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.

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.