The Best Cheap Life Insurance of 2023

Shopping for insurance is, in part, about protecting your assets. Searching for the best cheap life insurance is also about making sure your beneficiaries have what they need in the event of your death. To help you navigate the sometimes-confusing waters of life insurance, we've sorted through insurers to find which offer inexpensive life insurance with a high level of protection. Here are our picks for the best cheap life insurance.

A healthy, non-smoking 30-year-old man can expect to pay around $300 a year for $500,000 in coverage. A woman will pay about $252. That said, the "average cost" of life insurance depends on several factors like age, sex, health, and type of policy.

For example, a healthy, non-smoking, 50-year-old man can expect to pay around $1,008 per year for a new term life insurance policy with a face value of $500,000. If he'd purchased the policy when he was 20, his annual premium would have been around $312.

If the same 50-year-old man purchased a permanent insurance policy rather than a term policy, he would pay over $12,500 per year instead of $1,008. While some permanent insurance policies build cash value, it's worth weighing the difference in premium costs.

How much a person can expect to pay for life insurance depends on how much of a risk a life insurance company perceives them to be. For example, an older person can expect to pay more for a policy than a younger person, simply because their age statistically puts them closer to death. In addition to age, here are some of the other factors that impact the price of a life insurance policy.

• Sex: Insurance companies charge women less for coverage because women have a longer life expectancy.
• Health: Insurance companies consider pre-existing conditions and health factors, like weight and blood pressure, when setting rates.
• Family history: If an applicant's family tree shows a long history of heart disease, diabetes, or other serious conditions, it could raise rates.
• Smoking status: Because of all the health-related issues tied to smoking, smokers can expect to pay significantly higher premiums.
• Activities: A person with a potentially dangerous hobby, like drag-racing or skydiving, can expect to pay more for life insurance.
• Occupation: By the same token, a person with a dangerous job is likely to pay more for life insurance. This includes builders, miners, members of the armed forces, and first responders.
• Death benefit: The higher the value of a policy, the more expensive the premium. For example, a policy with a $500,000 death benefit will cost more than a policy with a $250,000 death benefit.
• Term of policy: The longer the term, the more expensive the policy. A 30-year policy carries a higher premium than a 10-year policy.
• Policy type: Term life carries the least expensive premium, because it only provides protection for a specific time period. On the other hand, a permanent policy, like whole life insurance, can cost six to 10 times more than term coverage.

Anyone unhappy with the life insurance quotes they get can take these steps to bring premium costs down.

• Buy young. The best answer to the question of when to buy life insurance is always "right away," due to the role age plays.
• Stop smoking. As difficult as it is to stop smoking, doing so may save a person's life while minimizing the cost of insurance.
• Cut back on drinking. If health concerns are tied to over-imbibing, cutting back can sometimes improve health enough to drive down the cost of insurance.
• Lose weight and start exercising. No one wants to hear that they should eat better or exercise more, but doing so is one of the best ways to get healthy and pay less for insurance.
• Opt out of extras. If an agent suggests adding riders, but that moves the price of the policy outside the comfort zone, consider opting out of extras.
• Ask about bundling discounts. If an insurance company provides more than one type of insurance, find out how much can be saved by bundling policies.

Shopping for life insurance is no one's idea of fun, but the best life insurance companies make it easy by providing online quotes for some products. They also help a potential policyholder figure out the coverage amount they require and the insurance product that best fits their financial goals. That may mean permanent life insurance for one person, while for another, it's term life.

There are so many types of life insurance policies on the market that it helps to have an expert on hand. In the meantime, it's good to know that an affordable life insurance policy is out there.

Life Insurance products are rated on a scale of one to five stars, primarily focusing on:

Customer Satisfaction

We look at overall customer sentiment from those who have direct experience with the specific life insurance company. This is compiled through researching publicly available data as well as survey data from visitors of this site.

Pricing

With so many options for life insurance across the board these days, it's easiest, and quite effective, to first look at the bottom line.

Policy Options

We look at the various options available and variety of insurance products offered that can better fit a range of consumers. The focus being on term and whole life insurance and the strength of those specific policy products.

Company Strength

We review the overall strength and health of the company as an indicator as that can highlight a stability that provides peace of mind. Company strength can include:

• Age of company
• Financial health
• Overall customer ratings