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The Best Cheap Life Insurance Companies

Big coverage, small premiums ​
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    Reviews Report

    • State Farm has the highest customer satisfaction rating from J.D. Power.
    • Nationwide and Guardian Life have the most riders available.
    • Life insurance rates are based on personal factors, like age, gender, and overall health.

    To find the best cheap life insurance companies, we evaluated some of the largest providers based on third-party ratings and coverage options. The best cheap life insurance providers based on our research are Guardian Life, Mutual of Omaha, State Farm, and Nationwide. However, life insurance premiums are highly individualized and will vary for each person.

    The 4 Best Cheap Life Insurance Companies of 2021

    • Guardian Life: Best Cheap Life Insurance for Online Tools
    • Mutual of Omaha: Best Cheap Life Insurance for Families
    • State Farm: Best Cheap Life Insurance for Customer Satisfaction
    • Nationwide: Best Cheap Life Insurance for Variety of Insurance Options

    Compare The Best Cheap Life Insurance Companies of 2021

    AM Best AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim. S&P Standard & Poor’s (S&P) rates creditworthiness for businesses, countries and cities that issue bonds. Moody’s Moody’s is an American financial services company that offers in-depth opinions on credit risks. Its ratings are based on a borrower’s ability to make interest payments. J.D. Power Customer Satisfaction* J.D. Power scores are based on surveys for customer satisfaction and product quality.
    Pin Guardian LifeA++A++Aa2775/1,000
    Pin Mutual of OmahaA+A+A1795/1,000
    Pin State FarmA++AAAa1822/1,000
    Pin NationwideA+A+A1813/1,000

    *2021 J.D. Power U.S. Individual Life Insurance Study

    Best Cheap Life Insurance Company Reviews

    Guardian Life Insurance

    Guardian Life

    Why we chose it

    Guardian Life is known for offering affordable life insurance to consumers around the country. It’s easy to get a quote online, and you can take advantage of resources, like a coverage calculator, to determine how much coverage and what type of coverage is best for you. Guardian Life has many riders available for added protection.
    • A++ (Superior) AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 775 J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Guardian Life is known for offering affordable life insurance to consumers around the country. It’s easy to get a quote online, and you can take advantage of resources, like a coverage calculator, to determine how much coverage and what type of coverage is best for you. Guardian Life has many riders available for added protection.

    Pros

    • Good online resources and tools
    • Wide variety of optional riders available

    Cons

    • Rated slightly below average for overall customer satisfaction
    Read More

    Products Offered

    • Term life insurance
    • Whole life insurance
    • Universal life insurance

    Available Riders

    • Term conversion rider
    • Waiver of premium rider
    • Waiver Plus rider
    • Guaranteed Renewability rider
    • Accelerated terminal illness rider
    Mutual of Omaha

    Mutual of Omaha

    Why we chose it

    Mutual of Omaha has a high customer satisfaction rating from J.D. Power and earned an A+ (Superior) financial strength rating from AM Best. The carrier sells several types of life insurance policies and has many riders available.
    • A+ (Superior) AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 795 J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Mutual of Omaha has a high customer satisfaction rating from J.D. Power and earned an A+ (Superior) financial strength rating from AM Best. The carrier sells several types of life insurance policies and has many riders available.

    Pros

    • Excellent third-party ratings
    • Helpful resources for first-time life insurance buyers
    • Online quotes for term and whole life insurance

    Cons

    • The coverage is limited if you buy a policy online
    Read More

    Products Offered

    • Term life insurance
    • Whole life insurance
    • Universal life insurance

    Available Riders

    • Accidental death benefit rider
    • Chronic illness rider
    • Terminal illness rider
    • Critical illness rider
    • Residential damage rider
    State Farm

    State Farm

    Why we chose it

    State Farm is one of the most well-known insurance providers on the market with a market share of 2.87%. The carrier earned the highest rating in J.D. Power’s 2021 U.S. Individual Life Insurance Study, and the company has the highest AM Best financial strength score available. State Farm offers a handful of riders but not as many as some other providers we reviewed.
    • A++ (Superior) AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 822 J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    State Farm is one of the most well-known insurance providers on the market with a market share of 2.87%. The carrier earned the highest rating in J.D. Power’s 2021 U.S. Individual Life Insurance Study, and the company has the highest AM Best financial strength score available. State Farm offers a handful of riders but not as many as some other providers we reviewed.

