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 Life | A++ | A++ | Aa2 | 775/1,000 | |
| Pin Mutual of Omaha | A+ | A+ | A1 | 795/1,000 | |
| Pin State Farm | A++ | AA | Aa1 | 822/1,000 | |
| Pin Nationwide | A+ | A+ | A1 | 813/1,000 |
*2021 J.D. Power U.S. Individual Life Insurance Study
Best Cheap Life Insurance Company Reviews
Guardian Life
Why we chose it
Why we chose it
Pros
- Good online resources and tools
- Wide variety of optional riders available
Cons
- Rated slightly below average for overall customer satisfaction
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
Why we chose it
Why we chose it
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
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
Why we chose it
Why we chose it
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
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
Why we chose it
Why we chose it
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
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 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.
