

Online Tools

Choose a company with strong online resources, including a coverage calculator and an online quote tool. These things streamline the process of choosing life insurance because you don't have to contact an agent to get this information. Using technology instead of people also helps companies cut costs, which results in more savings for you. All three companies listed here have excellent online resources for new customers, but State Farm scores slightly higher than the others because they also enable you to manage claims online.

The Bottom Line

The best cheap life insurance for you depends on your unique situation. Any of the companies on this list are solid options for those on a budget, so start there. We recommend Allstate as our top pick, but one of the other companies may be a better fit for you.