    Pros

    • Highest customer satisfaction rating
    • Online claim reporting
    • Online quotes for term life insurance

    Cons

    • Coverage is not available in all states
    • Fewer riders than some competitors
    Read More

    Products Offered

    • Term life insurance
    • Whole life insurance
    • Universal life insurance

    Available Riders

    • Level term rider
    • Children’s term rider
    • Flexible care benefit rider
    • Guaranteed insurability rider
    • Waiver of monthly deduction for disability rider

    More State Farm Insurance Reviews

    Nationwide

    Nationwide

    Why we chose it

    Nationwide is rated as the second-best life insurance company for overall customer satisfaction by J.D. Power. It’s the only provider we reviewed that offers variable life insurance, plus term, whole, and universal life policies. Nationwide also allows policyholders to pay their bills, update their coverage, and change beneficiaries online or through the mobile app.
    • A+ (Superior) AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
    • 813 J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Nationwide is rated as the second-best life insurance company for overall customer satisfaction by J.D. Power. It’s the only provider we reviewed that offers variable life insurance, plus term, whole, and universal life policies. Nationwide also allows policyholders to pay their bills, update their coverage, and change beneficiaries online or through the mobile app.

    Pros

    • Excellent customer satisfaction rating
    • Wide variety of policies available
    • Long list of riders

    Cons

    • Medical exams are required for all policies
    • Online quotes are only available for term life
    Read More

    Products Offered

    • Term life insurance
    • Whole life insurance
    • Universal life insurance
    • Variable life insurance

    Available Riders

    • Long term care rider
    • Chronic illness rider
    • Critical illness rider
    • Terminal illness rider
    • Children’s term life rider

    More Nationwide Insurance Reviews

    What Affects the Cost of Life Insurance?

    The cost of life insurance varies based on the individual applying for coverage. Your life insurance premium is largely dependent on your age and overall health. This is why many life insurance companies require applicants to take a medical exam before they get approved for coverage. 

    When you apply for a life insurance policy, the insurance company will likely consider your age, weight, gender, family medical history, pre-existing conditions, prescription drugs, and your nicotine use. In addition, the type and amount of coverage you choose will affect your rate. 

    How to Get the Best Cheap Life Insurance

    To get the best affordable life insurance, there are some things to keep in mind.

    First, young and healthy people typically pay the cheapest life insurance rates. Therefore, getting life insurance while you are young, even if you don’t think you’ll need the coverage immediately, can help you get a lower price. If you have pre-existing health conditions, work with your physician to manage them.

    Life insurance rates can vary by provider, but not as much as auto or home insurance rates. Shopping around could help you find a cheaper policy, but it may not save you much. In addition to your health and age, you may want to consider the type of policy you choose, your death benefit amount, and the optional riders you opt for to keep your premium within your budget.

    Affordable Life Insurance Frequently Asked Questions

    Methodology

    Reviews’ study of the best cheap life insurance company includes insurers who stand out based on third-party agency ratings, available coverage options, and possible riders. Financial strength ratings, as indicated by AM Best, S&P, and Moodys were included as an indication of a company’s historical ability to satisfy financial obligations. Customer experience and satisfaction was evaluated on the basis of scores from the 2021 J.D. Power Individual Life Insurance Study. While these life insurers stand out on the basis of these metrics, rates for coverage will vary by individual. You may find the best cheap life insurer for you by comparing three or more quotes.

    About the Authors

    Elizabeth Rivelli

    Elizabeth Rivelli Contributing Writer

    Elizabeth Rivelli is an insurance writer for Reviews.com. Over the last year, she has covered insurance providers, best policies, industry trends and more. Elizabeth has been featured in The Simple Dollar, Bankrate and Coverage.com, among others. She holds a bachelor's degree in Communication Studies from Northeastern University in Boston, MA. The Best Term Life Insurance Companies is Elizabeth’s favorite review on Reviews.com.

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